What's the best way to change currency? Exchange rates, fees, and options

Whether you're jetting off on holiday, settling an international invoice, or making an online purchase in another country, converting money can be confusing and expensive. Many customers unknowingly lose money through poor exchange rates and transaction charges. Our goal is to demystify the process and help you find the best way to convert currency by focusing on clarity, speed, and cost-effectiveness.

Finding the cheapest way to exchange currencies no longer means tracking down a high-street bureau. Instead, modern digital services like ours offer competitive exchange rates combined with upfront, low fees.

By shifting your approach and using a multi-currency account like ours, you gain the ability to convert money instantly in-app, lock in favourable rates, and spend abroad with minimal costs.

Take the first step toward saving on your next conversion by downloading Revolut.

Exchange and transfer fees, fair usage limits, and T&Cs apply.

The information provided is accurate as of 9 January 2026.

The content of this page is for general information purposes only and doesn't constitute financial advice. If you have any questions about your personal circumstances, please seek professional and independent advice. Revolut isn't a financial adviser.

The cheapest ways to get foreign currency and spend overseas

Before diving into specific tips, it's helpful to compare the overall landscape of foreign currency providers. The method you choose — whether card, cash, or transfer — determines the inherent costs. The market has decisively shifted away from cash-focused solutions toward digital platforms like ours for both flexibility and value.

Exchange rates are dynamic. Always remember to check the applicable rate in-app before carrying out your exchange.

Essential tips to save on currency conversions

When dealing with foreign exchange (FX), knowledge is power. Applying these practical tips will help you secure better rates and avoid common financial pitfalls, whether you're planning a short trip or a major move overseas.

Always insist on paying in the local currency

This single choice can save you a percentage on every transaction you make abroad. When you use your card in a shop, restaurant, or at an ATM, you might be offered the choice to complete the transaction in pounds or the local currency (e.g. euros, US dollars). Always select the local currency.

Choosing GBP triggers dynamic currency conversion (DCC), allowing the merchant or the ATM operator to perform the conversion themselves, using an exchange rate of their choosing. You may end up paying their mark-up.

By selecting the local currency, you ensure the transaction is processed by your card network or provider and converted using your provider’s rate. When you use a Revolut card, this results in conversion at a rate that's competitive and fair.

Understand the components of the total currency conversion cost

When a bureau advertises 0% commission, it simply means they're making their profit by adjusting the exchange rate. To know the cost, you must calculate the total amount you lose per conversion. This total cost includes:

• The exchange rate mark-up: the difference between the rate you're offered and the mid-market rate (the rate used by institutions to exchange currencies between one another)
• The foreign transaction fee: a percentage fee charged by a provider for processing a transaction in a foreign currency
• Withdrawal or transfer fees: a fixed amount for using an ATM outside your home network or for executing an international transfer

To find the cheapest way to exchange currencies, you should compare the total amount of foreign currency you receive for your transaction. At Revolut, we make this simple by showing you the exact conversion and any applicable fees before you approve the exchange. You can even compare our exchange rates with competitors in our guide.

Convert money during weekday market hours

Currency exchange markets are live and active 24 hours a day during the business week, allowing providers to offer real-time rates. However, markets are closed over the weekend (between late Friday and late Sunday in UK time). Here's what that means for you:

• Because the market is closed, providers may build in a slight buffer to protect themselves from any major fluctuations when the market reopens on Monday morning.
• For Revolut customers on our Standard plan, a small upfront fee is applied to currency conversions made during these weekend hours. Premium, Metal, and Ultra customers don't have to pay an additional fee on weekends.

Actionable advice: if you're planning a large currency conversion, aim to make it on a weekday for the most favourable Revolut rate. If you’re exchanging currencies often, consider upgrading to one of our paid plans to increase your limits and reduce possible fees.

Paid Plan Terms apply.

Open a multi-currency account

For maximum clarity and control over your money, a multi-currency account is a great ally. This type of account, available through providers like us, allows you to instantly hold, exchange, and manage balances in multiple currencies. This means you can:

• Lock in value: you can convert a sum of pounds into one of the 36 supported foreign currencies whenever the exchange rate is favourable, securing that rate for later.
• Spend seamlessly: when you travel, you spend directly from your existing foreign currency balance. This means no on-the-spot conversion is needed, entirely eliminating foreign transaction fees for those purchases.

Finding the best way to convert large sums of currency

The stakes are much higher when you're converting a large sum of money, such as a £10,000 down payment for a holiday home or a remittance for a major expense. Even a 1% mark-up on a £20,000 transfer can cost you £200.

• Avoid high mark-up methods: some traditional providers and bureaus are particularly expensive for large transfers because their percentage mark-ups compound significantly with the amount.
• Use specialist tools: digital services like us are engineered to offer competitive rates and fees for large amounts. We offer clear fee structures for large international transfers.
• Time the market: for high-value transactions, timing is everything. Use our app to set up automated rate alerts. This allows you to convert the money the moment the exchange rate hits your target, ensuring you get optimal value.

Know your limits for cash withdrawals abroad

While direct card payment is preferred, cash remains essential in many places. If you need cash, withdrawing from a foreign ATM with a travel card is usually more cost-effective than using a bureau, but you must be mindful of fees.

With Revolut, every plan includes a generous monthly allowance for ATM withdrawals without additional fees worldwide (up to £2,000/month on Ultra). Only once you exceed this limit does a small, clear percentage fee apply. Third-party ATMs may still charge a fee, but you can use our ATM locator in-app to find ATMs from our network and avoid those surcharges.

Get a travel card for your trip

Using your regular high-street bank's debit card abroad for every transaction may cost you unnecessary charges. Most traditional providers apply a foreign transaction fee on every purchase, as well as an ATM withdrawal fee. Here's why you should get a travel card:

• Cost-efficiency: dedicated travel money cards like ours are specifically designed to strip away these common fees, offering competitive exchange rates for your spending.
• Security: using our card also adds a layer of security. You can instantly freeze your card in-app if it's lost or stolen, protecting your money with a single tap. You can even use the virtual version of your card to perform contactless payments and protect your physical card details.

Start using Revolut for a fair currency exchange

We aim to make managing money internationally simple, cost-effective, and fast. If you're tired of additional fees and poor exchange rates, we provide a clear and competitive currency conversion solution.

Here's how you can sign up for Revolut and begin converting currency at competitive rates:

1. Download the app: find and install the Revolut app from your device's App Store or Google Play.
2. Sign up: follow the simple prompts to open a personal account in minutes. You'll need to verify your identity with a few straightforward steps.
3. Add money: link your existing UK account and add money to your Revolut account.
4. Convert instantly: tap Exchange in-app and select the currencies you want to swap (e.g. GBP to EUR). You'll see the rate and applicable fees clearly displayed before you confirm. The money is available in your new currency balance immediately.
5. Order your card: order your physical Revolut card (delivery fees may apply) or use a virtual card to start spending and withdrawing cash abroad at competitive rates.

Exchange up to 36 currencies with the Revolut exchange rate. Fair usage limits and weekend fees may apply, depending on your plan.