Cheap Travel Money Discussion Area

kaspani

Dear Forumites,

I have a question re: changing Euros back into Pounds and I need your advice. (If this is posted in the wrong forum please advise)

My situation is, I have been working in paris for the last 6 months and have been paid in Euros into my French bank account. At the end of the month I will return back to the UK. I will close my french euro account and transfer all my money into my UK (GBP) account.

My questions to you all are; 1) Is this the right thing to do? 2) Is there a better thing to do in order to maximise my bank balance?

Obviously in France I can take out my Euros just like we all do with GBP on the UK highstreet, ie. at no exchange rate charge. It is my thinking that there must be some (legal) way of maximising the value of these Euros. Either by transferring directly to my UK account. Or by withdrawing a few 100 Euros and keeping them for a future trip to Europe (if the rate is going to get worse for GBP) or whether there is some other way.

I look forward to your thoughts and thanks in advance.

Cheers,

KD

qmpete

thedugggs wrote: »

We have recently visited Holland and took a euro travel mastercard with caxton fx, that we had applied for based on the recommendations on this site. However we were unable to withdraw cash at any ATM we visited in Holland, there was always a connection error. This left us, as a family of 6, without cash for nearly 2 wks. After numerous phone calls to caxton fx customer services, who knew nothing of the problem, we were eventually offered a refund back onto our debit card, that would take 3/4 working days. We eventually had to use another visa card we had and succumb to the bank charges we initially took out the caxton card to avoid. When returning home the money still hadn't been refunded and when chasing it up with the customer service again, it had not been done. Wish we had never got this card. Customer service is shocking too, nobody cared or took ownership of our situation, stick to your old travellers cheques and cash.

I too have just had a bad experience with my CaxtonFX Euro Mastercard.

I have used this card for a few trips and have never had any problems, but this time my PIN stopped working. I phoned Caxton and they said all they could do was either send out a new PIN (which would take up to 10 days, and would only be sent to my home address - not ideal since I was in Greece, and my holiday only lasts 14 days), or refund my money to my Debit Card. I chose to get a new PIN, in the hope it would arrive sooner than the 10 days, and have my father-in-law check the post and phone me when it arrived. It eventually arrived on day 10 when I had already had to withdraw funds from my current account, receiving poor exchange rates and additional cash withdrawal charges.

This left me with over 900 Euros left on the card when I returned home, as I had only needed to withdraw a small amount for the last few days of the holiday. When I asked them to refund me, they told me they would take a fee of 2 Euro, and also a "spread" of 3.95% (of which there is no mention in their T&Cs or FAQs on their website), leaving me a further £30 worse off.

I don't know if Fair FX are any better, but I am highly unlikely to use Caxton again - their customer care (particularly when you are abroad and need it most) is non-existant.

I certainly won't be recommending Caxton FX any more.

Pete_Skinner

How do draw foriegn currency whilst abroad? I now have my "Perfect Plastic", can I only use certain ATMs or can I use Banks & Bureau de Change & avoid charges??

KTF

You dont say what card you have or what country you are going to but I have found that in both Europe and North America, the majority of ATM work OK but some are are a few that are 'fussy' so you might have to try a few - in Japan my Nationwide Debit card only worked in the 7-Eleven ATMs for whatever reason...

I think it is down to the network that the ATM is on.

stilltheone

qmpete wrote: »

I too have just had a bad experience with my CaxtonFX Euro Mastercard.

I have used this card for a few trips and have never had any problems, but this time my PIN stopped working. I phoned Caxton and they said all they could do was either send out a new PIN (which would take up to 10 days, and would only be sent to my home address - not ideal since I was in Greece, and my holiday only lasts 14 days), or refund my money to my Debit Card. I chose to get a new PIN, in the hope it would arrive sooner than the 10 days, and have my father-in-law check the post and phone me when it arrived. It eventually arrived on day 10 when I had already had to withdraw funds from my current account, receiving poor exchange rates and additional cash withdrawal charges.

This left me with over 900 Euros left on the card when I returned home, as I had only needed to withdraw a small amount for the last few days of the holiday. When I asked them to refund me, they told me they would take a fee of 2 Euro, and also a "spread" of 3.95% (of which there is no mention in their T&Cs or FAQs on their website), leaving me a further £30 worse off.

I don't know if Fair FX are any better, but I am highly unlikely to use Caxton again - their customer care (particularly when you are abroad and need it most) is non-existant.

I certainly won't be recommending Caxton FX any more.

I'm bored of telling people to get a Sterling Card. They just seem slow to learn. The term 'free ATM withdrawals' attracts them like flies. Not unlike the term 'commission free' a few years ago(that one is still pulling them in).

Pete_Skinner

Pete_Skinner wrote: »

or can I use Banks & Bureau de Change & avoid charges??

I am still looking for an answer to the above.

dzug1

Pete_Skinner wrote: »

I am still looking for an answer to the above.

Well maybe no-one understands what you are proposing to do in the Bank/BdeC.

If the card is in local currency the bank may treat it as an ATM withdrawal and charge you nothing. If it's not in local currency then the bank will certainly be charging you an exchange fee of it accepts the card at all

The BdeC willl charge a fee either way, again if it accepts it at all.

Pete_Skinner

Pete_Skinner wrote: »

How do I draw foriegn currency whilst abroad? I now have my "Perfect Plastic", can I only use certain ATMs or can I use Banks & Bureau de Change & avoid charges??

Thanks dzug1.I have the Halifax clarity card & will visit USA, The Cook Islands, NZ, China & Hong Kong.So can i only avoid charges by using the right ATMs?

KTF

Most ATMS wont charge you to take money out so the only 'charge' will be the cash advance interest that you will get charged by the Halifax.

Pete_Skinner

KTF wrote: »

Most ATMS wont charge you to take money out so the only 'charge' will be the cash advance interest that you will get charged by the Halifax.

Thanks KTF, so it's best to avoid Banks & bureau de changes?