Yes, exchange rates are better online compared to the high street or at the airport.
The exchange rate is how much travel money you get in return for your money.
For example, a US dollar rate of 1.4 would give you 1 dollars and 40 cents for each pound you exchange.
Some currencies cannot be bought online or on the high street and are only available to withdraw when you are in the country that uses them. These are called closed currencies.
Here are some alternative ways to spend abroad if you cannot get the currency you need.
How do you get the best deal on travel money?
Look out for the following to find the best deal on travel money:
Highest exchange rate; the higher the number the more you get for your money
Delivery charge; varies from free up to £10 for your currency to be home delivered
Special offers; some providers offer higher exchange rates or free delivery if you order over a set amount; e.g. £500.
How much travel money can you buy online?
Some providers let you order up to £7,500 worth of the currency you want.
When you buy a currency, the amount you pay is often altered to make sure you buy a round figure of the travel money you want.
For example, you would pay £310.32* for €400, rather than paying £300 for €386.70*.
Are there any delivery restrictions?
Most travel money providers use Royal Mail's special delivery service to deliver your currency to you, however this does not guarantee you will get your currency to your door the next day.
This means that any cash orders you make worth over £2,500 will be sent in separate deliveries to stay within their insured limit.
Travel money FAQs
How can I find the best exchange rate?
By comparing rates from as many providers as possible. Here is how to find the best foreign currency exchange rate.
How long does it take to get my travel money?
Some providers let you pay extra for next day delivery, otherwise it could take a few days to arrive.
How many currencies can I buy at once?
As many as you like, but most providers will have a maximum total amount of money you can buy at one time.
Is my travel money protected abroad?
Yes, most travel insurance policies include a limited cover for lost or stolen cash. You can compare policies here to find the cover you need.
Will I get the same rate on the high street?
No, the rates online are often better than the high street because online providers need to be more competitively priced to attract you.
What is commission?
It is the fee a travel money provider charges for exchanging your money into a foreign currency.
Can I use my credit card to buy travel money?
Yes, but you will be charged by both your credit card provider and the travel money provider for purchasing travel money with your credit card.
Is my money protected if a provider goes bust?
No, so make sure you buy from a provider that will send your currency as soon as it is processed.