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Saintsman
19th May 2006, 13:42
I'm off on holiday soon so where is the best place to change my money (Mainly £ into €)?

I know I'm not going to save huge amounts but maybe enought for a bottle of booze on the way home.

Farmer 1
19th May 2006, 13:47
I get mine at the bank - euros, that is.

840
19th May 2006, 14:39
It can depend where you're going to and who your bank is.

For instance, if you're an RBS or Nat West customer going to the Republic of Ireland, you should be able to take your cash out of an Ulster Bank ATM without any commission.

If you're bank doesn't have any arrangements, withdrawing from your account at your bank is likely to be the cheapest option.

Clarence Oveur
19th May 2006, 14:59
If you have a card with Maestro written on it, there is no commission when withdrawing from ATMs.

Pax Vobiscum
19th May 2006, 15:27
there is no commission when withdrawing from ATMs
At the risk of teaching granny to suck eggs, it isn't just the commission - lots of currency exchangers advertise 'no commision' but provide a lousy exchange rate. My credit card has moved from providing a very competitive exchange rate to a pretty poor one, so I'd also be grateful for any advice on how to get the best rates. It's (almost) enough to make you want to join the Euro zone :eek:

Rollingthunder
19th May 2006, 17:29
I use my Credit Union card in ATMs. No service charge and good exchange rate.

slim_slag
19th May 2006, 17:55
The best way to reduce the bank's take is to use credit cards, you might get it down to 3% that way. If you withdraw using an ATM and pay cash you might pay the bank 6% (depending on how much you withdraw). Travelex give a sort of decent rate of exchange on cash ordered over the internet, but you have to pay by plastic, and so you get hit with a credit card fee so the savings disappear. Nationwide used to be the best of a bad bunch, but not looked at it recently.

You can tell the bank's take after the event by putting your transaction details into http://www.xe.com/ccc/. That compares what you got to the interbank rate on the day, and it's quite sickening to see what the bank takes.

I noticed today that if you book a US hotel on a UK website, and pay in GBP using a UK credit card you will get a pretty good rate, close to interbank.

You should never take up the merchant's offer to have the foreign charge made in your home currency, that's a good way to get ripped off. Best way is to have USD, GBP and EUR accounts, but you can see your money disappear when currencies take a dump like the USD just has.

Llademos
20th May 2006, 15:02
Nationwide do not charge interest or charges abroad, and give a better rate than most beureax de change. A lot of people I know have an account just for overseas travel.

Ll

SLF3
25th May 2006, 11:53
As the guy above says, use Nationwide. Most of the heavy business travellers in my comapny do. I have a Nationwide current account, and use a debit card for cash withdrawals. No commission, interbank exchange rate from just about any ATM. Also have a Nationwide credit card which I only use abroad - again, interbank exchange rate. Don't use a credit card for cash advances - you get hit for interest charges.

Most credit and debit card providers take 2.75% on every transaction via exchange rates: some hit you for commission as well.

There internet savings account is pretty good as well.

They are one of the few remaining mutuals, and long may they remain so.

Most credit and debit card providers take 2.75% on every transaction via exchange rates: some hit you for commission as well.

Bangkokeasy
26th May 2006, 02:19
There is a simple answer to this. When travelling, take out cash from local ATM machines using either your own UK ATM card (if it has a cirrus, maestro, plus, or similar symbol on the back). Use your UK credit cards as a backup option (because they will be slightly more expensive). For other purchases, use your UK credit cards. Small charges apply, but they are nothing compared with forex companies, including the major banks.

NEVER EVER use any UK forex companies, or banks for that matter. The spread of buying vs selling rates in the UK is one of the worst in the world. Any discussion of one institution over another is "rearranging the deckchairs on the titanic".

I usually take a small amount of UK sterling cash with me, which can be exchanged locally in emergencies.

You typical savings from doing this are considerable. The way to look at this is to check the percentage spread (difference between buying and selling for the same currency on the exchange board in a forex dealer's office), then add the percentage difference between their exchange rate for a given currency and the bank selling rate (NOT the rate they show in branches, but the rate they show on websites for substantial transactions). This will show the total amount they are scamming off you. It is possible to save 10 - 15% by doing this. Given typical spending on a holiday abroad, I would guess several bottles at duty free!

SLF3
26th May 2006, 08:51
Sorry, your wrong.

If you use UK debit cards (Cirrus, Maestro, Switch) etc in a foreign ATM you will generally not get the interbank rate and may pay commission charges. If you use credit cards you will normally lose 2.25 - 2.75% in exchange rate and commission charges. If you use UK bureaux de change you will lose your shirt.

Because my foreign expenses were quite high (£2 - 3,000 per month) I researched this quite carefully.

If you use a Nationwide debit card for cash and credit card for other payments you will get interbank exchange rates on both and will only pay commission if the foreign bank levies a charge. So far as I can tell, they are the only card provider in the UK who do this.

In the last two years I have done this in Holland, Sweden, Switzerland, Hngary, Germany, France, Denmark, Italy, United States, Egypt and Nigeria and have only paid commission ($1.50 to the foreign bank) in the US. Whenever I have checked, the billed cost of each transactions was within pennies of Financial Times interbank exchange cross rates.

Bangkokeasy
29th May 2006, 04:10
Good to see someone has done their homework!

Yes, it looks like Nationwide are the cheapest option, from what you say. But what about the other bank issued cash cards? I refer to ATM (cashpoint) cards, rather than "debit" cards, such as AMEX.

The message remains, however, avoid all UK bureaux de change like the plague!