Martin Lewis shares how to get the best exchange rate – ‘I’d go to all of them’
Martin Lewis explains how to get the best exchange rates
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Martin Lewis gave tips on how to get the best exchange rates on his Your Money Matters segment on ITV This Morning. Many expats have been selling their properties overseas and are trying to get their money back into the UK.
But they are not the only ones who may be looking for the best exchange rates.
With Britons getting ready to travel for the winter holidays, many may be wondering how to exchange their money with the best exchange rate.
Viewer Yvonne said she just sold her property in Spain and was looking to transfer 500,000 euros to the UK.
She asked: “Where can I get the best exchange rate?”
Martin advised to go to the big foreign exchange brokers.
He said: “The likes of Currency Direct, Global Reach and Moneycorp, I’d go to all of them.”
Martin said to ask exactly what rate they will give Yvonne and how much she would get for her money.
He emphasised she should ask for how much she would get after all fees.
Martin said to then compare and go with the one company that gave her the most money.
He said he “would do all three, I wouldn’t do one”.
He continued: “You could also ask your own bank, unlikely they will be the best, but you may as well.”
Martin also gave a warning: “These companies are not heavily regulated.”
He said “it should be fine” but there was still a small risk if they went bust mid transaction.
“You want the money with them for as short a time as possible.”
While Yvonne sold her property in Spain and was trying to get her money back to the UK, the tip to shop around for the best exchange rate still applies to Britons going on holiday.
It would be easy to go with the biggest name on the market or to go straight to their banks, but Britons would do well to do a bit of research.
An alternative for Britons going on holidays is to use their cards at overseas ATMs.
This can turn out to be a great exchange rate.
But this will be the exchange rate at the time Britons spend their money, and there won’t be much choice.
Locking in a great exchange rate before leaving depending on the strength of the pound in the weeks and months before the holiday.
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