If you travel a great deal, whether for business or for pleasure, you may well end up wasting huge amounts of money by purchasing currency before you go. That is not to say that you should not buy foreign currency, but instead that you should simply look to buy at the right time, and from the right place.
High street exchange rates are often very different to the actual exchange rate between currencies, as those offering currency will be looking to make a profit on the service they offer. Not only do many bureau de change outlets hide fees and buy-back charges without telling you, but many will also simply be giving you extremely poor rates, and even on just one purchase this can equate to a great deal of money.
For the regular traveller, it will be best to buy foreign currency when the rates are the most favourable and then keep that currency until such time as you go away. The recent surge in value of the pound against the euro and its subsequent fast reversal has shown just how much difference there can be in exchange rate from one day to the next and by looking at large currency exchange from a dedicated exchange company when the rates are their most favourable, you could end up saving quite a considerable amount of money for doing no more than buying in advance.
Companies that offer large currency exchange may also simply offer to study the market for you, and then purchase a set amount of currency at a time that they feel the exchange rate has reached its optimum level.
Not only will using such a company allow you to get access to the rates when they are at their most favourable, but in many cases they can be a few percent better than even the very best high street rate – and when you are exchanging a large amount of money for numerous trips this can equate to a small fortune.
For more information visit www.currencies.co.uk/landing/buying-euros