Cheap Travel Money Discussion Area

John_Pierpoint

There must be "panic" money trying to get out of European & Eastern Europe "funny money" cash and into "safe" sterling.

Interesting.

mb007inc

Hi all.
I am off to Fueturventura in May 2012. Can anyone advise me what the best way to change currency would be ?

1. Would it be better to take out sterling out with me and change it there.
2. Get travellers cheques here and change them out there.
3. Change all currency here before I go.
4. Or any other way.

JIMBOSGOLF

Was the travel agent trying to get you to buy currency when you booked the holiday (a tactic as huge profits are made by travel agents from selling currency at poor rates)

61ackadd3r wrote: »

My family and I are due to holiday in Turkey this year, what is the best method to use for your spending money whilst there. Various sites have differing opinions so making the correct choice is proving to be difficult.

Our travel operator advised taking as much in cash (turkish lira) as our holiday insurance will permit then loading any additional funds on a pre-paid travel card.

Some websites advise to take a credit card but this can be baffling due to the different things that you are charged for whilst abroad e.g cash withdrawals, transactions in shops/restaurants.

What would you recommend as the safest and most cost effective method to spend money in Turkey ensuring you get the best exchange rate available.

JIMBOSGOLF

This really depends on your preference and how you deal with your currency when you travel (ie does your travel insurance cover you for lost cash, if so how much as you may not want to travel all with cash and potentially lose the lot uninsured).... the other thing to bear in mind are costs of conversion and fees..... tell us more about what you would like to do and I can help.

I personally take cash, as it avoids fees, you get a good rate (if you shop about) and to be frank the difference in rates is a few quid here and there, compared with the transaction fees that can accululate very quickly

mb007inc wrote: »

Hi all.

I am off to Fueturventura in May 2012. Can anyone advise me what the best way to change currency would be ?

1. Would it be better to take out sterling out with me and change it there.
2. Get travellers cheques here and change them out there.
3. Change all currency here before I go.
4. Or any other way.

mb007inc

JIMBOSGOLF wrote: »

This really depends on your preference and how you deal with your currency when you travel (ie does your travel insurance cover you for lost cash, if so how much as you may not want to travel all with cash and potentially lose the lot uninsured).... the other thing to bear in mind are costs of conversion and fees..... tell us more about what you would like to do and I can help.

I personally take cash, as it avoids fees, you get a good rate (if you shop about) and to be frank the difference in rates is a few quid here and there, compared with the transaction fees that can accululate very quickly

I would like to get the highest exchange rate that is all really. Just not sure where the best rates will be paid ?

KTF

mb007inc wrote: »

I would like to get the highest exchange rate that is all really. Just not sure where the best rates will be paid ?

If you want the 'best' rate then something like the Clarity Credit Card or Metro Bank account (amongst others) will give you the inter-bank rate which which beats every currency exchange shop rate every time.

John_Pierpoint

I have, hopefully somewhere in my safe, an MBNA credit card. (I think once upon a time I used to have an Alliance and Leicester card and it has metamorphosed into an MBNA card.)

Anyway today I get a one sheet letter and seven A 5 sides of print that my old eyes need a magnifying glass to read
Actually a lot smaller than this.


The letter is fairly clear:
..............................................................................
.............................................................................
handling fees
The standard handling fee....................cash advances (eg ATM withdrawals) will be increasing to 5% per transaction ....................................................................
Condition 3
We have clarified the way interest is calculated and have set out all the interest rates and handling charges in a table ..................................

Card purchases: blank % interest + blank% handling fee min £ blank
Balance Transfers: ditto , ditto , ditto , dtitto ,ditto ,ditto , ditto , ditto , ditto.
Money Transfers: ditto , ditto , ditto , dtitto ,ditto ,ditto , ditto , ditto , ditto.
Cash Advances : ditto , ditto , ditto , dtitto ,ditto ,ditto , ditto , ditto , ditto
You must pay a card fee of £ blank each year/month.

So there you have it - clear as mud. Time to dig out the obsolete card and cut up and cancel it.

nelsonthinks

CaxtonFX gets the top prize in the 2012 Consumer Money survey with FairFX in second place. I've gone for the Caxton as it doesn't charge for ATM usage.

TakeThis

nelsonthinks wrote: »

CaxtonFX gets the top prize in the 2012 Consumer Money survey with FairFX in second place. I've gone for the Caxton as it doesn't charge for ATM usage.

Neither of them offer the best value in most cases, so the awards can't be comprehensive.

dzug1

nelsonthinks wrote: »

CaxtonFX gets the top prize in the 2012 Consumer Money survey with FairFX in second place. I've gone for the Caxton as it doesn't charge for ATM usage.

Did you check if Fairfx offered a better exchange rate?

It's not just fees.