Cheap Travel Money Discussion Area

martyn4764

Merrion_Square wrote: »

So...has anyone tried CurrencyFair yet?

Yes, I"ve been using Currencyfair for a year now, I've transferred a five-figure sum over that period and I've been very pleased. I've always found that the rate beats all of the alternatives, and in addition their customer service is exceptional.

Hope that helps (And I'll PM you a code to get a bonus of €10, just in case you're interested)

durrant23

stilltheone wrote: »

Metro Bank is not included in the article's description. Feel free to spend and withdraw cash....if you have it.

Thanks. But I meant that the tool itself, where you select your card from the drop down menu, stated that when I entered the Metro Bank card. Guess that is a generic NB that's written under all the card choices.

durrant23

John_Pierpoint wrote: »

With a Metro card you are probably right - some ATM.s might charge a fee, just as some UK ones do in Service Areas etc.
I think you might be safe in Holland BUT if you get to France or countries further South and offer plastic BEWARE of Dynamic Currency Conversion - In theory the shop/cafe is meant to offer you the choice for the currency of the transaction but "the machine has made the decision": British plastic so charged in Sterling with a 3+ % exchange rate loading.

Alright thanks. Yes I always ask to pay in foreign currency!

2tight

martyn4764 wrote: »

Yes, I"ve been using Currencyfair for a year now, I've transferred a five-figure sum over that period and I've been very pleased. I've always found that the rate beats all of the alternatives, and in addition their customer service is exceptional.

Hope that helps (And I'll PM you a code to get a bonus of €10, just in case you're interested)

Could you PM me the code please.

annie469892

My daughter has bought an STA prepaid card to use on her travels in September. Does anyone have experience of this card please?

cepheus

richcow wrote: »

Hi,

According to MSE the Halifax Clarity credit card appears to be the cheapest way to spend money abroad at the moment given its lack of fees etc.

Halifax will have a currency exchange rate, which I assume changes on a daily basis (correct me if I'm wrong). Is that rate likely to be better or worse than the best currency exchange providers in the UK?

For example, if I buy something for x amount of euros when I am abroad, is it not likely that the currency exchange rate applied by Halifax at that point will be worse than if I had exchanged GBP into euros cash before I travelled and then used that cash to purchase the item? And hence, using the credit card would be more expensive that using euros cash?

(Assuming I had got the cheapest foreign cash from MSE's TravelMoneyMax.com, and not taking into consideration the risks of carrying large sums of cash around.)

Furthermore, I won't know Halifax's currency exchange rate at the time I'm making a purchase, but I will know the rate I got when I purchased the euros cash.

Many thanks
Rich

Most credit cards don't use their issuing Bank exchange rate but Visa or Mastercard exchange rates which are very competitive. I calculated these recently from my statement and they were almost bang on the official mid price (probably less than 0.1% spread) and so couldn't be bettered.

In contrast banks can charge you 5% more than the mid price for buying cash, and 5% less for selling cash back! (10% spread) It is probably the biggest bank rip off, in a rip off industry!

If you need cash up front, and or a known exchange rate, here is an alternative (the silence is deafening).

There can be cases were foreign cash extracted fom a foreign dispenser with one of these zero charge cards such as the Clarity can easily beat using the same credit card directly. Always be sure you can pay in the foreign currency when using the card, especially with the travel agent rep when booking excursions.

stilltheone

cepheus wrote: »

Most credit cards don't use their issuing Bank exchange rate but Visa or Mastercard exchange rates which are very competitive. I calculated these recently from my statement and they were almost bang on the official mid price (probably less than 0.1% spread) and so couldn't be bettered.

In contrast banks can charge you 5% more than the mid price for buying cash, and 5% less for selling cash back! (10% spread) It is probably the biggest bank rip off, in a rip off industry!

If you need cash up front, and or a known exchange rate, here is an alternative (the silence is deafening).

There can be cases were foreign cash extracted fom a foreign dispenser with one of these zero charge cards such as the Clarity can easily beat using the same credit card directly. Always be sure you can pay in the foreign currency when using the card, especially with the travel agent rep when booking excursions.

The silence is deafening because what you have written is neither revelation or particularly good value.

Since most airports will have ATMs, the likelyhood of "running around looking for an ATM" is small.
You point of using your CC for small items also holds no water. There aren't any extra charges just because you use it for small items.

Apart from anything else, I have no idea why you are basing all of your theories on CCs anyway.
The cheapest way to withdraw cash is with a debit card, not a credit card.
We know if we use the 'Zero rated' CCs that we should pay the balance as soon as possible to avoid interest.

I'm not sure why you think buying cash at a poor rate and then selling it back at a poor rate plus £3.95 is a good idea.
In fact I'm not even sure how you got me to reply to your strange post.

cepheus

I'm not sure why you think buying cash at a poor rate and then selling it back at a poor rate plus £3.95 is a good idea.

I have taken the trouble to calculate everything explicitly and acted out part of it! So perhaps you may be kind enough to tell me which part of my calculation is wrong.

Alternatively, it might be a good idea to at least read the post before criticizing it with such confidence, since your quote above makes no sense whatsoever! Are we talking about the same post?

John_Pierpoint

It is always nice to arrive at a foreign destination with some low denomination local currency. (cafe, bar, taxi etc.)
Even if you can find a non fee charging ATM, having a note worth a day's wages to a local, is not welcome - Lets face it using a £50 quid note (or one of those funny Scottish ones) in the UK is not always appreciated.
I remember Tesco refusing a Scottish one!

4 quid might be a reasonable insurance policy against getting stuck with dodgy foreign folding money, while being possible to arrive in the country with some local cash.

BTW I have had a near miss with local currency twice.

1. Noticed a photocopy of about £20 stuck to the till in France with we "we won't be accepting these from Monday" scribbled on it. Fortunately I was about to pay by credit card so swiftly changed to cash.

2. Got some foreign currency from a large branch of Lloyds and had to scuttle back as the notes were due to go out of circulation within 36 hours.

Use your plastic when you can !

jamiejesus

I had no time to get my money changed in England before I left, and now I´m here I have no cash! Cash machines baffle my head, with all these different charges and rubbish exchange rates, so I´m wondering what my best option for getting some Euros in cash is. I´m currently in Lanzarote.

I have a Santander Visa Debit card and also a Santander Zero Credit card.

There is a shop that sells cigarettes and spirits that does currency exchange but I don´t know if they accept cards and whether to trust them!

All help is appreciated.