If you’ve planned a European holiday or trip this year, we will show you the way to get the best euro rate for your money. We have collated these 7 tips to get the best euro rates (plus a bonus tip!)
Tip 1: Avoid highstreet banks
Before the internet came into our homes, consumers would traditionally go to their bank or the post office to get travel money, if you had an account with them they made it simple to go into a branch and collect your currency or traveller’s cheques. However, the market has changed and become much more competitive, and you as a consumer have many more options.
Generally, high street banks offer the worst exchange rates outside the airports (we will talk about this more in tip 2!). At the time this article was written, for example, the best rate for Euros on Travel FX was 1.1560, whereas Barclays were offering 1.1138 that’s a whopping €46.20 saving on £1000 worth of euros by buying your euros via TravelFX.
Buying euros online and getting them delivered to you is the most cost-effective and convenient way to get the best rates and avoid queueing at the bank.
Tip 2: Never buy your euros at the airport
Many people leave getting their holiday money until they get to the airport, this can be a big mistake if you want to save money. All airports have a bureau de change, all airport foreign exchange bureaus offer horrible rates, this is down to two main factors; huge operating costs and also they capitalise on the fact they have a captive audience.
Many airport foreign exchange bureaus have now introduced ATMs in an attempt to reduce their operating costs and to reduce queuing at desks, but these machines don’t
make it clear as to the rate you are getting and the charges they are adding and many consumers end up feeling ripped off when they finally work out what they have been changed for on the transaction.
Tip 3: Avoid exchanging currency abroad
There are always options to exchange your pounds for euros abroad, many hotels offer a foreign exchange service and there are usually bureau de change in towns and cities. However, the commission, charges and exchange rates may not be clear and are more often than not, much worse than you will find in the UK. Also, be warned that many countries may have unregulated or unauthorised foreign exchange providers operating, not only offering poor rates but you may also end up with fake currency.
Tip 4: Don’t pay commission
More often than not foreign exchange companies no longer charge commissions on exchanges. You will usually see 0% advertised as a big selling point. If you do see any commission being charged try to avoid it where possible.
Tip 5: Compare exchange rates
You may think that’s a bold move, suggesting you compare euro rates, but we are confident that we offer market-leading rates whenever possible.
Euros are the best selling currency in the UK so we do our utmost to offer the most competitive rates. We update our rates every minute to ensure the best rate we can and we keep our overheads low and pass the savings on to you
Tip 6: When is the best time to buy euros?
The exchange rate fluctuates constantly throughout the year for a variety of reasons and is as unpredictable as the weather in April! We hear all the time about how the pound is at an eighteen-month high against the euro or the dollar at a six month low. So, why is this?
Currencies move in peaks and troughs so the rate reaches highs and lows compared to where it’s been in the past.
For instance, the pound might reach 1.18 against the euro one afternoon, then not reach that same point again for six months. When it does, that’s hence a six-month high against the euro. It’s the best time to buy euros in six months, which is where the Travel FX rate reminders become handy.
When you have an account with Travel FX (it’s free to sign up) you can set rate reminders. You can enter a rate you would like to buy euros at and if that rate is reached we will get in touch.
Realistically, if the euro market is moving between 1.10 and 1.16 in recent weeks, and you get a rate close to 1.16, then that’s about the best rate you can expect.
If you’re concerned about currency volatility before you head away, you could choose to buy half now and half later. Do this and you’ll be less affected by currency swings.
Bonus tip:
If using a debit or credit card always pay in the local currency. Shops and many other outlets are increasingly giving you the option to pay in pounds or euros. If you pay in pounds you are at the mercy of their exchange rate and charges they offer and this won’t be clear at the point of sale. In nearly all cases it is best to pay in euros.
We hope you found the above tips helpful and you will save money when buying euros.
Click here to see our latest euro rates. We offer not only great rates but fast and insured delivery and excellent service.
