How to buy travellers cheques or foreign currency

**curlywurly**

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

Post Office - £19.09 (today). One of the best places. You can probably get just a few pence more in some other places.

simongregson

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

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.

superjames4

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

are you sure it wasn't 1.5% - that's what it says on the firstdirect website

superjames4

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!

tadgerpoppy

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

tadgerpoppy wrote:

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.

MarkyMarkD

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.