This page is quite old hence its rather spartan appearance.
Why not check out our Latest Stories page for our newest articles or search our site for anything.
COMMENT
Hurray, you've booked your Easter holiday – getting away from the rainy old UK for a fortnight in the sun (or not as the case may be!). But where are you going to get your travel money?
Traipsing down the High Street will provide a wealth of exchange rates, with some better than others. A number of them will advertise commission-free foreign currency and free delivery, but do they still provide us with good deals? I contacted a bank, a retailer, a currency house and a well-known foreign exchange company to find out how many Euros and US dollars I could get for £300. All of the companies contacted could have the currency available within 24 hours. Barclays, M&S and ICE could all deliver to my home address. Barclays could also deliver to my nearest branch; and Travelex and ICE could arrange for me to pick up my currency at the airport terminals, and in ICE's case, most major railway stations too. Euros
Company Exchange Rate Euros/£300 Fee/Postage Total Cost Barclays 1.388 €417 £0 £300.43 International Currency Exchange (ICE) 1.399 €419 £0 £300.21 Marks and Spencer (M&S) 1.410 €425 £5.00 £306.42 Travelex 1.414 €425 £0 £300.63 US Dollars
Exchange Rate US$/£300 Fee/Postage Total Cost Barclays 1.823 $546.90 £0 £300 International Currency Exchange (ICE) 1.835 $550.50 £0 £300.21 Marks and Spencer(M&S) 1.853 $556 £5.00 £305.05 Travelex 1.856 $557 £0 £300.11
Company
As you can see, the exchange rates offered vary quite a bit. Barclays consistently offers the worst exchange rates, followed by ICE, M&S and finally Travelex. And though M&S proves expensive, it's worth noting that it waives its postage fee for values over £500.
In conclusion: If you prefer to have your currency delivered, choose ICE for smaller amounts, and M&S for anything over £500. But if you don't mind collecting at the airport, Travelex is the cheapest - they also offer to guarantee you the best price or they'll refund the difference! (But remember, however, that these rates are only for those who order online - if you wait to buy from Travelex at the airport you'll find yourself clobbered with commission and a poor exchange rate!)
But the most Foolish ones of all will have a Nationwide current account anyway, which allows you to use ATMs whilst abroad for free!
Find out more in our Banking Centre.