‘I’d go to all of them,’ says Martin Lewis, on how to get the greatest exchange rate.
Martin Lewis of ITV’s This Morning offers advice on how to get the best conversion rates. The suggestion can be used by expats who have sold their residences overseas or Britons who want to vacation during the holidays.
On ITV This Morning’s Your Money Matters, Martin Lewis offered advice on how to achieve the greatest conversion rates. Many expats have been selling their homes in other countries in order to bring their money back to the UK.
They aren’t the only ones hunting for the best exchange rates, either.
Many Britons may be asking how to exchange their money at the greatest exchange rate as they prepare to go for the winter holidays.
Yvonne, a viewer, stated she recently sold a property in Spain and needed to move 500,000 euros to the United Kingdom.
“Where can I get the best exchange rate?” she inquired.
Martin suggested that you go to one of the major foreign exchange brokers.
“I’d go to all of them,” he stated, referring to Currency Direct, Global Reach, and Moneycorp.
Martin advised Yvonne to inquire about the rate they will provide her and how much she will receive for her money.
He emphasized that she should inquire as to how much she would receive once all expenses were deducted.
Martin advised her to compare the companies and choose the one that offered her the greatest money.
“I would do all three, but not one,” he remarked.
“You might even ask your own bank,” he said, “though they are unlikely to be the best.”
“These companies are not heavily regulated,” Martin said.
He replied “everything should be alright,” but there was still a chance they’d go bankrupt in the middle of the transaction.
“You want the money with them for as little time as possible,” says the narrator.
While Yvonne was seeking to get her money back to the UK after selling her house in Spain, the advice to search around for the lowest exchange rate still applies to Britons travelling on vacation.
It would be easy to go with the most well-known brand or head straight to their banks, but Britons would be wise to do some research.
Brits on vacation can use their cards at foreign ATMs as an alternative.
This could be a fantastic exchange rate.
This, however, will be the exchange. “Brinkwire News Summary.”