Where’s the Best Place to Buy Euros?

Planning a trip to Europe and wondering how to get euros without breaking the bank? You’re in the right place! Exchange rates, commissions, and additional fees can vary significantly depending on where you go, so choosing the right option can help you make the most of your travel budget and fully enjoy your stay.

In this article, we break down the different options available for buying euros and share our top tips for exchanging your currency at the best possible rate.

 

Key takeaways:

• Exchange rates and fees vary widely depending on the provider, so comparing options is essential to avoid overpaying.

• Banks and airport exchange counters often offer poor value, with hidden fees and unfavourable rates.

• Online currency exchange services typically provide better rates and 0% commission, with no hidden costs.

• Using your bank card abroad can result in multiple fees, including conversion charges and international transaction fees.

• To maximise your travel budget, order your euros online and collect them for free at a local branch in the UK.

Currency exchange is the act of converting money from one currency into another, based on a given exchange rate.

The exchange rate tells you how much of one currency you need to buy another. In simple terms, it’s the price of one currency in terms of another.

It’s usually written like this:

GBP/EUR = 1.15

This means that for every pound you spend, you’ll receive 1.15 euros.

Exchange rates fluctuate daily due to various factors such as:

• Inflation
• Monetary policy
• Economic and political stability
• Speculation on the foreign exchange market

The rate used on the Forex market is known as the interbank rate, or mid-market rate. This is the closest you can get to the true value of the currency.

However, the Forex market is not directly accessible to the public. So when you're looking to buy euros for your trip to Europe, you'll need to go through an intermediary — typically a currency exchange office or a bank. These institutions apply a margin to the real rate to cover their costs and earn a profit. This is known as the retail exchange rate.

Most financial institutions also charge a commission on top of the exchange rate. This may be a fixed fee or a percentage of the total amount exchanged (usually between 1% and 3%).

Extra charges may also apply. These can be fixed amounts or percentages of your transaction.

These hidden costs can be hard to spot, but often work against you.

Using your bank to exchange money or paying directly with your card abroad is generally one of the least cost-effective options.

Banks typically apply a currency conversion fee of 1% to 3% on every card transaction made in a foreign currency.

In some cases, they may also charge international processing fees, which can be a fixed amount per transaction.

You should also avoid withdrawing cash abroad with your bank card. This often incurs:

• A fixed fee per withdrawal
• A percentage-based fee
• A less favourable exchange rate

One way to get your euros is to visit a currency exchange office in person. Here too, a few tips can help you secure a better rate.

Always compare exchange rates between different providers, as they can vary widely.

Airport exchange counters usually offer much worse rates than those in town. For better value, head to high street exchange offices.

Buying your euros online often gives you access to the best exchange rates and 0% commission. There are no hidden fees, and you’ll know exactly how many euros you’ll receive.

When ordering online, you typically have two options:

• Collect your euros for free at one of our branches
• Choose home delivery and receive your euros directly at your door

Exchange rates, commissions, and fees all directly affect how much you’ll end up paying for your euros.

To get as close as possible to the real market rate, benefit from 0% commission, and avoid hidden fees, simply order your euros online and collect them for free at one of our 50+ UK branches (London, Bath, Luton, Derby, and more).