£1 buys less than €1: get the best exchange rates around

Motoring and Travel

Updated on 18 August 2016 | 2 Comments

Your pound might not go as far as you thought at the bureau de change anymore.

Holidaymakers heading to the continent are in for a shock as some bureaux de change are now charging more than £1 for a euro.

Currency exchange desks at two UK airports were offering just 99 euro cents for a pound this week, according to currency specialist Caxton FX. It is the first time the exchange rate has been this bad in three years.

MoneyCorp at Stansted was offering €0.9915 on Tuesday, while ICE’s rate at Luton was €0.990.

The pound has fallen 12% against the euro since the country voted to leave the EU back in June.

“An already weak pound has faced additional woes recently, due to increased stimulus measures and disappointing data from the UK,” says Alexandra Russell-Oliver, an analyst at Caxton FX.

Where to get the best rate

 However, holidaymakers can easily avoid such a poor exchange rate. Foreign exchange desks at airports notoriously offer the worst exchange rates as they know you have left it to the last minute and have little choice. Plan ahead and you can get far more euros for your money.

TravelFX is offering a rate of €1.140 to £1. That means €1,000 would cost £877.42 there. That's well over £100 cheaper than at ICE’s desk at Luton airport.

Alternatively, if you used a specialist credit card you could get an even better exchange rate. Spending €1,000 on Halifax’s Clarity Credit Card would cost you £862.08, thanks to a favourable €1.15 exchange rate.

If you want to go and buy your currency in person then several supermarkets are offering €1.13.

There are a couple of other savvy ways to get the best rates such as getting right debit or credit card or even a prepaid currency card. Have a look at Foreign currency exchange: don't get ripped off on your travel money for more info.

Alternatively you can visit xe.com for the latest exchange rates.

All prices correct at the time of writing 

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