BRITS heading off to Europe will most likely need to change up their pounds to euros.
The Euro has been adopted by 19 out of the 27 member states in the European Union, which came into circulation in 1999.
What is the current pound to euro exchange rate?
The exchange rate between the pound and euro fluctuates on a regular basis, leaving many Brits wondering when the best time is to purchases the currency.
The current pound to euro exchange is £1 equals €1.11.
The Pound to Euro rate has averaged at around €1.33 over its history.
The best the exchange rate has ever been for Brits was £1 equals €1.752 in May 2000.
Meanwhile, the worst it has been in the past is £1 equals €1.02 in December 2008.
And if you are trying to sell euros back into pound sterling, the current exchange rate is €1 equals £0.9.
What countries use euros?
Initially, 11 countries used it upon its introduction on January 1, 1999 – with a further eight nations later changing their currency between 2001 and 2015.
The countries that the euro is used in are:
- Austria since 1999 (formerly Austrian schilling)
- Belgium since 1999 (formerly Belgian franc)
- Netherlands since 1999 (formerly Dutch guilder)
- Finland since 1999 (formerly Finnish markka)
- France since 1999 (formerly French franc)
- Germany since 1999 (formerly German mark)
- Ireland since 1999 (formerly Irish pound)
- Italy since 1999 (formerly Italian lira)
- Luxembourg since 1999 (formerly Luxembourg franc)
- Portugal since 1999 (formerly Portuguese escudo)
- Spain since 1999 (formerly Spanish peseta)
- Greece since 2001 (formerly Greek drachma)
- Slovenia since 2007 (formerly Slovenian tolar)
- Cyprus since 2008 (formerly Cypriot pound)
- Malta since 2008 (formerly Maltese lira)
- Slovakia since 2009 (formerly Slovak koruna)
- Estonia since 2011 (formerly Estonian kroon)
- Latvia since 2014 (formerly Latvian lats)
- Lithuania since 2015 (formerly Lithuanian litas)
Where can I buy euros?
Brits can exchange their pounds to euros at a number of shops and online websites.
The exchange rate will vary depending on the seller and how much you are looking to take out – with the general rule that the more money you exchange, the better the rate.
The Post Office is among the most popular where you can buy in one of their branches or online for it to be sent to you.
Some supermarkets and stores have Bureau de Change booths including at Tesco, Morrisons, Sainsburys, Asda and Debenhams.
Meanwhile, all travel agents will have their own currency exchange so you can purchase your holiday and your euros all in the same place.
Otherwise, comparison websites like MoneySavingExpert and Money Supermarket will help to find you the best possible deal.
If you plan on going abroad a lot then you can also get a travel credit card that won’t charge a hefty fee for using it abroad.