Flying from Gatwick - a guide to foreign currency exchange

by Paula Garrett
Foreign currency is essential when travelling abroad. However, the options available to you when paying for goods and services abroad is vast - do you take local currency, travellers cheques, credit card or a debit card? And where do should you obtain your currency - local bank at home, airport, hotel, high street travel agent, post office or online and which is going to give you the best rate?

Exchange rates and transaction charges vary considerably depending on where you change your money, so it's best to check out your options in advance and keep an eye on the exchange rates with an online currency converter (http://www.gatwickinformation.co.uk/gatwick-airport-BYL-currency-exchange.php).

It is advisable to change some money into local currency prior to departure to cover immediate costs on arrival such as taxi fare, refreshments and other necessities.

Money can be changed prior to travelling at a local bank, travel agent or online - generally the commission rates charged at hotels and airports can be significantly higher. For a time saving tip, order your currency online (http://www.gatwickinformation.co.uk/gatwick-airport-BYL-currency-exchange.php) - exchange rates are competitive and currency can be delivered to your door for roughly the same costs as buying currency on the high street but without the hassle. The convenience of changing money at hotels and airports abroad are often outweighed by the rates and commission charges imposed.

If you prefer not to carry large quantities of cash, purchases can be made using a credit card, or debit card and can be a good option as the exchange rates are usually quite favourable. However, be aware of the exchange rate fluctuations, currency conversions do not happen instantly, so if your home currency is on the slide your purchases could cost you more than you thought.

ATMs are a convenient way of obtaining cash abroad with your debit card (cirrus or maestro), but check the fees your bank charges before you travel.

Travellers cheques are another option and are regarded as one of the safest ways to carry money abroad. Using travellers cheques gives you great peace of mind, because if they are lost or stolen you will be able to get replacements, usually within 24 hours - keep a note of the cheque numbers to assist in your claim. Travellers cheques are not always the cheapest way to exchange money, but are available in the popular currencies of: Euro, Pounds Sterling, Australian Dollars, US Dollars, Canadian Dollars, Swiss Francs and Japanese Yen. Euros can be exchanged in Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain.

Travellers cheques do not expire, so unused cheques can be saved for future trips. Check around for exchange rates and bear in mind that commission free is not necessarily the cheapest option.

Whichever method of payment you choose, it is advisable to take some currency with you. Change it in advance, shop around for the best deals, and only change money at your hotel or airport if you have no other choice. If using your debit or credit card, check charges imposed by your bank prior to travel, but most importantly - have a great time!
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