How to get the best pound to euro exchange rate from pre-order to debit cards
The Crafty Traveller: Play your cards right to get the best euro deals (and how to avoid the sneaky extra costs)
- The pound is over 10% stronger against the euro than last summer
- It's best to pre-order euros if you are picking them up at a UK airportÃ?Â
- Doing so gives you an additional 10% more than the rate upon arrival
23:01, 8 August 2015
12:01, 9 August 2015
With Ã?Â£1 worth about Ã¢Â?Â¬1.42, the pound is more than ten per cent stronger against the euro than last summer, and stands at its best rate since September 2007.
So if youÃ¢Â?Â?re heading to France, Spain, Italy or other eurozone countries, you are quids in. For British holidaymakers, the favourable rate means everything will seem markedly cheaper.
However, banks and bureaux de change impose various charges on obtaining foreign currency and using credit and debit cards when abroad.Ã?Â
So you need to play your cards right to reap as much benefit as possible.
Quids in: The stronger pound will buy you more holiday euros this summerÃ?Â
Euros before you go
To find the best rate, turn to travelmoneymax.com. If you want to pick up euros at a UK airport bureau de change, pre-order them: youÃ¢Â?Â?ll get about ten per cent more than on the rate youÃ¢Â?Â?ll find on arrival.Ã?Â
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With most credit cards, when you settle a bill or make a purchase abroad, the exchange rate is nearly three per cent worse than the inter-bank rate.Ã?Â
However, a few cards have no exchange-rate fee, including theÃ?Â Halifax Clarity and Post Office Platinum. Avoid using your credit card to withdraw cash abroad: youÃ¢Â?Â?ll be hit with interest charges.
Use a credit card abroad to avoid being stung with a flat fee of between Ã?Â£1 and Ã?Â£1.50 if using a debit card
Again, youÃ¢Â?Â?re usually clobbered with an exchange rate fee of nearly three per cent. And when you pay for something with a debit card, you can get stung with an additional flat fee of between Ã?Â£1 and Ã?Â£1.50 Ã¢Â?Â? if thatÃ¢Â?Â?s the case with your debit card, use your credit card instead.Ã?Â
For withdrawing cash from an overseas ATM, as well as the exchange-rate fee most major debit cards charge a minimum fee of between Ã?Â£1.50 and Ã?Â£2, so try to avoid making small withdrawals.
If a retailer or ATM offers you the option of paying out in pounds or euros, choose euros, irrespective of which debit or credit card you have Ã¢Â?Â? the exchange rate on the transaction will probably be better.
If you want to lock in to the favourable pound/euro exchange rate, consider uploading funds on to a pre-paid card Ã¢Â?Â? though itÃ¢Â?Â?s a gamble, as the rate may get better, or worse.
Pre-paid cards can be used to withdraw euros from ATMs and pay for purchases, and can work out better value than debit cards.
However, the exchange rate used when uploading currency isnÃ¢Â?Â?t always great, some cards levy an initial charge to set up, and many have ATM withdrawal fees.
An exception is the new Revolut card, which currently uses inter-bank exchange rates and has no fees Ã¢Â?Â? you manage it through its app.
- Revolut – Simply Revolutionary
- Halifax UK | Bank Accounts, Savings, Loans & Mortgages
- Post OfficeÃ¢Â?Â¢
- ABTA Travel Industry, News, Comment & Events – ABTA
- Greece travel advice – GOV.UK
- The best exchange rates: Boost your travel money – Money Saving Expert
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