As the holiday season gets underway, it’s worth checking out when, where, and which currency to buy because restrictions can apply both on advance purchase and when you return from holiday.
You may find that your country of destination does not allow you to buy currency in advance and may restrict the amount you can take out of the country at the end of your holiday.
“Many holidaymakers get caught out by coming home with currencies that their high street bank won’t buy back, leaving them with large sums of essentially worthless notes,” says Mike Smith, marketing director at the International Currency Exchange. “There are a number of currencies that could trip up travellers, so it’s really worth doing some research before exchanging money.”
The Bahamas has currency restrictions whereby visitors are only allowed to take B$200 (Bahamian dollars) into the country - or around £105. US dollars are widely accepted, so it is best to use these where possible and spend any local currency before you leave.
It’s easy to assume that all countries in the EU will take euros, but this isn’t the case. Despite joining the EU in 2004, Poland doesn’t accept euros - you will still need to convert into Polish zloty.
By contrast, even though Morocco is not a member of the EU, euros are widely accepted in the major tourist centres, but you will still need Moroccan dirhams off the beaten track.
The latter cannot be bought or sold in the UK, so only exchange small amounts into dirhams and convert any unused local currency into sterling before leaving the country.
Mike Smith says: “Holiday destinations are becoming more and more exotic, but travellers need to be aware that not all currencies are readily available and the amount they can exchange may also be restricted. We advise people to change small amounts of cash if they’re not sure and spend or exchange the local currency before coming back.”
For more useful tips on currencies visit www.iceplc.com
In the meantime, here’s a useful list of dos and don’ts for some of the more exotic holiday destinations.
· Cape Verde: Cape Verde Escudo cannot be bought or sold in the UK. You can buy Escudos when you get there, but cannot convert it back into Sterling before returning to the UK so only exchange small amounts.
· Costa Rica: Costa Rican Colon cannot be bought or sold in the UK. Take US Dollars and traveller’s cheques, which can be changed once there. Sterling is difficult to change there and Colones cannot be bought back.
· Cuba: You cannot buy Cuban Pesos in the UK and cannot take them out of the country. Take Sterling as US Dollars are no longer accepted.
· Gambia: Travellers can buy Gambian Dalasi in the UK, but they will probably get a better rate in The Gambia. Some travellers cheques incur a charge.
· Haiti: There are no restrictions on taking Haiti Gourdes in and out of the country, but they are hard to buy in the UK. US Dollars are accepted everywhere – Euros and Canadian Dollars are also easily exchanged.
· India: Rupees are not supposed to be traded in the UK, but most bureaux will sell them. You can exchange them back on your return, but nothing less than 100 Rupee notes.
· Maldives: Maldivian Rufiyaa have no restrictions, but are hard to buy in the UK. There are no cash machines in the Maldives so take US Dollars, which can be exchanged at hotels and resorts.
· Morocco: Moroccan Dirhams cannot be bought or sold in the UK, but Euros are widely accepted. Exchange unused Dirhams back into Sterling at the airport before coming home.
· Nepal: You cannot buy Nepal Rupees in the UK and it is illegal to import or export the currency. Visitors are required to pay bills in foreign currency (Sterling, Hong Kong Dollars, Singapore Dollars and US Dollars). Tourists can only exchange their foreign currency with authorised dealers and must keep the receipts until they leave. Visitors must exchange a minimum of US$20 per day of stay into local currency . Up to 15% of the amount exchanged during their stay may be reconverted.
· Poland: Euros are not accepted, but Polish Zloty can be obtained at cash machines or before travelling. Money can be easily changed in Poland with independent cambio offices downtown giving the best rates.
· Romania: Money may be exchanged at banks, international airports, hotels or authorised exchange offices. ATMs are available and traveller’s cheques are accepted, preferably in Euros or US dollars. Travel with some Euros in cash in case of difficulty using credit cards.
· Seychelles: Local currency cannot be bought or sold in the UK. Take Sterling, Euros or US Dollars.
· Sri Lanka: Visitors can only take about £26 worth of Sri Lankan Rupees in and out of the country. Only change foreign currency at authorised exchanges, banks and hotels. They must be endorsed on the visitors Exchange Control D form. The rate of exchange is better for traveller’s cheques than for cash so take traveller’s cheques in US Dollars or Sterling.
· Tanzania: Local currency cannot be bought or sold in the UK. Take Sterling, Euros or US Dollars.
· Tunisia: Local currency cannot be bought or sold in the UK. Take Sterling, Euros or US Dollars.
· Venezuela: The import and export of the Venezuela Bolivar is permitted in small amounts, but US Dollars are widely accepted, so take cash and traveller’s cheques. Only use regulated bureau de change to buy currency.
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