How to buy travellers cheques or foreign currency

mallymal

We fly out to Portugal quite a bit & do it this way:

1) Small amount of currency to cover immediate needs on arrival (taxi, coffee etc): Book in advance online with someone like travelex (last time they were cheapest, but I've also used Currency Express). You get a better rate than the High St operators like the Post Office. You then collect currency - usually from the airport you fly from. DONT DONT DONT just turn up at Travelex at the airport & buy it over the counter as you get a WORSE rate than the high st!

http://www.travelex.co.uk/

2) We have a Nationwide Debit card. Use this in foreign cash machine (it will recognise you're from UK and show instructions in English). You get a good bank to bank exchane rate and some card companies (eg NATIONWIDE) DON"T charge commission.

bon voyage!

L.S.D.

We are planning to buy a Villa in Spain. Is there a way of getting the best exchange rate? Does anybody know looking at the way exchange rates are going (million dollar question I know) if now or next week would be a better time to exchange Pounds to Euro's. Thanks for any help.

pthompson

L.S.D. wrote:

We are planning to buy a Villa in Spain. Is there a way of getting the best exchange rate?

For large or regular transfers, I can recommend Foreign Currency Direct [1]. However it's always a good idea to shop around for comparative quotes. I've also heard good reports of ISX FX [2], though I've not used them personally. You'll need to open an account with them first.

[1] http://www.currencies.co.uk
[2] http://www.isxfx.com

sylwright

Going to New Zealand next month with stopovers both ways in Kuala Lumpur. Can anyone advise me on the best way to take money. Is it better to take travellers cheques and some cash (for both countries?) or better to try and take out a Nationwide credit card (or Saga as I'm over 50) and a Nationwide current account to get the debit card.

I have just spent the last hour reading through the posts on this thread but don't feel any better equipped to make the right decision. Just a lot more confused.

I currently use a NatWest debit card and a Tesco credit card.

Any advice would be very welcome.

pin

sylwright wrote:

Going to New Zealand next month with stopovers both ways in Kuala Lumpur. Can anyone advise me on the best way to take money. Is it better to take travellers cheques and some cash (for both countries?) or better to try and take out a Nationwide credit card (or Saga as I'm over 50) and a Nationwide current account to get the debit card.

I have just spent the last hour reading through the posts on this thread but don't feel any better equipped to make the right decision. Just a lot more confused.

I currently use a NatWest debit card and a Tesco credit card.

Any advice would be very welcome.

Nationwide Debit card for ATM, Nationwide Credit Card for purchases. However as you are going in a month, it may be a bit too close in terms of getting all the stuff, as people have reported it could take up to 6 weeks to get Nationwide.

Re NatWest and Tesco, their websites will tell you how much they will charge for ATM usage and foreign purchases.

Red_Elle

sylwright wrote:

Going to New Zealand next month with stopovers both ways in Kuala Lumpur. Can anyone advise me on the best way to take money. Is it better to take travellers cheques and some cash (for both countries?) or better to try and take out a Nationwide credit card (or Saga as I'm over 50) and a Nationwide current account to get the debit card.

I have just spent the last hour reading through the posts on this thread but don't feel any better equipped to make the right decision. Just a lot more confused.

I currently use a NatWest debit card and a Tesco credit card.

Any advice would be very welcome.

I just recently went to USA and was completely confused too! I took the advice of Grumbler and Martin and got myself a Nationwide Flexaccount (debit card) and a Nationwide Credit Card. I got the Flexaccount and used it to pay for things in restaurants, shops, take money out, anything really and wasn't charged once. The Credit Card was simply a back up in case anything went wrong with the Flexaccount card. It's simple to apply for, but I would suggest doing it in branch from recent experience. I had a bit of hassle getting mine sorted out, but that was my own fault for leaving it till the last minute. They went out of their way to get the cards to me before I went, but if you go into branch, you can take your ID with you and apply and show it there and then. It takes up to 10 days for delivery after acceptance or you can have it redirected to the branch (takes 3 days) and pick it up yourself. I intend on using it purely for travel, as there are no costs whatsoever involved. Best decision I have made

witchhazel

Like Martin I have found a card to be the cheapest way but if you are intending to travel in the near future keep an eye out for a good rate on dollars and euros and buy in advance when the rate is high. I have seen euros go from 1.34 - 1.48. I would suggest 1.45 euros is worth buying.

schiff

witch - into this yesterday. Doubt if you'll get better than 1.43. It's 1.46 on Ceefax now and nobody gets that!
I'd jump at 1.45!

schiff

L.S.D. wrote:

We are planning to buy a Villa in Spain. Is there a way of getting the best exchange rate? Does anybody know looking at the way exchange rates are going (million dollar question I know) if now or next week would be a better time to exchange Pounds to Euro's. Thanks for any help.

LSD (is that money or drug?)

I assume you will have a Spanish current account? I have just discovered the merits of 4X, thanks to somebody's complimentary intro on MSE.

They are a newish company and I think small, extending their payment facilities to individuals as well as companies. The beauty of it is they don't make any charges and don't cover that aspect by a lower exchange rate!
I was quoted 1.4288 on Wednesday which was only 0.0012 less than the best of my normal currency providers who charge £15 and £8 respectively.

Basically they make remittances to your foreign bank account on either the 1st of the month or the 15th. You have to hand over your Sterling equivalent(naturally!) a few days before. It only needs a bit of planning.

Check them out at https://www.4Xcurrency.com and/or speak to Helen Scott on 01273 203311. Incidentally I am only one of their customers and not drumming up business for them!

I am giving them a try this year.

schiff

LSD
PS Even the people at the currency cutting edge don't really know which way exchange rates are going. No doubt their guess is more informed than ours would be, but they can get it wrong nevertheless.

The Euro hasn't fluctuated a lot in recent weeks and I think it's getting the best exchange rate that you should concentrate on. I know for a house purchase a modest difference in the exchange rate can make quite a difference but that's our fate with being 'out of the system'.