Monday 19 March 2018

Looking for lotsa zlotys? How it pays to shop around early when changing your currency

Aideen Sheehan

Aideen Sheehan

IF you're travelling to the Euros, don't wait until you get to the airport to get your zlotys.

And for those going to the London Olympics, it also pays to get sterling early.

Otherwise your spending money could be eaten up by poor exchange rates and high commissions.

A fan who wants to buy a typical sum of 2,000 Polish zlotys could pay up to €88 more depending on where they buy their currency -- a massive 18pc difference.

The Irish Independent found that the priciest place to buy currency would be at Poznan airport for this weekend's big match, where you would pay a staggering €565 for 2,000 zlotys, but just €477 at Ulster Bank. At Dublin airport it would set you back €507 at ICE (International Currency Exchange) outlets.

Meanwhile, it also pays to buy sterling before you travel for the Olympics.

An Post currently has the best rate with £500 costing €637, compared with €692 at an ICE outlet in Heathrow airport -- a €55 difference. Ulster Bank would charge €638, while ICE at Dublin airport charges €679.

But don't be swayed by outlets claiming commission-free exchanges. For example, the exchange service at Poznan airport is commission-free, but the exchange rate makes them more expensive. The exchange rate there is 3.54 zlotys to the euro compared to 4.21 at Ulster Bank.

The key message is get your money in advance, said Helen Cahill, director of Finance One advisory service.

"Keep away from kiosks because they usually have scandalous margins and they're rubbing their hands in glee when you approach because they know you're caught out for cash," she said.

Irish Independent

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