How to buy travellers cheques or foreign currency

MSE_Martin

First thing to say is read my article on getting cheap currency - which is here

http://www.moneysavingexpert.com/travel/cheap-travel-money

The point is commission free is a complete myth. Foreign exchange bureaus make their money two ways.

i. Commission
ii. By offering rates worse than they themselves get. Therefore extending the difference between the rate they buy and sell currency.

In effect all of it is a nonescence. You'll always get different amounts. The ONLY way to judge is by saying

I have £XXX how many Euros/Dollars/Zeloty will you give me for them after all fees and commission. Whoever gives you more is the one to go to.

Martin

interested_2

That is discusting! How the hell is it commision free if there is a hidden charge that they are not even willing to be honest about?

At least now i know that i am only slightly insane, all the time i spent running around trying to get commision free and there is no such thing!

MSE_Martin

If I were arguing for them (something which will never happen) I would say it is "commission free" but it isn't "free of all charges" - clever marketing isn't it. After all they only want to make money!

System

I am going on holiday this week so don't have time to get a new credit card. I have a barcly debit card so hightest loading and 2% fee. would it be better to get Euro's here or get it from an ATM in Euroland?

colin.mclean

I've generally found Marks & Spencer or the Post Office give the best rates for buying euros, with no charges added. See Gaz's comment above (26.07.03). Avoid travel agents!

However, on my last few trips to Europe I've used my Nationwide FlexAccount debit card to withdraw euros from local ATMs as and when I need them. That way I don't end up bringing a load of euros home. The exchange rate is very competitive, Nationwide don't charge a fee for using an ATM abroad, and I've yet to run across a foreign ATM which charges a fee locally. (If it does, cancel the transaction and go find one at a different bank).

payless

Yeah Nationwide do not charge/ levy the usual 2.75% currency charge.

ATM withdrawls cost 1% abroad (on my natWide CC)some other charge more

Find it very good, so long as sure that there is a machine at the resort

colin.mclean

If you use your debit card, as opposed to your credit card, there's no charge imposed by Nationwide.

Most tourist resorts should have an ATM which can be used. After all, the locals have to get their cash too! If there's no ATM, it's likely the place is so far off the map there'll be no local bureau de change either!

bell

Am I right in saying that anything carrying a Maestro symbol on the card can be used to withdraw Euros from cash machines abroad.

I have a Natwest Solo card with a Maestro symbol and if thats the case ill take less currency and just draw the stuff out when im in Corfu.

Although id still feel slightly insecure about going aboad with hardly any money... Also not being used to Euros ill probably spend WAAAAAAAAAY to much money using this method completly negating any savings ill make.

Should have joined the bloody Euro when we had the chance

Gaz_2-2

I have a Nationwide Debit Card can I use it in an American ATM for $$$$$$ without paying a foreign exchange charge.

EileenH

Gaz, I have a Nationwide debit card and use it abroad instead of currency and travellers cheques.
Nationwide don't charge their customers for using their cards in cash machines overseas, which answers your question, so when in America key in the amount you want to withdraw in dollars and you will get that amount of dollars at whatever the rate is on that day with no additional charges being deducted. The beauty of using your card instead of taking currency and travellers cheques is that you just withdraw the amount you need and at the end of your holiday you don't have to take home surplus travellers cheques and currency which needs to be changed back at extra cost - you also get a better rate of exchange. The only problem that could occur is that the machine could keep your card or you could even lose it. If you have a 2nd cardholder on your account make sure you take both cards with you, just in case. Luckily I have never been in this situation.