Going abroad for your holiday is probably going to be one of the highlights of the year and to get the most from your trip you’ll want as much money to spend as possible. So, in addition to saving up lots of spending money you’ll also want to get the best exchange rate and this is where a bit of research comes in handy.

Exchange Rates
There are plenty of companies today that offer a bureau de change service and it’s important that you have a look round for the best exchange rates on offer. Unfortunately the exchange rates tend to change from day to day and so it’s worth keeping an eye on the markets for a week or so before making a decision. You should also make a point of looking in places that you wouldn’t generally think of when considering a bureau de change because supermarkets, fashion retailers e.g. M&S, and other high street stores now offer the service as well.

A quick way to compare different providers of this service is to use a comparison website – such as the BUYability site that you’re on now! Here you can easily find the daily rates on offer and any special deals that certain providers are throwing in as well. A lot of the big names are included in the comparison so you can get rates from the Post Office, Travelex, Thomas Cook and others at the touch of a button.

Commissions and Fees
A lot of people make the mistake of choosing a bureau de change that doesn’t charge commission because they assume it will be cheaper. At the end of the day though it is the exchange rate that is more important and the commission should only be taken into account when the exchange rates are very similar or exactly the same.

You need to ask each provider how much you get for your money after all commission and fees are deducted and use this as your basis for comparison. Some companies offer higher exchange rates but also charge commission and even though they do this it still works out more beneficial to you than choosing a company with slightly lower exchange rates and no commission charges. Taking the time to do a few calculations can earn you extra money when you exchange your savings for foreign currency and this is the aim of the exercise when all is said and done.

One last point to mention is that some of the big names will occasionally offer lower commission rates if you exchange a large sum of money. This is great if you’re going on holiday with other people as you can exchange everyone’s money at the same time and benefit from the special offer. Hence this is one to watch out for and an easy way to save money when buying foreign currency.