So you’ve got your well-deserved holiday sorted and the only thing left is getting your money. You then find yourself on the high-street looking for the closest bureau de change, or you decide to rely on your own bank card.
The problem is, £5.6 billion in travel money was lost by the British public in 2015 to hidden rates and commissions. On top of that, the pound recently plummeted to a 30-year low post-Brexit.
So why is that banks and bureaux are so expensive and more importantly, is there a cheaper way to get your foreign currency?
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How much do you really pay for your travel money?
This graph shows how much travel money costs from three main sources. Your credit/debit card will normally cost around 3.5%, a high-street bureau such as the Post Office will charge around 5% and an airport exchange – the most expensive option out there – will cost a whopping 11% for the pleasure.
One of the most frustrating things about traditional providers is their lack of clarity when it comes to pricing and fees. They often claim to charge 0% commission but really the fee is just hidden inside a poor exchange rate.
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