American Euro

Options for Converting Euros to Pounds

Converting your Euro to Pounds can sometimes be a daunting task. Will you buy your Pounds before you leave or will you carry it as Traveller’s Cheques? Which method will give you value for money? Or hang on! What if you get robbed – what then!?

The British pound weakened significantly against the Euro and the U.S. dollar in recent years. The outcome of this was that many tourists from continental Europe and the United States took advantage of the favourable exchange rate to visit the United Kingdom (UK). Planning a trip to the UK would have provoked some of the above questions of how and where to convert Euros to pounds, although, some businesses in the hospitality sector in Britain do accept Euros as legal tender.

There are several methods that you can use to convert Euros to pounds, and much of it will depend on the time you have to shop around for the best option, the resources available to you and how much you are willing to spend on fees and charges. Even though you can use the services of a bank or a specialised Forex company, it is also advisable to always take advantage of existing currency converters to calculate the value of your money in advance. This is covered further below.

Converting your Euros in Traveller’s Cheques denominated in British pounds is a one good option that provides additional security compared to carrying cash. However, many banks and other providers of Traveller’s Cheques charge fees to issue this type of means of exchange. Additional fees may also apply when cashing the cheque once you have landed in Britain. Traveller’s Cheques are a secure method to convert Euros to pounds but in addition to all the applicable fees, travellers will rarely get a favourable currency exchange rate on Travellers Cheques.

A more convenient and even more secure method to convert Euros to pounds is to obtain a prepaid card. It is similar to bank cards and provides an additional layer of security because you can put the desired sum into the prepaid card and there is no overdraft of credit options affiliated with it. In the event that you lose it, or it is stolen, a toll free call to the card issuer will block the account. Some companies sell specially designed prepaid cards for travellers whereby the prepaid card offers advantageous currency exchange rates for particular destinations and discounts on selected services. As this market is still in its infancy, it is strongly recommended that you pay attention to the small or fine print in the contracts you sign when applying for a prepaid card.

A credit or debit bank card is also an option, however, make sure that your card is accepted in the UK. As most cards carry the logo of MasterCard, American Express or Maestro networks this option should not be a major problem. Be sure to enquire with your bank about withdrawal fees so that you have this in the back of your mind when using your card. The last thing you want at the end of a holiday is to be hit with significant withdrawal fees that you were not aware of!

As alluded to above, a very good idea is to seek advice from a reputable company involved in the foreign currency exchange business. Forex brokers and dealers are often able to convert Euros to pounds at exchange rates that beat those of the high-street banks, especially if you have a trading account opened with them. As their business is to keep a good eye on the market, and to trade in various world currencies, Forex dealers can advise you on when is the best time to convert your Euros to pounds, getting value for money..

Finally, take advantage of the numerous online and traditional currency calculators and converters prior to deciding on a method to convert Euros to pounds. Thousands of these tools are available online but if you select a correct currency conversion, a free online calculator that features real-time currency exchange quotes and provides historical charts, can also be used. A fully functional currency calculator that offers such functionality is available free of charge at www.currencysolutions.co.uk/converter . Calculating the value of your Euros against the British pound according to the most current money exchange rate will help you select the best option to convert your Euros to pounds.

About the Author

Ridgewell Hawkes writes articles relating to the financial services. If you need to make a large or regular overseas payment consider the help of a currency transfer specialist.

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