Cheap Travel Money Discussion Area

Granada210

Caxton do a Euro, Dollar or Global card

Baldur

MonkeyG0D wrote: »

Does the fairfx put a 1.4% transaction charge on withdrawing money from an atm?

According to the information here:

• A 1.5% charge is made on all usage, ATM or point of sale, using the FairFX Anywhere Card, in the UK, on the internet, or abroad - Anywhere!. There is no additional ATM fee*.

<Edit> The above quote conflicts with the Information page HERE, which, I suspect, is more likely to be correct:

A 1.4% charge is made on international or UK point of sale transactions. International ATM withdrawals also incur a £1 charge. UK ATM withdrawals incur a flat £1.50 charge (no additional 1.4%).

showme_2

Hi,

in relation to travelers cheques - we were told in branch that there was a fixed rate on travelers of 1.56 and no fee's involved? Didn't realise we might get charged at the Ozzie end so we'll have to double check? The rate you quoted with mastercard does look very attractive but it could drop over the 5 weeks. And with the interest payment on the clarity card, it still seems as though travelers might just edge it? What are your thoughts?

I will double check the post office rate/fees tomorrow to be sure the above information is correct, and add to this thread with our findings. Many thanks for your input. Definitely food for thought.

Kind Regards

James


With Travellers cheques you tend to be charged twice (either up-front or in the rate) - once when purchasing them and again when changing them abroad.

Remember that the rate changes daily (at least).

Baldur

showme wrote: »

....in relation to travelers cheques - we were told in branch that there was a fixed rate on travelers of 1.56 and no fee's involved? Didn't realise we might get charged at the Ozzie end so we'll have to double check? The rate you quoted with mastercard does look very attractive but it could drop over the 5 weeks. And with the interest payment on the clarity card, it still seems as though travelers might just edge it? What are your thoughts?

I wouldn't use Travellers Cheques for the reasons already given. As far as what you were told in branch is concerned, unless this was a loss-leading special offer, the Post Office's online rates are almost invariably better than those available in branches - both tend to be pretty dire in comparison with other Bureaux de Change on the occasions that I have checked.

I will double check the post office rate/fees tomorrow to be sure the above information is correct, and add to this thread with our findings. Many thanks for your input. Definitely food for thought.

The Post Office online rate can be found here - https://postoffice.travelmoneyonline.co.uk/%28S%28hmmcg055wo2pvi55lbsvez2e%29%29/Default.aspx?r=GB&f=W4K8CIEL43NC9K3LM9AQ&c=NORMAL

Compare that with the best available by using TravelMoneyMax on the main site - http://travelmoney.moneysavingexpert.com/

the_mum

We go to Portugal in 9 days. What's the best way to take our money. I'm guessing I've left it too late to get a FairFX card or similar?

showme_2

Thanks Baldur,

You were right regarding the travels cheques. I checked with the Post office today and the rate was actual 1.46 Ozzie dollars not 1.56 to the pound.

We have decided to go with the clarity card, and we will order a small amount of dollars from the link you provided.

Thanks again for your advise Baldur.

Kind Regards

Daniel

ezglide1450

For those of us with alliance & Leicester or Santander current accounts with a visa debit card you can withdraw cash (euros) from thier ATM's in Spain/Spanish Islands for free ! I am off to the Canary Islands end of the month and clarified that this is true with customer services who also helpfully made a note of my trip so my card wouldnt be blocked whilst away for suspicious activity

cepheus

We have all heard about the charges and loading on foreign currency, however how much do they make on the bid offer spread, and which is the best overall after allowing for all these costs?

Rather than use one of the currency exchanges over here, how about using a Santander Zero CC to get Euros from a cash machine in Spain, and paying the balance by Internet whilst over there?(or pre-loading if they allow it)

I suspect the best deals in foreign exchange are with dealing accounts such as this. Not sure how people get the physical cash though.

georgenzo

You can open a foreign currency (euro or USD) account with Citibank for free. I have a US dollar account which is great - you just deposit money (pounds sterling) and it is changed into dollars at the current rate. I visit the states every year so I keep an eye on the exchange rate through the year and transfer when it is favourable. The main advantages are:

1. No fees at all
2. Great exchange rates - you get the business rate not the tourist rate
3. No charges for spending or cash withdrawls from citibank ATMs (widely available in the US)
4. No worries about interest being charged unlike credit cards.

You also get a USD cheque book.

Things to be careful of:

1. DO NOT spend more than is in your account - there is no overdraft and there are hefty charges for doing so.
2. The account does not pay interest on any balances so any money you transfer will not be working for you. (although you are usually better off anyway because the rate difference is worth more than current UK interest rates)

for more info see the citibank website and click on the "current accounts" tab.

Happy spending!

cepheus

Do you have the current £ Euro spread, this is a Czech version of Citi but they seem as wide as any bank

http://www.citi.com/czech/consumer-banking/english/docs/kurzy.jsp