Simple Guide For Finding Best Exchange Rates For Euros
One of the most common questions asked by people traveling to Europe is “where can I get the best exchange rates for euros?”.
Another common question people ask themselves is: “who has the best exchange rate for euros today?”
Exchange rates fluctuate daily, in fact they constantly fluctuate throughout the day and are determined by many factors. It would be very hard for one single currency provider to always provide the best rates, which is why keeping an eye on several providers can be worthwhile. This is always a good idea if you have booked a holiday or are planning a trip to Europe in the not too distant future.
Getting the best exchange rates for euros will obviously mean ensuring you change your money at the highest rate of exchange and determining when this will be, is always a gamble!
I say it is a gamble because no matter when you exchange your money, the following day the exchange rate may go up or it may go down and all too often, people wait a little too long in the hope it will go up further. As a result, the exchange rate drops and the all too common words:
“I should have exchanged my money last week when the rate was…..” are said!
Finding The Best Exchange Rates For Euros
It may sound very obvious but basically, the best way to find the Best exchange rates for euros is simply to shop around. One thing to note is that you will generally find better rates of exchange online, than you would in the high street and you should never have to pay commission for exchanging your money.
Sometimes due to time restrictions, it is not always possible to order your currency online. Reasons such as a last minute booking may result in you having to seek the services of one of your local high street exchange bureaus. If this is the case, do shop around because you will be surprised at how much the exchange rate varies from shop to shop. If possible though, it is advisable to order your money online in advance.
The process of ordering money online is fairly straight forward and there are several leading companies that you can use. These companies will offer you the best rate at the time of your enquiry and if you choose to buy money online, they will then post your money to you after your purchase. However, if you would prefer to collect your money in person, using The Post Office’s online service, it is possible to order your money online and then collect it from your nearest branch.
What Is An Exchange Rate
Basically, an exchange rate in terms of currency, simply means the amount of money you will receive when you exchange one currency into another currency.
For Example: Let’s say you want to exchange the British currency GBP (Great British Pound) into Euros. Then, the exchange rate would be determined on how many Euros you would receive for every pound you exchange.
If the exchange rate for that day was 1.20, this would mean that for every one British Pound you exchanged, you would receive 1.20 Euros. So, if you wanted to exchange £100 British Sterling into Euros, you would receive 120 Euros.
It also means that if you wanted to exchange Euros into Great British Pounds and the exchange rate was also 1.20, you would receive £1 for every 1.20 Euros you exchanged. So, with this exchange rate, for every 120 Euros you exchanged, you would receive £100.
Although most people only really take notice of the exchange rates when they are going on holiday and will be more familiar with the term ‘Exchange Rate’, there are many different ways that exchange rates are referred to such as: Foreign Exchanges Rates, Forex Rate and FX Rate. The latter terms are more commonly used by professional traders whom make their living trading currencies.
The ‘Buying’ And ‘Selling’ Exchange Rate
If you have ever exchanged money before going on holiday or have been looking for the <a title=”Best Exchange Rates For Euros” href=”http://www.bestexchangeratesforeuros.com/”>best exchange rates for euros</a>, you will no doubt have noticed that the currency exchange bureau where you exchanged your money will have had advertised a ‘Buying’ price and a ‘Selling’ price. These are usually displayed under the terms: ‘We Buy’ & ‘We Sell’, these prices are usually different and are usually against the local currency. You should always check that you have read them correctly!
How Is The Exchange Rate Determined And What Effects The Rate Of Exchange
There are many factors that determine the currency exchange rate. Interest rates, inflation, economic stability of a country, terms of trade and public debt are just a few factors that can make one countries currency fluctuate. The exchange rate is determined in the Foreign Currency Exchange, where different types of buyers and sellers trade throughout the day.
Compare Exchange Rates
As discussed on a previous page, most people are familiar with exchange rates simply because they need to check them when they are going on holiday and need foreign currency.
If you have ever had to change money into a foreign currency, you will be well aware that the exchange rate on the high street can fluctuate from shop to shop. Even if there are several shops in one street that offer currency exchange, you will more often than not find they will all offer a different rate of exchange and this rate can vary considerably.
Why You Need To Compare Exchange Rates
Obviously, when you need to change money, you want to ensure that you receive the best exchange rates possible on that day, especially if you are changing a large amount of money. Nobody wants to loose out on getting the best exchange rates for euros or any other foreign currency, so it is important to compare exchange rates before you commit to exchange.
It can be very frustrating when you exchange your money in a shop only to find that the shop further down the street is offering a better rate of exchange! This may sound silly but you would be amazed at how many people exchange their money in the first shop they come to, simply because they cannot be bothered to spend a few minutes shopping around to source the best exchange rate.
The shops on the high street all compete against one another to offer the best deals which makes it good news for you when you are searching. However, the high street shops are ok for last minute exchanges where you do not have time to go anywhere else but they do not offer the best prices.
Generally, you tend to find that the online exchanges offer much higher exchange rates than their offline competitors and if possible and time permitting, it is wise to buy your currency from one of them.
The whole process of buying online is much easier and if you use one of the online comparison facilities that allows you to search a large number of currency brokers, you are guaranteed to find the best exchange rates for that day.
Where To Compare Exchange Rates
We have provided a couple of links below to help compare exchange rates and hopefully find you the best deal!
Euro Exchange Rate History
Having the correct exchange rate history, can be a secret weapon to ensuring you always get the <a title=”Best Exchange Rates For Euros” href=”http://www.bestexchangeratesforeuros.com/”>best exchange rates for euros</a>. As we have said on a previous page, one very frustrating factor about changing currency, is actually knowing when the best time to exchange your money will be. With currency rates fluctuating on a daily basis (up and down), getting it right can mean more Pounds or Euros in your pocket and getting it wrong, simply means less!
Tracking Exchange Rate History
Unless you work in the currency exchange industry or follow the exchange rates religiously, you will probably have no interest in following the daily, weekly or monthly fluctuation of the currency exchange rates.
If you do not have any previous data to work with, it really is a gamble as to whether you choose the right time to exchange. Having access to such data that provides you with a 7 day, 30 day and 90 day outlook on past exchange rates, can help you choose the correct time to exchange your money.
Having this information serves many purposes and being able to refer to this data anytime you may require it (especially after you have been given a quote for that day), will allow you to see how that days quotes compares to the exchange rate over the past few weeks. This will reduce the risk of you ‘getting it wrong’ and increase your chances of exchanging your money at the best time.
Where To Find Exchange Rate History
Luckily, there are many companies that track the exchange rate on a daily basis and archive their results. Even better news for you, is that these companies make their results available for you to use. The beauty of this is, you can go anytime night or day and view their figures, to compare the latest exchange rate with past figures.
Exchanging your money and receiving the best rates of exchange will always be a gamble but if you can reduce the risk, then surely that is the best outcome possible.
We have included a link below for your convenience to one of the leading currency comparison sites that provide visitors with exchange rate history.