Why NOW is prime time to buy travel cash as pound hits highest level in nearly FOUR years – how to get the best deal
Sterling rose to a 43-month high against the dollar today, trading at about $1.3746, which is great news for holidaymakers.
This is because a strong pound means that sterling has more purchasing power relative to other currencies.
This also means that travellers can get more for their money when exchanging cash for the summer holidays.
For example, if the pound-to-dollar rate is $1.37/£1, exchanging £100 would give you $137, compared to $134 just a week ago.
The pound has gained strength because the US dollar is weakening, with growing expectations that the Federal Reserve (US Central Bank) will cut interest rates.
Sarah Coles, head of personal finance at Hargreaves Lansdown, said: "The fact the pound is riding high against the dollar is good news for anyone heading to the US this summer.
"But it also benefits anyone travelling to tourist areas in countries where dollars are widely accepted – like Mexico, Jamaica, the Bahamas, Cambodia, and Vietnam.
"If you exchange your holiday money now, it'll boost your holiday spending fund, so this could be a prime time to buy."
However, it's always important to recognise that there's never an optimal time to convert your cash.
James Lynn, Co-Founder of travel debit card Currensea, said: "People can try to take advantage of the strong performance of the pound against the dollar by exchanging their holiday money now.
"But the pound could continue to rise, so this doesn't guarantee you'll get the best rate."
If you do have a holiday booked and want to take advantage of the current rates, we've some tips on how to ensure you're not short-changed at the exchange.
BUY AHEAD
Buying your foreign currency ahead of when you travel means you can search around for the best rates.
Don't buy cash at the airport on the day - these are usually among the worst rates around.
According to FairFX, exchange rates at airports can be over 20% more expensive, meaning you could lose over £200 of cash for every £1,000 you change.
You'll more often than not be able to get better rates at other places if you plan ahead.
Airport exchange desk rates are generally higher as they have a captive market among those changing cash last minute and don't need to be competitive.
USE COMPARISON WEBSITES
Compare travel money companies online, including the rates and any fees, to find the best deal.
Factor in delivery costs and choose the option that gives you the most cash to spend on holiday.
If you have left it too late, you might still be able to order online and collect it at the airport.
You can use comparison websites such as MoneySavingExpert.com 's TravelMoneyMax, where you can compare pick-up and pre-order rates.
Never pay for travel money with a credit card.
Transactions like this are usually treated as a cash withdrawal.
This means you're likely to pay a cash fee and have interest added even if you fully repay.
It's best to always use a debit card or cash to buy currency.
Using your card abroad
THERE are a number of specialist cards that can give you a great exchange rate and fee-free spending and cash withdrawals when abroad.
These cards include debit and credit cards and pre-paid cards, which allow you to pay abroad without fees or at a set exchange rate.
Check your debit card
You should always check the terms and conditions of your debit card to see if, on the off chance, you can use it abroad without any extra fees.
This can often take the pain out of having to buy currency ahead of time and rely on cash.
Your bank will automatically convert your transactions to the correct currency with the live exchange rate so ensure that you always pay in the local currency.
Chase, First Direct and Starling all offer fee-free spending when yous use their debit cards abroad.
Those without this capability could choose to link their bank account with Currensea's Mastercard debit card via open banking.
Then when you spend or withdraw on the Currensea card, it charges your linked current account in pounds (via direct debit), avoiding the non-sterling transaction fees and ATM fees that most banks charge.
Travel credit cards
Travel credit cards allow you to spend money abroad without being hit by any fees or hidden charges.
But, they may still charge you for taking cash out.
We recommend the Barclaycard Rewards Visa because it doesn't charge for using it abroad, and there are no fees for withdrawing cash if you pay off your bill in full each month.
You must always pay off your balance before the end of the month with these cards to ensure that any money you save isn't wiped away by paying interest.
Prepaid card
An alternative to carrying cash or your debit card around is to get a pre-paid card.
Brands like Revolut, Wise and EasyFX all provide prepaid travel cards.
The card can hold up to 10 currencies and be used in more than 200 countries.
These cards allow you to put a set amount of cash on the card at a fixed exchange rate.
So if the rate is good now you can put money on your card, and it will stay that rate when you are on holiday.
But, these cards can sometimes have hidden costs and charges so be sure to read the small print.
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