Travel

Where should I buy euros? Martin Lewis reveals CHEAPEST place to get holiday money

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EXCHANGE RATE: Martin Lewis has created a tool to help Brits get the best exchange rate

The pound to euro exchange rate is suffering as UK wage growth slides to six-month low and Brexit uncertainty continues.

Last summer the exchange rate hovered around €1.14 to the pound and this year it is even lower at around the €1.12 mark.

The pounds dwindling value means holidays in Europe are more expensive for Brits this year.

The current exchange rate is just €1.12154 to the pound (at time of writing).

How to get the best exchange rate: 7 top tips

Sterling is set to remain volatile due to Brexit uncertainty. Here finance experts reveal how to get the most for your travel money, take a look through the gallery. Top tips for getting the best exchange rate Getty Images Top tips for getting the best exchange rate

Sterlings suffering means Brits travelling to Europe this summer will not get a great exchange rate.

However, there are ways to ensure you get the best rate possible.

One his website moneysavingexpert.com, Martin Lewis claimed many currency sellers compete to offer the top exchange rates on euros.

The 46-year-old finance guru has set up a tool which compares 30 online and high street rates to ensure tourists get the most bang for their buck.

POUND GRAPH XE.COM

LIVE: The current exchange rate is just €1.12177 to the pound

To find the cheapest place to get your euros go to the TravelMoneyMax holiday money comparison tool and fill in the details.

Martin warns Brits should “never buy currency at the airport”, as they often offer the worst exchange rate.

He said: “Rates are hideous, as you're then a captive audience. If youve left it late, at least order ahead for pickup at the airport, as rates are much better than simply walking up to a bureau.”

Appearing on This Morning earlier this week, Martin said Brits should plan ahead and get themselves a good overseas card that gives you more euros.

The cheapest travel destinations for each month

Whatever time of year you feel like going on holiday, these are the countries it will be cheapest to travel to. January: Melbourne, Australia - By visiting in January you get to take advantage of Melbournes low rates between the Christmas period and the Australian Open. You will also be able to experience an Australian summer Getty Images January: Melbourne, Australia – By visiting in January you get to take advantage of Melbournes low rates between the Christmas period and the Australian Open. You will also be able to experience an Australian summer

He said: ”The pound rate still isn't strong, with the Brexit shenanigans that go on mean that the pound has been in the doldrums for a while," he revealed.

"Before anyone writes in, that isn't making a judgement over Brexit, it's not me that makes a judgement over that, it's the markets that don't like it, so the pound is weak.

"Uncertainty as well.

"Let's be absolutely straight, the markets did not like Brexit, that doesn't mean the markets are right, that just meant the markets didn't like it.

"It is going to be expensive to spend money on holiday.

"Easy and cheapest is plastic.

"There are specialist cards that you can use, but you will need to apply now because they can take time to come in the post."

Martin recommended three cards – the Halifax Clarity card, the Starling Bank debit card and the Tandem credit card.

The founder of moneysavingexpert.com said Brits might want to hedge their bets by buying half of their currency now and half later.

He also revealed an easy way Brits can protect themselves against “currency swings”.

Martin said: “A few bureaux de changes terms can be manipulated to give you short-term protection against currency swings.

“These allow you to order for collection at todays rate, and cancel in up to 14 days time.

"That way if the rate weakens youve locked in; if it improves you just cancel and buy at the new better rate – its a bit like an insurance policy.”

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