When exchanging British Pounds (GBP) to Euros (EUR) in Faliraki, Rhodes, it’s essential to consider the options that offer the best exchange rates and lowest fees.
1. Bank ATMs:
Using ATMs operated by major Greek banks such as Alpha Bank, Piraeus Bank, or the National Bank of Greece can provide favorable exchange rates. These ATMs typically offer rates close to the interbank rate, especially if you use a fee-free card like those from Wise or Revolut. However, be cautious of ATMs operated by private companies like Euronet, which often have higher fees and less favorable rates.
2. Currency Exchange Offices:
Faliraki, being a popular tourist destination, has several currency exchange offices. While these can be convenient, it’s advisable to compare rates and inquire about any hidden fees before making a transaction. Some exchange offices might offer competitive rates, but others may charge higher fees.
3. Travel Money Cards:
Consider using a travel money card from providers like Wise or Revolut. These cards allow you to load money in GBP and spend in EUR, often at competitive exchange rates and with low or no foreign transaction fees. They also offer the convenience of withdrawing cash from ATMs.
Tips for Exchanging Money in Faliraki:
– Avoid Airport Exchanges: Currency exchange services at airports often have less favorable rates and higher fees.
– Decline Dynamic Currency Conversion (DCC): When using your card, always choose to be charged in the local currency (EUR) to avoid DCC fees
– Compare Rates: Before exchanging money, compare rates at different locations to ensure you’re getting the best deal.
– Use Fee-Free Cards: If possible, use debit or credit cards that don’t charge foreign transaction fees to maximize your savings.
By considering these options and tips, you can ensure that you get the most value when exchanging GBP to EUR in Faliraki
The exchange rate between British Pounds (GBP) and Euros (EUR) changes daily, but as of today, £100 GBP is approximately €116 EUR.
This is based on a mid-market rate of around 1 GBP = 1.16 EUR
However, the actual amount you receive depends on where and how you exchange:
– Bank or travel card (e.g., Revolut, Wise): You may get close to €115–€116.
– Currency exchange office: You might get around €110–€114 due to fees and markup.
– Airport or hotel exchange: Often the worst rate — sometimes under €110.
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