I recently purchased 300 Euro from a friend and now my plans have changed. I will be visiting the UK and Russia so have no need for Euro this trip. My question: Would it be to my advantage to bring along Euro currency & exchange it into Pounds at a bank in the UK? Or would I get a more favorable exchange by using my debit card to withdraw Pounds from my US bank while in the UK? (US dollars to Pounds + 1% fee) I have played with online Currency Converters and am even more confused as a result. ( And don't ask me what I paid for the Euro - whatever it was seemed fair at the time. :0] )
Posted by
Rick Steves' Europe
16894 posts
You lose a bit of money with every exchange. Using your debit card at an ATM is the cheapest way to withdraw new currencies. But if you don't want to hang onto the euros to use on a future trip, then you can exchange them at whichever destination you need more cash for. See also https://www.ricksteves.com/travel-tips/money/cash-tips.
Posted by
San Francisco Bay Area
5697 posts
Any chance your friend will buy the Euros back at what you paid ?? Usually using an ATM/bancomat to withdraw local currency is the cheapest way.
Posted by
Oak Park, Illinois
4535 posts
Any currency exchange will come with a cost. A commercial exchange in an airport or on the street will be the worst, usually over 10%.
If you travel to Europe every so often, save them and use them later. The rates really won't fluctuate that much, the Brexit cash is an exception. Or sell them to someone going on their own trip at the then current exchange rate.
Posted by
Oxford, United Kingdom
5332 posts
Not sure where Brexit comes in to this apart from rates being more volatile at present.
You can change euro into sterling at a couple of percent swing at one of the more specialist brokers in London but to get the best rates you need to do this online then take the cash into their office.
Posted by
OP
9 posts
Thank you everyone. The information provided has been helpful.
I've decided to save the Euro for "seed money" for my next trip to Europe - great incentive to go again soon.
Posted by
San Francisco
14560 posts
True, you should keep the 300 Euro for a future trip. Every time I come back I have surplus Euro to be used the next time. No need to waste time and fees exchanging the amounts. At the moment both the GBP and Euro relative to the $ are pretty weak, even the Euro has been weaker before, ie a good time to withdraw more Euro or GBP for the next trip.