With thoughts turning to summer holidays, there is a bewildering selection of places to get your foreign currency, however in this article we look at why you may want to use the Post Office travel money services.
The foreign currency market has exploded over recent years and a whole range of businesses have entered this field ranging from supermarkets to prepaid currency cards, airport currency exchanges to high street newsagents.
One of the largest suppliers of travel money is the Post Office which can offer over 70 different currencies including Chinese Yuan Travellers Cheques.
The Post Office will either send the currency to your home via its free delivery service (for orders over £500), or you can collect the travel money at any one of the Post Office branches.
There is no commission payable on foreign currency exchanges and the purchase of Travellers Cheques. The Post Office also claim to offer competitive rates, although it is always wise to shop around to ensure that you are getting the best deal, particularly if you are changing large amounts of money.
You can order currency online via the Post Office website where the minimum order is £400 and the maximum is £2500.
When we used their online currency converter, the Post Office were quoting a GBP/USD rate of 1.5864. As a comparison, the CaxtonFX prepaid currency card was offering dollars at 1.5940.
Given the ease of obtaining foreign currency from the Post Office website and branches, the exchange rate does indeed seem competitive.