Travelling abroad is something that many Brits do every single year. Even in the face of Brexit, it’s still common for British travellers to head either to European shores or even further afield on a regular basis. Money transfer, however, remains a key issue – especially if the value for money equation doesn’t quite work in your favour. What can a British traveller do to ensure that their money transfer process works for them? Here’s a guide.
Convert at the Right Time
While it might not seem like it to a holidaymaker simply looking to convert their pounds into euros, dollars or another currency, the currency markets are actually a huge deal for global finance. Extremely large volumes of speculative trades are placed on the forex markets on a regular basis by people who are keen to make a profit. One of the reasons why this happens is that the foreign exchange markets fluctuate on a regular basis due to all sorts of macroeconomic reasons, such as central banks announcing new interest rates. For a traveller, though, this can only mean one thing. If you find a good exchange rate and you know you’re going away, it might be wise to lock it in – just in case the speculative market pushes things back up.
Find the Right Broker
Some foreign exchange brokers are known for charging the earth, and it’s a good idea to take steps to avoid that. Reading reviews like this comprehensive TorFX one is one smart way to find out which brokers are right for you, and you’ll often find that any brokers which rip off customers get flagged up in this sort of context. If you have any questions about your broker’s pricing structure, and especially whether or not they charge additional commissions for withdrawals or similar, don’t be afraid to get in touch with them and ask.
Flights and Accommodation
Taking control of your currency exchange isn’t the only way in which you can make sure your money goes as far as possible when heading abroad. In the modern age, it’s certainly possible to access cheap flights and accommodation thanks to the role of the internet. Websites such as Skyscanner, for example, are on hand to help you secure flights which are as cheap as possible – and if you have the flexibility to travel on one of many different days, Skyscanner might be able to help you find an even cheaper time to go. When it comes to accommodation, don’t forget to check out services such as Airbnb which are well known for offering good quality accommodation at a relatively low price.
Travelling abroad isn’t always cheap, especially when it comes to converting cash from one currency into the next. However, by taking control of your flights and accommodation and by ensuring that you make a strategic currency conversion decision with a decent broker, it’s certainly possible to get good value for money on your conversion.
