The threat of a no-deal Brexit has sent Sterling plummeting again this week, hitting a 28-month low against the Dollar and dipping significantly against the Euro.
This isn’t good news for Brits heading to Europe this summer, but doesn’t have to ruin your holiday plans. With a little bit of shopping around and planning ahead, you can still get a good deal on your Euros. Here’s how.
1. Plan ahead for the best rates
If you do a little bit of planning ahead, you’ll get a much better deal than if you buy your currency at the last minute.
That’s because the best rates are typically found online – where operating costs are much lower for travel money providers.
To get the best deal, use a click & collect service, where you pre-order your Euros, print a voucher and pick up and pay for your currency at your chosen store whenever suits you. At the time of writing, ICE Waterloo are currently offering more than €1.077 per Pound.
If you still want the convenience of picking up your Euros at the airport, without having to pay the higher rates, you can order it online via a click & collect travel money service.
For maximal convenience, you can also order your Euros to be delivered directly to your door – often within a few working days – and still get a great rate.
3. Travel money comparison sites are your friend
It’s always worth taking the time to shop around and find the best Euro deal for you. Sites like MSE and moneysupermarket.com provide practical comparisons of the main travel money providers, showing the pros and cons of each option and a real-time comparison of the day’s exchange rates.
4. Don’t use your debit/credit card
It’s always best to avoid using your debit or credit card abroad, as you’ll most likely be charged a 2.75% or 2.99% non-sterling transaction fee. If you use your debit or credit card to get Euros out of an ATM, you’ll often be charged a separate ATM fee on top of this, which could be a flat fee, or a percentage of the total amount of money you take out.
5. Consider a prepaid travel money card
If you’re worried about carrying lots of cash, prepaid travel money cards are a secure, cost-efficient alternative. They offer competitive exchange rates, and allow you to lock in your rate, so you’ll be protected against any further fluctuations in the Euro rate that result from Brexit. You also won’t be charged any hidden fees like you would with your debit card.
Find out more about prepaid travel money cards here.