Where NOT to buy your currency

I KNOW that for most of us in Scotland the summer holidays are over, schools are back and the nights are drawing in.

But we are starting to go on holiday again and when you do plan your next break can I ask you to remember one thing that I haven’t mentioned for a while, for obvious reasons?

Don’t buy your currency when you get to the airport.

It seems an easy option in many cases. You know that there are currency exchange shops in all of our airports, and you know you have to pass them on the way to the plane. But it’s not worth it. It’s daylight robbery in most cases and the best way to deal with them is no not encourage those offering these rates.

I’m not going to tell you where you should buy your holiday money – rates vary all the time and by the time you are ready to go away again any advice I give you today might be out of date.

What is important is that you take the time to look round all of the various options and make an informed decision on where to buy. And it’s important that you make a decision that is not just based on how many euros (or whatever currency is relevant for you) you’ll get for one pound.

You have to look at any commissions or other costs involved when you buy, and also what you will have to pay if you come back from holiday with unused currency and want to exchange it back to sterling.

Sometimes the benefit of a slightly better exchange rate can be lost because of the cost involved when you re-exchange.

Remember too that some providers will offer a “commission-free” exchange back to sterling, then offer you a really lousy rate, so read all of the terms and conditions carefully.

So although I’m not telling you where you should buy your holiday money in case that advice is out of date when you travel, I’m confident in telling you where not to exchange money! The airport.