Getting your euros, dollars or other currency at the best rate means more spending power abroad, and it is largely down to where and how you buy. A little planning can noticeably improve what you get for your pounds. This guide explains how to get euros or dollars at the best rate. It is general information, not financial advice, so compare current rates and providers, as they change, before buying your currency.
Plan ahead
The single biggest factor in getting a good rate is planning ahead rather than leaving currency to the last minute. With time, you can compare providers, order online, and avoid being forced into a poor convenient rate. Leaving it late usually means worse value. Sorting your currency in good time, rather than scrambling before you travel, gives you the freedom to choose a good rate, which is one of the simplest and most effective ways to get more euros or dollars for your money.
Avoid the airport
Changing money at the airport is one of the worst options, with typically poor rates and possible commission, relying on travellers' last-minute need. The convenience comes at a real cost to how much currency you get. Our guide on getting the best exchange rate covers this. Avoiding airport exchange, along with other tourist-area bureaux, and sorting your currency in advance instead, is one of the easiest ways to avoid losing money to the poor rates these convenient outlets typically offer.
Compare providers
Rates vary considerably between providers, so compare several before buying, including online specialists, supermarkets, the Post Office, high-street bureaux and your bank. Comparison reveals the best value and the worst. Taking a little time to check the rates and any fees of different providers, rather than using the first or most convenient, can noticeably improve how many euros or dollars you receive for the same pounds, making comparison well worth the small effort involved.
Order online in advance
Ordering currency online ahead of your trip usually gets a better rate than buying in person on the day, with the option to have it delivered or collect it. Online providers often offer more competitive rates than walk-in bureaux. Ordering ahead also avoids a poor last-minute rate. Planning your currency and ordering online in advance where it offers better value, rather than buying on the day, is a reliable way to secure a good rate on your euros or dollars.
Click and collect
Many providers offer click and collect, where you order and pay online at a good rate, then pick up your currency from a local branch or bureau. This combines the better online rate with the convenience of collecting cash quickly, sometimes the same day. Using click and collect lets you lock in a competitive online rate while still getting your cash promptly without waiting for delivery, which can be a convenient middle ground when you want a good rate but need the currency soon.
The rate and commission together
A good headline rate can be undermined by commission or fees, so always consider the rate and any charges together to judge the true value. A rate with no commission may beat a better-looking one that adds fees. Comparing the actual amount of currency you will receive after all costs, rather than just the advertised rate, ensures you compare options fairly. Looking at the bottom line, what you actually get for your pounds, is the only reliable way to identify the genuinely best deal.
Consider a fee-free card instead
For much of your spending, a fee-free card that converts at close to the market rate can beat buying cash, avoiding a bureau's margin. Many travellers take a little cash and put most spending on a good card. Our guide on the best way to take money abroad covers the mix. Considering whether a fee-free card gives you a better effective rate than buying lots of cash, and using one for most spending, can be more cost-effective than focusing only on where to buy currency.
How much cash to buy
Decide how much cash to buy based on your destination and how card-friendly it is, getting enough for small purchases, tips and arrival but not so much that you carry a risky amount or have lots left over. Our guide on how much spending money you need helps. Buying a sensible amount of cash at a good rate, and relying on a card for the rest, balances getting value on your currency against the security risk and waste of carrying or converting too much.
Use up leftover currency
If you have leftover euros or dollars from a past trip, use them rather than changing them back and forth, as buying and selling currency both carry a margin. Keep notes safe for next time and spend coins before leaving. Making use of currency you already have, and avoiding converting back to pounds only to buy again later, saves losing money to the spread each time, which is a small but easy way to get more value from currency you already own.
Watch for dynamic currency conversion
When spending or withdrawing abroad, always choose to be charged in the local currency rather than pounds, as the pay-in-pounds option uses a poor rate. Our guide on whether to pay in pounds or local currency explains. Declining dynamic currency conversion and choosing local currency, whether at a card machine or an ATM abroad, ensures the conversion happens at a better rate, protecting the value of your money just as carefully buying your cash at a good rate does.
Beware ATM operator charges
Separate from your card's fees, the ATM itself may charge an operator fee for withdrawals, particularly at independent machines in tourist areas, airports or shops. Bank ATMs are often cheaper or free to use. Choosing bank cash machines over independent ones where you can, and declining any on-screen offer to convert to pounds, helps you avoid these operator charges on top of any card fees. Being aware that the machine and your card can each add a cost helps you minimise the total you pay to withdraw cash abroad.
Travel money cards as an option
If your everyday cards charge high fees abroad, a prepaid travel money card can be a cost-effective alternative for getting good rates and controlling spending, used alongside or instead of buying cash. Our guide on the best prepaid travel cards explains what to look for. Considering a prepaid travel card as part of how you get and spend your money abroad, particularly if your normal cards are expensive overseas, can improve the rate you get and keep your spending under control during the trip.
In short
To get euros or dollars at the best rate, plan ahead and avoid airport and tourist-area exchange, compare providers, and order online or use click and collect for better rates. Judge the rate and commission together, and consider a fee-free card for much of your spending while buying a sensible amount of cash. Use up leftover currency, watch for ATM operator charges, and always pay in local currency abroad. A prepaid travel card can also be a good option. This is general information, not financial advice, so compare current rates and providers before you buy.
Explore more in our Travel Money guides.