Should I change the currency when abroad?


#1

Hey guys, I am from France and I will be travelling to UK next week. Currently I have only euros on my account. What is the best to do when I’ll be using my card in UK? Like if I just have euros and withdraw money or pay, will Revolut charge a fee for changing the currency to pounds or just make the conversion according to the current values?
Or should I change some of my euros to pounds on the app? For me changing euros to pounds is just a bet that pounds will be stronger in the future so I will have more money, am I right?
Thanks for your advice!


#2

Hi! :slight_smile:

Generally speaking, they don’t have fees, and if you pay in the UK while having only Euros, they will just convert directly, without fees.
One exception: during the weekend they apply an extra 0.5% mark up, which means it’s better if you don’t let them convert money for you. (more details here: https://www.revolut.com/fr/faq#de-quel-taux-de-change-bénéficierai-je-)

If you want to be safe, do a rough estimation on how much you’re going to use, and simply convert from Euros to Pounds before your trip, so that Revolut takes Pounds directly.
The GBP/EUR rate doesn’t change much, it’s been hovering around 1.12/1.13 recently, so your “bet” isn’t very risky :wink:

Personally, I only do this if I plan on spending large amounts during the weekend, I don’t like to bother too much to save less than £1. Up to you :slight_smile:

Enjoy your trip!


#3

It doesn’t really matter which you do no fee for either transaction. You’ll know exactly how many pounds you have if you do the conversion. Rates fluctuate. Buy high sell low.


#4

For some currencies like Russian Ruble and Thai Baht they apply a 1.5% markup during the weekend, it could add up if someone were to spend a lot during weekends.
It’s only 1% on most currencies though, and 0.5% on major currencies ($, £, €), so it’s better.


#5

Thanks Quentinb for your clear answer!
Have a great day :wink: