Check the foreign exchange rates uk, before going abroad.

December 19th, 2011

Checking the foreign exchange rates uk before going abroad is of the utmost importance. Currency data currently shows that the most popular foreign exchange rates uk is the USD (US Dollar) to GBP (Great British Pound) rate, which is currently set at 1 U.S. dollar = 0.625 British pounds. This isn’t good for those Britons who regularly enjoy a summer holiday in Europe. The currency code for Pounds is the GBP and the currency symbol used is the £. The central bank in the UK is called the Bank of England. Although the United Kingdom is a member of the European Union, they chose not to adopt the Euro, which has been subject to significant debate. The British Pound, officially named the Pound sterling, is the fourth most traded currency on the foreign exchange market, as many institutions and individuals trade the GBP.

A typical British holiday consists of a sunshine fix somewhere in Europe. But millions of tourists have been forced to abandon their break in the sun as the euro continues to win the battle against the ailing pound. The costs of many European destinations are more expensive than a year ago. With the pound falling by more than 20 per cent against the euro, holidays to Europe have inevitably increased in price. According to a Post Office report, typical holiday purchases in Italy have worked out approximately 80% more expensive this year than in 2007. Many simple pleasures, like a cup of coffee in Spain, have increased by around 60% meaning many Brits may have to cut down on their eating/drinking out. The foreign exchange rates uk are having a discernible impact on Britons, as according to ING Direct as many as 6 out of 10 Britons are going without a summer holiday in order to manage household finances.

Here we have a few facts to consider about when travelling to Europe this summer, in order to save you money with the current foreign exchange rates uk.

  1. Finding the right credit card is the cheapest way to spend abroad.
  2. Never change money at the airport. They tend to give the worst rates as you’re a captive customer. You will usually have to pre-order for pick-up in order to get the better rates.
  3. Debit cards can be the worst way to spend. Avoid using your debit card abroad as they actually have the worst fees.
  4. If you are asked ‘Do you want to pay in Pounds or Euros’, say ‘Euros’. This is called dynamic currency exchange and means the shop does the conversion, usually at a worst rate than your own card.
  5. Beware how you pay for foreign cash.

In summary, when dealing with foreign exchange rates uk be extremely careful that you don’t fall in to any traps. If you are going on holiday make sure that you are aware of any costs that may be charged to you, and be clued up on the best ways to withdraw money otherwise you could end up spending more in charges!

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