With October half-term around the corner, it is prime time to book a well-deserved holiday. Though, Halloween isn’t the only spooky thing on our doorsteps, as airport exchange rates could give you even more of a fright this month! Don’t let the spooky rates stop you from embarking on your travels, as organising your holiday money in advance can save you fortunes. Here’s how… 

 

Airport currency desks

Generally, most airports offer their own travel money kiosk. This may look like a quick and convenient option when changing your money into foreign currency, however, airport kiosks generally do not provide the best value for money.  

Caxton’s latest research reveals that individuals who exchange travel money at the airport receive approximately 38%* fewer euros for their holiday, than people who converted their pounds in advance. Changing just £250 at the airport could see travellers receive 77 Euros less, compared with alternative ways in buying foreign currency exchange.

 

What is the best way to buy travel money before my next holiday?

 

  • Organisation is key; leaving your holiday money until you get to the airport could see you severely out of pocket.
  • Look at other options; a prepaid multi-currency card lets you benefit from better market rates. Caxton’s currency card is designed to make spending abroad simpler than ever before.
  • Keep all your money secure in one place; you can load multiple currencies onto your Caxton prepaid travel card - from Euros to Japanese Yen, we’ve got it all covered.
  • Top-up in advance, from the comfort of your own home or via the app on the go; in times of market volatility, (especially with Brexit around the corner,) travel experts advise keeping an eye on foreign exchange rates and topping up when the pound is strong, to get the most bang for your buck.
  • Enjoy fee-free spending around the globe; whether you prefer the old school way of carrying cash around or tapping away on your contactless – a Caxton card allows you to spend abroad, completely fee-free, enabling you to stay in control of your holiday money this half term.

 

Price comparison for holiday money

Exchange rates can prove confusing, but some people don’t appreciate exactly how much impact their last-minute currency purchase can have on their holiday spending kitty. Check out our comparison table below to see how it could impact you:

 

Holiday Cash £

Bureau rate Euros per £*

Euros received

Caxton rate Euros per £*

Euros

received

Difference

250

0.7933

€198.33

1.1018

€275.45

€77.12

500

0.7933

€396.65

1.1018

€550.90

€154.25

1000

0.7933

€793.30

1.1045

€1104.50

€311.20

 

Evidently, despite airport currency exchange desks looking like an easy option, they do not typically offer the best exchange rate and thus aren’t the best option when trying to save money on your travels. In addition, there can also be hidden collection, administration and buy-back fees, which all reduce the money that you could be spending whilst on your holiday.

Save the last-minute spooks for Halloween!

 

Caxton offers a stress and fee-free option when buying travel money. You can sign up for your multicurrency card today to start travelling smarter: https://www.caxtonfx.com/currency-cards/caxton-currency-account/

 

*Exchange rate displayed by Moneycorp at Stansted airport 25 Sept 2019 vs Caxton Exchange rate for loading Caxton pre-paid card or currency purchase 25 Sept 2019. When comparing £250 = 198.33 Euros at Airport versus 275.45 Euros from Caxton = 38.8% more Euros.