• Villa Antonio Lanzarote

How to get a Great exchange rate


This is not an advert, I really do use this App

We all like to get the best exchange rate we can when we travel

In Lanzarote, historically the best rates can be had from the shops selling alcohol and cigarettes in the resort, however you need to check the rate as what they advertise on the board outside is usually for "travellers cheques" and "cash" is a poorer rate

One of the issues with holiday spending money, if you are from outside the Eurozone, is that you can end up getting a terrible exchange rate through your own bank, and in many cases pay “foreign currency transaction” fees every time you use a card.

Revolut provide free of charge a multi currency bank account with a physical Mastercard debit card.

As you can see, we have three accounts – one for Sterling, one for Euros and one for US Dollars.

It all works in a handy App

You can convert money as often as you want between the accounts. The key is that you will get the interbank exchange rate on the given day,

An example

Using the Money Saving Expert website, which is very good to find out where in the UK, nearby to you is the best rate

https://travelmoney.moneysavingexpert.com

The best rate (Surprisingly) was Debenhams

To exchange £500 into Euros the rate was €1.15

€1.1726

WITHDRAW MONEY ABROAD

Although ATM withdrawals cost money, they give you €200 a month in international ATM withdrawals for free. Anything over €200 attracts a 2% fee but no charge if you use your Revolut Debit card

You can learn more from their You Tube video

https://www.revolut.com/en-ES/

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