Commission Free Currency

lacorunna

You can purchase commission free foreign currency from the Post Office! Right? WRONG!, if you purchase it with your LoydsTSB debit card! They make a charge for the transaction ! Effectively they earn the commission for nothing! Answer? - Open an account with Nationwide!

Becles

That isn't a Post Office fee. It's a processing fee Lloyds charges for buying money with a debit card. I'm sure most banks charge the same fee. Barclays do as I got caught out with it buying currency in a travel agent.

Lloyds customers can withdraw money for free at the Post Office. You would have been better off doing 2 transactions - first withdraw the sterling cash on your card, then change the sterling amount for your foreign currency.

Steve_xx

Travelex are generally the best.

lacorunna

Dear Becles! My message was somewhat ambiguous -It was not a Post Office fee, but LloydTSB. Why do I not get charged for buying anything else, I think the banks' attitude is indefensible!

simonhgreen

I'm amazed people are still using these firms.

Best way to spend abroad (confirmed by this site!);

Open a Nationwide Classic Credit Card
Open a Nationwide Flex Current Account

Use the CC for purchases when you are abroad
use the flex to get cash out (put money in it before you go!)

Neither have commission fees. This would be good enough, but you also get the wholesale exchange rate.

I've just got back from Portugal and got around 1.44 euros to the £, the tourist rate was 1.38.

I only use these cards for my holidays abroad and have bever had a problem.

HTH

cubegame

Yep. Nationwide is the way to go.

If you need the security of a little cash when you get there the best way to get it is via http://www.1stholidaystore.co.uk/foreigncurrency.htm

Buy online, free delivery and the best rates you'll find. I've used it on several occasions. Looks a bit rough round the edges but it's the same company who do Travel exchanges in Marks & Spencers.

zenmaster

simonhgreen wrote:

I'm amazed people are still using these firms.

Best way to spend abroad (confirmed by this site!);

Open a Nationwide Classic Credit Card
Open a Nationwide Flex Current Account

Use the CC for purchases when you are abroad
use the flex to get cash out (put money in it before you go!)

Neither have commission fees. This would be good enough, but you also get the wholesale exchange rate.

I've just got back from Portugal and got around 1.44 euros to the £, the tourist rate was 1.38.

I only use these cards for my holidays abroad and have bever had a problem.

HTH

True, but you often get hit with charges for using foreign ATMs

pin

zenmaster wrote:

True, but you often get hit with charges for using foreign ATMs

Only really in the States and even there, there are MORE than enough ATMs which don't charge.

simonhgreen

In 6 years I've never once had to pay an ATM fee abroad & I go abroad at least twice a year.

If I had to I imagine it would still be cheaper (providing you didn't take a piddlingly small amount out) than taking a commission hit & having to accept the tourist exchange rate.

Cardew

simonhgreen wrote:

In 6 years I've never once had to pay an ATM fee abroad & I go abroad at least twice a year.

If I had to I imagine it would still be cheaper (providing you didn't take a piddlingly small amount out) than taking a commission hit & having to accept the tourist exchange rate.

Exactly the same for me. A couple of ATMs in the USA have said it would cost $1 but that charge never happened.

I am surprised people still take cash and/or Travellers Cheques abroad. Shopping in most holiday destinations is the same for most of us as shopping in UK. You use Credit Cards for purchases and Debit Cards for ATMs. Nationwide cards are obviously the best but it is still cheaper with any other Visa/Mastercard than Post Office/Exchange Booths - and much easier!

pin

Cardew wrote:

Exactly the same for me. A couple of ATMs in the USA have said it would cost $1 but that charge never happened.

I am surprised people still take cash and/or Travellers Cheques abroad. Shopping in most holiday destinations is the same for most of us as shopping in UK. You use Credit Cards for purchases and Debit Cards for ATMs. Nationwide cards are obviously the best but it is still cheaper with any other Visa/Mastercard than Post Office/Exchange Booths - and much easier!

Its because there are still a few places in the world where access to ATM / cc is not always possible!!

I've just come back from Tobago and the nearest ATM machine to where I was staying was an hour drive away.

I've also been to other countries where access to ATM machines has been nearly non-existent.