Pound to euro exchange rate: Sterling ends month on a HIGH - how to get the best rates NOW

POUND to euro exchange rate has finished April at 1.18846 having been as low as 1.1841 earlier in the month. To ensure you get the best rate now, Money Saving Expert Martin Lewis reveals his top tips.

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Pound to euro exchange rate: Sterling has ended May on a high

Pound sterling appears to be in a hurry to recover in Emmanuel Macron’s victory in the first round of the French Presidential election. 

In the run up to the weekend, and the month’s end, sterling has held strong at 1.18. 

TD Securities has also released its latest set of forecasts for the foreign exchange market for the next two years. 

Analysts at the Canadian financial services giant say they see pound sterling benefiting from political risk where it was once undermined by the same forces, leading up to Theresa May’s snap election. 

As the summer holiday season approaches, and with the pound looking strong, Martin Lewis reveals on his Money Saving Expert website how to get the best rates now or when away. 

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Pound to euro exchange rate: Sterling is said to be benefiting from political risk

Take two minutes to get near-perfect rates worldwide, every time you’re away 

The easy option is to get and spend on one of the specialist overseas credit cards that you religiously pay off in full every month (or you pay up to 29.9 per cent APR interest - in which case don’t do it). This gives you the same near-perfect exchange rates the banks get on the day you spend, in almost every country, time and time again, as unlike most debit and credit cards which add a three per cent ‘non-sterling exchange fee’, these don’t charge. 

There are about eight of these cards. The top two of those are Halifax Clarity, which has long-term good feedback and low ATM withdrawal costs, and newer player Creation Everyday, whose ATM fees are a smidgeon cheaper. 

It’s cheaper to spend on these cards than to withdraw cash and spend that, as there can be a a cash withdrawal fee, and you may pay interest on cash withdrawals (not spending) even if you fully clear the card. Yet even then they beat most bureaux de change. 

Top prepaid cards give you today’s top rate, and are easy to get

Prepaid cards have no credit check so anyone can get them. Plus unlike credit cards where you get the rate on the day you spend, with these cards you usually pre-load them with cash before you travel, at that day’s rate. So it’s a good way to bag a rate now for spending later. 

Of course if the pound strengthens by the time you holiday, you lose. If it weakens you gain. The current top picks are Revolut and WeSwap, on rate and the lowest charges. 

Want today’s best cash rate? Compare rates from 30+ bureaux

If you want cash of course you get the rate on the day you pay. Ignore any flannel like ‘commission-free’. What you want to know is, ‘if I give you £500, how many euros will you give me after all charges?’ and that’s the way to compare. 

You can do this online via Travel Money Max, which compares about 30 online bureaux. It also shows you how extortionate it is to change at airports or ferry ports. If you must do that, at least pre-order for pick-up, as you get a better deal. 

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Pound to euro exchange rate: Martin Lewis reveals how to get the best rates

And beware paying for currency at UK bureaux by credit card, as this counts as a cash withdrawal, so there’s a fee and interest even if you fully repay - so it’s best to pay with a debit card or cash. 

Get a UK euro bank account

This is only worth doing if you travel to Europe a lot (perhaps you own a holiday home) - or spend substantial amounts. A few UK banks offer these, including Citibank, Barclays and Lloyds Bank (monthly fees may apply so check). 

They operate as a normal bank account, but in euros. If you’re depositing cash, the bank will usually do the conversation for you on that day, but be careful as the rates are usually awful - so don’t do it automatically, check in advance. 

You can often call the bank to try to negotiate a better conversion rate (especially for larger amounts). Alternatively, use of of the international money transfer firms to deposit the cash there for you. 

For further advice on whether you should buy euros now, before the general election, visit Moneysavingexpert.com. 

Pound to euro exchange rate on Friday stayed at the same level as Thursday, which came as good news to those concerned the European Central Bank’s monetary policy meeting might have a disastrous effect on rates. 

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