(For the record I’m only assessing the top 15 companies).įrom a security point of view, I prefer the prepay cards like Starling. The prepay card above offers €118.73, whereas holiday money delivery companies’ rates can be pretty horrific for smaller amounts less than £700.Ībove £700, they range from a 1.173 exchange rate to a dreadful 1.15 (as opposed to 1.187 above), but they also layer on delivery fees and general fees with the actual rate received as 1.17 at the top end and 1.14 at the bottom. Peter McGahan, chief executive of Worldwide Financial Planning Maybe you want to take some cash with you abroad? What a favour! It’s a bit like helping a fish up a tree so it doesn’t drown. When asked if you would like to pay in your own currency (like it’s some sort of favour), they load a currency exchange rate that may well be close to around 4%. It’s much better to pay in the currency they are asking for and then use a card that doesn’t have currency charges like Nationwide, Halifax clarity. If you take care of the pennies the pounds take care of themselves. If I choose the mid-market rate today I can achieve €118.73, and if I use a card without currency charges or a prepay card like Starling or Revolut, I will receive €118.51 – roughly 6% more. When booking a flight and you are asked if you want to pay using a ‘guaranteed rate’ such as that offered by Ryanair, consider your offer.Īs I write this, the rate offered was €111.19 per £100. Without a crystal ball there is plenty to ponder, however. I think the dollar rate is more obvious in that we would expect sterling to remain weak given its vulnerabilities, but the euro is less obvious versus sterling (they both have big threats). ![]() I recently covered the potential for the euro and sterling rate. Having spent the last two years cooped up like chickens, holidaymakers around the world have been taking the opportunity to make for the hills and experience different cultures and food, but not the weather as it’s been perfect here indeed.Īs is often the case, they run the gauntlet of the greedy, pickpocketing them financially before they leave.
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