Get more for your money when changing up your Ibiza spending cash

Gary did a post on here the other day about Ibiza spending money and how much you should take. I thought it was worth following that up with some advice on changing up your spending money and getting the best deal on currency exchange. if you have your own tips please leave them in the comments.

This is all UK- centric I'm afriad so I'm talking about changing British Pounds to Euro's. I'd guess the same principles will apply wherever you are. Also I'm no expert so ifuse this advice at your own risk!

Change some money before you go, but not all of it.

Unless you know your hotel/ villa is going to have a decent safe I wouldn't advise changing up all your holiday cash before you go. Thats just asking for trouble, although you'll probably get a better rate at home than you will from a cash machine while in Ibiza, its going to cost a lot more in time and hassle if you get your spending money nicked on the first night of your holiday.

Order foreign currency online

If you're organised you can usually get the best rates on foreign currency by ordering online and getting it delivered by post (if you trust the royal mail:-)).

Crown currency exchange have free delivery on currency and the rates are good so you might end up with more in your pocket using these guys. Travel money services seem to offer identical deals, I suspect they're the same company.

Thomas Exchange Global also have good rates. You will pay £5 for delivery unless you live in London in which case you can pick it up and save yourself a fiver.

That delivery charge is per delivery (up to £2500) so if you're going as a group order it together and only pay once for delivery.

Check them both out as the exchange rates are changing all the time.

Buying on the highstreet

If you're doing it the day before or just prefer it this way I'd go for a supermarket like M&S or Tesco. Again you'll have to shop around for current rates. The post office are also competitive.

Don't change money at the airport

The exchange rate will suck. Nuff said.

FairFX Currency Card

These pre-paid debit cards offer pretty good exchange rates vs paying on your normal card or changing up cash.

The card works like a normal Mastercard meaning you can pay using chip and pin over the counter or you can draw cash on it at ATM's and the rates are again good compared to your UK bank card. 

The other thing I like about these cards is they're pre-paid meaning you can set yourself a budget and you'll know when you've reached it because the card will stop working! This should reduce the likihood of coming back to whopping great credit card bills or current account overdrafts when you get back froom holiday. The card will take a week or so to arrive so make sure you get your's in plenty of time.

Sign up for a FairFX card here

If you use that link to sign up love Ibiza will earn a small commission as well so don't hold back! 

Changing money back

In the unlikely event that you bring spending money back from your Ibiza holiday I wouldn't bother changing it back at all. Even if you've got free buy back with your original exchange you'll get screwed on the exchange rates going from Euro to Pounds once you're back in the UK.

Even if you're not going to be back in a country which takes the Euro until next summer its probably worth hanging onto those Euro's rather than changing them back. Even if the exchange rate flutters and makes the pound stronger against the Euro again in 12 months time its unlikely to change enough to absorb the loss you'll make changing currency 3 times rather than just once, at least on a small amount. 

For that reason if anyone try's to charge you commission for buying currency back I'd tell them where to go.

More tips:

• If you're paying on card in Ibiza don't take the option to pay in pounds if its available, you'll probably get screwed on the rates
• Don't go to the cash machines for $10 for the cab home like you would in the UK. You're likely to get charged a fee per withdrawal. Make as few withdrawals as possible for larger amounts and consider taking it in turns to go to the cash machines with friends (real friends, not the one's you make in Space on a monday morning!)
• Consider using credit cards in restaurants and supermarkets, this will mean you'll need to withdraw less cash.
• Check the charges on your cards before you go. Moneysaving expert has a decent guide to charges hereli>