Martin Lewis gave tips on how to get the best exchange rates on his Your Money Matters segment on ITV This Morning. Many expats have been selling their properties overseas and are trying to get their money back into the UK.
Martin advised to go to the big foreign exchange brokers.
He said: “The likes of Currency Direct, Global Reach and Moneycorp, I’d go to all of them.”
Martin said to ask exactly what rate they will give Yvonne and how much she would get for her money.
He emphasised she should ask for how much she would get after all fees.
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Martin said to then compare and go with the one company that gave her the most money.
He said he “would do all three, I wouldn’t do one”.
He continued: “You could also ask your own bank, unlikely they will be the best, but you may as well.”
Martin also gave a warning: “These companies are not heavily regulated.”
An alternative for Britons going on holidays is to use their cards at overseas ATMs.
This can turn out to be a great exchange rate.
But this will be the exchange rate at the time Britons spend their money, and there won’t be much choice.
Locking in a great exchange rate before leaving depending on the strength of the pound in the weeks and months before the holiday.
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