Foreign currency will always be an essential for Britons when they go abroad. Whether its euros, US dollars or Turkish lira, getting your travel money in order is a priority. While most experts warn against using cash, there are always moments when cash is needed like getting a taxi, for example.
“I always take money out at an ATM abroad,” he explained.
“The main reason is if you have the right travel card then the rate you can get can actually be significantly better than taking cash out when you’re at home.
“The rate at the airport when you’re either at home or abroad tends to be absolutely shocking.
“Even outside that, the rates are less rigid pre-booked over the internet before turning up to a Bureau de Change.”
But Lynn said that even if you do decide to pre-order your travel money, this is a lot of “hassle” before your holiday can even begin.
He continued: “This has a very high hassle factor before going on holiday – having to think about all that.
“Having to go in there, book the exact amount you want – that’s really friction and a lot of hassle.
“So unless you are doing that, going into a Bureau in the UK tends to be significantly more expensive.
“To compare, if you use an ATM abroad and you’re on a currency-free plan, you’ll pay half a percent above the inter-bank rate to get up to £500 in cash. That’s it.
“Whereas a Bureau de Change, you could be paying anywhere from a couple of percent to over ten percent.”
“So ATMs abroad using your provider is a great way of doing it.”
He added: “It also means if you do have a scenario where your trip is cancelled for whatever reason you’re not just sitting in the UK holding a wedge of foreign currency.”