Currency converter
Currency converters will give an estimated value of how much foreign currency you'll receive for your money. Be sure to check the exchange rate update time.
Currency exchange
Also known as foreign exchange, currency exchange is the sale or purchase of one currency with another.
Dynamic currency conversion
There are some retailers that offer to convert your overseas spending on your credit or debit card bill into your home currency for your convenience. This is known as dynamic currency conversion and it usually comes at a price. Many retailers will charge a higher rate of interest if you want to be billed in your own currency. Be sure to ask to be billed in the local currency, as not all retailers will ask before you sign or enter you PIN.
Exchange rates
Also known as rates exchange, this is a foreign currency's value compared to your home currency's value. The best exchange rate means you get the most foreign currency for your home money.
Exchange rate calculator
Also known as a currency converter or foreign currency converter
Foreign currency
The legal tender that is used in another country that is not your own.
Foreign currency converter
Also known as exchange rate calculator or currency converter.
Foreign exchange
Also known as currency exchange
Handling fee
A charge applied by the retailer or seller to exchange your currency into their own.
Holiday money
Also known as travel money.
International exchange rate
Also known as exchange rate or rates exchange.
Loading fees
Typically around 2.75%, a loading charge is applied when a card converts your money into a foreign currency.
Prepaid cards
A prepaid card works a little like a prepaid phone card or gift card, crossed with a credit card. You can load your prepaid card with money online, in some banks or at a participating retailer. You can then use your prepaid card like you would a credit or debit card for online or retail purchases. The biggest advantage to this kind of card is that you can never run into debt, you can only spend what you have loaded. They can also be much cheaper than credit or debit cards for overseas spending and are safer than carrying cash.
Spending charges
Fees for making purchases overseas.
Sterling
The United Kingdom's currency.
Traveller's cheques
Traveller's cheques are considered to be a safer way of carrying and paying money abroad. The cheque is bought from a bank, building society or Post Office and would be signed on receipt. The cheque can then be used as payment for goods or services and you'll also receive change. The main advantage is that, if a cheque were to be stolen or lost, you can report it to the provider and it will replace it - just make sure you have the cheque number
Travel money
The cash you take to spend overseas, whether on a prepaid card, credit or a debit card, traveller's cheque or simply cash exchanged for foreign currency
