Finding the best Euro exchange rates is never an easy task and it can be very confusing. I will talk you through what you need to know and do when it comes to getting the best Euro rate.
Getting the best exchange rate all depends on what you need the money for. For example, if you require travel money i.e., cash or money transferred from bank to bank.
Generally, when you are needing travel money the best place to go for that would be Asda, Sainsbury’s or Tesco and the worst place to get it is an airport.
When you require a money transfer the best place to get it would be from a currency broker and the worst place would be a bank.
Since currency brokers are FCA regulated they make a sensible option when you want to convert your Euro currency and have access to a wide range of Euro rates. They could, feasibly, be your most cost-effective option.
In this section we talk about the pros and cons of Euro exchange rates and how to ensure you have the best Euro rate available to you.
Read on and we will tell you how to make the most of your Euro currency exchanges.
|TRAVEL MONEY||Tesco, Asda, Sainsbury's||Airports|
|MONEY TRANSFERS||Currency Brokers||Banks|
Airport rates for travel money is horrendous, they may seem like the easy option, but the majority of people know to avoid them.
They often advertise with “0% commission” or “pay no commission” this is just part of their marketing; they make their money from the exchange rate.
Normally, at airports the exchange rate margin can be 15-30% which is sky high!
An example of this is if you exchange £600 to Euros you would be losing £90 to £180 in exchange rate costs, now that is a lot of money to be paying in charges!
Asda, Sainsbury’s and Tesco frequently have some of the best Euro exchange rates for travel money!
Even the post office generally charges more than these companies.
With an amount such as £600 travel money, the difference between the top five providers was a small amount of around £6 in costs.
There are two options when looking at doing a Pound to Euro money transfer and they are: using a bank or using a currency broker.
The bank may seem like the easier option however, their fees and charges can add up and cost you a lot!
Banks charge up to 4-5% to send money abroad, currency brokers are the cheaper and faster option.
With the banks, the exchange rate is based on the amount of money you send, the larger the amount of money, the better the exchange rate.
It is not easy to see what the exact costs are as they are all put into the exchange rate itself.
As well as the exchange rate, the banks also charge transfer fees. Some banks will charge two transfer fees, one for the sending bank and one for the receiving bank!
If you are looking for a money transfer, I would highly suggest getting yourself some different quotes and comparing them with each other and to what the bank can offer.
Many people don’t even know what a currency broker is, so it is understandable that they do not have much trust for them.
One way that a currency broker can gain your trust is if they are regulated by the FCA (Financial Conduct Authority).
If they are regulated by the FCA then they are required to keep your funds in a separate, safeguarded client account away from the company’s funds.
This should give you a high level of trust in the company. You can check to see if a company is regulated by the FCA by checking the online FCA register.
There are many websites online that provide live rates.
However, the rates that you are seeing are not real rates that are available to customers!
These rates are ‘interbank rates’ this mean that they are only available for banks themselves and large financial constitutions; these rates are not available to customers or even large corporations!
There will be small disclaimers near the rates saying something along the lines of “for informational purposes only” or “not available to customer”.
These rates can be very confusing for customers as they are inaccurate and not available.
Comparison websites can seem like an extremely helpful and useful idea however, although they advertise that they “compare the market” for you they are really just advertising their own market!
Comparison sites make their money by selling you what suits them and not you!
Instead of going through a comparison site, go straight to the provider (a currency broker or a bank).
Exchange rates are constantly moving every few seconds so it can be exceedingly difficult to track down the best one!
Even the smallest thing can affect the exchange rate massively.
For example, with a transfer of £150,000, a move of as little as 0.5% is a difference of £750, this could result in you saving this amount of money or losing it! Moves like this happen very frequently.
Achieving the best Euro rate is all about choosing the best time to exchange your money!
Getting the right guidance on exchange rates could be the difference between you saving a lot of money or losing it in costs.
Currency brokers will monitor the rate for you, and they can alert you if it moves in your favour!
This can be extremely helpful as many people do not have the time to be monitoring the rate constantly.
Currency brokers will also give you full guidance the whole way through the process which can make you feel a lot more at ease.
This service is not available with all currency brokers and it is not a standard service within the banks.
Online-only operators are all very popular with sending small amounts of money however, they are not so popular when it comes to larger amounts of money.
They do not offer much guidance; they only offer webchat or support emails.
There is not someone to help you understand the rates and assist you in choosing the best rate at the time; this can cost you a lot of money.
Doing most of the work yourself can lead to errors and mistakes as you might not have much knowledge in this area.
Having someone to speak to can make a huge difference with a money transfer, especially if it is a large amount of money!
Regency FX are a UK based independent currency broker, specialising in high volume transfers.
We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.
All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.
The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.
They can often refer to the rates that banks exchange at rather than what is available to you, the customer.
Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.
We can monitor the market on your behalf enabling you to budget more effectively.
As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.
Get a quote and see how we stack up.
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