Money Matters

21st March 2011 | Members

 
No.1 Traveller reporter James Litston on how get the best value on foreign exchange 

Although the value of sterling has come a long way from the painful lows of the past few years (when each pitiful pound was worth only $1.40 or a single measly euro), it's likely you’ll still want to obtain the best possible deal on your holiday money.  As one of our members, you'll know that No.1 Traveller is keen to offer you excellent value for your money - so we've done some research to help you uncover the most cost-effective ways of getting hold of your foreign currency. 

Digging around for the best deals on currency exchange is laborious, time-consuming and, let's face it, not much fun - which is why many of us take the easy option and simply withdraw cash using our debit cards in a local ATM.  This convenience, however, generally comes at a price as most banks tend to offer a relatively poor exchange rate and then add insult to injury by levying a withdrawal fee on top.  If a hole-in-the-wall is your only option, be sure to use one that's operated by a bank within the Global Alliance partnership.  Members include Bank of America, Deutsche Bank, BNP Paribas and Barclays, with each offering a fee-free arrangement for customers of participating banks - which means you can effectively side-step the withdrawal charge.  Even so, international transaction fees may still apply, so using your debit card in a foreign ATM rarely offers the best bang for your buck. 

You'll tend to find more attractive rates with a pre-paid cash card than you'll get via your own debit card.  They're straightforward to use too: all you have to do is pre-buy your currency online and charge it straight to your selected card.  Both CaxtonFX and FairFX offer pre-paid MasterCard currency cards that are Chip/PIN protected and usable in millions of shops, restaurants and ATMs around the world.  The CaxtonFX card incurs no ATM withdrawal fees, while FairFX also allows the option of having currency delivered to your door in cold, hard cash.  Both these cards can be loaded with sterling, euros or US dollars, while the soon-to-be-launched CashCase pre-paid Visa card (which hit the market earlier this year) can carry up to four currencies simultaneously.

But why go to all this effort when we've come up with the perfect solution ourselves?  Last month, we introduced a new currency exchange service that's exclusive to guests using our award-winning Gatwick lounge.  Operated in partnership with Moneycorp (the UK's leading foreign exchange specialist), this handy in-lounge service enables you to order your travel currency from the comfort of their your seat - no doubt with one of our signature cocktails in hand!  What's more, our commitment to providing unbeatable value for money has seen us negotiate the best exchange rates in the terminal, guaranteed!  With convenience and peace of mind guaranteed, it's the ultimate no-strings-attached way of getting your hands on your spending money.  Have a great trip!  

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