How to buy travellers cheques or foreign currency

Poing

I came to this discussion from Martin's article as I am off to Italy in 10days and trying to organise money (wonder if all the people in this thread are going to the IUCr conference like me?).
Anyway I've just got back from opening a Nationwide current account, that will be ready on Tuesday to put money into, and cash card will come within 5 days, so I will be able to get MY OWN money out without charge whilst I'm away!! Nationwide also have a higher exchange rate - 1.3849 compared with my other bank - Natwest 1.3837, so I will be quids in all round. Even getting a new credit card too.
Martins table showed if I used my debit card to get £1000 cash, it would cost me £49.03. As I have £800 in hotel fees alone to pay this would have cost me quite a lot of money.
So thanks to Martin and Grumble for making me make the change, I've been with Natwest through sheer laziness - I know it's what the banks want you to be. Also I told lady at Nationwide why I wanted the account and she was very helpful and lovely too. I also get 3% interest with the account instead of the measly 0.1% with Natwest
Happy Money Saving Everyone, and don't let the banks have your money through laziness :T

grumbler

Well done!

Poing wrote:

I also get 3% interest with the account instead of the measly 0.1% with Natwest

And don't forget about Nationwide instant access e-savings accont with 5%.

Poing

grumbler wrote:

Well done! And don't forget about Nationwide instant access e-savings accont with 5%.

Yes the lady told me about this, so my next job is to transfer all current account stuff to Nationwide from Natwest, then move internet savings from Intelligent Finance to Nationwide - which means I can transfer money from current account to savings INSTANTLY, without it disappearing for about 5days like it does at the moment between differnt banks, I am soooo pleased with myself!! :T
Just need to get on top of ISA now, anyone know a good one at the moment (mine's also with IF). :rolleyes:

Tondella

Croatian Kuna

Hi guys

Off to croatia for a week on Sunday :T Have been following Martin's tips closely, so far found that M&S have the best rate today for Kuna, but I don't have an M&S card to take advantage of the exchange rate. Post office are poorer but I'm finding it hard to find other places that exchange Kuna. e.g. Travelex don't list the currency on their website and when I select Croatia on Thomas Cook they give me the exchange rate for Euros!

To make things more complicated, some of the travel websites for Croatia say that there is a good exchange rate over there, and recommend taking sterling over to exchange whilst there.

I'm going to go back to Martin's comments on credit card spending but all my credit cards are balance transfer deals and so I don't think they'll be the solution.

Any thoughts/suggestions?

GIRLPOWER_2

Hello.. off to New York.. 1st September... have £500.00 i would like to change.. anyone else been looking for the best exchange rate??? I have to take the cash.. have not long started this site so have just had to apply for different credit cards, loan and a new current acc... I have been accepted by them all but don't want to apply for a nationwide as think I need to stop being credit checked for a while.

pin

GIRLPOWER wrote:

Hello.. off to New York.. 1st September... have £500.00 i would like to change.. anyone else been looking for the best exchange rate??? I have to take the cash.. have not long started this site so have just had to apply for different credit cards, loan and a new current acc... I have been accepted by them all but don't want to apply for a nationwide as think I need to stop being credit checked for a while.

If it's cash only you have, probably going into M&S would be the best bet.

GIRLPOWER_2

Don't really want to take cash but think it will be my best option as I have an A & L premier plus acc debit card and Sainsburys 0% on purchases cc with 0.25% cash back. And these are not on martins table of good cards to use so changing the cash before I go... (please correct me if I am wrong)... will be the best option??? I do not have a M & S card so don't think they will be of any help.

pin

GIRLPOWER wrote:

Don't really want to take cash but think it will be my best option as I have an A & L premier plus acc debit card and Sainsburys 0% on purchases cc with 0.25% cash back. And these are not on martins table of good cards to use so changing the cash before I go... (please correct me if I am wrong)... will be the best option??? I do not have a M & S card so don't think they will be of any help.

A&L debit card charges for foreign ATMs are as follows:

1.5% withdraw fee and 2.75% currency conversion fee.

I don't know if A&L charge for buying foreign currency in the UK, otherwise it may be an idea to get some greenback via Travelex online.

Sainsburys credit card charge 2.75% conversion for foreign purchases.

Have a look at the rates at M&S and Travelex (these will be the tourist rates). Then compare these rates with the interbank rates (found at somewhere linke www.xe.com) and work out whether its better using your CC for purchases and using your A&L debit card for ATM money.

realaledrinker

Apologies if this has been noted before but I obtained £500 of Euros yesterday at M&S using my &More card.

*Best High Street rate & almost identical to Travelex
*No commission
*No cash advance fees for using the credit card
*TREATED AS ANY OTHER PURCHASE - NO INTEREST CHARGED ON THE CREDIT CARD IF PAID OFF IN FULL BY THE DUE DATE & I TRANSACTED ON STATEMENT DATE THEREFORE 55 DAYS INTEREST FREE CREDIT!!

Lt_Sched

grumbler wrote:

Well done! And don't forget about Nationwide instant access e-savings accont with 5%.

I too have the Nationwide Account which sounds ideal, also i too am going to Italy next week (no conference though, honeymoon!). Am i right that if I have this account and credit card i need not bother with travellers cheques??? If they are still a reasonable idea as back up are they best obtained in Euros or Sterling?
Away on 02/09/05, so any help appreciated please.
Cheers, Lt.