Changing EUROS for POUNDS STERLING
If you are travelling to the United Kingdom and need cash in pounds, here are some tips so that you do not pay any commissions for the exchange.
- Plan with sufficient time in advance how much cash you want to take with you.
- Find out exactly what the exchange rate for pounds is. The exchange rate is the relation between the value of each currency and it changes on a daily basis. For example, on January 27th of 2019, the exchange rate of the pound vs the euro was 1,15€. This means that if you want to buy 1 pound, you have to give 1,15€.
- In Europe, the European Central Bank publishes every day an official exchange rate for each currency against the euro. But unfortunately not everyone uses it!
- Banks and exchange houses will charge you a commission if you want to buy or sell pounds. Some exchange houses will say that they are not applying commissions, but they really include them in the exchange rate they are using that, because of this, is not the official exchange rate mentioned before. That is, they will charge you more euros for the same amount of pounds. Depending on where you are trying to buy the pounds, commissions can be as high as 20%!
- If you want to buy pounds completely free of commissions, you can use diswap.com.
- Search for the currency you need among all offers published.
- Contact with the one that fits you best. The application will give you the equivalent amount of euros, at the official exchange rate.
- Meet the person and exchange the money.
- Easy, fast and totally free!