Taking a holiday in Europe this summer? When exchanging Pounds to Euros, it’s very important to make sure that you get the best rate possible. This way you’ll get more Euros for your money and you won’t feel ripped off by hefty commission fees and poor exchange rates.

There are 16 countries that officially use the Euro, including Belgium, Cyprus, Spain, Slovenia, Austria, Slovakia, France, Greece, Finland, Germany, Ireland, Luxemburg, Italy, Malta, Portugal and the Netherlands. The Euro is also used in Andorra, Montenegro, Kosovo and many of the islands of the participating nations. If you’re travelling to any of these countries on holiday, it’s best to pre-order your money before you go.

Sometimes travelling last minute is unavoidable, but if you have some time before your trip, make sure that you do your homework and find the best euro exchange rates before hand. Don’t leave it till the airport to pick up your Euros- they are known for charging high commissions and offering poor rates. Airport money changers know that ill-prepared travellers have nowhere else to buy their euros when they get beyond the security gate.

If you do a little research online, you can check how the GBP EUR exchange rate has fared over the last month or so, to help you decide whether the rate is strong. Check the Internet on the day you want to purchase your euros to make sure you know the latest rate.

When you’re ready to change your pounds to euros, you have a few options. You could walk into a high-street provider, your own bank or order online. Since the Euro is common currency, many high-street money changers will have euros in stock. Pre-ordering your euros, however, can sometimes get you a better rate and you can usually choose to collect them in-store or have them delivered to your home. Your bank might offer you a special customer deal with your account, with no commission and handling fees. The Internet, however, still usually offers the most competitive rates. To find the best euro exchange rate, use an online comparison site to contrast and compare the various providers. Many of the online providers will deliver your currency free of charge, but always check to make sure.

When changing money, you need to look not only at the exchange rate offered, but also the fees and commission charged by the provider. Many money changers will advertise ‘commission-free’ services and whilst this can seem like a great deal, sometimes they will offer a worse exchange rate. Always try to calculate how many Euros you would get for your pound after all fees are taken.

Changing larger sums of money usually works in your favour, as you’ll get a better exchange rate. Some money changers have a minimum charge or charge a fixed fee no matter how much money you change, so this would take a large chunk out of a small denomination. Fixed fees can work in your favour if you are changing larger sums of money. Since many hotels, restaurants and shops abroad don’t like taking large notes like 200 or 100 euro bills, when changing money make sure you ask for some smaller notes.

When you’re travelling abroad in Europe, be wary of ‘dynamic’ exchange rates with transactions. If you make a purchase in a shop, sometimes they will ask if you would like to pay in GBP or EUR. It may seem like a good idea to pay in Sterling because it gives you an idea of how much you are paying, but you will receive a poor exchange rate and end up paying more. When in doubt, always pay in the local currency.

If you’re thinking of sending money to Europe, rather than doing it through your bank, think about using a foreign exchange broker because they can usually offer you a better conversion. As with changing cash, the more money you change, the better the rate will be.