Best money exchange rates on the high street

The best money exchange rates on the high street will depend on what type of money you need exchanging and the general economy at the time. The economy of your home country andthe country you want to visit. Usually, most high street retailers will offer you a better rate the more money you spend, so you may need to look at flat rates and the best rate per hundred pounds.

What affect exchange rates?

The exchange rate will affect how much money you receive and therefore the best money exchange rates on the high street. Usually, key factors that influence exchange rates are:

  • Differentials in inflation - as a rule, countries with a consistently lower inflation rate have a higher purchasing power, whereas those with a higher inflation rate have find devaluation in their currency. Therefore, a country with a high inflation rate will provide better exchange rate from pound to their currency.
  • Differentials in interest rate - interest rates and inflation correlate with exchange rate. By manipulating interest rates, banks can influence exchange rates. If interest rates are decreased, this results in lower exchange rate - and vice versa.
  • Public debt - if a country is experiencing severe economic hardship, their currency will depreciate and exchange rates will be favourable to tourists. This also means that items and purchases are cheaper in the country.

Which are the best exchange rates on the high street?

Exchange rates will vary for any high street depending on the economy at the time. It's also dependent on how much currency you want to exchange; some companies will offer the best exchange rate if you buy more currency, whilst others offer a better flat rate which may not necessarily be beneficial if you exchange large sums of cash.

Some of the best flat exchange rates are:

Post Office: £1 = 1.478 US Dollar, 1.149 Euro, 9.879 Egyptian Lira.

Sainsburys Bank: £1 = 1.483 US Dollar, 1.154 Euro, 9.575 Egyptian Lira.

Travelex: £1 = 1.489 US Dollar, 1.155 Euro, 9.701 Egyptian Lira.

Moneycrop: £1 = 1.459 US Dollar, 1.155 Euro, 9.919 Egyptian Lira.

Where can I exchange money?

If you want to find the best money exchange rates on the high street, you don't actually need to visit the high street. Most retailers will now offer their competitive rates online; you can purchase currency and have the exchange posted to you as either a travellers cheque or notes in a secured, signed-for envelope. Alternatively, you can also place an order online or by the phone with most retailers and collect your exchange at a branch.

You may, if collecting in person, be required to provide ID for large sums of money.

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