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    • zarjaz
    • By zarjaz 27th Jun 07, 6:02 AM
    • 73 Posts
    • 17 Thanks
    zarjaz
    • #2
    • 27th Jun 07, 6:02 AM
    Online Money
    • #2
    • 27th Jun 07, 6:02 AM
    The travel money checker is a great idea! Thanks.

    One question I have, though, is whether I will get charged a "cash advance" fee by my bank for buying online? I intend to use my Abbey current account (VISA Delta) card, but not sure if the transaction goes through as a debit card transaction (no charge) or a VISA credit card cash advance (chargeable!). Anyone know?

    My other question is whether, rather than get foreign currency in advance, I'd get a better rate using my card to withdraw cash at my destination - I use a Nationwide current account for withdrawing cash when away (no charges!), but never sure if their rate is better than the rate from the likes of Travelex, etc.


    Gary
    Last edited by zarjaz; 27-06-2007 at 6:05 AM.
  • siestapete
    • #3
    • 27th Jun 07, 9:59 AM
    Holiday Currency Money Saver
    • #3
    • 27th Jun 07, 9:59 AM
    What a brilliant online service - As a frequent traveller to Spain it's always difficult to know where to get the best exchange rates but this solves that problem. I will certainly recommend it to my friends using our Spanish holiday home and others I help with buying Spanish property, who also need frequent currency in Euros. Obviously the Travel Money Maximiser doesn't deal with the larger exchanges needed for buying property abroad, but it's great for those little inspection trips & holidays abroad. Thanks!
    Last edited by MSE Archna; 27-06-2007 at 11:59 AM.
  • richardbeatson
    • #4
    • 27th Jun 07, 12:44 PM
    but what about changing money back to GBP?
    • #4
    • 27th Jun 07, 12:44 PM
    Are rates available for changing money back to GBP on return?
  • Estimator1
    • #5
    • 27th Jun 07, 1:05 PM
    Banks charge from current accounts for foreign exchange transactions in the UK
    • #5
    • 27th Jun 07, 1:05 PM
    2 weeks before this link was shown, I trawled through all the various websites to get the best US Dollar rate (it was with Saga at the time) - however this good rate was effectively lost, when my bank (Lloyds TSB) charged me 4.50 for the priviledge of spending my own money (It came straight out of my current account, as I paid on my debit card). I intend to take this matter up with them!
  • davescouse
    • #6
    • 27th Jun 07, 2:52 PM
    Money Maximiser
    • #6
    • 27th Jun 07, 2:52 PM
    Another website worth trying is crowncurrencyexchange.com, i have used them on numerous occasions & the rates are very good and so is the delivery. If you have booked to go away on holiday well in advance, the rate are even better.
    • Vistrix
    • By Vistrix 27th Jun 07, 3:46 PM
    • 13 Posts
    • 4 Thanks
    Vistrix
    • #7
    • 27th Jun 07, 3:46 PM
    • #7
    • 27th Jun 07, 3:46 PM
    Incredible. Im going to Iceland in December (so expensive...) so I did a quick search for £1000 of spending money and it seems M&S do a much better deal.

    I would have an extra £33 worth of Icelandic Krona from M&S compared to the post office!

    Will definitely use this tool when I exchange my currency.

    Thanks.
    Last edited by Vistrix; 27-06-2007 at 3:48 PM.
  • catokelly
    • #8
    • 27th Jun 07, 4:29 PM
    • #8
    • 27th Jun 07, 4:29 PM
    Abbey charge 1.5% for currency puchases on a Visa Debit card, they claim it is Visa who make this charge. Lloyds and Barclays also charge, but only a maximum of 4.50. Nationwide and Halifax do not charge for currency when you use their Visa Debit cards. If you pay by Switch or Maestro or by BACS there is also not charge.

    Nationwide do not charge for cash withdrawals abroad, however the hosting bank abroad may make a charge so beware!
    • btr30
    • By btr30 27th Jun 07, 4:50 PM
    • 40 Posts
    • 20 Thanks
    btr30
    • #9
    • 27th Jun 07, 4:50 PM
    • #9
    • 27th Jun 07, 4:50 PM
    Also worth checking www.no1currency.com. I got a better rate (1.936 USD/, no commission) than travelex on line (1.9253 USD/), and a convenient high street collection (cash generators) as opposed to an airport pick up.
    • MarkyMarkD
    • By MarkyMarkD 27th Jun 07, 8:10 PM
    • 9,798 Posts
    • 4,216 Thanks
    MarkyMarkD
    The point already made about debit/credit card charges makes the tool very severely flawed.

    Travelex, for example, are one of the best value providers. But unless you pay by Switch card, you are going to get charged a Visa/Mastercard cash advance fee - even if you are using a Visa Debit card.

    You can't pay Travelex by any means other than a card, if you order online - you can't use cash over the counter.

    The tool needs to be updated to include a "how will you pay for your currency" option, as this severely affects what price you actually pay for your money.
  • slowen
    Great search tool

    I was out shopping today and ended up getting my USA Dollars from a shop called the "cheque centre" and got a rate of 1.947 to the which was the best rate that any shops had. I changed over 300 and got $585
  • SPJ
    EURO exchange
    Might be worth checking out elsewhere but my local Going Places travel agents (which is an agent for Travelex) was last week giving 1.45 to the pound with no commission, which was better than anything showing on the Search Tool!
    I also got a CashPassport from them, again no setup charges, no commision but still the usual charges on withdrawal
    • bzd
    • By bzd 2nd Jul 07, 4:08 PM
    • 110 Posts
    • 79 Thanks
    bzd
    &more Credit Card and M&S Bureaux de change
    Hi,

    I was wanting to change a modest sum of about 200 into Euro, since the rest of the family holiday money I put in a Nationwide account and use the card in ATMs abroad, so used the Money Exchange Checker -- Great! Thanks Martin!

    Anyway, wanting to pick up the cash in person and flying out from Prestwick, strangely enough Marks and Sparks came out top, which I could get to fairly easily. Wanting to double check the exchange rate I looked at their website and was surprised to see it saying you could buy foreign currency with a M&S &more credit card and suffer no cash advance fee if you pay back in full at the next statement (which I do by D/D anyway).

    I double checked this with the person at the M&S Bureau and they confirmed that I would only be charged the same amount as if I had paid cash. This is only when using an M&S Credit (or charge) card at an M&S Bureau. Already having an &more card this seemed like a good deal -- hassle free and I don't even have to pay for it until next month!! In the meantime I gain the interest on the cash I would normally have paid (probably less than a quid in this case though).

    Ben
    • Browntrout
    • By Browntrout 4th Jul 07, 11:30 AM
    • 291 Posts
    • 111 Thanks
    Browntrout
    Looking at the DIBB website I found a reference to Crown Currency.

    It does not get a mention on the tool?

    http://www.comparetravelmoney.co.uk/index.asp?sort=USD&#compare
    If it takes a man a week to walk to walk a fortnight how long does it take a fly with tackity boots on to walk through a barrel of treacle?
    • jago25_98
    • By jago25_98 4th Jul 07, 2:53 PM
    • 613 Posts
    • 129 Thanks
    jago25_98
    If you pay by Switch or Maestro or by BACS there is also not charge.
    Nationwide do not charge for cash withdrawals abroad, however the hosting bank abroad may make a charge so beware!
    Originally posted by catokelly
    Share your experiences with foreign withdrawals worldwide.

    How do people buying houses abroad generally transfer money - BACs? If so how is that rate governed?

    An simpler way to compare is to just see how much you spend and how much you get.

    I will be applying for a Nationwide account purely for foreign spending when I get back. I think I better close an account when I get back though as that would mean 3 current accounts otherwise; bit of a liability!

    M&S CreditCard & M&S Bureau combo should be highlighted. I still perfer to take a little foreign cash before leaving.
  • Former MSE Dan
    The point already made about debit/credit card charges makes the tool very severely flawed.

    Travelex, for example, are one of the best value providers. But unless you pay by Switch card, you are going to get charged a Visa/Mastercard cash advance fee - even if you are using a Visa Debit card.

    You can't pay Travelex by any means other than a card, if you order online - you can't use cash over the counter.

    The tool needs to be updated to include a "how will you pay for your currency" option, as this severely affects what price you actually pay for your money.
    The Maximiser has just been updated with a warning section about using certian debit cards abroad

    http://travelmoney.moneysavingexpert.com/#charges

    This fully lists all debit cards which will charge you if you spend abroad. Any comments and feedback on this would be great

    Cheers

    Dan
    • Millennium
    • By Millennium 4th Jul 07, 7:23 PM
    • 60 Posts
    • 31 Thanks
    Millennium
    Currency Brokers
    I recently bought a place in northern France and used a Currency Broker to transfer the funds.

    What I didn't realise was that you can transfer relatively small amounts (say 500) and get far better exchange rates than the 'High Street' or on-line providers offer.

    I used www.sterlingexchange.co.uk and they are very helpful. They didn't charge me for the transfer to France and the money arrived the same day.

    I have used 'spot rates' whereby you get an instant fixed price and also used 'forward buying' where you agree that if a certain rate is reached in the future exchange automatically takes place.

    The High Street bureaux usually set their rate once per day, and to allow for any fluctuations during the day they give a worse rate to cover any downward movements. Currency Brokers see the current rates and will give a rate based on that.

    It is easy to open a non-residents account in France, even without a property. You get your statements sent to your UK address (within 4 days from France), a cheque book and a debit card. (I'm with Credit Agricole and it's a Mastercard). You can use the card anywhere in the Eurozone to make payments or withdraw Euros. Charges for drawing cash in other Eurozone countries cannot be charged at more than drawing cash from other banks in France that are not your own bank.

    French banking is not free. I pay about EUR 2.00 a month for internet banking. It is illegal to 'bounce' a cheque in France, which means that cheques are widely accepted there - and there's no cheque guarantee card. ID is required though.

    I hope this is useful and not too far off topic!
    • caspol
    • By caspol 4th Jul 07, 8:48 PM
    • 77 Posts
    • 16 Thanks
    caspol
    not sure how accurate this is??
    I ran this looking for 250 worth of euro and it came back with a rate of 1.46. through Travelex. However I immediately ran the same figures on the Travelex site and only got a rate of 1.43 which, while not much, is still less. How does this happen? Surely there is no commission being gained by the site steering people to the Travelex site to buy foreign money?!?!
    No reliance should be placed on the above, as i don't believe anything i say either...
    • caspol
    • By caspol 4th Jul 07, 8:49 PM
    • 77 Posts
    • 16 Thanks
    caspol
    not sure how accurate this is??
    I ran this tool looking for the best rate for 250 worth of euro and it came back with a rate of 1.46 through Travelex which I though was good and the money can be collected at the airport. However I immediately ran the same figures on the Travelex site and only got a rate of 1.43 which, while not much, is still less. How does this happen? Surely there is no commission being gained by the site steering people to the Travelex site to buy foreign money?!?!
    No reliance should be placed on the above, as i don't believe anything i say either...
    • Letsgetem
    • By Letsgetem 4th Jul 07, 10:44 PM
    • 4 Posts
    • 10 Thanks
    Letsgetem
    Thanks for this great idea.

    I recently bought my foreign currency from a travel agents. I was a bit crafty and checked the exchange rates first, printed the list, then asked if the travel agents would match it. They said YES!!!!
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