How to buy travellers cheques or foreign currency

Glittermonkey

[

QUOTE=Munki]I've just taken a look at the travelex website, as I'm wanting to get some Cypriot £'s for when we on holiday on Sunday. However I can't see if they offer commision free buy-back or not. They have a tick box for their 'Buy back plus' service, but it costs £3.50, which is a rip off. If I don't choose this option will travelex buy back the money at the going rate at that time, or is the only way to have commission free buy-back to pay £3.50 (which in my view defeats the whole object of it being commission free from the average punter!)

Cheers,

Munki.

[/QUOTE]

The reason you pay a £3.50 fee is because Travelex buy your money at the same ate they sell it to you, commission free.

So if you plan on bringing money back it is worth it.

Say you buy Euros at 1.41, when you return they will buy it back at this rate rather than the buying rate which would be about 1.50 or whatever it is on the day

So if you returned 200 euros @ 1.51 you'd get £129 ( without buyback so you pay £3 commission)
With the buyback, 200 euros @ 1.41 ( the price you payed) and no comission is £141.

Also, if you have an ISIC card or are a BA executive cardholder, any currency they buy back is commission free. ISIC is commission free when you buy as well.

I also find the rates tend to be lower over the weekend as they dont change again until Monday morning.

Noelmg

Having shopped around for currency for our forthcoming New Zealand holiday I have found the best rate. The "official" amount we should get (Bank of England rate) is $506.00. Post office were offering $480 for £200, Mytravel were offering $460, Travelex were offering $490 but we settled on OnlineFX who were offering $500!

Amazing the difference between what they quote! It's only a few quid on that amount but better off in our pocket than their's!

Noel

Glittermonkey

Interesting results especially as Travelex brought out MyTravels currency services!

LesWaining

A company called Crown Currency Exchange are advertising great rates for US Dollars online. The deal is to pay now and get your currency a few days before you travel. They are a UK registered limited company (05167427). Does anyone have any experience with them?

kenshaz

get a nationwide debit card and use the ATMS in the country you visit,FORGET EXCHANGE RATE agencies,they are another reason for the uk to adopt the Euro,when you use the card you get a high visa rate,and it is saver than cash,

grumbler

LesWaining wrote:

A company called Crown Currency Exchange are advertising great rates for US Dollars online.

Am I missing something?
Their rate today is 1.6769 that is 5.1%:eek: below interbank rate 1.7669

LesWaining

Their rate for March is 1.7824 for notes

mrperfect

hi

does anybody know of any banks in new york that charge no fee for using their ATM's? Never been to New york before so im looking for some advice?

Thanks

grumbler

You can find some information here: US Dollar exchange rate ...


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pin

mrperfect wrote:

hi

does anybody know of any banks in new york that charge no fee for using their ATM's? Never been to New york before so im looking for some advice?

Thanks

Never been charged to take money out of ATMs in the US. I know that Washington Mutual and Wells Fargo don't charge though.

There are loads of ATM machines in New York. You should be fine there.