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The best EUR exchange rate right now is 1.1627 from The Currency Club. This is based on a comparison of 25+ currency suppliers and if you were buying £500 worth of EUR for home delivery. Today's best UK deal for £500 will get you 581.35 EUR plus delivery. Check the table of travel money rates below to see more competitive deals than the high street/airport bureau de change.

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You are here: Home / Blog / Post Office Travel Money: Exchange rate, Locations and Opening Times

Post Office Travel Money: Exchange rate, Locations and Opening Times

This guide covers all you need if you want to sort your travel money through the Post Office, including a look at how the Post Office exchange rate is calculated, and your options if you want to use the Post Office travel money card.

We’ll also take a look at how Wise and the Wise account can help you cut the costs of spending while you’re abroad, so you can make the most of your holiday.

Post Office exchange rate

Let’s start with the basics. Whenever you’re buying travel money you need to know the exchange rate which will be used to convert your pounds to euros, dollars or whichever other currency you might require.

Unfortunately, figuring out the exchange rates used by different providers can be a tricky affair. You’ll find different banks and currency services use different rates - and some providers like the Post Office also offer different exchange rates depending on the amount you want to convert.

To give an example , let’s look at the Post Office euro exchange rate, as well as the rate to switch to US dollars:

Exchange rates correct at time of research (24th November 2020)

As you can see, you get a progressively better exchange rate, the more you convert. However, it’s not quite that simple. These rates reflect the Post Office travel money online service only. If you’re using a Post Office travel card, or simply walk into a Post Office travel money bureau to switch your cash, you may get a different rate. Post Office branch exchange rates vary from one branch to another , too, depending on where the branch is located and competition.

The range of exchange rates out there is confusing. But the way to know if you’re getting a good deal or not is to compare the exchange rate you’re offered against the mid-market exchange rate for your currency. That’s the rate set by global currency markets, and the ones banks and exchange services get when they buy currency themselves. You can find the mid-market rate online using a Google search or reputable currency converter tool.

If the rate you’re being offered isn’t the same as the live mid-market rate you find online this probably means your provider has added a markup. This is an extra fee and makes it hard to see exactly what you’re paying for your travel money.

Avoid this by choosing a provider like Wise (formerly TransferWise) which uses the mid-market exchange rate with no markups, and charges transparent fees for currency conversion.

Post Office Click and Collect

With Post Office Click and Collect you can order your currency online. You’ll then be able to call into your Post Office exchange bureau to collect your travel money, or have it delivered to your home.

Here are the fees and delivery times for the Click and Collect service - where there is no upfront fee, you may be paying a charge wrapped up in the exchange rate used:

What are the fees for getting travel money with the Post Office?

The Post Office advertises 0% commission - which sounds like the only fee you’ll need to pay is the delivery fee for smaller orders brought to your doorstep.

Many banks and currency services use a sounding headline like ‘zero commission’ or ‘fee free travel money’ - but add a markup to the exchange rates offered to customers instead . This can mean you’re paying more than you think you are for your currency exchange.

Compare the exchange rates you find with the Post Office against the mid-market exchange rate to see if a markup has been added.

Save with Wise when you spend in any currency

A smart way to cut the costs of your travel money is to use Wise.

The simplest way to access great value currency exchange which uses the real mid-market exchange rate with no markup, is to open a free Wise account online.

You can top up your account in pounds and switch to the currency you need using your laptop or mobile device. Simply use your linked Wise debit card Mastercard to spend when you’re overseas - or you can choose to take out local currency using an ATM when you arrive instead.

It’s free to spend any currency you hold using your linked debit card, and you can withdraw up to the currency equivalent of £200 per month from ATMs abroad with no additional Wise fee. It’s simple, cheap and can make it much easier to access and manage your money while you travel.

Post Office travel money products

Here’s a run through of the basic services available from Post Office travel money. It’s worth knowing that not all services are available at all Post Office branches so you’ll need to check your local options online.

1. Post Office Click and Collect

Order up to £2,500 of foreign currency for collection or home delivery. Euros and US dollars can be picked up in as little as 2 hours, with 60 currencies usually available.

2. Post Office foreign exchange

You can buy currency in a Post Office without ordering in advance too - but availability may be limited so it makes sense to check if they’ll have what you need at your local Post Office branch. If your currency is not available immediately you can order for home delivery instead.

3. Post Office Travel Money Card

The Post Office also has a travel money card which lets you top up in 23 different currencies, and spend wherever you see the Mastercard logo. More on that in a moment.

Post Office travel money bureau - exchange locations

You can get a full list of every UK Post Office online - or use the search function which is available on the Post Office Travel Money website .

Post Office foreign currency London

Here are some of the major Post Office locations offering travel money services in central London - find more branches using the branch finder tool on the Post Office website .

Travel money card London

Travel money services are not available at every single Post Office in the UK. For that reason it’s worth checking the options at the branches near you before you head out.

In most cases, major branches offer travel money services as well as the Post Office travel money cards. You can find details about the services on offer by branch using the branch locator on the Post Office travel money website .

Post Office travel money online

Order your travel money online and select whether you want to collect it in branch or have it delivered to your home. You’ll be able to pay online using a card, although there may be additional fees - check with your own card provider.

Does the Post Office offer a travel money card?

You can get a Post Office travel money card, to top up and spend in foreign currencies as you travel. 23 popular currencies are available, so you can top up in pounds and then switch to the currency you need using the Post Office travel money app. The card is accepted anywhere you see the Mastercard logo.

Get your card online and have it delivered to your home, or apply in a Post Office branch for quicker service. You’ll need to take your ID documents along when you do this.

There are also some limits and fees you need to know about. Check out the full details online to see the minimum and maximum top up amounts and balance, as well as the costs when you make an ATM withdrawal. For example , if you withdraw in euros from an ATM there's a EUR2 charge per withdrawal - in USD you’ll pay $2.50 USD per withdrawal.

The Post Office travel money services are convenient and can largely be accessed online - but it’s well worth understanding the fees you’ll pay for getting your foreign currency. Look carefully at the exchange rates you can access through the Post Office, to see if there's a markup added to the mid-market exchange rate for your currency. This is an extra cost which can push the price of your travel money up unexpectedly.

Return to the blog .

Can I get euros from the Post Office without ordering

We’ve previously covered the best credit and debit cards for foreign travel and if you have more than week before your trip, we’d suggest you order one of our recommend cards.

Sometimes, though you just need currency hurry, and one of the quickest and easiest places to get it before you travel is from your local Post Office. Especially if it’s euros or dollars that you need.

In this article we’re going to look at how you can get euros from the Post Office without ordering, the ID requirements, exchange rates, and of course in true Money Saving Answers style, alternatives that will save you money.

Can I get euros from the Post Office without ordering?

Yes, but it depends on the branch and availability at the time. All branches that have a bureau de change will allow to you to buy euros without ordering in advance, but they may not be able to provide the amount you require. It’s also worth pointing out that you’ll get a worse rate if you don’t pre-order.

If you need large amounts it’s always best to preorder the amount you need. This can be done online, or in person.

Do I need ID to buy euros at post office?

Yes. Buying or exchanging euros at the Post Offices means you’ll have to present a valid Government issued ID such as your passport or driving licence. EU/EEA national ID cards are also accepted as well as Irelands Passport Card.

Can I pre-order euros from the Post Office?

Absolutely, and you’ll get the best rates this way. Not only do pre-orders lock in the exchange rate, it also ensures that the branch you visit has enough euros to meet your requirements.

Even if you’re in a hurry, you can still pre-order, as any orders before 2pm can be collected within 2 hours of ordering. While orders after the 2pm cut off will be available the next day.

See the Post Office travel website for more information and to order your currency.

TIP : If ordering online be careful. Paying with a credit card instead of a debit card, may be seen as cash advance by your credit card company, and as such attract a higher rate of interest. 

Can I order euros from the Post Office for home delivery?

You can order euros or other foreign currencies from the Post Office for home delivery. There’s a minimum order of £400 equivalent, to have the currency delivered, but if your order is over that amount then you won’t pay any delivery fees.

Orders are sent Royal Mail Special Delivery Guaranteed by 1pm, but in more rural areas might not be delivered until 17:30.

How are the exchange rates?

If you’re considering buying euros from the Post Office then the exchange rate is often secondary to the convenience of being able to pick up travel currency from your local highstreet. That being said, we all like to know we’re getting a fair deal.

The Post Office rates on euros are typically 1.5-2% off the mid-market rate. So assuming a mid-market rate of £1 to €1.1549, changing £1,000 to euros at the Post Office you could expect to get roughly €1,140. That’s up to €14 less then if you get if using a specialist travel card.

Check XE.com to ensure you’re up to date with the exchange rate, before committing to exchanging at the Post Office.

How can I save money?

Buying foreign currency from the Post Office might be convenient, but it’s certainly not the cheapest or most cost effective way to ensure financial readiness for your trip.

There are a number of ways you can save money on foreign exchange fees, but what’s available to you depends on when you take action.

A week or more before your trip?

If you have more than week before your trip, use one of our best buy travel credit cards or best buy travel debit cards and withdraw euros from an ATM abroad. This will ensure get you always get the best rate available.

The Post Office itself offers a pre-pay travel debit card, but you’d be better off with a card from Kroo , Revolut , Starling . If you don’t want to open a new account, and would prefer to spend directly from your main high street bank current account then Currensea is a great solution.

We have a full review of Currensea here , but essentially it acts a layer between your foreign spending, and your UK bank account. Spend euros or other currencies via your Currensea card and it debits your bank account in pounds (via direct debit), thus avoiding the foreign exchange and loading fees charged by the big banks.

£10 free cashback

Sign up for a free Currensea card via our link, and you'll get £10 cashback when you use your Currensea card abroad and spend £100.

Two days or more before your trip?

If you have two days of more before your trip, and  are willing to have your currency delivered you may be able to use specialist currency exchange firms online. A the time of writing, the Post Office sells euros at €1.136 to £1. The best online bureau de change offers €1.143 to £1. Exchanging £1,000 at this better rate would see you gain €7.

There are however a number of caveats with approach. Firstly many of these exchange services are not FCA authorised so there is often little protection should something go wrong. Some charge a delivery fee for currency below a certain amount, which could wipe out any gains from the better exchange rate. There can also be fees for using your debit card to buy the currency rather than doing a bank transfer.

On the day of travel

Even if you need your currency in a hurry you can still save money on the high street, by swapping your pounds for euros at Eurochange rather than the Post Office. Typically Eurochange outlets offer better rates than the Post Office, but again it pays to order in advance if you can.

FAQ – Getting Euros from the Post Office Without Ordering

What’s the fastest way to get euros from the Post Office? The quickest method is to visit a branch with a bureau de change. Remember, rates are better when you pre-order.

Are there any fees for buying euros directly at the Post Office? No additional fees are charged for currency exchange, but the rates for instant exchanges are typically higher than pre-ordered rates.

How do Post Office euro exchange rates compare to banks? The Post Office rates are competitive, often better than you’ll get at high street banks but slightly higher than some dedicated online exchange services.

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Post Office Latest Currency Exchange Rates

Post Office offer relatively competitive rates, 0% commission, and next-day delivery on holiday money exchange.

Better exchange rates are available from other suppliers. See our Buy Currency page for a full comparison of today’s best rates.

Our Review of Post Office

Pros: what we like :.

✓ Hassle-free home delivery of travel money.

✓ Post Office services are safe, secure and regulated.

✓ Well known and trusted highstreet brand

Cons: What we like less:

✘Not usually the most competitive rates.

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Questions about post office.

You can see all today's best exchange rates and easily compare all the travel providers with our travel money comparison tool .

The minimum travel money order with the Post Office is £400.

You can pay for your travel money via bank transfer or debit or credit card. There are no fees for bank transfer but some fees apply when paying via debit or credit card.

Delivery is free on orders of £500+, and £4.99 on orders under £500. Please check the post office terms and conditions.

Not usually! Many of the online travel money providers can offer better rates than in highstreet branches or bureau de changes as their overheads can be kept down meaning you can often get the best rates for travel money online.

Yes! But only in branches. You can often get a better deal on converting your foreign currency into pounds using an online service, See the best buy back rates for your leftover holiday money on our comparison tool.

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The best gbp to euro exchange rate today: compare currency to british pounds.

Updated March 13, 2024

In this guide

Planning your next trip abroad, tracking your UK pension or investments while living in Europe, or arranging an overseas property purchase; there are lots of reasons why you might want to keep an eye on the euro to pound (GBP) exchange rate. 

Many things can affect the exchange rate – the amount of euros you’ll get for your pounds – from interest rates to political events. 

Below we explore:

What is the GBP to euro exchange rate?

What impacts the gbp to euro exchange rate, why might you need to monitor the gbp to euro exchange rate, where can you find the best exchange rate.

Read more: The best travel money providers

The GBP to euro exchange rate is the difference in value between euros and pounds. The exchange rate is a figure and it will show you how much money you will receive when buying or selling currency .

The euro is the official currency of 20 of the 27 European Union member countries. You’ll need to exchange British pounds into euros if you’re visiting the EU and want to use cash.  

Over the last 12 months, the pound has slowly begun to rise in strength against the euro, from a low of 1.11 euros to £1 in April 2023 to its rate today of 1.17.

If you were to change £100 right now to euros, you’d receive €117 back, according to the Times Money Mentor currency partner Xe. This is based on one euro being worth 85p. 

For the the real time exchange rate, make sure to use this tool from our preferred partners Xe .

Read more: What is an exchange rate and how are currencies calculated?

Exchange rates aren’t fixed and there are lots of external factors that can make them go up and down. They also don’t have a start or end time, unlike with the stock market, so the rate can continually change, as we explain in our guide to how currencies are calculated .

Currencies are often described as being strong or weak, and this usually relates directly to how well a country is performing when compared to other countries.

Two significant events affecting the GBP to euro rate over the past few years were political. In 2022, for example, the pound slumped to a 37-year low against the euro after the mini budget from Liz Truss and Kwasi Kwarteng. It also suffered a massive downfall after the Brexit decision was announced, falling to a 30-year low. 

While these were important events which had a significant impact on the UK economy, the following are all worth considering when trying to predict when the best euro conversion rate will be: 

• Interest rates: The Bank of England (BoE) sets the base rate to keep control of inflation, and a strong interest rate will be attractive to foreign investors and could strengthen the pound
• Inflation: High inflation can weaken a currency, as it pushes up prices and lowers buying power within a country
• Economic data : Predictions concerning the economy, including how it might rise (or fall) can have an impact on exchange rates because countries with positive economic outlooks tend to have stronger currencies
• Supply and demand: Exchange rates are largely based on supply and demand, so if there is a surge of people travelling to Europe, for example, this is likely to push up the strength of the euro  

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Rates constantly change and you can see them in real time, via a currency website such as Xe. While it’s impossible to predict what might happen in the future, you can look back at past rates to estimate when your best euro currency rate might be. Here are a few reasons why you might need to keep an eye on exchange rates:

• Summer holiday: If you’re off on holiday to an EU country, you might take cash or use a travel card (or a combination of the two). If you are taking cash you can either exchange it before you go or withdraw it from an ATM when you arrive. There are big differences between costs when it comes to providers, and the amount of euros you get for your pounds will vary depending on where you exchange your money. We reviewed the cheapest travel money providers in our guide
• Property purchase: Big investments, such as a foreign property purchase, will take months of planning. As you’re spending such a large amount of money, you’ll also want to get the best rate possible for your pounds. You may need to make an international money transfer and using a specialist foreign exchange company is usually the cheapest option when compared to UK banks
• Pension rates: For anyone living in the EU and receiving a UK pension, the GBP to euro exchange rate will affect the amount of money you receive. If your pension is paid in pounds and the pound weakens, this could mean you have less money when it is transferred to euros, but if it recovers you could see a boost to your pension balance
• Sending money abroad: If you need to send money to someone in the EU, the exchange rate will affect how much your pounds are worth when you change them into euros
• EU investments: If you have investments in EU firms, which could be through a pension, a change to the GBP to euro exchange rate could affect them. If the euro rises, this could boost your investment returns but if it falls, your returns could go down. However, with any type of investments, it is normal for the value to go up and down, and most should continue to grow over time

Read more: The best travel debit and credit cards to use abroad

When trying to find the best euro conversion rate for your pounds, you’ll also need to look at the following:

• Any extra fees being added on by the foreign exchange company
• Cost of delivery or postage of currency
• The cost of selling back your money (if you don’t use it all)

The company you use to transfer your currency can make a big difference to the final amount. We review some of the best foreign exchange companies in our article on the best travel money providers .

How far in advance should you exchange GBP to euros?

Unfortunately it’s impossible to say when is the best time to exchange GBP to euros, as no one knows what the future holds. 

But what you can do is keep an eye on exchange rates. It’s possible to look back by day, week, month or years at how rates have performed and this can give you an indication of what might happen next. 

There are also expert predictions available from currency exchange specialists, which you can find in most national newspapers along with specialist publications, which can give you an idea of the top euro exchange rates.

It’s also crucial to shop around when choosing a foreign exchange currency company or a money transfer service to make sure you’re getting the best best euro currency rate possible and you’re not wasting money in fees. 

Read more: What is the difference between an IBAN, SWIFT code, and ABA?

How do exchange rates work?

Exchange rates are simply the amount of money one currency is worth when compared to another. The rate shows you how much money you will get for your currency when exchanging it. If the GBP to euro exchange rate was 150, for example, for every £100 you transferred you would get 150 euros back. 

Important information

Some of the products promoted are from our affiliate partners from whom we receive compensation. While we aim to feature some of the best products available, we cannot review every product on the market.

The best and cheapest ways to send money abroad from the UK

Whether it be family in another country or buying property abroad, there are many reasons you may wish to send money overseas. We list the best and cheapest international money transfer providers on the market. According to the World Bank, sending $200 (or about £160) abroad from the UK in 2023 would cost around $11.94 […]

The best and cheapest travel money providers

If you’re going abroad, it’s never a bad idea to carry some of the local currency. Since it’s normally cheaper to organise your cash before you jet off, we list some of the best and cheapest providers around. If you’re holidaying overseas to catch some sun or you’re on an urgent business trip abroad, there […]

What is an exchange rate and how are currencies calculated?

From dollars, to euros, to pound sterling, if you’re travelling abroad you’ll need to exchange currencies. We explain what you need to know about foreign currency and exchange rates. While a travel card is a viable way to spend money abroad, some people still enjoy the reliability of cash. Ultimately it could come in handy […]

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Wide range of foreign currencies.

We offer a wide range of foreign currencies in our Bureaux, with more available to order online. It is easy to compare travel money with M&S Bank. See footnote * *

As well as the euro and US dollar , our range includes currencies such as the UAE dirham, Bulgarian lev , Turkish lira , Thai baht and Mexican peso .

Travel money sale now on!

Click & Collect sale on euro and US dollar available until 11 April 2023.

£150 minimum order. Exchange rates will still fluctuate daily during the sale period, but you’ll receive the best rate applicable on the date your order is placed. Rates shown when placing your order are sale rates. Offer subject to availability, buy back not included. Cancellation fee and full T&Cs apply.

SameDay Click & Collect

• Order between £150 and £2,500
• Euro and US dollars available to order and collect in over 450 stores *
• Order and collect euro , US dollars , Turkish lira , New Zealand dollar , Australian dollar , Thai baht , Canadian dollar , South African rand and UAE dirham, from our Bureau the same day

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Click & Collect † See footnote †

• A wide range of currencies available to collect from our in store Bureaux See footnote * *
• Order and collect from the next day

Our best rates on euro and US dollar when you Click & Collect

To get an even better exchange rate on euro and US dollar , use our Click & Collect service. Pay now and lock in today's rate, then collect from a store at a time convenient for you.

CHANGE4CHANGE

If you would like to donate your unused foreign currency to charity we have Change4Change collection boxes in our Bureaux, with all the money we collect going to Breast Cancer Now. Since 2007, we have raised over £630,000 for the charity via your Change4Change donations.

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Travel money buy-back service

When your holiday is over, we'll buy back your leftover holiday money at the buy-back rate on the day you return it to the Bureau de Change. That's all unused notes in any denomination we sell.

Find out more about M&S Travel Money Buy Back service

If you would like to donate your unused foreign currency to charity we have Change4Change collection boxes in our Bureau stores, with all the money we collect going to Breast Cancer Now. Since 2007, we have raised over £630,000 for the charity via your Change4Change donations.

Find a bureau

When your holiday is over, we'll buy back your leftover holiday money at the buy-back rate on the day you return it to the bureau de change. That's all unused notes in any denomination we sell. Proof of purchase may be required so please retain your receipt, just in case.

Up to 55 days' interest-free credit when purchasing with an M&S Credit Card See footnote ** **

Representative example: based on an assumed credit limit of £1,200, our 24.9% rate per annum (variable) for purchases gives a representative rate of 24.9% APR (variable). Credit is subject to status.

No cash advance fee when M&S Travel Money is purchased using an M&S Credit Card.

What you'll need to bring

To collect foreign currency you've purchased online, you will need:

• A valid UK photographic driving licence, passport or EU national identity card (Romanian & Greek National ID Cards are not accepted)
• Your card you used to place your order - both ID and payment card must have the same name
• Your order number (this can be found on your confirmation email)

To purchase foreign currency in one of our Bureaux, you will need:

• A valid UK photographic driving licence, passport or EU national identity card - both ID and payment card must have the same name

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Frequently asked questions

Can i use a credit card to purchase travel money.

Yes, you can use a credit card to purchase travel money. However, please check with your card provider as they may apply fees or charges e.g. cash advance fees or other fees.

Our Bureaux accept the majority of UK issued major credit cards.

How much cash can I travel with?

You can learn more about taking cash in and out of Great Britain and declaring cash by visiting gov.uk .

Should I get foreign currency before I travel?

Buying your travel money before you travel can be an important part of pre-holiday preparation. You can use our Currency Converter to get the latest exchange rates across worldwide holiday destinations.

Where can I collect M&S Travel Money from?

You can collect M&S Travel Money from over 100 bureaux de change or from over 350 stores nationwide. You can find your nearest M&S Bureau de Change using our Bureau Finder .

Where can I get the best exchange rate?

Exchange rates change on a regular basis and vary depending on the currency you order. At M&S Bank, we offer our best rates for euro and US dollar via the Click & Collect service, where you can order your currency and collect from the next day in an M&S location local to you. If you order online before 4pm, you can collect the same day. For all other currencies, check our website for more information.

How much travel money can I order?

For orders placed via Click & Collect, there is a minimum £150 order and maximum of £2,500. For Bureau de Change walk-ups, there is no minimum order.

How do I confirm my Travel Money purchase using my M&S Credit Card?

There are three ways to verify your payments - you can use our M&S Banking App, a one-time passcode via text message or by using a card reader to verify your payment. Use our how-to videos or step-by-step guides to find out more.

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Useful information

View exchange rates

Find out more about euro rates

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* Subject to availability

** With the M&S Credit Card, you'll receive up to 55 days' interest-free credit when you pay your balance in full and on time each month.

† Next Day collection is subject to availability. Please confirm your collection date and location at the checkout.

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Delivery options, available branches and fees may vary by value and currency. Branch rates will differ from online rates. T&Cs apply .

Why get your holiday cash from Post Office?

• Order online, buy in branch, or choose delivery to your home or local branch 
• 100% refund guarantee* if your holiday’s cancelled, at the same exchange rate, excluding bank and delivery charges. Just send your receipts and evidence of cancellation to us within 28 days of purchase. *T&Cs apply
• Order euros or US dollars to collect in branch in as little as 2 hours

Euros and US dollars in 2 hours

Click and collect euros and US dollars in 2 hours. Terms and conditions apply 

Today’s online rates

Rate correct as of 03/07/2024

Travel Money Card (TMC) rates may differ. Branch rates may vary. Delivery methods may vary. Terms and conditions apply

Safe and secure holiday spending

Manage your holiday funds on a Travel Money Card with our free travel app. Top it up, freeze it, swap currencies, view your PIN and more.

New-look travel app out now

Our revamped travel app’s out now. It makes buying, topping up and managing Travel Money Cards with up to 22 currencies a breeze. Buying and accessing Travel Insurance on the move effortless. And it puts holiday extras like airport hotels, lounge access and more at your fingertips. All with an improved user experience. Find out what’s changed .

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Travel money: How to get the best exchange rates on your holiday currency and top ways to pay abroad

Using your usual uk bank debit card abroad could trigger some annoying fees, article bookmarked.

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At sterling’s 21st-century peak in 2008, £1 was worth over US$2 on the foreign exchanges. During the calamitous premiership of Liz Truss in October 2022, the pound sank almost to parity (£1=$1) against the American dollar .

The UK currency has recovered slightly, but is still only worth $1.27 or so. Sterling’s fall is mirrored against other currencies that are locked to the US$, including UAE dirhams and the dollars used in many Caribbean islands.

Shortly after the euro was introduced at the start of 2002, sterling was riding high: worth €1.65. Today it has shed almost 50 cents to around €1.17. Against the Swiss franc , the pound has fared even worse – losing half its value in 15 years, corresponding to a doubling of prices for British travellers in the Alpine confederatiion.

Given the erosion in the value of the pound, you should avoid further losses by managing your holiday finances well. If you leave it to the last moment and change money at the airport on your way out, you will be wasting your cash – which would be much better spent at your destination. In addition, the pandemic accelerated changes in how travellers transact, with contactless payment increasingly the norm.

These are the key questions and answers on holiday money.

Using a credit or debit card

This is a fast and easy method of paying your way, whether with a physical card or a card on a phone. We are now in an age when cards are used for the most minor transactions. Crucially, though, you could be losing a slice of cash every time you use your normal UK bank card abroad.

For most mainstream UK credit and debit cards, banks charge just under 3 per cent (usually 2.95 or 2.99 per cent) as a “foreign currency transaction fee”. Adding almost £3 to a £100 purchase represents free money for them at your expense.

Some also impose an additional “cash advance fee” – sometimes a flat £1.50 or a percentage of up to 5 per cent – for withdrawals from an ATM.

Check your card provider’s policy – which should be easily visible online – and if necessary get a new card specifically for overseas use.

How can I dodge the card fees?

If you are a First Direct customer, your Mastercard debit card is fee-free abroad. For other travellers who seek a simple solution, apply for a Halifax Clarity credit card and use it purely for spending overseas; it does not add transaction fees.

Online firms such as Revolut may offer a better exchange rate. Along with low-cost providers Monzo, Starling Bank and others, Revolut holders can expect fee-free cash withdrawals (usually subject to a monthly limit).

HSBC has an interesting Global Money account, available to most active UK current account holders. Using the bank’s mobile banking app (select “International Services” then “Global Money”) you can create an account that allows you to keep funds in up to 18 currencies, and spend abroad without transaction fees.

Note that an increasing number of ATMs apply their own, local transaction fees – typically €5 in Mediterranean nations. You should be warned of this before you commit to a withdrawal.

Is it best to take a credit or debit card?

Credit cards have several advantages over debit cards. UK-issued cards are covered by Section 75 of the Consumer Credit Act 1974, which makes the card provider jointly liable with the merchant for any purchases over £100. That means any goods you buy with the card must be of reasonable quality.

You are also protected against financial failure of a travel provider, whether an airline, tour operator or hotel – though if you book through an agent the legal position is cloudier.

A credit card also gives you something of a cushion; money does not leave the account immediately, and if you pay off the bill in full every month you should not face interest charges.

Debit cards may incur even higher charges for spending abroad. For example TSB adds a £1 “non-pounds purchase fee” outside the EU to its 2.99 per cent transaction fee for purchases made on a debit card. That inexpensive £16 Turkish lunch bill becomes £17.50 using a TSB debit card, increasing the cost by 9 per cent.

Check before you use your normal debit card abroad – unless you are with First Direct, whose debit cards are fee-free.

The Chase debit card makes an interesting offer: no fees plus 1 per cent cash back, though this applies only for the first year, with a maximum of £15 back per month.

Debit-card purchases are covered by the banks’ voluntary chargeback scheme, which does not offer the same degree of protection as credit cards.

Beware of Dynamic Currency Conversion

“Would you like to pay in sterling?” the waiter asks innocently. He is hoping that you will choose pounds, thereby boosting the restaurant’s profits. Dynamic Currency Conversion (DCC) means the merchant and a bank give you a terrible rate of exchange and split the profit – typically a margin of 5 to 6 per cent – between them.

Restaurants, shops and hotels are allowed to offer the “opportunity” so long as they make it clear that the cardholder has a choice, and cite the rate of exchange that will be used.

The EU-funded European Consumer Organisation, known as BEUC, adds: “It is almost impossible for a consumer to make an informed decision when presented with the DCC option, because of various ‘nudging’ strategies put in place by the DCC service providers and merchants.”

Always choose to pay with local currency, not “GBP”.

Could I face unexpected charges abroad?

Yes, depending on the location. In the UK it is illegal to charge extra for paying with a credit card, but that does not apply elsewhere.

A European Union law bans credit-card fees for EU citizens, but of course those do not apply to British travellers; charges for UK cardholders appear standard in Denmark.

Credit-card surcharges are also permitted in Australia , so long as they reflect the vendor’s costs of processing the payment. In New Zealand, fees are also common – though Consumer NZ says “anything higher than a 2.5 per cent credit card surcharge, or a 1 per cent contactless debit card charge could be excessive”.

Watch out for the ‘hold’ on a credit card

All kinds of enterprises, from car-rental firms to hoteliers concerned about your possible thirst for the contents of the minibar, demand a credit card. Without one, you might be asked for a hefty cash deposit – or simply refused service. This is because the firm wants to reserve the right to extract additional funds if you “go rogue” in some way.

If, after you have checked in the car or checked out of the hotel, they find that you have run up a charge, they want to claim it back – and the easiest way to do that is to demand “pre-authorisation” up to a certain amount.

They will exercise a “hold”, which means reserving a chunk of capacity – perhaps as much as £1,000 – from your account for contingencies.

This money will not leave your account (unless there has been some financial chicanery on your part), but it does limit your freedom of financial movement.

Pre-paid cards

These are cards which you load with currency – usually sterling, euros or dollars – and use to pay for goods and services, or to withdraw cash from ATMs. On longer trips, you can keep topping them up online from your bank account, making them good for globetrotting tourists and gap-year adventurers.

You can also hold multiple currencies on the same account; FairFX offers up to 20.

But do your homework. The key components you need to compare start with the initial fee. Some providers waive this, but often make up for it with higher charges elsewhere. Paying a fee now may actually save you more in the longer term.

Next, do you have to pay a “loading” fee to put money on the card? If so, this could prove expensive. Some companies demand 3 per cent of all the money you put on your account. Is there a flat rate or a percentage charge for using the thing?

Lastly, how quickly do your funds erode if you don’t use the card for a while? The depletion of value over time is a very useful income stream for the prepaid card issuer.

Should I take cash?

Obtaining local currency locks you into an exchange rate, and therefore you can calculate precisely how much a cup of coffee or a night’s stay costs in sterling. Cash also says less about you than plastic, eliminating the risk of credit-card fraud.

Should I take out currency in the UK or abroad?

Many people use their credit or debit cards to withdraw cash abroad. But on top of any fees added by your card provider, many operators of ATMs abroad charge you for the privilege, known as a Direct Access Fee (DAF).

Providing a fully stocked ATM on a Greek island, with all the security and maintenance issues involved, is an expensive business, they point out – and the transaction fee reflects this reality.

So buying ahead of your trip is a good plan.

Where can I find the best rates in the UK?

Foreign currency is the ultimate commodity: the euros or dollars you get cheap from a backstreet bureau de change are worth exactly the same as the notes you might buy, expensively, at your high street bank.

The best way to compare rates is to frame the question right: “how many euros will you give me for £300?” or “I need $500, how much will that cost me in sterling?”.

On your local high street, don’t expect much from banks – which now appear to regard changing money as a faff, and often restrict it to existing customers.

Travel agents often offer more competitive rates. And the Post Office is worth checking, particularly for commission-free small transactions – for example buying £20 of Turkish lira to tide you over until you can find the best local deal after arrival.

But you are almost certain to get a better deal if you shop around online through companies such as Travelex and Moneycorp, and pick up the foreign currency at an airport or ferry port.

For the best deals, it helps to be in London. Search Thomas Exchange Global for some of the best rates. You can pay online and pick up the cash at a Thomas Exchange bureau.

Currency Online Group, based at Waterloo station, offers highly competitive rates if you pay in advance and pick up from its office. Outside working hours, the UK’s first cash-to-cash foreign exchange ATM is located in the Excess Baggage office on the concourse ; it offers reasonable rates for euros and dollars from 7am to 11pm, seven days a week.

Better still, take a stroll along Britain’s finest foreign-currency artery: Queensway in London W2. Within a few hundred metres, there are two dozen bureaux de change. It takes 10 minutes to compare rates, and with lots of tourists selling euros or dollars for sterling, there’s a willingness to turn a quick profit.

All of this applies only to the major currencies: the euro and dollar, and also the Swiss franc, Canadian and Australian dollars, plus the UAE dinar. You might also want to buy in advance for Scandinavian currencies or New Zealand dollars (weak competition at the destination means rates are rarely good).

But just about every other currency counts as “exotic”, and for these locations the rule is: wait until you get to the country in question. Take clean Bank of England £20 notes (with a few £5 and £10 notes in case you need to change smaller amounts towards the end of your stay).

Turkish currency

The usual advice for European holidays – buy euros in the UK at the best rate you can find – does not apply to for the Turkish lira.

First rule: do not change in large quantities in Britain; you will get a much better rate in Turkey. If you like to have a modest amount of foreign currency for incidentals when you arrive, then as mentioned above, you could go to your local Post Office and change £20 or so into Turkish lira. You won’t get a great rate of exchange, but it will be better than your departure airport. And it is commission-free, which is handy for small transactions like this.

Once at your destination in Turkey, you will soon be able to identify the bureau de change with the best rates for sterling. Even in small towns, there are change opportunities; ask at the tourist office or a travel agency.

Change reasonably small quantities in case there is another sudden collapse of the lira. Little and often is the best way.

When you shop around, note that some places charge commission and some don’t. The sensible question to compare rates is: “How many Turkish lira will you give me for £100?”

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Post Office travel money: Should you buy online or in-store?

You'll get a worse exchange rate in-store unless you order your travel money online first

Peter Rudin

25 January 2017

For many people the Post Office will be the right choice of currency provider. If you are new to buying currency online they are a nice safe choice. If you don’t want to wait in for a special delivery then you have a good range of branches all over the country to choose from.

The downside is the rates. Not that the rates are bad but it is the question of what rate are you going to get.

The Post Office offer a different rate in store than online.

You can see the difference is 0.0068 or just over 2/3rds of a percent on a typical £1,000 order. Today that isn’t a massive amount, just €7 or €8 in your pocket. The main reason for the low ‘star rating’ you can see in the online rates image is when people check the online rate at home then walk down to their local branch and get a different rate and worse rate when they actually have to pay. No one likes to feel ripped off.

This is made worse again when you compare it to the best rates available.

You can see that the top rates are a good 3.5% higher than the Post Office. That is more than €40 more cash in your pocket that you would get over the counter in your local branch. That is not an insignificant amount of money. I personally think people should be rewarded in some way for using their local shops, not penalised. OK, fair enough Travel FX and Griffin Financial are specialists but the Post Office should not, in my opinion, be effectively charging customers for collecting their own money from the branch rather than having it delivered. That just seems unfair to me.

If you want to use the Post Office then the thing to do is go to the Post Office website, book and pay for your money online but choose in branch pickup as a delivery option. That way you get the improved online only rate but you can still walk in and pick it up yourself which means you do not have to wait in for a delivery.

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Inflation is down in Europe. But the European Central Bank is in no hurry to make more rate cuts

Inflation is on the way down in Europe

FRANKFURT, Germany — Inflation in the 20-nation eurozone crept lower to 2.5% in June, but remained stuck above the level favored by the European Central Bank, which is in no hurry to add more rate cuts after a first tentative reduction in its benchmark rate.

The figure released Tuesday was down from 2.6% in May, welcome news as inflation continues to fall from its peak of 10.6% that robbed consumers of spending power and mired the European economy in months of near-zero growth.

But key indicators Tuesday remained at levels that suggest inflation may remain stuck between 2% and 3% for a while yet. Inflation in services prices ran at 4.1%, unchanged from the month before.

The ECB’s caution in making sure inflation is under control comes as the U.S. Federal Reserve holds off on cutting rates from current highs. The central banks don’t want to belatedly discover that inflation is more stubborn than they thought and reverse course — a mistake that would make inflation harder to wring out of the economy and would ding their credibility into the bargain.

High rates aim to squelch inflation by making it more expensive to borrow money to buy goods or invest in new factory equipment. That relieves pressure on prices — but can also dampen growth. That’s the tightrope the ECB and the Fed are trying to walk: make sure inflation is contained, without pushing their economies into recession.

ECB President Christine Lagarde said in a speech on Monday that the bank needed to first make sure inflation was firmly under control before cutting its key rate again after a first, quarter-point cut at its June 6 meeting to the current 3.75%.

“It will take time for us to gather sufficient data to be certain that the risks of above target inflation have passed,” Lagarde said in a speech at an ECB conference in Sintra, Portugal. She said that though growth in the eurozone was uncertain, the jobs market remained strong with low unemployment levels. That is a sign that the economy is holding up even with rates much higher than before.

Even so, higher rates have held back credit-sensitive areas such as real estate and construction. Mortgage rates for house purchase have risen, and a yearslong rally in house prices in the eurozone has come to an end. Savers, however, are seeing relief from the earlier period of zero rates that saw some banks paying negative interest on savings — in other words, charging people to keep their money there.

Lagarde has characterized the first rate cut in June as merely “moderating the level of restriction” on the economy and not as the start of a rapid series of cuts. She says decisions will be based on incoming data on a meeting-to-meeting basis.

Analysts say that no cut is likely at the bank’s meeting July 18, meaning the discussion about rates remains focused on the bank’s September meeting.

The European economy has slogged through quarter after quarter of near-zero growth, with a modest upturn of 0.3% in the first three months of this year. Recent indicators such as S&P Global’s purchasing managers’ index indicate that factory activity in the eurozone is contracting.

Europe’s economy slowed after an outbreak of inflation caused by higher energy prices robbed consumers of purchasing power that they are only now regaining through new labor agreements and pay increases. Energy prices soared after Russia cut off most supplies of natural gas over its full-scale invasion of Ukraine, and those higher prices fed through into prices for other goods and then to services, a broad category including everything from medical care and concert tickets to haircuts and restaurant bills.