Buying currency on line

orourkesofpsn

I've used the Travel Money Maximiser to find the best Euro rate.
It currently appears to be Thomas Exchange UK.

I'm a but cautious about buying currency in this way.

Is it safe? Can I be certain I will recieve my Euro's? Is there any way I could loose out? How can I protect my transaction?

Any advice will be grately appreciated.

guitarinacase

Most travel exchanges send the currency out recorded delivery so it has to be signed for on receipt. I actually tend to use TravelEx and pick up what I have ordered at the airport, appreciate this will not suit everyone as some people will prefer to have the money beforehand but i usually find travel Ex have the best rates anyway.

Middlers

I have used www.crowncurrencyexchange.co.uk with no problems at all. Currently giving 1.1325 dependant on when you go on holiday.

withabix

Don't forget to factor in the transaction charge that your own bank will add on for buying foreign currency using your debit card from anywhere other than your own bank.

Usually £4.50.

Beaker99

withabix wrote: »

Don't forget to factor in the transaction charge that your own bank will add on for buying foreign currency using your debit card from anywhere other than your own bank.

Usually £4.50.

Is that true? - i've never noticed that one for debit cards? If it is, why not just withdraw the cash and hand that over?

incidently, not the best rate, but I prefer the post office for weird currencies - order on line and pick up at your local post office. very convenient.

dzug1

Beaker99 wrote: »

Is that true? - i've never noticed that one for debit cards? If it is, why not just withdraw the cash and hand that over?

incidently, not the best rate, but I prefer the post office for weird currencies - order on line and pick up at your local post office. very convenient.

It is true but doesn't apply to every debit card - it depends on the issuing bank. Most but not all visa debit cards charge. Maestro don't.

Travelex at the airport is good - but using a debit card that charges to pay for it wipes out the exchange rate advantage.

Beaker99

dzug1 wrote: »

It is true but doesn't apply to every debit card - it depends on the issuing bank. Most but not all visa debit cards charge. Maestro don't.

Travelex at the airport is good - but using a debit card that charges to pay for it wipes out the exchange rate advantage.

I'd expect to pay money (£4.50) to withdraw foreign currency when abroad, but surely not in the UK with a UK issued debit card?

Inactive

Beaker99 wrote: »

I'd expect to pay money (£4.50) to withdraw foreign currency when abroad, but surely not in the UK with a UK issued debit card?

I use my Nationwide Debit Card at ATM's in Europe to withdraw cash, no charge, excellent rate.

I use my HSBC Maestro Card to buy currency online in the UK, again, no charge for the transaction.

benjus

Beaker99 wrote: »

I'd expect to pay money (£4.50) to withdraw foreign currency when abroad, but surely not in the UK with a UK issued debit card?

Yes, this charge does exist and it's specifically for obtaining foreign currency. The Travel Money Maximiser has a list of banks which make the charge - currently Visa debit cards issued by Abbey, A&L, Barclays, Cahoot, Co-op, Smile & Lloyds TSB will charge you for obtaining foreign currency from a Bureau de Change.

As mentioned above, using a Nationwide card in an overseas ATM remains the cheapest way to get foreign currency. (Note that Nationwide does not impose the charge mentioned above, but you get better rates from a foreign ATM than a bureau de change.)