How to get the best exchange rate

Since the EU referendum, the pound has plummeted — for a time, some airport bureaux de change were charging more than £1 for a euro. But there’s no need to get stung. Here’s how to get the best deal for your holiday money.

When getting cash, rule one is never to do so at the airport — it could cost up to 15% more. Websites such as travelmoney.moneysavingexpert.com and mytravelmoney.co.uk show the best rates, which are usually offered for online orders from forex agencies such as Ace FX (acefx.com). You can order a sum for collection, if there are branches nearby, or schedule a secure delivery to your home.

If picking up travel money at the airport really is most convenient, order online with agencies such as Moneycorp (moneycorp.com), which have branches in terminals. You’ll get a better rate than if you simply show up on your way to the gate.

If you prefer to spend via credit card, the exchange rates will be live for each transaction. To avoid charges, choose a provider that doesn’t levy non-sterling transaction fees or cash withdrawal fees — these can seriously add up over the whole holiday. Among our favourites are the Halifax Clarity (halifax.co.uk), the Santander Zero (santander.co.uk) and the Creation Everyday Mastercard (creation.co.uk).

It’s hard to find a debit card that doesn’t charge these fees, on top of a spending fee per transaction. Instead, look at prepaid cards, which you load up before you travel. New breeds of plastic such as Revolut (revolut.com) and Monzo (monzo.com) don’t charge for use abroad and allow you to track all your spending on your phone, via an app linked to the card.

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