Buying Euros – How to Ensure You Get the Most Out of Your Money

A study in 2010 showed that passengers going abroad last summer were in danger of losing over £100 when exchanging £1000 of their money at the airports' bureau de change.  At atleast three of the UK’s major airports, foreign exchange bureau prices were up to 10% more expensive than using other facilities, such as ordering in advance from a specialist company.

 
But not getting your currency before you leave could also cost you a tidy sum. These are some of the things to consider if you are buying Euros ‘on the day’.

All credit cards and some debit cards charge a cash withdrawal fee. And in some cases debit cards can be the worst way to spend as both commission and a % withdrawal transaction charge could be added.

Draw out your daily limit from an ATM all at once, rather than making several stops during the day, as you are usually charged an individual fee for each transaction.

When deciding on an amount to withdraw be aware that although the Euro is used across much of Europe it has a very different value in each country.  The amount of Euros used for a 3-course meal in Spain may only pay for a light lunch in the Netherlands, for instance.

If you are asked ‘Would you like to pay in pounds or euros?’ always say ‘Euros’.  Reject the offer to pay in pounds as the retail outlet will do the conversion (called a dynamic currency exchange) which won’t usually be at a favourable rate for the customer.

Buy Euros in lower denominations of 10, 20, and 50 Euro notes. 100 Euro notes are fine for large purchases but 500 Euro notes can cause suspicion and are not always accepted.
 
As well of the danger of hidden fees, the ongoing £/€ currency fluctuation is a big problem. Ordering in advance from a specialist currency broker such as Sat Worldwide could get you a much better deal.

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