Supporters: where to exchange your money at the best rate before travelling to North America

Supporters often ask themselves the same question before travelling abroad to attend a sporting event: how can you get foreign currency without being hit by poor exchange rates?

Between hidden bank fees, expensive airport exchange rates and high commissions charged by some bureaux de change, the total budget for an overseas trip can quickly rise if you make the wrong choice.

In this article, we explain everything you need to know about exchanging your currency at the best possible rate before travelling to North America.

 

Key takeaways

• Exchange rates, commissions and hidden fees can significantly impact the overall cost of an overseas trip, especially for larger amounts. Comparing offers can often save you dozens, or even hundreds, of pounds.
• Buying your foreign currency before departure allows you to benefit from better exchange rates, avoid airport bureaux de change and travel with greater peace of mind from the moment you arrive.
• Online currency exchange services generally offer more competitive rates and lower fees than banks or traditional bureaux de change, particularly for US dollars, Canadian dollars and Mexican pesos.
• For a trip to North America, it is recommended to combine card payments and cash in order to manage day-to-day expenses, transport and tips more easily.
• A multi-currency card can be a practical solution for reducing banking fees abroad while benefiting from more competitive exchange rates on your international payments.

 

When exchanging currencies, several factors can directly affect the amount you receive after the transaction:

• The exchange rate applied
• The commission charged by the provider
• Any hidden fees

While the difference may sometimes only be a few percentage points, it can have a major impact on your expenses if you need to exchange large amounts.

For example, a 4% difference between two providers already represents £120 on a £3,000 budget. A considerable amount that would be much better spent once you are there.

This is the rate applied when converting one currency into another. There are two different types of rates:

• The interbank rate: the rate applied on the foreign exchange market. This is the benchmark rate, accessible only to institutional players, multinational companies and investors.
• The public exchange rate: the rate displayed by bureaux de change. This is the rate that will apply when exchanging your currency before travelling. It generally includes a margin ranging from 2% to 10% above the interbank rate.

Also read: How to read an exchange rate table

Currency exchange providers generally add a commission to the total transaction. This may be fixed (most often between £2 and £10) or expressed as a percentage (between 1% and 3%).

The commission charged can therefore vary considerably. It is often higher in tourist areas where demand is stronger.

Take the time to check commissions carefully, as they can quickly increase the overall cost.

In addition to commission fees, extra charges may apply during your exchange transaction. Banks, for example, may charge additional fees for cash withdrawals abroad or for card payments made overseas.

These fees are often difficult to identify before the transaction and can quickly add up if you are not paying attention.

We strongly recommend exchanging your currency before travelling to North America for several reasons:

• Exchange rates fluctuate daily and can vary significantly from one day to the next. Planning ahead allows you to identify the best time to exchange your pounds.
• You save valuable time by avoiding long waits at airports, where bureaux de change are often overcrowded.
• Your trip to North America becomes easier as you will already have USD, CAD or MXN available as soon as you arrive.

If you find it difficult to estimate exactly how much currency you need before departure, do not worry: our BuyBack guarantee allows you to return any unused currency once you come back from America. We will apply the same exchange rate as the original transaction, meaning you are protected from market fluctuations. Convenient!

Also read: What should you do with your foreign currency after a trip?

Between banks, bureaux de change and online exchange services, it can be difficult to identify the most cost-effective way to obtain US dollars, Canadian dollars or Mexican pesos.

Here is a summary table to help you easily identify the most attractive option:

	ChangeGroup online exchange service	Physical bureau de change	Bank
Exchange rates	Best exchange rates	Good	High
Commission	0%	Between 2% and 10%	Close to 10%
Fees	None	Medium to high depending on location	Often high
Collection/delivery	Free branch collection or home delivery	Immediate in branch	Branch collection upon order
Currency availability	Good for USD/CAD/MXN	Good for USD/CAD/MXN	Good for USD/CAD
Processing time	24 hours to a few days	24 hours for branch collection	1 to 5 days depending on the branch
Security	Excellent – supported by Prosegur, Spain’s leading security company	Good if using a recognised provider	Excellent

Depending on the destination country, card payments may be accepted to varying degrees. However, for an international tournament, we recommend combining both payment methods for greater flexibility.

Having cash is practical for certain expenses, such as transport. In addition, tipping plays a major role in North America, so carrying cash is essential for this reason.

Also read: How to handle tipping abroad

For your next trip, make sure you have US dollars, Canadian dollars and Mexican pesos available.

Simply use our online exchange service to reserve the currencies you need and benefit from our best exchange rates. To make things even better, we completely remove commission fees. No hidden charges – you know exactly how much you will receive after the exchange.

Also consider choosing our multi-currency card so you can make card payments while abroad. You will benefit from even more competitive exchange rates across all the currencies you need.

Also read:

• How to get USD at the best rate before travelling to the USA
• 4 apps to manage your travel budget effectively
• How to organise a trip abroad efficiently?