The Rules of Buying Currency
Lots of the calls we get on The Travel Clinic with Simon Calder are people asking where is the best place to get their foreign currency. We've collated all the information right here to make sure you get the very best deal on currency before you go.
Follow these instructions and you could get an extra £30 to spend when you are away!
Before you go
1) Do not just turn up at the airport and buy your currency. You will get a terrible deal.
2) Shop around: don't just take the first price you see, but take a look around to find the best deal. If you're in Central London, look around at the bureaus de change around Piccadilly and Leicester Square to find the best offers. Thomas Exchange claim to have the best rates in London.
3) Look online, where many companies have better deals.
When you're there
1) Try not to use your credit card. The trouble with paying with a credit card is that you don't know what rate the company is charging you.
2) The worst thing that you can do is to take a debit card, as your bank will add significant charges to it, with the exception of Nationwide, who do not charge.
3) Avoid using a ATM abroad, as you will be charged for it and don't know what the exchange rate they use will be.
4) If you are walking around with lots of cash, be careful. Pickpockets often prey on tourists.
Major Currencies
Euro, Swiss franc and US dollar
London bureaux de change offer competitive rates. Shop around both in the shops and online.
USA
One option other than cash is to get Travellers' Cheques, as the USA is the one country that you can use them like cash, but with security.
Exotic Currencies
For most exotic currencies, you would usually be advised to take sterling and change it when you are there.
BrazilTake Sterling and change it for the Brazilian Real upon arrival.
Cuba
Dollars are next to useless. Just take a big wad of sterling. Bear in mind that in some places you can use "local" pesos, known as moneda nacional, rather than the "Convertible" or hard-currency peso, so get about £10 worth – if you can use the local variety, you will usually pay less.
Egypt
Change sterling to Egyptian pounds when you get to the airport at Cairo, Sharm el Sheikh or Luxor.
Hungary, Czech Republic, Poland
Swap sterling for forints, krona or zlotys on arrival. Don't get involved in any Euros - the local currency will offer you better exchange rates.
India
It is illegal to take significant quantities of rupees in or out of the country. Take sterling and change it there.
Singapore, Thailand, Vietnam
Take a wad of Sterling initially, along with small denominations of US dollars - and get them now! Don't bother trying to get any Vietnamese dong or Thai baht in advance, you can get some when you get there.
Turkey (and Turkish-occupied Northern Cyprus)
Change sterling to Turkish lira when you get there. Don’t forget to take a crisp £10 note for your visa stamp on arrival.