How to buy travellers cheques or foreign currency

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  • My daughter has been sent AUS$50 for her birthday (about £20). Can anyone advise on where to exchange this and pay the least commission and get the best exchange rate? Many thanks!
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Post Office - £19.09 (today). One of the best places. You can probably get just a few pence more in some other places.
  • If you are with Barclays you can use some cash machines abroad and aviod the 2% fee, the list is

    Make the most of your money on holiday. By using your Barclays Connect or Electron card in cash machines in our Global Alliance of banks, you don't have to pay transaction charges.

    That can save you a minimum 2% charge per transaction.

    Withdraw up to £300 per day in local currency with your Connect card from thousands of cash machines displaying the VISA sign. Your Electron card is accepted at machines with the PLUS sign.
    Apart from Barclays and Woolwich, Global Alliance member banks are:
    USA - Bank of America;
    France - BNP Paribas;
    Germany, Spain - Deutsche Bank;
    Canada, Mexico, Guatemala, the Caribbean - Scotiabank;
    Australia, New Zealand, Fiji - Westpac.

    However, there will still be 2.75% loading.

    When I was with Barclays I tried it, it does work, but you would still be better of with a nationwide debit card :-)

    Simon.
  • pin
    pin Posts: 4,265 Forumite
    Part of the Furniture Combo Breaker
    Its been asked soo, soo many times, where is the best place to get holiday money?

    I know there are articles about holiday money, etc, however I thought I would write a little list of my top choices:

    1. Nationwide Debit Card for ATM withdrawals from destination country / Nationwide Credit Card for purchases in destination country (but watch out for Dynamic Currency Conversion).

    2. Any other debit card for ATM withdrawals from destination country / any other credit card for purchases in destination country (but for both CHECK T&C's to see exact charges).

    3. Thomas Exchange Global in central London: www.thomasexchangeglobal.co.uk

    4. Travelex online: www.travelex.co.uk (remember Travelex will price match any other exchange service)

    5. Marks and Spencer

    6. Thomson Travel (they seem to use Amex as their travel money provider): http://www.thomson.co.uk/po/showEsse...o?essential=fx

    7. Co-op Travel (they use Curreny Express / Exchange and offer free delivery for orders over £300):
    https://www.currency-express.com/cooptravelshop/

    8. Online FX (their rates probably look higher than the others, but do watch, as they charge £4.95 for delivering the currency): http://www.onlinefx.co.uk/

    9. Post Office

    With 3 - 9, if you are paying with debit / credit card check your T&C's as many providers charge for the priviledge of using money exchange services.
    "An eye for an eye leaves the whole world blind" - Mahatma Gandhi
  • superjames4
    superjames4 Posts: 31 Forumite
    pin wrote:
    Its been asked soo, soo many times, where is the best place to get holiday money?

    I know there are articles about holiday money, etc, however I thought I would write a little list of my top choices:

    1. Nationwide Debit Card for ATM withdrawals from destination country / Nationwide Credit Card for purchases in destination country (but watch out for Dynamic Currency Conversion).

    2. Any other debit card for ATM withdrawals from destination country / any other credit card for purchases in destination country (but for both CHECK T&C's to see exact charges).

    3. Thomas Exchange Global in central London: www.thomasexchangeglobal.co.uk

    4. Travelex online: www.travelex.co.uk (remember Travelex will price match any other exchange service)

    5. Marks and Spencer

    6. Thomson Travel (they seem to use Amex as their travel money provider): http://www.thomson.co.uk/po/showEsse...o?essential=fx

    7. Co-op Travel (they use Curreny Express / Exchange and offer free delivery for orders over £300):
    https://www.currency-express.com/cooptravelshop/

    8. Online FX (their rates probably look higher than the others, but do watch, as they charge £4.95 for delivering the currency): http://www.onlinefx.co.uk/

    9. Post Office

    With 3 - 9, if you are paying with debit / credit card check your T&C's as many providers charge for the priviledge of using money exchange services.

    Have just come back from Spain where I used First Direct debit card to withdraw ATM cash - they charged me 15%... stupid of me not to check beforehand of course so just a warning to you all not to assume "any other debit card" without checking, as the advice rightly says.
  • nickmanc
    nickmanc Posts: 24 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    are you sure it wasn't 1.5% - that's what it says on the firstdirect website
  • nickmanc wrote:
    are you sure it wasn't 1.5% - that's what it says on the firstdirect website

    oh my god, how embarrasing, tricksy decimal place and me getting my knickers in a twist... thanks!
  • Avoid the 'no commision' trap. It is hogwash. Thomas Cook changed £82 into 110 euros, If you compare that on XE currency converter on the web, that's a MASSIVE £10 charge, or 12.5% interest. Use The Post Office or M & S Stay away from deceiving and misleading adverts.
  • pin
    pin Posts: 4,265 Forumite
    Part of the Furniture Combo Breaker
    Avoid the 'no commision' trap. It is hogwash. Thomas Cook changed £82 into 110 euros, If you compare that on XE currency converter on the web, that's a MASSIVE £10 charge, or 12.5% interest. Use The Post Office or M & S Stay away from deceiving and misleading adverts.
    Read post 196 for the best currency exchange places.
    "An eye for an eye leaves the whole world blind" - Mahatma Gandhi
  • MarkyMarkD
    MarkyMarkD Posts: 9,912 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Your post is very useful, pin, but I wish people would stop recommending the Post Office.

    I was in M&S today, so can show the rates for three of your recommendations:

    (all for Euro)

    M&S 1.415
    Travelex 1.4166 - online price and only available, in reality, if you have a switch card or you'll have to pay VISA or similar charges
    Post Office 1.3964.

    As is often the case, the Post Office price is off the pace. M&S really are very competitive - I've never used them, but may do so for my next holiday.
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