Currency exchange simply means exchanging one currency for another. But, there are different methods for doing this. The way that is best for you depends on your specific requirements.
When it comes to exchanging British pounds to euros there are three options:
Travel cash/Holiday money
Most people experience the process of currency exchange for their holidays. For many, this transaction takes place on the high street at a bureau de change or even a shop. The rate they receive will most likely not be the best (for them). However its really easy to compare exchange rates and make sure you are getting the most for your pounds. Online comparison sites provide the rates available from a number of providers with options to either pick up the currency or have it delivered to you. Remember delivery charges may be applied, particularly if it is a small amount you’re exchanging.
Prepaid currency card
Prepaid currency cards have been around a while but most people aren’t aware of them. They can be a really good option for foreign currency needs. With Currency cards you avoid the risk of carrying cash. And the exchange rate available on currency cards is likely to be better than when you’re converting for travel money. For frequent travellers, currency cards can be a good option as they can be topped up while you’re away. Most companies have an app for doing this. Currency cards are also available in multi-currencies which is really handy when you’re visiting differing countries.
The final method of currency exchange is the one where the greatest savings can be made: international money transfer or overseas payments. This type of transaction is usually carried out where people have a larger currency exchange requirement. Many people use their bank to conduct the exchange but a better option is to use an authorised currency broker. They’ll provide a broker better exchange rate and will offer an better level of service as well as different options to ensure that best possible rate of exchange is achieved.
With all currency exchange requirements it is highly advisable to compare. Whether you go through online providers and comparison sites, the high street, bank or a currency broker – take time to look into the options available. Make sure you pick the best currency exchange for you. You’ll save you money and the process will be easier.
The Good Life France uses OFX Global Money Transfers. Registration is easy, secure and is a one time set up. After that you just log on and manage your currency transfers when you want to but there’s always someone on the end of the line to talk to you when you need it.