Is it safe to order your travel money online?

30 July 2013 - Which Way To Pay

    



Should you order your holiday money online? How safe actually is it?

With the holiday season in full swing, an increasing number of us are paying high prices to exchange our hard earnings into foreign currency at short notice. It is no secret that ordering your travel money online can land you a great deal with competitive exchange rates, however, how safe is it to order your travel money online?

There are many online companies that offer fantastic travel money services such as home delivery, a competitive exchange rate and most are unlikely to pose any risk to your money. There are, however, a couple of instances which have cast doubt in some people’s mind. Like all financial product purchases, it is important to know that your cash will stay safe so it is always important to do your research before you dive in. Below are a couple of things to consider.

How secure is the company?

Always ensure the company you purchase your travel money from is secure and registered with the Financial Conduct Authority (FCA). This can be easily achieved though entering the company details on the FCA register. This will confirm the legitimacy of the organisation, however, it will not inform you that the company is authorised by the FCA. Foreign exchange companies are not required to be fully authorised by the FCA, however, those that are have to implement safe guarding measures to protect your money so it is always worth checking this.

Is your holiday money insured?

One of the benefits of purchasing your travel money online is the home delivery service that many companies offer. When ordering your travel money, ensure that the money is insured until you receive it. The last thing you will want is to find your money is not covered and for it to go on the missing list in transit!

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