The euro is one of the most widely used currencies in the world, and many people living in the UK visit countries where the euro is the main currency each year. If you are traveling to Europe or a country where this currency is used, you will need to buy euros.
We've answered the most pressing questions
- Where to buy Euros in the UK?
- How to buy euros: the best places to exchange
- Cash or card
- Some tips for buying Euros
Where can I buy euros in the UK?
There are several places where you can buy euros in the UK
1. Banks
Banks are the main and most reliable source for buying Euros.
Many banks, such as Barclays, Lloyds and HSBC, offer currency exchange in their branches.
Also, many banks offer better current euro exchange rates for their customers, so it is worth contacting your bank to find out what services are available.
2. Exchange offices
There are many exchange offices in the UK, such as Travelex and No1 Currency.
Exchange offices can offer better rates than banks.
However, not all exchange offices offer equally favorable rates, so before choosing a particular option, it is recommended to analyze several offers and choose the most profitable.
3. Online currency services
Buying euros online can be more profitable and convenient, as you can choose the best rate and order the currency at any time convenient for you.
With some online currency providers, such as TransferWise, CurrencyFair and others, you can buy euros at a better rate than in banks or exchange offices. Before you use online currency services, make sure that they are reliable and protected by appropriate security certificates.
4. Airports - Many travelers want to carry cash in euros when they arrive in the country. Of course, airports offer currency exchange services, but note that the euro exchange rate here may be slightly higher than in banks or exchange offices.
How to buy euros: the best places to exchange euros in the UK
1. Check the current exchange rate
The first step is to check the current exchange rate for buying euros. There are many online services to check the exchange rate, such as XE, Bloomberg or Google. Note that the exchange rate can fluctuate every day or even several times a day, so it's important to check it before each purchase.
2. Research the offers.
Once you've checked the exchange rate for buying euros, you can examine offers from different banks and exchange offices. Some banks offer the best rate for cash withdrawals at their ATMs, so check that information as well. It is also worth paying attention to the fees that may be charged when exchanging currency.
3. Decide on a place to buy
There are several places to buy Euros in the UK. These may be banks, exchange offices, airports, train stations, and other places. It is worth paying attention to the level of consumer protection, accessibility, and overall reputation of the place.
Cash or card?
As for debit and credit cards, it is worth knowing that there is usually a fee of about 2-3% of the purchase amount for using credit cards. To reduce the cost of fees, you can use special credit cards that have no fees for use abroad. Such cards include Revolut and Monzo.
To use debit cards abroad, you also need to make sure they support international access. Some banks or payment systems may charge additional fees for using the card in other countries.
1. Exchange rate. Before buying euros or buying a currency card, it is advisable to familiarize yourself with the exchange rate. Sometimes buying cash currency may be more profitable than using a currency card, and in other cases vice versa.
2. Exchange fees and costs. If you use a foreign exchange card, you may be charged a fee for each transaction or cash withdrawal at an ATM. In addition, ATMs may charge additional fees for using another bank's card. There may also be additional fees and charges when purchasing cash currency.
3. Controlling expenses. Using a currency card can help control expenses while traveling because the bill will be displayed in real time. When using cash, it can be more difficult to control expenses, especially if there is no way to check the current balance on the card/account.
4. Security. Using a currency card may be safer because if it is lost or stolen, the account can be quickly blocked.
In the end, the choice between using euros or a currency card depends on your personal preference, travel budget, and personal situation. If you prefer to use cash, the most sensible solution may be to buy euros before you travel. If, however, you want to control your spending and be more secure against money theft or loss, a currency card may be a better option.
Some tips for buying euros
- Buying euros online can be more profitable than buying them at exchange offices or banks.
- Check the exchange rates of several places to find the best price.
- Try to avoid buying euros at the airport, as the exchange rate may be lower than elsewhere.
- If you are traveling to Europe, go to exchange offices in cities rather than tourist areas, as exchange rates in the former may be more favorable.
- Try to buy euros in cash to avoid additional card fees and restrictions on cash withdrawals in other countries.
- Save on fees, which can be high depending on where you buy euros. Some banks offer free cards with no fees for cash withdrawals abroad.
Conclusions
You can buy euros in the UK at banks, exchange offices and online. Before buying, check the current exchange rate and study the offers of different places. Keep an eye on the commission to avoid significant losses.
In general, the best way to get euros is to use cash that has been obtained at the best exchange rate at an exchange office or bought and delivered through online services.
