Compare the Best Holiday Money Rates in the UK in 2024

In the United Kingdom, online travel money orders from Compare the Market, MoneySuperMarket, and even Post Office Travel Money are extremely popular for getting travel money for your next holiday abroad. However, there are hidden fees involved that we will detail in this guide.

Whether you’re travelling for business or pleasure, we’ll answer all the questions you have on buying foreign currency in the UK and help you find the best ways to make your money go further. While travel debit cards with no international transaction fees such as Starling Bank and travel money cards such as Revolut have a slight technical difference, we will explain why these two options are the best way get holiday money in the UK in 2024.

Compare Holiday Money in the UK: 4 Ways to Order

Thanks to travel debit cards and the innovation of multi-currency accounts, there are now few advantages to ordering travel money in the UK from a travel money provider (which you might find from a place like MoneySuperMarket).

Travel money exchanges in the UK have been useful to get physical bills of foreign cash before your flight. However, its almost always cheaper to simply get cash at an ATM while on your holiday abroad. Furthermore, most retails and merchants these days accept card payments. There are travel cards that waive foreign transaction fees too — and they lower your risk of loss or theft when travelling with large amounts of cash.

In this list below, we compare four methods to get travel money if you are in the UK. Let's jump in:

1. Get a Multi-Currency Card For Overseas Travel Money

When typical travel money providers sell you foreign currency, they apply a weaker exchange rate than the real mid-market rate. This markup is known as an exchange rate margin, which they pocket as a profit. As we go down the list, we will see this hidden fee get more and more costly.

The Wise Multi-Currency Account and Revolut are our recommendations for the best way to get travel money in the UK because they both offer the best exchange rates on the market.

Revolut

Revolut is our top choice for travel money in the UK because it charges zero fees for first £1,000 per month that you exchange. The platform works entirely by desktop or smartphone, and they send you a debit card to access your travel money. After the fair usage limit, Revolut charges 1% of the total for Standard plan customers. If you upgrade to their Premium, Metal, or Ultra plans, then you the fair usage limit will be completely lifted.

What's just as impressive is Revolut's exchange rate fees. While markups vary by currency and increase on the weekends, the average markup is a minuscule 0.2%. For euros (€), the most popular currency used for travel money in the UK, Revolut sometimes applies an exchange rate that is actually stronger than the European Central Bank's mid-market rate. This means that you may gain when you exchange your GBP to EUR for your next holiday in the Eurozone.*

You can use Revolut's debit card to use at ATMs for local cash. As a Standard customer, you'd get £200 month of fee-free withdrawals.

*The GBP to EUR exchange rate shown in the image above is not guaranteed. The image was taken on 28/07/2023.

Learn more: Read our in-depth Revolut review or visit their website.

Wise Account

The power of the Wise multi-currency account comes from never charging hidden exchange rate margin fees. No matter which foreign currency you want, Wise will always apply the real mid-market exchange rate to your British pounds. Instead, it charges a transparent service fee that ranges from 0.3% to around 2% depending on the currency.

The Wise account lets you exchange, hold, and spend over 50 foreign currencies with its debit card. It even comes with checking account details for 10 countries, including a UK sort code, US account number, EU IBAN, and more. This means you can receive money locally from those countries with direct debits, SEPA payments, and other methods.

For holiday cash, you can use the Wise debit card for 2 free ATM withdrawals for a total of £200 per month.

Learn more: Read our in-depth Wise review or visit their website.

2. Get a Travel Debit Card That Waives Foreign Transaction Fees

While multi-currency cards like Revolut and Wise allow you to directly use the local currency to pay for goods on your travels, UK debit and credit cards use your GBP holdings. When you use a card issued by Visa, for example, Visa will covert the British pounds in your bank account into the local currency of your holiday destination.

The Visa and Mastercard currency conversion rates are very low (around 0.2%-0.5%), making debit and credit cards a viable option. You can track the Visa exchange rate here and the MasterCard exchange rate here. Just make sure to find cards that charge no international transaction fees. These fees, also called "foreign transaction fees", are a much higher percentage and add up very quickly.

Starling Bank

Starling Bank stands out as one of the premier debit cards for international travel for customers in the UK, thanks to its absence of foreign transaction fees. If you solely have their GBP account, your Starling Bank card will apply the live exchange rate used by MasterCard, which closely aligns with the mid-market exchange rate. Moreover, Starling Bank provides EUR accounts for no additional cost, making it an ideal choice for traveling to countries that accept euros. In such instances, your Starling Bank debit card will access these account balances, allowing it to be recognised as a local Eurozone card.

One of the most compelling features of Starling Bank is its complete exemption from ATM fees, both domestically and internationally. Irrespective of the amount of cash withdrawn or the frequency of withdrawals, Starling Bank never imposes any fees for ATM transactions. While third-party fees may still apply, as determined by the ATM owner, this travel benefit solidifies Starling Bank's position as the top debit card for international travel for UK residents and citizens.

More info: Read our in-depth Starling Bank review or visit their website.

3. Order Online and Collect From a Travel Money Provider

Many businesses, including specialist currency providers and supermarkets, allow you to order your travel money online. This is normally known as a “Click and Collect” service. You can then visit a local store and pick up your foreign currency. Depending on the provider, your money could be ready the same day or you might need to visit a few days later to give them a chance to prepare your transaction. 

With some services, you’ll pay online, while others will allow you to pay when you pick up your travel money. You will normally need to take the debit or credit card you used to buy the currency and may also need to take another form of identification with you.

A “Click and Collect” service typically charges a £5 - £10 fixed fee and a 2% - 5% exchange rate margin.

Have Travel Money Delivered to Your Home

One convenient way to get travel money is to order it online and have it delivered to your home address. You can order through a currency exchange provider’s website, pay for your order and let them know where you would like it delivered. 

You should receive your travel money in a couple of business days, and most providers recommend ordering currency for delivery at least three working days before you’re due to travel. For security reasons, most providers will only send your travel money to the address associated with your debit or credit card, and somebody will need to be available to pay for the delivery. Depending on the amount you’re ordering, you may need to pay a fee for home delivery.

Pick Up at a UK Travel Money Provider

Many chains offer a pick-up service, and in some cities, you’ll find independent operators. This is cheaper than the delivery option because the provider will not charge you a delivery fee. There are multiple ways to pay for foreign currency at a local provider including credit cards, debit cards and cash. 

We have a complete guide to the best bureaux de change in London.

4. Visit a High Street Bank or Bureaux de Change

Exchanging money at high street bank or a currency exchange bureaux at an airport is usually the least favourable option for travellers. These establishments typically impose fixed service fees of £10 or more. Moreover, their exchange rates are often not transparent, leaving customers unaware of the actual margin being applied to their transactions. We have seen the markup charged by airports to exceed a staggering 17% or more, leading to substantial losses when converting money.

Be careful when confronted with banks or bureaux advertising "no fee" exchanges, as this often means that they are incorporating hidden exchange rate margins into their services. While these options may serve as a last resort during emergencies at airports, they are generally ill-advised to get travel money in the UK.

To ensure optimal value for your travel money, we highly recommend obtaining a travel debit card or multi-currency account with transparent and competitive rates.

Top 5 Exchange Rate Tips For Travel Money in the UK

Here are our essential facts to consider when doing travel money comparison in the UK for your next holiday:

1. Cards Over Travel Cash: The right travel money cards consistently offers better rates than travel cash.
2. Watch Out for Credit Card Fees: Credit cards charge extra fees to buy travel money on sites like MoneySuperMarket and Compare the Market.
3. Avoid International Transaction Fees: It's worth the effort to find a debit card that waives foreign transaction fees for spending abroad.
4. Minimise Cash Holding: If you use travel money, pick up your cash as soon as you can since there may be limited protection for your funds.
5. Avoid Airport Currency Exchange: Refrain from changing cash at the airport, as rates are often the worst available on the market.

References Used In This Guide

1. Travel Money. MoneySuperMarket. Accessed 28 July 2023.
2. Travel Money. Post Office UK. Accessed 28 July 2023.
3. Travel Money. MoneySavingExpert. Accessed 28 July 2023.
4. UK Pricing. Revolut. Accessed 28 July 2023.