Shop Around For Best Foreign Currency Deal | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 25/02/2021

After seeing a rapid increase against the Euro at the beginning of the week, the pound sterling has since fallen and as the pound continues to fluctuate, consumers looking to spend money abroad should shop around for the best deal.

When sending money overseas, consumers not only have to consider the exchange rate, but also charges and fees that they may incur for sending the money. For example , many high street banks will charge fees when customers send money internationally and some have increased the fees for sending money to countries within the European Union (EU) since the start of this year.

Consumers can avoid paying higher fees by using specialist international money transfer companies, but it is still important to compare rates to ensure they get the best deal possible. For more information about sending money abroad, visit our guide on how to send money abroad.

How will a rising pound affect foreign travel?

At the moment, due to the ongoing pandemic uncertainty, the Government is still not encouraging people to book foreign holidays, but if restrictions are relaxed as expected during the summer there is likely to be a boom in foreign holidays, especially to countries within the EU.

A rising pound against the Euro will mean that if people are able to holiday in Europe this year, they will be able to get more Euros for their money. As well as this, it could mean that spending money while on holiday, such as eating out, day trips and buying souvenirs is cheaper.

For more information about getting the best travel money deal, read our guide on how to compare travel money deals.

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