Travel Money what should i do???

kayleigh_notts

I go to Fuerteventura on the 10th of september for 1 week and me and my partner plan on having £1,000 for spending money....

I have always banked with Nationwide building society(flex account) and i have read over these forums that Nationwide do not charge any fee's for withdrawals from atm's abroad....

So can someone please advise me wether i will get more euro's for my £'s in Fuerteventura by withdrawing from atm's (sorry if that sounds stupid but im confused) or should i follow the travel money maximiser tool and the best rate on there at the moment is 1.25 euro's to the £????

Can someone please outline all the advatages to me from taking my card over there as to taking cash?

all help and advice is greatly appreciated

phildamb

kayleigh_notts wrote: »

I go to Fuerteventura on the 10th of september for 1 week and me and my partner plan on having £1,000 for spending money....

I have always banked with Nationwide building society(flex account) and i have read over these forums that Nationwide do not charge any fee's for withdrawals from atm's abroad....

So can someone please advise me wether i will get more euro's for my £'s in Fuerteventura by withdrawing from atm's (sorry if that sounds stupid but im confused) or should i follow the travel money maximiser tool and the best rate on there at the moment is 1.25 euro's to the £????

Can someone please outline all the advatages to me from taking my card over there as to taking cash?

all help and advice is greatly appreciated

If you are planning on taking so much I wouldnt take cash. I cant say about the nationwide account but you will get the same exchange as you would here. But I would prefer travellers cheques for that amount due to the security. You can find places in Fuertaventura that dont charge to exchange a travellers cheque. Given the level of fraud you see abroad I would advise on any method that means you dont have to use your card abroad!

benjus

In your situation I would just take the Nationwide card and maybe a small quantity of Euros to cover you if you can't find an ATM at the airport.

The rate you'll get from Nationwide (which is actually dictated to them by Visa) will be better than any bureau de change. You can see the exchange rates here: http://www.corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp (type 0 in the "Bank Fee" box).

Travellers' Cheques may give you security but I regard them as expensive and outdated. We have been using a Nationwide debit card abroad (Europe and South America) for about 18 months almost continuously and have never had any problems.

If you want better security, consider taking a Nationwide/Post Office/Abbey Zero credit card and using that for purchases - keep the debit card for cash withdrawals.

dzug1

It really depends on whether you are trying to maximise the €€ you get or are looking for security/safety/convenience/an easy life or whatever and if you are looking for that how much extra you are prepared to pay for it. The Nationwide card will maximise your cash - the other methods will not but may have other advantages that you are willing to pay for.

Only you, in the knowledge of your own value set, can decide what's best for you.

Personally I'd get a few €€ here for convenience (and not worry overly much about exactly where or the exchange rate) and use my nationwide card for everything else there.

davetrousers

benjus wrote: »

Travellers' Cheques may give you security but I regard them as expensive and outdated.

You should bear in mind though that if you lose your Nationwide card (or it gets stolen) that Nationwide won't send you a new card at your holiday destination. Whereas travellers cheques will be replaced (typically in 24 hours).

Inactive

benjus wrote: »

In your situation I would just take the Nationwide card and maybe a small quantity of Euros to cover you if you can't find an ATM at the airport.

The rate you'll get from Nationwide (which is actually dictated to them by Visa) will be better than any bureau de change. You can see the exchange rates here: http://www.corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp (type 0 in the "Bank Fee" box).

.

I agree, thanks for the link, very useful..;)

kayleigh_notts

benjus wrote: »

In your situation I would just take the Nationwide card and maybe a small quantity of Euros to cover you if you can't find an ATM at the airport.

The rate you'll get from Nationwide (which is actually dictated to them by Visa) will be better than any bureau de change. You can see the exchange rates here: http://www.corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp (type 0 in the "Bank Fee" box).

Thanks ever so much for all the advice from everybody.... :T

With the link you have given me that is telling me i will get 1.28 euros to my £..... You said the rate i get from Nationwide is that a Nationwide here in the uk or a bank over in Fuerteventura??

Basically i am not overly worried about security as there is a group of 10 of us all together as we are going with 2 of my partners brothers and there wife's and childeren, and they usually take around the same of money in cash and not travellers cheques and they have never had a problem over there.

So my main point is.... what is the best way to go around getting the best amount of euro's for my £1000 in cash???

I would prefer the cash compared to purchasing everything through my debit card.....

dzug1

kayleigh_notts wrote: »

£..... You said the rate i get from Nationwide is that a Nationwide here in the uk or a bank over in Fuerteventura??

quote]

That's the rate in an ATM overseas. Getting cash herer Nationwide are average at best.

davetrousers

kayleigh_notts wrote: »

So my main point is.... what is the best way to go around getting the best amount of euro's for my £1000 in cash???

Withdraw cash from cash points over there. But if the ATM offers to do the conversion for you say NO as this will save you money because you will get a better rate with the Nationwide iyswim.

I think Martin Lewis has written something about this, possibly in one of the Stickies.

kayleigh_notts

davetrousers wrote: »

Withdraw cash from cash points over there. But if the ATM offers to do the conversion for you say NO as this will save you money because you will get a better rate with the Nationwide iyswim.

I think Martin Lewis has written something about this, possibly in one of the Stickies.

Sorry if im being a little slow lol but that has really confused me.... what you mean by the atm offering to do the conversion for me?? also what is Nationwide iyswim???

I thought i would just take my card over there and withdraw Euro's from a Bank in Fuerteventura at a better rate than here (1.25)

Justicia

kayleigh_notts wrote: »

Sorry if im being a little slow lol but that has really confused me.... what you mean by the atm offering to do the conversion for me?? also what is Nationwide iyswim???

"iyswim" = 'if you see what I mean'