London-only collections

Since TravelMoneyMax.com launched, lots of smaller, very competitive bureaux de change have been added to the tool, boosting the amount of holiday money you can get.

However, many of these are based in one or two locations, often in London, meaning if you opt for collection you'd have to get to their store.

This is great if you're in and around London, and able to pop to a branch to pick up the cash, but as this isn't practical for some MoneySavers, we've added the option to exclude these providers from your search, and see only bureaux with a wider store network.

What does FSA authorised mean?

Bureaux de change do not have to be registered with the regulator, the Financial Services Authority (FSA) under the 'Payment Service Regulations', because they are not viewed as providing a payment service - instead the business is simply seen as selling you a good (foreign cash) like your corner shop would sell a tin of baked beans.

So the first point is, whatever the companies regulaton status

If any bureau, authorised or not, go bust when it has your money you're NOT protected.
Don't let it hold your cash for any longer than needed.

What advantages does FSA authorisation give?

Companies with this level of regulation for payment services have to meet specific 'capital requirements' - basically meaning its money and assets will have to be set up in a certain way, so it's been checked out a little more. It also must provide all customers with specific info about transactions, such as all applicable charges, details of safeguards and risks and how to complain - Find out more.

Banks, building societies, the Post Office and certain other public bodies can operate in this market without explicit authorisation, as the FSA is supervising them more closely already for other aspects of their business.

What about the other types of regulation?

Some smaller firms are FSA-registered, rather than authorised. They must disclose the same information to customers, but don't have to meet the same solvency criteria as if they were authorised, making this level of regulation far weaker.

In addition all the companies in the TravelMoneyMax tool are registered with HM Revenue and Customs under the Money Laundering Regulations which means it must have put in place certain controls to prevent it being used for money laundering by criminals and terrorists. For full details, read HMRC's guide.

This tool whizzes around online currency bureaux to find the best exchange rates including all fees.

If you want foreign cash, the key question is "How many euros/dollars/shekels will you give me, after all charges and fees, for my pounds?", then go with whoever gives the most. TravelMoneyMax.com does this for you, searching 23 major online foreign currency bureaux in seconds

It factors in exchange rates, commission fees and any delivery costs. TravelMoneyMax.com repeatedly gathers information from bureaux's websites throughout the day. This means there is a very slight chance the prices will be a few minutes out of date after a rate change.

Always double check the deal before buying your currency

How to use it

Enter the currency you need, then either select how much you're willing to pay e.g. "I want £100 worth of dollars" or how much you want e.g. "I want €200". Then pick delivery, or collection. TravelMoneyMax.com displays the prices from online bureaux de change, taken directly from their websites, ranked in order of how much cold hard cash you'll get.

Who's included?

The Travel Money Maximiser only searches online providers; primarily as it's a web tool and these are much easier to search. Luckily though, many high street providers and banks now offer their rates online, though you may have to go instore to collect.

The providers currently included are: ACE FX, Best Exchange, Thomas Exchange UK, Thomas Exchange Global, No1 Currency, ICE, Post Office Online, Tesco, Travelex, M&S, Natwest, HSBC, FX4You, FairFx, Interchange FX, Crown Currency Exchange, Travel Money Services, Bupa, Saga, Nationwide, Co-op, Travelcare, Online FX, First Direct.

What's Buy-back?

A few providers also offer to change back your left over foreign cash back into British Pounds. The rates for this will always be worse than the other way round; however, attempt to do it at big high street names and they'll be even worse! To do this by post, you often have to send the currency back by registered or special delivery in order to guarantee it reaches the bureau.

Find the cheapest travel money