Taking travel money abroad is becoming easier as more companies offer a variety of currency exchange solutions, so we look at why you may want to consider using Travel FX for your foreign currency.
It wasn’t many years ago when you had to visit a high street bank or a bureau de change to exchange your pounds into foreign currency before setting off on your holiday abroad.
There is now a bewildering choice of companies providing foreign exchange services, and there are some competitive deals available if you are prepared to shop around.
Travel FX is a specialist dealer in currency and claim to beat high street banks, the Post Office and other brokers via their online service.
They do not charge commission and will deliver your foreign currency next day with no delivery charges. There is a minimum order value of £300 and they do charge a £5 handling fee for orders below £500, however.
There is no maximum exchange amount, although they will perform additional security checks if you are exchanging more than £10,000.
You pay for the currency via bank transfer, internet or telephone banking or using BACS or CHAPS. They do not accept card payments or cheques.
As Forex brokers, Travel FX constantly access wholesale money rates and so update their exchange rates every minute rather than just once a day as many banks do. This means that you can try and get a favourable exchange rate, if you are prepared to monitor the market and wait until an opportune moment, if you want to.
Travel FX were offering a rate of 1.5903 whereas the Post Office rate was 1.5733, a significant difference. By comparison, Caxton FX were selling USD for $1.6188, which actually beats Travel FX.
So if you are looking to exchange money for your next holiday abroad, you should definitely shop around as there are some great deals available, and Travel FX are likely to be one of the most competitive brokers to check out.