Question of the Week: When should I buy my foreign currency?

Luke_H

Hi All, my wife and I will be going on our honeymoon to the US on April 30th. I hope you can help me decided which card would be best to use for both cash withdrawals and electronic purchases.

I have a Santander Zero debit card but wonder if I would be financially better off if I were to use a Halifax Clarity Credit card ?

I expect to spend £2,000 and would pay the credit card off in full if I were to get one.

Thanks in advance guys.

benjus

Luke_H wrote: »

Hi All, my wife and I will be going on our honeymoon to the US on April 30th. I hope you can help me decided which card would be best to use for both cash withdrawals and electronic purchases.

I have a Santander Zero debit card but wonder if I would be financially better off if I were to use a Halifax Clarity Credit card ?

I expect to spend £2,000 and would pay the credit card off in full if I were to get one.

Thanks in advance guys.

There may some benefit in using Clarity instead of Zero because the Mastercard rate (used by Halifax Clarity) tends to be a little better than the Visa rate (used by Santander Zero debit). See http://www.moneysavingexpert.com/news/cards/2015/05/mastercard-vs-visa-for-using-abroad-which-wins

However, as the article points out:

If you don't have a specialist overseas card already, then this reshuffle might mean you pick a Mastercard. However, if you do already have an overseas card and it's a Visa and you're happy with it, then it's probably not worth changing unless you spend a lot overseas each year.

Kernow666

Mariebarnes152 wrote: »

hello,

Try the currencyaccount . com - only charge £10 delivery fee but you get the market spot rates, it's the best exchange rates we could find after much shopping around. I hope this is helpful

sounds a bit dodgy to me

1 post wonder

N9eav

Really worried about the GBP - USD right now. Dropping like a stone and I wonder if I will have any buying power at the end of February. The lowest its ever been, so do I just go and buy now?

JezR

The pound still has a way to fall to be at its lowest point ever which was £1 = $ 1.05 in 1985. Now that was painful.

cazy99

All i suggest is not to use a revolut currency card! I used mine in america and most of the shops I went to didnt accept it. Acefx do some really good rates if you want to get some cash!

gerrypalmer

Going to Barcelona at the end of the month. Rumours that Article 50 will be triggered around 15th of March. Should I buy currency now or wait until the decision? Would appreciate any thoughts. Not sure if triggering Article 50 will strengthen or weaken the pound.

richardw

gerrypalmer wrote: »

Going to Barcelona at the end of the month. ...Should I buy currency now or wait until the decision? ....

How many Euro do you want to buy?

Will Marine Le Pen's poll rating also affect the strength of the Euro?

gerrypalmer

Around the £500 mark. Must admit I had forgotten about Le Pen as well.

eDicky

gerrypalmer wrote: »

Rumours that Article 50 will be triggered around 15th of March. Should I buy currency now or wait until the decision? Would appreciate any thoughts. Not sure if triggering Article 50 will strengthen or weaken the pound.

An event such as this that is virtually certain to happen is already factored in to exchange rates, so it will have no particular effect when it occurs. There would be a major shift in rates only if Article 50 is not triggered.