Quick Cash - Money flows to you when you watch this - British Pounds ***Must see ***NEW***
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Pound exchange rate: how to get the best deal on travel money as sterling plummets against the euro and dollar
Brexit uncertainty has seen sterling fall, so follow these tips to get the best exchange rate on every trip
Holiday money will cost youmore due to Brexit uncertainty. (Getty Images)
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Sterling's low value means British travellers pay more when on foreign holidays
Most credit and debit cards charge high fees and interest when used abroad
These specialist cards and options can save you a significant amount on your travels
has seen the pound plummet to its lowest rate for almost a year against the
In some ways, however, travellers today are luckier than ever. Until a few years ago, you had no choice but to either pay high fees and/or get poor exchange rates when spending or withdrawing money abroad.
But changes to the financial markets in the last couple of years mean that a raft of new options are available to help you get the most euros, dollars or other currency for your sterling – if you use the right methods.
Standard debit and credit cards issued by most banks charge hefty fees on both cash withdrawals and purchases abroad – typically a 2.75-4.5 per cent ‘transaction fee’.
Plus if you want to use an ATM to withdraw money, they’ll add an additional £2-3 or 2-3 per cent ‘cash withdrawal fee’. On £100, that means you’ll hand over around £6 in fees alone.
And that’s before taking into account the variable APR interest added to all credit-card transactions if you don’t pay your bill in full each month.
Luckily, there are some nifty new cards on the market now – and even some of the big banks have brought out special credit cards aimed at travellers.
Starling Bank currently offers the best deal for travellers, with the best exchange rate and no fees or charges for use abroad.
since the best deal for travellers right now is with Cash Euros To Pounds , then you can handle an app-only bank – which is lucky, since the best deal for travellers right now is with
Starling charges nothing for use abroad, and uses the Mastercard exchange rate, which is better than those offered by Visa and American Express.
However, it is a bank, not a credit card, so you need to have enough money in your account to cover your spending. You will pay fees if you go into your overdraft, so only opt for this if you have enough cash.
You can completely switch your current account to Starling Bank, or just transfer your holiday spending money over before you head off.
To get a Starling account, download the app, then apply within the app – it takes less than five minutes. When you’re approved, you’ll get your card in a few days. Allow two weeks before a trip, to be on the safe side.
, another app-only bank. While it doesn’t charge fees for purchases abroad (i.e. paying in shops, hotels, restaurants, etc), it only allows £200 of withdrawals abroad per month before it starts charging a 3 per cent fee.
If you can really only cope with the concept of a high-street bank, your best bet is
, which doesn’t charge fees in Europe, which doesn’t charge fees in Europe Cash Euros To Pounds
Not rolling in ready cash, but still need a holiday? Try a traveller-friendly credit card. Unlike traditional high street bank debit cards, none of them charge transaction fees for withdrawals or payments abroad.
However, as with all credit cards, they do charge APR interest if you don’t repay in full each month.
is calculated is complicated, but it’s worth bearing in mind it’s only a fraction of the hefty transaction fees you’d be charged by using ordinary high street credit or debit cards.
Cash Euros To Pounds
, both of which have a low APR of 9.9 per cent – making them reasonably competitive to use both at home and abroad.
If you’re a big spender, you might want to consider the
(APR 18.9%), which gives you 0.5% cashback on all purchases over £1 at home and abroad.
Be warned, though – if you use any other credit or debit card offered by these providers, you’ll likely end up paying transaction fees abroad, so make sure you’re applying for the right card.
Walk-up airport exchange rates are typically the most expensive option for travellers. (Getty Images)
Most people want at least a little of the local currency in their pockets before they board their flight.
In that case, there is no one best option. There’s only the one worst option: exchanging at an airport foreign-exchange desk without pre-booking.
When foreign exchange providers – whether at the airport or the high street – say they don’t charge commission, that doesn’t mean they’re not making money. They usually charge poor exchange rates, with those at the airport for non-pre-booked currency among the worst. Travellers can end up paying up to 15 per cent more by transferring money at the airport.
The reason there is no single best option is because rates and deals change daily – sometimes hourly – for foreign exchange desks.
That means you should always use a trusted comparison site to do a search before buying currency in the UK.
Finally, the golden rule. When asked if you would like to pay in euros or pounds on card transactions, it is always best to pay in the local currency.
While you will not be charged a fee for paying in pounds, the exchange rate is almost always terrible – and never better than the cards above.
So when they ask if you want to pay in sterling, always say no.
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