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    • cnoc
    • By cnoc 14th Jul 17, 10:19 AM
    • 2 Posts
    • 1 Thanks
    cnoc
    Best way to get Egyptian holiday money
    Hi,

    First post - apologies for any newby errors!

    We went to Egypt (Hurghada) last year and got a far better rate out there than we could get here for Egyptian pounds (we got about 10 to 1 in Scotland and 14 to 1 in Egypt). A couple of weeks after we returned the Egyptian government announced it was no longer "pegging the Egyptian pound to the US $". This hugely devalued the Egyptian currency. I was just wondering of this means I'd be better to change my money here before we go back in October, or if I should take Sterling and change it out there for a better rate again?

    Thanks in advance for any help!
    • eDicky
    • By eDicky 14th Jul 17, 12:25 PM
    • 2,922 Posts
    • 1,282 Thanks
    eDicky
    We went to Egypt (Hurghada) last year and got a far better rate out there than we could get here for Egyptian pounds (we got about 10 to 1 in Scotland and 14 to 1 in Egypt). A couple of weeks after we returned the Egyptian government announced it was no longer "pegging the Egyptian pound to the US $". This hugely devalued the Egyptian currency. I was just wondering of this means I'd be better to change my money here before we go back in October, or if I should take Sterling and change it out there for a better rate again?
    Originally posted by cnoc
    A change in value of the Egyptian (or any) currency applies wherever it is being traded, so it will still be better to exchange cash in Egypt. But it's not the best way - that would be to use a fee free card such as Monzo or Starling Bank for purchases or ATM withdrawals, the rates will always be better than exchanging cash anywhere (on same-day comparison).
    Evolution, not revolution
    • cnoc
    • By cnoc 15th Jul 17, 9:00 AM
    • 2 Posts
    • 1 Thanks
    cnoc
    A change in value of the Egyptian (or any) currency applies wherever it is being traded, so it will still be better to exchange cash in Egypt. But it's not the best way - that would be to use a fee free card such as Monzo or Starling Bank for purchases or ATM withdrawals, the rates will always be better than exchanging cash anywhere (on same-day comparison).
    Originally posted by eDicky
    Aye, that's not really what I was meaning. The last time we were there we were getting bettter rates out there as people out there valued pounds more than the actual exchange rate, so when you used them in shops they were giving you up to 40% over the official rate. I think this was due to the government pegging the Egyptian pound to the US$ which gave it an artificially high value. Even the best credit cards could't give a rate close to the one we were getting out there. My question was whether that'll still be the case now that the E£ is no longer pegged tot the US$? I guess you'd have to have been in the last wee while to know.
    • eDicky
    • By eDicky 15th Jul 17, 10:22 AM
    • 2,922 Posts
    • 1,282 Thanks
    eDicky
    Aye, that's not really what I was meaning. The last time we were there we were getting bettter rates out there as people out there valued pounds more than the actual exchange rate, so when you used them in shops they were giving you up to 40% over the official rate. I think this was due to the government pegging the Egyptian pound to the US$ which gave it an artificially high value. Even the best credit cards could't give a rate close to the one we were getting out there. My question was whether that'll still be the case now that the E£ is no longer pegged tot the US$? I guess you'd have to have been in the last wee while to know.
    Originally posted by cnoc
    Now I understand, thanks for clarifying. I can only guess that the extra high rates you were getting for cash pounds are unlikely now that the Egyptian currency is unpegged, but it's still probably better to exchange cash over there than in Scotland. Others may know more.
    Last edited by eDicky; 15-07-2017 at 10:25 AM.
    • LelBop
    • By LelBop 19th Jul 17, 10:25 PM
    • 2 Posts
    • 0 Thanks
    LelBop
    Travel FX
    Hi there,


    I too have just ordered Bulgarian Lev from Travel FX. However, my TSB bank didn't recognise the sort code etc under company payment. Travel FX state you can't cancel once you have submitted your order but they don't have any of my banking details. Can you tell me how you got on in May please?
    • LelBop
    • By LelBop 19th Jul 17, 10:32 PM
    • 2 Posts
    • 0 Thanks
    LelBop
    Hi, has anyone ordered currency from Travel FX? We ordered some today and were told to pay in at Lloyds TSB quoting a ref number. Hoping our money should be delivered on friday, it just seems a bit dodgy to pay for it before seeing the currency and the lady at the bank had never come across it before despite Lloyds being the named bank on TravelFx website. Maybe I'm worrying for nothing but would like some positive reviews...which i can't seem to find! thanks
    Originally posted by dippydooda

    I'm worried too we ordered Bulgarian Lev with Travel FX but TSB bank doesn't recognise it as a company to pay. I'm very reluctant to pay a "person". Did you get anywhere in May??
    • erb
    • By erb 20th Jul 17, 10:42 AM
    • 526 Posts
    • 82 Thanks
    erb
    Travel FX
    I used Travel FX in May with no problems. I paid via bank transfer using the bank details they provided and paying a person. The sort code was 23-05-80.
    Regards
    erb
    • Abo123
    • By Abo123 21st Jul 17, 6:17 PM
    • 1 Posts
    • 0 Thanks
    Abo123
    Hi, first time poster. My Son will be working in Spain for 12 months. He will be paid in the UK. He will open a Spanish bank account, whilst out there. Few questions. Sending money to his Spanish account seems to be expensive, any ideas? Is there a good credit card or prepaid card he should use whilst out there? Currently with Lloyd's in UK. Thanks. Paul.
    Last edited by Abo123; 21-07-2017 at 6:25 PM. Reason: Error
    • zagfles
    • By zagfles 21st Jul 17, 7:09 PM
    • 12,480 Posts
    • 10,470 Thanks
    zagfles
    Hi, first time poster. My Son will be working in Spain for 12 months. He will be paid in the UK. He will open a Spanish bank account, whilst out there. Few questions. Sending money to his Spanish account seems to be expensive, any ideas? Is there a good credit card or prepaid card he should use whilst out there? Currently with Lloyd's in UK. Thanks. Paul.
    Originally posted by Abo123
    If he's going to be paid in the UK presumably in GBP, does he need a Spanish bank account?

    Maybe he does if he needs to write cheques or do bank transfers eg to pay rent, but if he can pay for everything by cash or card then he could just open a Metrobank account and use that for cash withdrawals and debit card spending. Maybe get a Halifax Clarity credit card as well.
    • NicLHWat
    • By NicLHWat 30th Aug 17, 11:13 AM
    • 1 Posts
    • 0 Thanks
    NicLHWat
    Help with what to do with spare euros!
    Can I get some advice please? I have spare euros left over from summer holiday and I'm not sure when I'll be going back to Europe. Possibly next summer, but possible not! I am, however, going to America in September. Would it be better for me to try to exchange the euros now to dollars or wait until I'm out there? I really can't afford to have spare euros just waiting around in case I go away again!
    • ColinB
    • By ColinB 18th Sep 17, 4:05 PM
    • 39 Posts
    • 17 Thanks
    ColinB
    Debenhams Travel Money ... AVOID !
    Just thought I'd share my experience of using Debenhams.

    Wanted to buy some Czech Korunas and the MSE tool suggested Debenhams was one of the best rates around. Then I found you can't order online or by phone, you have to visit. Luckily there's a branch fairly close so that wasn't too irksome, and I duly ordered and paid for my currency. Then, on the day before I was due to collect it, they called, said they'd made a mistake, and they didn't have my money. Gloom and depression. I tried phoning round a few other providers to discover that they all needed 3 days notice and I was too late. Even more gloom. Then Debenhams phoned back to say they'd found some money after all, the story was that they had received another customer's order early and I could have that, they'd re-order for him. Hooray !

    Fast forward a week, we're back from our trip, and I'm in a branch of Eurochange (just around the corner from Debenhams) selling back some unused Korunas. By coincidence, the next customer wanted to buy some Korunas urgently (unfortunately I'd already sold mine). It transpired that his story was exactly the same as mine ... he'd ordered from Debenhams in plenty of time and they'd let him down just before he was intending to travel. In his case though they hadn't found any down the back of the sofa and he had been left in the lurch.

    Once could have been a genuine mistake, twice starts to look like incompetence.

    Of course, he could have been the customer whose currency they'd given me, but if so they had time to re-order.

    So I won't be using Debenhams again, no matter how attractive the rate.
    • Neil49
    • By Neil49 19th Sep 17, 2:14 PM
    • 1,211 Posts
    • 594 Thanks
    Neil49
    Access over 2 million hotel and flight deals from huge travel sites. Over 220 countries, 24 languages and 120 currencies. getaroomhq.com
    Originally posted by george120
    YET MORE SPAM

    • p00hsticks
    • By p00hsticks 19th Sep 17, 2:44 PM
    • 5,712 Posts
    • 5,322 Thanks
    p00hsticks
    YET MORE SPAM

    Originally posted by Neil49
    Don't quote it then! It just means we have to get your post removed as well as the original
    • Doshwaster
    • By Doshwaster 20th Sep 17, 4:20 PM
    • 4,754 Posts
    • 3,878 Thanks
    Doshwaster
    Can I get some advice please? I have spare euros left over from summer holiday and I'm not sure when I'll be going back to Europe. Possibly next summer, but possible not! I am, however, going to America in September. Would it be better for me to try to exchange the euros now to dollars or wait until I'm out there? I really can't afford to have spare euros just waiting around in case I go away again!
    Originally posted by NicLHWat
    The problem with changing money in the US is that apart from at airports (where you will get a terrible rate), there are many currency exchanges around.

    A better way would be to see if any friends or colleagues are going to Euroland soon and offer to them your Euros at a mutually beneficial rate.
    • ShaunRUK
    • By ShaunRUK 24th Sep 17, 12:12 PM
    • 1 Posts
    • 0 Thanks
    ShaunRUK
    budget effect on exchange rate
    Hi everyone, I'm posting in the hope that someone could possibly help me or perhaps offer me some advice please. I'm going away to America in late November and I saw in the news recently that the autumn budget will happen on the 22nd November and I was wondering if this would have an effect ( better or worse ) on the exchange rate as if it will I will think about getting my dollars before the budget is announced ????

    Many thanks for any and all help / advice in advance, Kindest regards ShaunRUK
    • WAYT
    • By WAYT 24th Sep 17, 2:45 PM
    • 711 Posts
    • 315 Thanks
    WAYT
    Hi everyone, I'm posting in the hope that someone could possibly help me or perhaps offer me some advice please. I'm going away to America in late November and I saw in the news recently that the autumn budget will happen on the 22nd November and I was wondering if this would have an effect ( better or worse ) on the exchange rate as if it will I will think about getting my dollars before the budget is announced ????

    Many thanks for any and all help / advice in advance, Kindest regards ShaunRUK
    Originally posted by ShaunRUK
    https://www.revolut.com

    Stock it up with Pounds and change them to US$ and back to Pounds in seconds, at the full 'interbank' exchange rate, with a few taps. Though don't do the exchange at weekends.
    • kevin72
    • By kevin72 26th Sep 17, 10:40 AM
    • 2 Posts
    • 0 Thanks
    kevin72
    Hi, i used a travelex prepaid card this summer- all OK until I tried to get the money left on the card back- travelex want £6.50 to pay you back your own money!. Be careful with this. I argued the toss and threatened to make an official compliant and they agreed to void the charge after i asked to speak to someone with the authority to do this. I was not made aware of this charge. Be careful and check any charges if you may want to cash out
    • eDicky
    • By eDicky 26th Sep 17, 11:45 AM
    • 2,922 Posts
    • 1,282 Thanks
    eDicky
    Hi, i used a travelex prepaid card this summer- all OK until I tried to get the money left on the card back- travelex want £6.50 to pay you back your own money!. Be careful with this. I argued the toss and threatened to make an official compliant and they agreed to void the charge after i asked to speak to someone with the authority to do this. I was not made aware of this charge. Be careful and check any charges if you may want to cash out
    Originally posted by kevin72
    Be careful to avoid such a card, along with those from travel agents, supermarkets and the Post Office, when fee-free cards such as Monzo, Loot, Revolut and Starling Bank give you the MasterCard or interbank rate.

    The 'cash out' fee for the Travelex Money Card is clearly given as £6. Their rate for euros on the card today is 1.1088 when the mid market rate is 1.14 ...!!!
    • Anthorn
    • By Anthorn 26th Sep 17, 10:01 PM
    • 3,173 Posts
    • 817 Thanks
    Anthorn
    Hi everyone, I'm posting in the hope that someone could possibly help me or perhaps offer me some advice please. I'm going away to America in late November and I saw in the news recently that the autumn budget will happen on the 22nd November and I was wondering if this would have an effect ( better or worse ) on the exchange rate as if it will I will think about getting my dollars before the budget is announced ????

    Many thanks for any and all help / advice in advance, Kindest regards ShaunRUK
    Originally posted by ShaunRUK
    It's a gamble. When you buy your currency by whatever method you choose you don't know at that time that if you bought a few days later you might have got more due to a better exchange rate. But that "more" is likely to be very little unless a currency crashes. As I have tried to point out albeit unsuccessfully in several posts, if you are for example taking over an international company at a cost of millions or even billions the difference matters but for holiday money it doesn't really matter at all.
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