As the pound has taken a dive against the Euro it is now even more important that you careful consider your options.
So the question a lot of people are asking is, should I buy Euros now and what’s the best way?
Ultimately, when abroad you want to pay for only what you buy, yet by doing it the wrong way many also pay for paying, too. Here’s how much spending €1,000 actually cost, in pounds, when MSE made comparisons on 26 June 2017 using their Travel Money Comparison tool (we assumed five €100 cash withdrawals and 20 transactions on the cards).
- On a specialist credit card repaid in full: £881
- Cash, via UK’s cheapest bureau (pick up in London): £888
- Cash from M&S (non-cardholder): £919
- Using a debit card from hell (Halifax in this case): £942
- Change at airport (Heathrow, not pre-ordered): £1,000
As you can see, the differences can be massive, yet the winners are simple. Apply for a specialist overseas credit card, then use it every time you go.
There are a few options to consider if you want to buy at the current rate before travelling:
1. Simply buy Euro cash. There are many outlets across the UK that will offer great rates will low commission when buying Euro cash. A quick search online will help you to compare the various exchange rates being offered – The tool from MSE has been very useful for many people.
2. Load up a prepaid card. These are effectively modern-day travellers’ cheques but used like a debit or credit card. You must load cash up on them in advance and the rate you get is the rate on the day you load. At SkyParkSecure we all use this option with our own SkyParkSecure Currency Card – Click here to find out more.
3. If visiting a friend then send money to their European bank account and they can draw out the Euros for you. Just make sure it is a friend that you can trust.