Tips For Finding The Best Exchange Rate

Finding the best Euro exchange rate in the UK can be a tricky prospect. Depending on where you are coming from and what currency you wish to convert, exchange rates can help you find some great bargains or make your trip shockingly expensive. Here are some tips to help you get the best Euro exchange rate in the UK and elsewhere in the world.

Find out what the bank or exchange service charges for each transaction

Practically all places that offer currency exchange tack a fee onto each transaction. This fee is usually equivalent to about one percent of the total amount you are exchanging, though some services may charge up to three percent. When exchanging a small amount of money, it is unlikely to make much of a difference to the total amount you receive, but if you are exchanging a large sum then fees can really add up. If you shop around a bit, you will find places where you can reliably get a better currency exchange rate.

Know the currency exchange rate

A little research can go a long way towards preventing you from getting ripped off in a currency exchange. The daily exchange rates can be found online or in most newspapers with financial sections. Do a little research before you exchange currency to make sure that the amount you receive seems accurate. Remember, exchange rates fluctuate often, but almost never by more than a few points one way or the other at any given time.

Use your ATM or debit card

When you use your debit card to withdraw money from an ATM you will still be charged an exchange rate but it will often be lower than if you were to exchange cash. Using your debit card means that you are being charged the same rate that banks charge each other for currency exchanges, which is almost always lower than the rate they charge customers.

Minimize the number of transactions you make

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