The Cheapest Way to Spend Overseas Discussion Area

eeja

The rate used by N/W is invariably a very good one. I am sure N/W are being truthful when they say they don't take a cut for themselves.
They are debited by VISA and use whatever rate VISA gives them.
The rate on the above quoted VISA website is not accurate as far as sterling to baht is concerned,even though VISA says it is. Who knows ...to be fair, perhaps it IS accurate for US dollar a/c card holders...I wouldn't know.
The truth of how exactly VISA& N/W fix their rate is shrowded in mystery and only the Office of Fair Trading or WHICH magazine could ever discover the truth.
As mentioned the rate is fixed for the day usually, but currencies fluctuate by the minute.
Perhaps VISA cannot reveal the facts or rampant speculation could result.
IE if the pound as fixed at Baht 71 for the day but slid to 70, people could make large cash withdrawals and then sell at 70.5 netting a quick and possible substantial profit. Think about it.

alanrowell

I can't see why anyone would want to use TC's anymore unless they have a big bill to pay on arrival.

Even if you aren't with Nationwide you will invaribaly get a better exchange rate using an ATM debit card

eeja

Dear Alan Rowell,
Every country is different when it comes to money but for Thailand travellers cheques are the best and only way to take money if you want to KNOW THE EXCHANGE RATE YOU WILL GET..
The rate is just below interbank and there is a charge of just 40p PER CHEQUE. So clearly 500 pound cheques are best for low fees. Five 100's will cost 500 percent more in fees.
With N/W you never know the rate you'll get until it comes on your statement .
On the other hand in Hong Kong tc's are a waste of time and CASH IS KING.
The moral : every country different.

Chester_Draws

Interesting thread ... thanks guys.

Using the Visa website I find that 300 euros would cost me £204.86 on my Nationwide Debit card ........... I paid £212.24 in Marks & Spencers 2 days ago !!! (wish I had read this before) (wonder what exchange rate was 2 days ago)

Also 4 days ago purchased online from NewZealand, item cost 45 NZ dollars, the Visa website tells me that this should be £15, but £15.29 has appeared on Nationwide statement.

Only reason I took out more euros than normal was that wife had her Nationwide card swallowed by ATM on day 1 last year ... didnt want to risk the aggro.

eeja

TIP : The solution Chester ? Get a second N/W card in case the first lost/stolen. A red cash card best to avoid confusion AND Oh YES...FORGOT TO MENTION...to get their cash card they'll need to downgrade your credit rating if its high . True !

misters_2

Hi just wondering if someone can give me a bit of advice on buying euros, like where is the best place to buy from or is ir better to travel with travelers cheques and if so whats the best deal for those.
Any advice is much appreciated.
Thanx in advance.

pin

http://forums.moneysavingexpert.com/showthread.html?t=201733

Bob63

For sheer convenience and a reasonable price without commission the Post Office is very good. I have also bought from Marks & Spencer but the nearest one is 18 miles whereas the post office is 75yds!

Travellers cheques are more trouble than they are worth in almost every country except the USA. Even there I haven't used them for over 15 years and in that time I've been there 50+ times.

Personally I take a handful of currency wherever I go but then withdraw what I need over and above that from an ATM. You have to balance things like a couple of cents extra on the exchange rate with the danger of carrying around too much cash. It isn't always about getting the best exchange rate...

Mike

onthelookoutforbargains

hi, after checking various travel agents and post office today mananaged to get 1000 euro's at exchange rate of 1.42 with no charges or commision, this was at coop travelcare agents.

pin

hi, after checking various travel agents and post office today mananaged to get 1000 euro's at exchange rate of 1.42 with no charges or commision, this was at coop travelcare agents.

£ - € spot rate today was 1.46.

Using my list this is what the currency exchange places were offering:

Thomas Global - 1.445

Travelex - 1.417

Marks and Sparks - 1.417

Online FX - 1.4158 (but there is a £4.95 delivery charge)

Thompson Travel - 1.406

Post Office - 1.3987

Coop online are offering 1.4010 BTW.

So you got a pretty good deal then.