Foreign currency

Donedoingdebt

Hello all, 1st time on this board.
Am I better off changing my sterling to Euros over here at the current rate of around 1.22, or would I receive a better rate abroad?
We're off to Majorca on 8th July & would be looking to exchange around £1000.
Thanks in advance.

richardw

Take a bit with you and just stick your card in a cash machine in Mallorca.

ince_mon

I've always found that you get more Euros for your £ abroad.

NikkiP_2

you need to watch what you are doing.
we took some with us at 1.22.
when we got there ( La Manga, Spain) we used the cash machines and got a rate of 1.25 so better rate but now just home and have been charged 5.50 for Euros 200.
Some banks give free withdrawals so watch what you are doing. Just because you get a better rate doesnt mean it costs you less.
Fab holiday though !

Crabman

Hi Donedoingdebt - do you have a Nationwide Debit card? That's the only one you won't be charged for using at an ATM. Not sure whether you'll have time to apply for one by the 8th July, but check out the following links for info on spending overseas:

Overseas Spending | Travel Money Maximiser | Current VISA exchange rate (using Nationwide Debit Card)

ynot2005

i dont think it will make much difference donedoingdebt, it may seem a better rate when you get there, but it could have gone up over here too on the same day, there are quite big daily fluctuations at the moment and if anything the rate is on the up, compared to its low a few weeks ago.

if it was me, and majorca where there will be a lot of competition for your money, i would wait till i got there, just out of curiosity more than any gain

Donedoingdebt

Thanks all.
Crabman, no I don't have a Nationwide debit card & as you say, it's probably too late to apply for one now.
However, I do have an Abbey visa debit card & as they're owned by Santander, I may give them a ring to see if this gives me any offers.

Donedoingdebt

To any that are off to Majorca soon, the rate was exactly the same at the resort (Cala Bona) as it was when we left the UK - 1.22 E to the pound.
Temperature exchange a lot higher though!

ancasta_2

ooooh glad cala bona got a mention as im going there soon.

Im just dubious about relying only on a bank card as knowing my luck ill get there and every cashpoint in C.B will be out of order lol

Donedoingdebt

There's at least 3 ATMs in Cala Bona itself & probably many more in Cala Millor which is just 10 minutes walk along the prom. Enjoy.