Here’s a warning to Brits traveling abroad: don’t waste money by not taking the time to seek the best rate on your foreign currency exchange: consult a GBP currency converter and look for that rate!
Surveys reveal that 56 per cent of UK adult travelers don’t check GBP currency converters and shop around for the best currency exchange rate, and are consistently losing money. Many leave exchanging currency to the last minute and settle for less than competitive currency exchange rates offered by outlets at airports, never even looking at a GBP currency converter.
Currency exchange rates on cash can vary by as much as £75.00 per £1,000 when bought on the high street – compared to airport currency exchange outlets, where rates tend to be the worst.
It is estimated that with Britons making more than 64 million trips abroad each year, they could be paying in over £1.2 billion over the optimal rates by not shopping for rates indicated on a GBP currency converter.
Currency exchange rates and commissions become less competitive the closer you get to your point of travel.
Great deals on currency exchange are available on the high street. So check your GBP currency converter and arrange to get you holiday cash at the same time as shopping for clothes, medications and other travel necessities.
Consult your GBP currency converter, and conduct your currency exchange in advance. You’ll definitely save over the inflated airport currency exchange rates.
What about drawing cash from foreign bank machines? Will they give me the GBP currency converter rate?
Withdrawing money from foreign cash machines is doubtless convenient. But that convenience comes at a price. When traveling, you may not have access to the internet and a GBP currency converter. So how do you know the right rate?
Tourists may be charged premiums as 5.5 per cent on top of the sums they withdraw - and charges seem to be slowly increasing. Travelers can avoid gouging, by sticking to the GBP currency converter rates.
Nationwide was the only bank not to charge its customers for accessing their funds when abroad. Other banks are actually increasing their charges, calling them "foreign exchange administration fees”. The net effect: rates much worse than market.
Nationwide estimates that tourists are losing as much as £500 million per year through cash withdrawal and card payment currency exchange charges.
Virtually all other card providers charge a fee – often 2.75 per cent or more above the GBP currency converter rate – when you use your credit or debit card in a foreign country.
The building society is currently urging other banks to act in the interest of customers. It wants them to abandon the myriad currency exchange charges that have emerged over the years, and get closer to the GBP currency converter rate.
Check your GBP currency converter!
First Direct has announced an online commission and fee-free money exchange service. The First Direct service offers next working day delivery on all orders made as well as very competitive exchange rates. Check a GBP currency converter to see how close they come. Since the typical Brit takes over £500 in holiday cash and travelers cheques, the service is bound to appeal to a wide range of travelers.
Holidaymakers should make sure that a bargain exchange rate doesn't become a bad buy once all the handling and commissioning charges have been added. Always check an online GBP currency converter, and let that be your guide.
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DCErates.com is a division of discount-currency-exchange.com Inc. The DCE website offers a daily look at world currency rates, news and strategies, a currency converter, and currency graphs. DCE also acts as an agent to help individuals and businesses find and fulfill currency trades at the best exchange rates possible.