The pound is heading towards its lowest rate against the euro since 2009. However, this doesn’t mean that you must suffer a poor currency deal when you travel in to euro using countries. Knowledge is power and that is why websites which allow you, as a private or corporate traveller, to compare travel money exchange rates are an invaluable resource.
Two minutes spent online locating the best pound to euro exchange means that no matter how well, or not, the pound is performing, you can secure the best available euro to pound rate.
Comparison makes good sense
If you were offered an economy seat on a flight at £100, £125, or £150 dependent on the agent you made the purchase through, your likely response would be to place your booking with the least expensive provider.
The same principle can be applied to currency. Would you prefer a 1.7, 1.65 or 1.35 euro to pound rate? Common sense dictates that you’d want the 1.7 rate but how many times, as a consumer, do you make for a convenient High Street travel agent or bank, or worse, the airport, and receive a less attractive deal without querying whether the transaction is the most rewarding?
Banks and other High Street outlets offer euro to pound rates which favour them and if you wait until the airport before you carry out a currency purchase you can compare this to dropping money down a drain.
Airport and ferry port suppliers are being criticised in the media for the uncompetitive rates they are offering, not just on pound to euro exchange but for the US dollar, because they are “holding the consumer to ransom.” Airport suppliers are citing overheads as the reason for the highly unattractive rates.
A recent article in the Daily Mail highlighted the issue using research from travel money firm FairFX.
At Gatwick, Moneycorp offered €0.944 and at Bristol €0.930 at the time of research.
The average euro rate across 16 big UK airports was slightly higher at €0.95 to £1.
James Hickson, chief commercial officer at FairFX believes, as do other industry experts, that “The only way to avoid being stung is to shop around online for the best deal.”
Travel Money Rates is a currency rate comparison firm with an easy to use website that gives live information from several suppliers. The variance in euro to pound rates can make a significant difference, especially over numerous trips.
Below is an illustration taken from this firm’s website on 5th September 2017.
£600: Pound to euro exchange with collection.
Best deal displayed:
Pound to euro rate: 1.0733.
Total amount in euros: €643.98.
Least rewarding deal shown:
Pound to euro rate: 1.0377.
Total amount in euros: €622.63.
The difference here is €21.35. How many people would have visited the bank from loyalty or convenience?
Every penny, and euro, counts. The financial benefits are tangible so invest a couple of minutes in research for an optimum euro to pound rate for your purchase.