It's pretty expensive to change money in the UK.Depending on which method of payment you use, where you exchange your money, and how much planning you put into your trip abroad, the fees that can be incurred from exchanging money can vary.The process of exchanging money in the UK can be done easily if you decide on which method of payment you will use and which institution you'll visit.
Step 1: Use cash.
It's a good idea to have some cash with you when travelling.Once you arrive at your destination, you will need cash to pay for transportation and food.It's a good idea to convert your cash to the local currency before you travel.First, exchange your money at your bank.Exchange rates and fees at your bank will be lower than at other places.
Step 2: Credit and debit cards can be used.
One of the cheapest ways to spend money abroad is with a credit card.You can save money by getting a credit or debit card.There are four different types of fees that you can be hit with if you use your usual card abroad.It is possible for your bank to charge you overseas usage fees of up to 3 percent of the amount charged to your card.Credit and debit cards offer competitive exchange rates and are more secure than cash.Go to your bank to find the best card for your trip.Tell them you will be traveling and that you want to know if your current credit or debit card is travel friendly.Ask them if the cards they offer are suited for travelling overseas.There are online comparison sites where you can get expert recommendations on which cards to use.
Step 3: Pre-paid cards can be used.
If you want to avoid the fees associated with using a credit or debit card, you should consider getting a pre-paid card.Pre-paid cards can be loaded with cash before you travel.You can save money if you preload them when the exchange rate is good.Prepaid cards are designed for foreign travel.The American Express Global Travel Card is one of the most popular pre-paid cards.There are drawbacks to pre-paid cards.Depending on which card you get, there are still fees that can be applied.Check the fine print of the card.
Step 4: You can use traveller's checks.
The checks are pre-printed with amounts.You can use traveller's checks to pay for things or exchange them for cash.They work the same as your regular banking checks.You cannot buy something that is worth more than the traveller's check.You can buy traveller's checks at a bank, Post Office, bureau de change, and travel agent.There are a limited number of places that can exchange traveller's checks for cash.If you want to exchange them, you will have to do some searching.You have to pay fees and a commission when you use the checks.
Step 5: You can visit a building society.
You can exchange your cash at a bank or building society.Building societies are very similar to banks.HSBC, Bank of Scotland, and the Allied Irish Bank are some of the notable banks to exchange money in the UK.One of the best ways to exchange money is at a bank or building society.If you are not a customer, some banks will not exchange your money.If you want to exchange or withdraw money, you will need your passport.
Step 6: Go to the Post Office.
You can exchange money at the Post Offices.There are many Post Offices where you can exchange money.They are open longer than most banks.They usually open earlier and close later.Most Post Offices are open and close at the same time.Once you get to the Travel Money counter, the office will have your money ready for you.You can just bring your passport and credit card.
Step 7: You can find a travel agent.
You can exchange your money at a bureau de change or travel agent.When exchanging money, inquire about the fees, commissions, and exchanges rates.Exchange rates are more competitive in some places.Currency can be bought at the bureau de change at airports and ferry ports.
Step 8: You can use the ATM.
At an ATM, you can exchange money.Before you leave for your trip, make sure your ATM card is linked to one of the networks.You can exchange money almost anywhere.The PLUS network is associated with a credit card.Before exchanging money, make sure the ATM has a logo.ATMs in Europe do not accept ATM cards with PINs that are longer than four digits.If your PIN is more than four digits, you should contact your bank to have it changed.While exchanging money at an ATM is convenient and can be cheaper, it can also be riskier in terms of your information being safeguarded.The best place to exchange money is at an ATM in a major bank.You should check with your bank about international withdrawal fees before traveling.The fees can range from $1 to $6.
Step 9: The exchange rate should be monitored.
You need to be aware of the exchange rates of companies that sell foreign currency.Some companies have higher exchange rates.Exchange rates are constantly changing.First, check with your bank.Lower exchange rates are offered by your own bank.If you download apps on your phone or computer, you can see exchange rates.XE Currency is a free app that works for both phones.Currency and Currency+ are both free exchange rate apps.Exchange Rates and Easy Currency Converter are free exchange rate apps.Exchange rate monitor services on the internet will alert you if a rate changes through e-mail or other notifications.
Step 10: You should sort your money before you leave.
Determine how much money you will need for your entire trip before you leave.When you arrive for transportation, food, and other immediate expenses, calculate how much pocket money you will need.When calculating how much money you will need, remember to factor in exchange rates and fees.Before you leave, swap your money at home.If you lose a payment option, you will still have other options to exchange your money.
Step 11: Tell your bank.
Inform your bank of your travel plans before you leave.This will prevent the bank from putting a hold on your card.Call your bank's toll-free number and let them know where you are going.