FAQ's

Holiday Money

How do you source the best exchange rates?
Currency Today source the best exchange rates on holiday money by retrieving quotes from all the leading currency providers and listing these on our purpose built comparison table.

Who do I contact if my holiday money hasn’t arrived?
Please contact the holiday money provider directly using the details displayed on your purchase confirmation or on their website. Please note it can take up to 24 hours to receive an email confirming receipt of funds for any bank transfers made by phone or internet banking.

Who are Mary’s meals?
Mary's Meals, an international charity which feeds more than 750,000 hungry and impoverished children across Africa, Asia, South America, Eastern Europe and the Caribbean every school day.

How do the meal donations work?
Currency Today is paid a small fee by each holiday money provider on every successful transaction while ensuring you receive the best possible exchange rate. Of this fee, 50% of net profits are donated directly to Mary's Meals. So not only will you receive the best rates available online, you’ll also be making a purchase with real purpose. The comparison table displays how many meals will be donated for each transaction. Each meal donated allows a child to receive the essential nourishment needed to survive and gain access to basic education.

How do you calculate the number of meals generated per transaction?
Our comparison table calculates the net profit we make on each individual transaction and then divides this amount by two (50%). It then divides this amount by the cost of a meal to calculate the number of meals that will be donated. This means as the amount you exchange increases so to does the number of meals donated.

What’s in a Mary’s meal?
In Malawi Mary’s meals provide a daily dish of ‘likuni phala’, which is a vitamin-enriched, highly nutritious maize-based porridge. The official development term for this foodstuff is CSB (Corn Soya Blend) and it is also used by such organisations as the UN World Food Programme. All of our likuni phala is locally sourced in Malawi to help bolster the local economy and, importantly, they buy from a company which is supplied by local smallholder farmers. They do also provide different meals in each of the 16 different countries – often tailoring the ‘menu’ to local tastes. For example, in India they serve vegetable curries and in Liberia they serve rice, fish and peas.

How can I ensure Mary’s Meal’s are receiving my meal donation?
Currency Today proudly supports Mary’s meals and the opportunity to help make a difference. We make regular donations directly to the charity based on the net profit (50%) generated through all of the holiday money transactions booked via the website. You can find out more and how to get in contact with Mary’s meals using the following link http://www.marysmeals.org.uk .

How do I find out more about the Mary’s meals charity and what they do?
Visit www.marysmeals.org.uk

Click here to get a free quote based on your holiday money requirement and see how much you could save!

Currency transfers

Why is the exchange rate in the comparison table lower than the published exchange rate?
Foreign exchange brokers make their profit in the difference between the published exchange rate (also known as the inter-bank, mid-market, wholesale or headline exchange rate) and the exchange rate offered. This is known as the spread or margin and the same as paying a commission or fee. This exchange rate offered can be up to 5% better than a high street bank and even slight differences can have a huge impact in the cost of your foreign exchange transaction.

How do you ensure the brokers are safe and secure?
All of the foreign exchange brokers that are listed on currencytoday.co.uk attain the strictest standards and must meet the following criteria:

1. Authorised and regulated as a Payment Institution by the Financial Conduct Authority (FCA)
2. Licensed Money Transmitters by HM Revenue and Customs
3. Operate segregated client bank accounts in accordance with FCA rules on the safeguarding of client funds
4. Are well established and respected in the foreign exchange industry
5. Have a strong financial position (ownership, accounts, ratings and references)

What is the Margin?
This is the percentage difference between the inter-bank rate and the rate you are offered (also known as the spread). If the headline rate is 1.1800 and the rate you are offered on £20,000 to Euros is 1.1718 the margin you are paying is 0.7%, 82 pips OR a commission of £140. Please remember "No commission" doesn't exist as the broker wouldn't make any money or be in business!

What is a Pip?
This is also known as a tick or a point and is the fourth decimal figure on an exchange rate e.g., on GBP vs. Euro the difference between 1.18 and 1.1718 is 82 pips (0.0082) or 82 points.

What is a cent?
This is the second decimal figure on an exchange rate e.g., on GBP vs. Euro the difference between 1.1800 and 1.1700 is 1 cent (0.0100) otherwise known as 100 points / pips. Please note one hundred points is not the same as 1%. A 1% commission on these two exchange rates is 118 pips / points. You simply move the decimal point two spaces to calculate the equivalent in pips for 1% on a GBP vs. Euro exchange rate.

Click here to get a free quote based on your currency transfer requirement and see how much you could save!