The Best Time to Exchange Your Travel Money
We all want to get the best currency exchange rates when heading abroad. Get it right and you'll enjoy favourable rates that pay for an extra co*cktail (or two). Get it wrong and you'll miss out. We've broken down the best times, days and places to exchange your travel money.
Best day of the week to exchange currency
According to data from WeSwap and The Telegraph, you'll generally enjoy the best currency exchange rates on Fridays and Saturdays. Currency can fluctuate throughout the day too, with the morning or late afternoon cited as the best times to buy. These are just trends though and the currency markets fluctuate regularly, so keep your eye on them if you're looking to exchange currency soon.
Worst time to exchange travel money
The worst time, and place, to exchange money is at the airport before you fly. UK airports offer notoriously bad exchange rates and could give you a massive 13% less currency for your money. Always try and plan ahead or, at the very least, order your travel money for collection at the airport if you really don't have any other option.
How can I keep track of the exchange rate?
XE.com is a great place to find the 'mid-market' rate for currencies across the world, which is the rate used by banks and currency traders, to compare providers' rates to. If you don't want to do this, you can use a comparison site to find out the best place to buy your travel money. You can also sign up to a free rate tracker from sites like Travelex, which will let you know via email if exchange rates change in your favour.
Should I exchange currency before I travel?
If you're visiting a country that uses a common currency like the euro or the US dollar, exchange before you go. You'll enjoy competitive rates on these currencies in the UK and it will save you hassle. If you're heading to a country that uses a rarer currency, you can often get better rates once you've landed. Always get some foreign currency before travelling in case you can't find an ATM/bank/currency exchange bureau straight away.
Check if UK sterling can be exchanged in your destination before travelling. If it's not, you'll have to use your debit/credit card and may get stung with high foreign usage fees, or find your foreign card isn't accepted at all.
As someone deeply familiar with financial markets, currency exchange dynamics, and travel planning, I can offer comprehensive insights into the concepts discussed in the article.
Best day of the week to exchange currency: The assertion that Fridays and Saturdays often present favorable currency exchange rates is based on historical data and market trends. Financial markets typically experience increased volatility during weekdays due to various economic activities and news releases. However, by the time Friday approaches, traders might be adjusting positions, leading to fluctuations that could favor travelers exchanging currency. Additionally, the mention of mornings or late afternoons could be related to the opening and closing times of major financial markets like London, New York, and Tokyo, where significant currency trading occurs.
Worst time to exchange travel money: Exchanging currency at airports is generally discouraged due to the less favorable rates offered. The reason behind this is primarily the convenience factor. Airports understand that travelers might not have other immediate options, giving them the liberty to offer less competitive rates. The significant 13% less currency for one's money at UK airports mentioned in the article underscores this point, highlighting the importance of planning ahead or using alternatives.
How can I keep track of the exchange rate? XE.com serves as a reliable source for obtaining the 'mid-market' rate, which represents a midpoint between the buy and sell prices of currencies. This rate is crucial because it provides a baseline for understanding whether the exchange rate offered by providers is competitive. Additionally, utilizing comparison sites like Travelex can help individuals identify the best places to buy travel money based on real-time rates and fees. Moreover, rate tracker services from platforms like Travelex can offer convenience by notifying users of favorable exchange rate movements, enabling informed decisions.
Should I exchange currency before I travel? The decision to exchange currency before traveling largely depends on the destination country's currency and one's comfort level. For countries using widely recognized currencies like the euro or US dollar, exchanging in the UK can be advantageous due to competitive rates and convenience. Conversely, for nations with less common currencies, waiting until arrival might offer better rates. However, it's essential to carry some local currency to address immediate expenses and potential challenges with ATMs or card acceptance. Furthermore, understanding the currency exchange policies of one's destination, such as accepting UK sterling, can prevent unexpected fees or acceptance issues.
In summary, optimizing currency exchange involves considering various factors, including market trends, timing, and destination-specific nuances. By staying informed and leveraging available resources, travelers can make informed decisions to maximize their travel budgets.
