How to buy travellers cheques or foreign currency

euglycaemia

hansi wrote:

I'm spending three days in Rio and two days in Buenos Aires at the start and end of a cruise. Where would be the cheapest palce to buy foreign currency, In the UK ( where?) or wait till we get there?

go around the city centre...ask Thomas cook / go places / Banks /

I eventually got cheapest from Post Office once.

1 hour hunting around will save lot

pin

euglycaemia wrote:

go around the city centre...ask Thomas cook / go places / Banks /

I eventually got cheapest from Post Office once.

1 hour hunting around will save lot

NO, NO, NO, NO, NO, the post office is NOT the cheapest:

1. Nationwide Debit Card for ATM withdrawals from destination country (no foreign loading) / the Audi credit card or the Post Office credit card for purchases in destination country (but watch out for Dynamic Currency Conversion) (no foreign loading for purchases, BUT watch charges for cash withdrawals).

2. Nationwide Credit Card (please note Nationwide's policy re chip and pin in foreign countries: see this thread from FlyerTalk) (no foreign loading for purchases, BUT watch charges for cash withdrawals).

3. SAGA credit card (if you are over 50) for purchases in destination country (no foreign loading for European purchases, 1% for rest of the world, no cash withdrawal interest if balance repaid in full BUT 1.5%/£1.50 cash withdrawal fee).

4. 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).

5. Thomas Exchange Global ("TEG") in central London - pay and pick up at store.

6. Travelex online (remember Travelex will price match any other exchange service, i.e. the one above) -pay online, pick up at airport.

For price matching: order through Travelex online as you would do normally, then call up TEG (02072401214 or 02078281880) and get a quote re their exchange rate. Email Travelex: [EMAIL="customerservices@travelex.com"]customerservices@travelex.com[/EMAIL] (must be done on the same day) stating the following: your Travelex reference number, your currency quote from TEG (and the fact you got it from TEG) and your address (Travelex will send you a cheque refunding the difference). Also Travelex normally acknowledge receipt of your email. Full terms and conditions of the Travelex Price Promise are on the Travelex website.

7. Marks and Spencer - pay online or pay and pick up instore.

8. Online FX (using this link ensures free deliver) - pay online, delivery to home.

9. Thomson Travel (they seem to use Amex as their travel money provider) - pay online, delivery to home.

10. Co-op Travel (they use Currency Express / Exchange and offer free delivery for orders over £300) - pay online, delivery to home.

11. Post Office (while probably not the best rate, there are many of them around, so may be convenient) - pay online, pick up at PO or pay and pick up at PO.

12. Haggle with High Street travel agent (which may ensure better rates than 5 to 9 above) - pay and pick up instore.

With 1 - 4 make sure you tell your card provider you are going abroad, where you are going and for how long, so they can put a note on your account.

With 5 - 12, if you are paying with debit / credit card check your T&C's as many providers charge for the privilege of using money exchange services.

Here are links to ATM locators: VISA and MasterCard

Here are various information links to VISA: Foreign Exchange Rate FAQ and Visa Exchange Rates

Also please read Martin's article: Spending Overseas and Loading Technicals

Also look at the these forum threads: The Cheapest Way to Spend Overseas Discussion Area and How to buy TCs and foreign currency

daggin68_2

elisebutt65 wrote:

You mean there WAS a great rate - sob - I was hanging on till after Xmas was over to get my currency for March and the £'s dropped 20c's - GAK!!!!

Ah well - I'll just stick the money in my savings until either a) I go or b) the rate goes up again sigh - Lost $80 by waiting a few days!!!

Do we think it will go back up before september? Or go down further?

gt94sss2

pin wrote:

9. Thomson Travel (they seem to use Amex as their travel money provider) - pay online, delivery to home.

HSBC also offer commission free foreign currency and commission free travellers cheques with free delivery (normally on orders over £250 but all orders at the moment) or pick up at a branch

They also use Amex but seem to offer a better exchange rate than Thomson Travel.

Regards
Sunil

elisebutt65

daggin68 wrote:

Do we think it will go back up before september? Or go down further?

Hahahahahaha - who knows???

There are a lot of people out there whose job it is to 'guess' this - they're called currency traders and if I could predict correctly then I'd be doing their job and getting paid rather a lot of money as well

pin

gt94sss2 wrote:

HSBC also offer commission free foreign currency and commission free travellers cheques with free delivery (normally on orders over £250 but all orders at the moment) or pick up at a branch

They also use Amex but seem to offer a better exchange rate than Thomson Travel.

Regards
Sunil

Thanks for the info, yep, you are correct. Have tweaked my little list.

mariusvb

I work for Amex FX. I advice to go to any of our offiices, but never go for the rate you see in the window. We are very flexible on adjusting the rates and most of the offices can easily beat M&S or Post Office. Just dont be afraid to negotiate. Also never pay with your credit (it's quite clear why) and some of the banks will charge you even if you use your debit card. So best is just to pay cash.

Angie_T_2

Hi mariusvb,

Great advice but can you confirm Amex FX for me? Is that American Express and/or do you have any website links! Sorry to ask?!? Where would the nearest office be to central London!

Cheers

pittance

Today I compared three shops for the cost in pounds for 100 Euros.

In Thomas Cook I was quoted £74.63.
In the Post Office, it was £71.45
In Marks and Spencers it was £70.37.

mariusvb

Angie_T wrote: »

Hi mariusvb,

Great advice but can you confirm Amex FX for me? Is that American Express and/or do you have any website links! Sorry to ask?!? Where would the nearest office be to central London!

Cheers

From 1st April American Express FX has been taken over by Dubai based company Kanoo. Can't give you a website, because it will take some time to set everything up. I would advise to go to Holborn office (156a Southampton row) or Strand office (1 Savoy court).