First holiday abroad, how to deal with money

WestieFan

I am going to Gran Canaria in the summer, its our first family holiday abroad and I am getting conflicting advice from friends about how to deal with the money.

I don't have a credit card, only a Visa Debit and Visa Electron.

Am I better buying euros here, or waiting till I get there and withdrawing cash from machines (if possible). Cash or travellers cheques? I am on a tight budget, so don't want to waste money with fees/charges. Hoping to take around £1000.

I would be grateful for any advice from some globetrotters out there!

GlennTheBaker

Get a Nationwide FlexAccount. Nationwide are the only institution to not add any fees when you use their cards abroad - everyone else adjusts the exchange rate by around 2.75% in their favour and some also add a transaction fee too.

Read Martin's article about overseas spending HERE.

alared

If you do decide to buy some €`s here before you go,you should consider https://www.travelex.co.uk where you order and pay by debit card and then pick it up at the airport when you go.
The rate is usually 3 cents higher than elsewhere.
Persoally I always get half my money this way then change any more I need abroad.

WestieFan

Thanks Glenthebaker
I did read Martin's article but was going a bit cross-eyed! There is just so much info to take in.

Excuse me being thick, but if I get that account I can just withdraw cash over there as and when needed then?

GlennTheBaker

WestieFan wrote:

Thanks Glenthebaker
I did read Martin's article but was going a bit cross-eyed! There is just so much info to take in.

Excuse me being thick, but if I get that account I can just withdraw cash over there as and when needed then?

Yes that's right. If you don't qualify for the Visa debit card their cash card can be used in ATM's abroad without charges.

WestieFan

That's great, just need to check if there are plenty cash machines handy where I am going!
A weight lifted, as I will be in charge of all the money and didn't want to be carrying large amounts with me.
I also heard story that the safety deposit boxes in apartments aren't too safe sometimes (Watchdog, six months or so ago, when cleaner was helping himself).

WestieFan

Sorry, another question, if I withdraw money from machines over there, how is the exchange rate worked out. Would it be roughly the same as if I had changed money here?

Dumyat

I think so..cant say I thought I was being robbed....

and its worth the piece of mind only carrying smaller amounts of cash. The machines usually come up with an option screen where you pick your language..so no problems there. And we have never found it difficult to find a cash machine.

bestyman

Just to add good advice above about the nationwide card as that is what we use...but

Consider what would happen if you lost card/ forgot pin/card got eaten by machine. We always take another card( any visa/bankcard) as a backup in case things go wrong.

pinkfluffybabe

WestieFan wrote:

Sorry, another question, if I withdraw money from machines over there, how is the exchange rate worked out. Would it be roughly the same as if I had changed money here?

I have found it in the past to be the same, if not slightly better than the standard exchange rates.

WestieFan

:T
Thanks everybody for excellent advice.

I will certainly try for the Nationwide card, am with HBOS at present and it looks like a better deal anyway. I think I qualify for the visa one. Just don't relish the thought of transferring, as it is usually a nightmare. However, have noticed that Nationwide guarantee a hassle-free transfer or they will pay charges and also £50 compensation..... can't argue with that, and I have plenty time.

Also excellent advice about second card, I will certainly take another card in case of mishaps/emergencies.

Now I have that sorted, I can get on with stocking up the BOGOF toiletries etc. Am away now to find that thread about losing weight ......