Foreign Exchange FAQs
Wondering how our foreign currency exchange service works or just want to know how to get the most from your travel money? We’ve put together these foreign currency exchange frequently asked questions to give you quick and easy answers.
What is foreign currency exchange?
Foreign currency exchange is the process of using one country’s currency to buy another country’s currency.
How does foreign currency exchange work?
Our foreign currency exchange service is very easy. Simply tell us how much money you’d like and in what currency and we’ll offer you the best possible exchange rate based on the current market. For more information on how much you’ll receive, use our foreign currency exchange calculator.
What’s the current foreign exchange rate?
Please see the table below for the current foreign exchange rate and for details on how much we buy and sell euros and dollars for:
How are prices established in the foreign exchange market?
Foreign currency exchange rates are determined in two ways. This is either by supply and demand on global currency markets, which means that if demand for the currency is high, the rate increases. Alternatively, it may also be determined by the government through its central bank which may set its rate against another major world currency.
How can I ensure I’m getting the best foreign currency exchange rate?
Shop around and do your research and if possible, get quotes from several places and compare. Always avoid buying your foreign currency last minute from locations such as hotels and airports as this can be costly. Also, watch out for hidden fees and commissions added on top that some providers may charge.
When is the best time to exchange foreign currency?
It’s generally a good idea to start looking at foreign exchange rates around a month before you travel. Keep an eye on the market and try to spot a trend if the rate is rising or dropping. If it’s steadily decreasing, it could be a good idea to buy at least some of your holiday money now, but if it’s rising, you may wish to wait to see if it reduces.
Do you charge commission or fees?
No, we charge 0% commission and no fees, so you’ll have more money to spend on your travels.
Which currencies do you exchange?
We keep euros and dollars in stock and can exchange them right away. We can also exchange other currencies but you’ll need to ring ahead and we’ll be happy to accept your currency order for collection the next working day. Please ring us on 0208 518 1828 for more information and to set up your exchange.
Will I get my foreign currency immediately?
Yes, we can exchange your money for your chosen foreign currency immediately. If you’re wanting to exchange for a foreign currency other than euros or dollars, please ring ahead so we can order the currency in for collection on the next working day.
Can I purchase more than one currency from you at once?
Yes, we can exchange as many currencies as you need. We keep dollars and euros in stock, but if you require other currencies, please ring ahead to set up your exchange.
Is there a maximum amount I can buy?
No, there’s no maximum amount that you can exchange, however, if you’re wanting to exchange a large sum, please call ahead to arrange. Additionally, some countries may have restrictions on how much you can take in or out, so bear this in mind and check the local government’s website for details before you go.
What identification do I need to exchange currency?
In order to exchange foreign currency, you’ll need to bring proof of identification with you. We currently accept the following forms of ID:
- Valid passport
- Valid UK or EEA photocard driving licence
- EEA identity card
Will I need a credit check?
No, you don’t need a credit check to exchange foreign currency. If we haven’t answered your question, please get in touch and we’ll be happy to help. Either call us on 0208 518 1828 or email enquiries@maxcroft.co.uk. Pledges are kept in our secure storage facilities until the loan is repaid. The nature of the item pledged will determine which storage facility is used.
