Advantages Can't think of any
Disadvantages Lose out on rate and could end up with no money as not widely accepted
I am very well travelled and have a vast knowledge of foreign exchange (this review is aimed more for the euro). There is no better way to obtain your holiday money than to take the sterling and change it at your destination. No matter what you are told, no commission etc you will not get as much for your money anywhere in the UK as you will get when you reach your destination. If you are travelling to Spain, the Canary Islands or any other Spanish Island, you will get a higher rate at a local exchange than you will ever get here in the UK or at the airports. Even if you go to the post office and get your commission free euros, you will receive a much lower rate than you will in your local resort. Also, don't get collared for euro cheques either. Firstly, there is a charge to exchange them in Spain and you lose out if you bring any back too. The other thing to watch out for at your holiday destination is, if you see a red and white exchange bureau BEWARE, these usually state a higher rate with no commission but once you change your money you are told there is a service charge, hence you end up receiving a lot less than if you had shopped around for a genuine money exchange. Another don't is changing money at your hotel/ apartment reception, you will lose out there too. I would recommend you change a small amount ie around £50 before you travel (but take in to consideration landing time and day as some bureaus close on Sundays and evenings). Take the sterling with you and change it as and when you need to. Most resorts have safes in the rooms some charge a small fee but in the long run you will end up getting more for your money.
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