Travel Money - Spain

monday_blues · 25 June 2008 at 1:59PM

Hi there this is the first time I have posted, but wanted to take advantage of all the money savvy out there.

Going on holiday to Benidorm in a few weeks but with money being tight want to make sure getting the most from the euro, and dont want to waste a lot of money.

For £1,000 I dont know whether to take all Euros,
or £x euros + remainder in travellers cheques
or £x euros + take my debit card (if so which is the best bank to use to avoid charges etc).
or £x euros + take my credit card

looking at a couple of websites it appears that the exchange rate is around 1.21 or 1.22 is this right? where is the best place to shop for travel money?

I would appreciate your help.

benjus · 25 June 2008 at 2:19PM

This really belongs in the Travel branch.

Basically the best way is to forget about Travellers' Cheques, take no cash with you (or about €100 just in case you can't find an ATM), and take a Nationwide Flexaccount debit card for free cash withdrawals. Optionally you could also take a Abbey Zero/Nationwide/Post Office credit card for purchases (but not cash withdrawals). Paying by credit card where possible is the safest way to pay.

If you can't get a Nationwide debit card, withdrawing money using a typical UK debit card is probably cheaper than changing the money before you go, especially if you withdraw large amounts at a time. It depends on the specific card though.

You should read this article about using cards overseas:
http://www.moneysavingexpert.com/cards/cheaper-spending-overseas

... and use this to find the cheapest way to get money before you go:
http://travelmoney.moneysavingexpert.com/

dannodw · 25 June 2008 at 2:30PM

I am no expert however am going to Portugal in around 10 hours, so I have also been through this experience.

Firstly the euro rate is unpredictable; all the experts around here will confirm that.

I will direct you to the Euro currency thread in the travel forum:

http://forums.moneysavingexpert.com/showthread.html?t=789011

This provides information on the euro, however there is also a thread specifically for the best currency rates available for you:

http://forums.moneysavingexpert.com/showthread.html?t=487069

The travel money maximiser direct link is below:

http://travelmoney.moneysavingexpert.com/.

I used this service and got a rate of 1.23 a few weeks ago. From what I can gather 1.22 is the average rate at the moment, however this changes daily.

There are several different options to you, I am sure recommendations from others will follow.

A Nationwide bank account (FlexAccount) provides a debit card which incurs no charges whilst used abroad.

http://www.nationwide.co.uk/current_account/account_benefits.htm.

In my personal opinion travellers cheques are a thing of the past, there are some many better options available to you.

I hope this helps, I have not really given any specific advice but like I said I am sure many will have better advice to offer, and I hope you enjoy your holiday when I comes around.

Thanks,

Dan.

tiago_2 · 28 June 2008 at 8:48PM

I too am going to Portugal and intend to rent a place out there for12 months. I have a bank account out there, but their charges and customer service are not acceptable, so I will open another account (probably Barclays out there) Now here's where I need guidance.
1:- whats the best way to transferr £10,000
2:- should I start with a smaller amount and feed the account on the drip as and when required.
3:- This forum members speak highly of the Nationwide debit (or is it credit) card, is it suitable for the dripped transfers.
4:- I need a small lump of dosh on arrival to buy a cheapie car (£1000) monthly rent and living expenses (£600/mnth) and small ad-hoc atm withdrawals.

Over to you, how do I do it.. I have enough funds here in the uk, I need some over there.
Tiago
I would have started this querie as a new thread, but can't find how to do it! Hopefully someone knowledgeable will pick this up and reply. Thanks.

Biggles · 29 June 2008 at 7:27AM

Lisa_Allaway wrote: »

If I was heading abroad I would get TextUma I have used it many times what a great service and no silly charges, A must have for travellers with all the stupid roaming charges at last a real service and not a rip ff, have a great trip

Spam, plus irrelevent to the topic! Reported.

Horace · 29 June 2008 at 2:43PM

One thing to be wary off in Spain is that the ATMs usually charge you for taking money out but this is only a nominal amount.

Amex cards are not usually used so if you do take a credit card then a Visa card is probably best.

When I go to Spain, I normally change £200 into Euros and take that and then if I want any more then I will use an ATM.

benjus · 29 June 2008 at 5:34PM

Horace wrote: »

One thing to be wary off in Spain is that the ATMs usually charge you for taking money out but this is only a nominal amount.

I've used many ATMs from many different Spanish banks with my Nationwide card and never been charged. There may be "convenience" ATMs in Spain that charge for withdrawals but if you stick to the ATMs outside bank branches you should be OK.

HOPEFUL-HEATHER · 24 July 2008 at 7:07PM

Im quite embarrassed to admit this but hey its not as though anyone knows me.
In a just over a week Im off to spain for 2 weeks. My holiday is all inclusive but I still want to take approx £300 to spend on bits and bobs.

I had a look in Martins Money Maximiser which is great as it obviously saves me tons of time hunting round.

Heres the embarrassing bit:-

I cant make head nor tail of it! (The shame of it).
I had a look at the company at the top of the table which was Thomas Exchange Global.
Am I right in thinking that postage is £5 but what are the other charges?
How do I actually receive my money from them?
What do I do if I bring some Euros (hopefully) back home and want to change them back to sterling?

I know you're gonna explain and I'll probably think "how thick am I it was so obvious".

Please help me anyone. x x x xx x x

benjus · 24 July 2008 at 10:32PM

HOPEFUL-HEATHER wrote: »

Im quite embarrassed to admit this but hey its not as though anyone knows me.
In a just over a week Im off to spain for 2 weeks. My holiday is all inclusive but I still want to take approx £300 to spend on bits and bobs.

I had a look in Martins Money Maximiser which is great as it obviously saves me tons of time hunting round.

Heres the embarrassing bit:-

I cant make head nor tail of it! (The shame of it).
I had a look at the company at the top of the table which was Thomas Exchange Global.
Am I right in thinking that postage is £5 but what are the other charges?
How do I actually receive my money from them?
What do I do if I bring some Euros (hopefully) back home and want to change them back to sterling?

I know you're gonna explain and I'll probably think "how thick am I it was so obvious".

Please help me anyone. x x x xx x x

Postage is £5 - this will cover insured delivery of the Euro cash to your door.

There are no other charges... the bureau de change makes their profit on the "spread" - the difference between the rate at which they buy Euros and the rate at which they sell them.

If there is a TravelEx branch at the airport you leave from, you can order the money online for pickup at the airport, and apparently you can get TravelEx to match the rate offered by Thomas Exchange Global - so you might be able to save the £5 postage.

If you have surplus Euros when you get home, you have 3 options:
1. Keep them for your next trip
2. Sell them to a friend or family member who is going abroad
3. Exchange them back to sterling. The problem here is that "buy rates" are typically very bad on the high street. Thomas Exchange Global offers a good buy rate, but you probably have to go to one of its branches in person to get it.

You could also consider taking a debit card and just withdrawing what you need.

ManAtHome · 24 July 2008 at 11:11PM

Nationwide flex is the best, but changing quids in resort is probably next best. Be wary of any places offering substantially more than anyone else - will have small print something like "this rate applies for transactions over £2,000"...

Last time I was in Benidorm, the fag-shops had started doing reasonable exchange rates for cash (often had good rates if you were buying). Would guess current "no traps" rates would be around 1.23..?

Travel Money - Spain

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