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. The rate varies a lot and has been as high as 1.3 Euros to GBP £ pounds Sterling. Currently post Covid-19, it's around 1.1. Either way, it's important to make your UK pounds go as far as possible when visiting Cyprus.
This page gives you some tips on how to get the 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, including the latest online currency brokers - my personal favourite for the best rates. 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.
Tip: 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.
Tip: 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.
Tip: For a low-cost way to find the best currency exchange rates with the convenience of using a debit card to pay for everything when you travel, take my advice and look at the multi-currency debit card from Transferwise.
It's simple, quick and you can order online wherever you are.