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Travel Money - Currency Exchange

When travelling abroad you will need money to spend and it is often a good idea to order foreign currency before you travel as you can generally get a better exchange rate. If you are ordering a less common currency it is advisable to do so at least a week in advance. You need to take enough to cover your needs however there is also a risk that your money could be lost or stolen while travelling. Check with your insurance provider to find out how much travel money is covered in your policy in this eventuality.

When you're out for the day or evening only take as much money as you need and leave the rest in a secure place, such as the hotel safe. Keep your travel money in your wallet and in an inside pocket or money belt, and ensure your bag or handbag is always within sight to prevent loss or theft.

Many people prefer to use credit or debit cards while abroad, remember to check that your particular card will be valid in the country you are travelling to. There is also a risk of loss or theft of your credit or debit cards while you are away. You can limit your losses if your credit or debit card is stolen in a number of ways including:

Reporting the theft or loss of your credit or debit card as quickly as possible. Most credit card companies have a 24 hour emergency phone service and the faster you contact them the quicker your card can be cancelled, thus limiting the amount of loss.

Ensuring you have insurance that covers your credit or debit card costs in the event of loss or theft. This could be travel insurance or insurance you have taken out with your cardholding company. After the loss or theft it is advisable to check you're billing statements carefully to ensure there aren't any further unauthorized debits or charges.

Never keep your pin number written down in your wallet or on your person.

Traveller's cheques are considered safer than cash because they can only be used by the person whose name they are in. They can also be replaced if they are lost or stolen, usually within 24 hours. Traveller's cheques are available in a range of foreign currencies including British Pounds, US dollars, Euros, Canadian dollars and Japanese Yen.

It is advisable to write down the numbers on your travellers' cheques and keep them somewhere safe to make it easier to report in the event of loss or theft. Remember that if you are ordering travellers cheques that there will be fees to pay which will vary depending on which bank you use.