Exchange Rate for Euro's (lump sum)

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  • grumbler
    grumbler Posts: 58,629 Forumite
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    fatboyonadiet wrote:
    No grumbler, what I was trying to find out is that is it cheaper to exchange money in the UK OR to spend on cards abroad
    In this case you should have used 'than' instead of 'then' in the orighinal post. ;)
    The answer is YES. It is always cheaper to use proper debit/credit card for purchases and proper debit/cash card for withdrawls abroad than to buy foreign currency here in UK.
    Proper card = Nationwide card.
    When using other cards it depends...
    For example, Post Office sell today 1.3914 euro for £1. Actual interbank rate (and Visa rate) is about 1.4546. You lose about 4.34% when buying from Post Office. It is more than you usually lose buy using other cards for purchases abroad and about the same what you lose by using other cards to withdraw money.
  • Ally
    Ally Posts: 5,786 Forumite
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    fatboyonadiet - don't worry about opening another current account. When I went to Nationwide, they asked what kind of account I wanted, I said I just wanted a cash card so that I can use it abroad:D They had no problem with this at all, the lady even told me to transfer my money to the online savers account when I was not using it as it earns more interest there than it would in the flexaccount. I did prefer that as I didn't have to bother with transfers from one bank to another and then wait for days for the money to finally arrive too!

    When I used the card abroad I got a very good exchange rate too. Will be going away again on Monday and will do the same, don't want to carry more than 100E with me when I go ... just incase!
    I can say whatever I like here ... 'cos no one can see me .. ner ner ner ner ner !!!....

    How do you know I ain't sitting here butt naked?!?!

    I thunk I've made you think for a minute!
    :j :rotfl: :j
  • pin
    pin Posts: 4,265 Forumite
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    Apart from getting a Nationwide bank account (which IMHO is the best option) and if you live in London have a look at Thomas Exchange Global (they are based near Victoria Station). Their Euro rate today is 1.430. http://www.thomasexchangeglobal.co.uk
    "An eye for an eye leaves the whole world blind" - Mahatma Gandhi
  • fatboyonadiet
    fatboyonadiet Posts: 5,397 Forumite
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    Which bank account do I need? Or can I get any current account with them? Thanks in advance!
    2p off is still 2p off!
  • pin
    pin Posts: 4,265 Forumite
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    fatboyonadiet wrote:
    Which bank account do I need? Or can I get any current account with them? Thanks in advance!

    Nationwide Flex account, which I think is their current account:

    http://www.nationwide.co.uk/banking/current-account/default.htm
    "An eye for an eye leaves the whole world blind" - Mahatma Gandhi
  • petchy
    petchy Posts: 135 Forumite
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    i've got a nationwide flex account, however it is just a basic cash card..... will this be sufficent to get no charges or comission etc..


    cheers
    Cheers Petchy
  • grumbler
    grumbler Posts: 58,629 Forumite
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    petchy wrote:
    i've got a nationwide flex account, however it is just a basic cash card..... will this be sufficent to get no charges or comission etc..
    Well done! :T
    Yes for cash withdrawls there is no difference between Nationwide debit and cash cards. No fees, no charges, the same good rate. Cash card needs cash machine with Mastercard logo.
    However, there is still small probability that local cash machine owner can charge you small fixed amount (as some cash machines do here in UK). Read THIS.
  • thechatking
    thechatking Posts: 71 Forumite
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    I have a Marbles credit card, so thought I'd phone them for details of what they offer abroad. I have been told that transactions incur no charges, so long as I pay off the balance in full by the due date. If I do not, interest is charged at the standard rate. For cash withdrawals, the fee is £2.50 or 1.5%, whichever is greater.

    Therefore, the Marbles card is very good for overseas spending, assuming it uses the Visa/Mastercard wholesale rate and ok for large cash withdrawals, such as the £750 mentioned in Martin's article.

    I have one concern, though. With the 1.5% commission on cash advances, and the possibility of local charges, is it not better to get your cash at home, but buy as much on card as you can? I don't really want to spend my holiday worrying about what charges the banks are hitting me with every time I withdraw some cash.

    Finally, on a slightly different note, Marbles customer services are formed of the most miserable and unhelpful people on the planet.
    What?
  • grumbler
    grumbler Posts: 58,629 Forumite
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    thechatking wrote:
    I have a Marbles credit card, so thought I'd phone them for details of what they offer abroad. I have been told that transactions incur no charges, so long as I pay off the balance in full by the due date. If I do not, interest is charged at the standard rate. For cash withdrawals, the fee is £2.50 or 1.5%, whichever is greater.
    It is better to read T&C:

    Charges
    1.75% handling fee (minimum £2.50) of the amount of each cash advance (includes cash withdrawals and purchases of foreign currency and travellers cheques), 2.75% administration charge on non-sterling transactions
    Therefore, the Marbles card is very good for overseas spending

    As bad as all other credit cards besides Nationwide and Liverpool Victoria
    I have one concern, though. With the 1.5% commission on cash advances, and the possibility of local charges, is it not better to get your cash at home, but buy as much on card as you can? I don't really want to spend my holiday worrying about what charges the banks are hitting me with every time I withdraw some cash.
    Read post #12.
    Local charges (if any) are usually fixed, not % (as we have with some cash machines here in UK). If you withdraw your cash abroad in one transaction (instead of buying it at home) you cannot lose a lot.
  • thechatking
    thechatking Posts: 71 Forumite
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    grumbler wrote:
    It is better to read T&C:

    Charges
    1.75% handling fee (minimum £2.50) of the amount of each cash advance (includes cash withdrawals and purchases of foreign currency and travellers cheques), 2.75% administration charge on non-sterling transactions

    I was unsure of this on the phone, so asked him to confirm that for transactions abroad there are no charges whatsoever, so long as I pay off the full amount before the due date. He said "yes". Now, like you, I tend to believe the T&Cs, so I'm going to phone them again.
    What?
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