John Nichols once told me that pawn brokers are the best place to go for holiday cash. Granted, he’s the chief executive of H&T Group (HAT), the UK’s biggest pawn brokerage, but he had a point – the rates offered at his stores on most foreign currencies are far better than what you’ll find at other high street providers including the Post Office or Tesco Bank.
But in the five years since Mr Nichols gave me that advice, there has been something of a revolution in the foreign currency market – a digital one. Today, you’d be hard pressed to find any regular traveller who doesn’t recommend a pre-paid currency card. These are cash cards which you top up in sterling and pay with in local currency, meaning your money is converted at spot rate (or as close as possible). It’s undoubtedly the cheapest way to spend money when you’re abroad.
I have been a loyal user of a FairFX (FFX)…
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