Buying foreign currency online

Buying foreign currency online

Thinking of buying foreign currency online?

Online money exchange rates can be very competitive so buying foreign currency online can be a great way to get hold of your travel money.

Travelex, the Post Office and of course banks, all offer currency exchange services, but you’ll often find the best rates when you buy your foreign currency online. And by using a provider like ICE (International Currency Exchange) you won’t be charged commission, and they’ll deliver your currency straight to your door. How good is that.

If you’ve never bought foreign currency online before, hopefully our tips below will help you secure a good deal.

Compare the total cost of the transaction

Some companies can be a bit crafty and could add handling or delivery fees which will make the overall cost more expensive, so check the final total, not just the rates. Examine how many units of foreign currency you’ll get in return for the sum you want to exchange. Just like buying travel money down your high street, it’s worth taking your time to compare before buying your currency, and it’s so much quicker and easier to do this online.

Check the minimum amount you can exchange

If you only want to buy a small amount of foreign currency, doing so online may not be the best way. Delivery and handling fees are often applied if the order is under £500, this is certainly the case with ICE. So be aware of the extra fees and make sure the amount you want to exchange qualifies for free delivery and the handling fee is not applied.

Your delivery of cash should be insured

When buying foreign currency online it’s vital to check if the delivery is insured. Most companies will require a signature on receipt of the money and they won’t deliver your money to an address other than yours. Some companies go even further than that and will phone you straight after you’ve ordered the currency to verify your identity.

Watch out for credit card charges

All your efforts researching where you should buy your travel money could be wiped out. You’ll need to use a card, either credit or debit and if you do use a credit card, you could end up paying a cash advance fee, sometimes 3%. And don’t forget about the interest you’ll be charged by your credit card company. A debit card is probably your best bet, but check with your bank to see if any fees will be applied. Some are known to charge fees of around 2% when you purchase foreign currency with your debit card.

Be at home for the delivery of your travel money

Foreign currency you buy online will usually be sent out within one or two days, but because it needs signing for make sure you’re at home to do so. If you’re not there you’ll have to reorganise the delivery or pay a visit to the Post Office to collect it; the last thing you need before jetting away.

Buying foreign currency online is a great and convenient way to get your travel money, but it’s essential to consider if the company you’re using is reputable. The foreign exchange market isn’t regulated, so you may not get your cash back if the company goes out of business.

If you’re interested in finding out about other ways to spend abroad, check out our guides to using a prepaid card overseas and using a debit card overseas.

Have a happy holiday.

Trackbacks for this post

  1. High street travel money | Sophant Travel News & Information
  2. Travel money tips | Sophant Travel News & Information
  3. Buying Your Travel Money Online | Travel Deals

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