Peter Lavelle at E-Money Institution Pure FX
Wherever you’re thinking of going in Murcia, there’s tons to see and do. Of course, before you arrive at one of Spain’s most South-Eastern regions, and particularly if you’re visiting from abroad, you’ll have to exchange currencies. Murcia is a very affordable part of Spain, especially compared to the metropolises like Madrid or Barcelona.
So what can you do to increase your euro exchange rate when you visit Murcia, to stretch your budget further? Well, find out below with these 10 tips. Keep them in mind for when you’re planning your visit, to potentially increase the amount of euro notes in your wallet.
1. Don’t leave exchanging currencies to the last minute.
This is because, if you buy your euros on the day you need them, you may have to accept whatever exchange rate is available there and then, even if it’s less favourable.
Instead, to increase your euro total for when you visit Murcia, start checking the exchange rate as soon as you know that you’re coming to Spain. This will give you a bigger window, to decide when it’s an advantageous moment to buy your euros for your holiday.
2. Be wary of exchanging currencies at the airport.
This is because the bureaux de change at the airport are notorious for their exchange rates. For example, in recent months, there have been reports of the airports exchange pounds to euros for less than 1.00.
In part, this is because the airport bureaux de change calculate that, if you’re buying euros there, you’re doing so at the last minute, and you’re a captive audience. So this is frequently reflected in their exchange rates.
3. Be realistic about the exchange rate you expect.
After all, if the pound to euro interbank exchange rate currently stands at 1.16, it may be unrealistic to want to buy your euros at 1.25. This would require sterling to jump by nine cents in the time between you start watching the exchange rates, and when you’re visiting Murcia, which would be exceptionally rare.
Instead, it’s arguably better to base your expectations on the exchange rate’s recent range, in the last month or so.
4. Check specialist websites like PoundSterlingForecast.com to stay up-to-date.
To check what’s happening to the euro interbank exchange rate recently, you can use specialist websites. For example, Foreign Currency Direct offers a Live Foreign Exchange Rates page, while Pound Sterling Forecast provides historical graphs and tables of the euro’s performance.
With these, you can stay up-to-date with the euro’s value versus other currencies, ahead of when you decide to visit Murcia for your holiday.
5. Don’t try to buy your euros at the ‘top’ of the market.
If you see that the euro interbank exchange rate is rising, you might be tempted to try and buy your euros at the ‘top’ of the market. However, the foreign exchange rate is volatile and frequently subject to sudden reverses.
So unless you’re glued to the interbank market 24/7, you may not buy your euros at the peak. Instead, to avoid disappoint, buy euros at an exchange rate that meets your expected budget for your Murcia trip.
6. Consult with a money transfer specialist beforehand.
Is this your first time exchanging a significant amount of currency, to visit Murcia? If so, you might like to consult with a money transfer specialist before you go.
They’ll be able to tell you what’s happened to the euro interbank exchange rate recently, and which factors could affect the value of the euro, looking ahead. Then, you can use this information to help you decide when it’s the appropriate time to buy euros, for your holiday.
7. Check trusted news sources, like the BBC or respectable newspapers.
In addition, another way to find out what’s affecting the value of the euro, before you exchange currencies to visit Murcia, is to check a trusted news source like the BBC.
If you type ‘pound euro bbc’ into Google, or visit the BBC’s finance section, you’ll find up-to-date articles on the interbank exchange rate, and what’s influencing the rate. Then, you can make up your mind if now is the right time to buy your euros, or decide to wait.
8. Check your bureau de change’s reviews online beforehand.
How can you be sure that the service and the exchange rate you’ll be offered by your bureau de change are adequate? Well, one way is to check your bureau de change’s reviews online before you go.
This way, you can see if the company’s previous customers were satisfied with the service, what they especially liked and what they didn’t. This is another helpful way to ensure that your visit to Murcia goes as smoothly as possible.
9. Compare the available exchange rates with MoneySupermarket.com.
One way to find out who’s offering the highest euro exchange rate at present is to use MoneySupermarket.com. Here, you’ll find a list of bureau de change, and their euro exchange rates.
Also, you can check whether you have to go in-branch to buy euros, or if you can order them online, to be delivered to you. This way, you can try and maximise your euro total, to make visiting Murcia in late 2019 or 2020 as pleasant as possible for you.
10. Make sure you order your euros well in advance.
If you decide to order your euros to be delivered to you, rather than visit a bureau de change in-person, make sure that you do so early enough for the currency to arrive, before your trip. Otherwise, there’ll only be there once you get back home from Spain.
On most bureaux de change’s website, they’ll tell you how long you can typically expect a euro delivery to take, as well as if you want to order a priority delivery, to arrive faster.
With these tips in mind, you might increase your euro total, for when you visit Murcia. This way, you can make the most of admiring Murcia city’s splendid Cathedral, Cartagena’s stunning Roman amphitheatre, or trying some local cuisine, such as “caldero murciano”.
Please note that the exchange rates within this article are interbank rates and are for indicative purposes only, and are not trading levels which E-Money Institution Pure FX offer. For live trading levels contact one of our currency brokers on +44 (0) 1494 671800.
This article does not constitute advice to any person on any matter and it is not intended as a recommendation to trade. Pure FX makes every reasonable effort to ensure that this information is accurate and complete but assumes no responsibility for and gives no warranty with regard to any loss arising from actions taken as a result of acting on this information.
