Foreign Exchange Currency Rates
Find out where to get the best foreign exchange currency rates for your holiday in Cyprus.
Since Cyprus joined the Euro in January 2008, many European visitors have found it much easier as they don't need to worry about any foreign currency exchange rates and they can compare prices with their own country much more readily.
UK Visitors, however, need to get the best rate they can to change GBP £ Sterling into € Euros. And with Sterling being weak versus the Euro since 2009, it's all the more important to make your UK pounds go further when visiting Cyprus.
This page gives you some tips on how to get the best Euro rates.
Best Euro Rates
When looking for the best Euro rates, many tourists head straight for their bank where rates are always displayed behind the cash desks.
Another popular location for UK customers looking for the best foreign exchange currency rates is the Post Office as they advertise FREE commission.
You can now even get currency changed from Sterling to Euros at your local supermarket like Tesco.
The first thing you should do before booking any currency is to compare rates at several different locations. Remember that the tempting FREE commission is usually a marketing ploy to accept a poor exchange rate. Nothing is free in life and all these companies just build in their profit margin ie their COMMISSION into the rate they offer, so they may look like they are offering a good deal when in fact the rates are very poor.
Check the latest "spot" market rate online at a site like XE.com. While you will never get the "spot" rate as this is a benchmark used by the money markets, it will give you a guideline as to how much different locations are offering compared to this rate.
Then compare prices across at least 3 different companies before choosing which is best. You may also have to take into account whether they will buy back any unused currency at the same rate and whether they offer traveller cheques as these are often safer than taking cash.
Best Exchange Rates
Another tip is to plan roughly how much you think you will need for your holiday and plan to "buy" around 25% of the money in Cyprus itself.
You can either do this at a Cypriot bank or even through a hole in the wall machine. You won't, however, know the foreign exchange currency rate when you take cash out and your bank will normally charge you around 1.5% commission for what is known as a cash advance and for foreign bank processing fees (especially if you do this on a credit card).
Beware of using one of the many cash exchange offers advertised on the street (this includes restaurants!) as the rates are almost always very low, but can be useful in an emergency.
Another tip is to consider using an online foreign currency exchange broker where you can book your currency for a future date and have the cash or travellers cheques delivered to your home.Or how about using a currency card? Just transfer money onto the card in the currency of your choice and use it to avoid paying fees each time you buy something.
Or if you own a place in the sun like Cyprus, you may just want to get the best rate on regular money transfers to your overseas bank account, so consider using a broker like Moneybookers:
As these brokers do not have any store overheads (a bit like online retailers who undercut the highstreet as they have no bricks and mortar costs to worry about), they can often offer much better rates than either your bank, the post office or your supermarket and the rate you see is what you get.
Use Currency Cards for the Best Euro Exchange rates
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