Why Planning Your Currency Exchange in Advance Can Save You Money

Do you travel abroad regularly and want to avoid the high exchange rates charged by banks or currency exchange bureaux?

Exchanging your currency before you leave is generally an excellent way to make significant savings. In this article, we explain why and share our tips for getting your currency at the best possible price.

 

Key takeaways

• Planning your currency exchange in advance helps you avoid the high rates and hefty commissions often charged by banks and physical exchange bureaux. This allows you to optimise your budget even before you set off.
• Online currency exchange services generally offer the best rates and 0% commission, as well as home delivery or collection in-store. They are therefore a convenient and cost-effective option.
• Physical exchange bureaux are useful in emergencies or when you need currency immediately, but their rates are often less competitive and fees higher. They are not the ideal option when preparing a trip on a budget.
• Banks tend to be the least attractive option due to long processing times, high margins on exchange rates and multiple additional fees. They are best avoided if you want to reduce currency-exchange-related expenses.
• Exchanging your currency before departure allows you to avoid the very high rates typically found at airport exchange bureaux and ensures a smoother arrival. You’ll have the cash you need right away for your first expenses.

 

Depending on your destination, obtaining the local currency may be essential to make everyday purchases.

To do so, you have several options:

• Using an online currency exchange service
• Visiting a physical exchange bureau
• Going through your bank

Online exchange bureaux allow you to order foreign currency from home using online payment and home-delivery services.

In some cases, online exchange bureaux also offer collection in one of their branches.

Good to know: At ChangeGroup, we offer free collection from any of our branches as well as home delivery within 24 to 48 hours. Learn more about home delivery.

To obtain foreign currency, you can visit a physical exchange bureau directly. This option offers several advantages:

• It allows you to get currency immediately, for example upon arrival in a foreign country.
• You can speak to an adviser who can answer your questions.

However, the exchange rates applied by physical bureaux are generally higher. In addition, most of these establishments charge a substantial commission on each transaction.

This can be a practical solution in emergencies, but it’s not the best choice if you want to optimise your budget.

Read also: How to read an exchange rates table?

You can also turn to your bank to obtain foreign cash. This is usually the least advantageous option, for several reasons:

• Delivery times are often long: not only may you have to wait several days for your order to arrive at your branch, but you will also have to collect it in person. It is therefore essential to plan ahead to avoid complications.
• Banks often apply unfavourable rates with a significant margin.
• Additional fees are common and can quickly drive up the overall cost.

Where possible, it is best to avoid using your bank to obtain foreign currency.

Whether travelling abroad for leisure or business, good organisation is key to ensuring everything runs smoothly. Budgeting is often a major concern for travellers. If your destination uses a foreign currency, you will need to exchange your euros before making everyday purchases.

Read also: 4 Apps to Manage Your Travel Budget Efficiently

Generally speaking, exchange rates tend to be lower in the country where the currency is used. For example, exchanging GBP for euros will typically cost less in the UK than elsewhere in Europe.

It is therefore wise to exchange your currency before travelling, as exchange rates in your destination country are likely to be less favourable due to the difficulty exchange bureaux face in reselling a currency that is not used locally.

Exchanging in advance also allows you to use an online currency exchange service, benefitting from preferential rates that are often far better than those offered by banks or physical bureaux.

When you exchange your currency with an online bureau such as ChangeGroup, you benefit from 0% commission. This helps you avoid the additional fees charged by banks and physical bureaux and maximise your travel budget.

A common mistake is to exchange your money upon arrival at your destination. This is a poor strategy: airport exchange bureaux apply particularly high rates, meaning you’ll pay a premium.

By exchanging your money before departure, you avoid this urgent situation and enjoy a more relaxed arrival. You already have the cash you may need—such as for transport to your accommodation—and can leave the airport immediately without wasting time.

Read also: 

• Should You Exchange Currency Online or at the Airport?
• How to organise a trip abroad efficiently?
• What should I do with my leftover currency?
• When is the Best Time to Exchange Currency?

Planning your currency exchange in advance is a good habit to adopt in order to keep your travel budget under control. By doing so, you avoid unfavourable exchange rates, high commissions and additional fees often charged by banks, physical exchange offices and, even more so, those located at airports. Online currency exchange services stand out as the most economical and convenient solution, thanks to competitive rates, 0% commission and flexible delivery or collection options. Beyond the savings achieved, exchanging your currency ahead of time also ensures a more relaxed start to your stay, with the necessary cash available upon arrival. Good planning therefore allows you to travel with peace of mind while optimising your overall budget.

You now have all the information you need to exchange your currency under the best possible conditions. Whatever your destination, we wish you an excellent trip and an unforgettable stay.