Transfers under £2,000
Transfers under £2,000
Transfers over £2,000
Please note: Exchange rates change often. Confirm the total cost with the provider before transferring money.
The best exchange rates will help you get more foreign currency for your pound. Understanding how to exchange money can make all the difference when it comes to trying to save money. We compared dozens of ways to exchange money and found that the best methods typically avoid banks and in-person exchange kiosks.
When transferring funds internationally or exchanging currency for a trip overseas, you will want to get the most value for money. So here’s our top tips on how to get the best exchange rates possible:
If you plan to use an international money transfer service, then it’s best to shop around and compare your options. The more time you can leave yourself before needing to send the transfer the better. Here are a few things to think about when comparing money transfer exchange rates:
One of the ways to save yourself money when making an international money transfer is to carry out your conversion when the exchange rate is most favourable. If you know in advance you will be sending money abroad or travelling overseas, then you can monitor currency trends ahead of time.
Market demand dictates how much one currency is worth compared to another – this is known as the mid-market rate. It is also the rate that banks use to trade money with one another.
When you convert money through a money transfer service, you will typically find that the provider adds a margin on top of the exchange rate to make money. So it is worth keeping this in mind when you are monitoring exchange rates.
If you know in advance that you will be travelling abroad, then there are several options for how to get the best exchange rates for your GBP:
When traveling internationally you’ll typically get the best exchange rates at banks, ATMs and post offices. If you have a bank card that doesn’t charge international ATM fees, this will most likely be the strongest and most convenient option.
It may be possible to exchange money at your hotel, but double-check the rate against the mid-market rate to see how strong it is. You may also find that some local shops and restaurants offer to accept payment in your native currency.
Here’s our dos and don’ts when it comes to exchanging currency outside of the UK:
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