Withdrawing cash when abroad

BigAndy_79

Hi Guys,

I am hoping you can assist me with the answer to a quick question. I am currently on holiday in Barcelona and I was wondering which is the best option to select when withdrawing from ATM's, the equivilent in GBP or let the bank do the transaction by itself in local currency ? I presumed that I was best to select the former, although when I took out money later in the day yesterday it seemed to give me a more favourable outcome when selecting Euro exchange.

Perhaps I have answered the question to this myself, but I can remember reading questions like this being asked on here before and I was hoping that you guys might be able to clarify things for me a little.

Many thanks in advance,

Andy. :beer:

dazza.mk

BigAndy_79 wrote: »

Hi Guys,

I am hoping you can assist me with the answer to a quick question. I am currently on holiday in Barcelona and I was wondering which is the best option to select when withdrawing from ATM's, the equivilent in GBP or let the bank do the transaction by itself in local currency ? I presumed that I was best to select the former, although when I took out money later in the day yesterday it seemed to give me a more favourable outcome when selecting Euro exchange.

Perhaps I have answered the question to this myself, but I can remember reading questions like this being asked on here before and I was hoping that you guys might be able to clarify things for me a little.

Many thanks in advance,

Andy. :beer:

If you select withdraw in local currency then your UK bank will do the currency conversion, if in GBP the Spanish bank will do the conversion. Really depends on who you bank with if Nationwide (until November), Metro Bank or Cumberland Building Society always choose local currency. All other bank a/c's there is less off a difference as your UK bank would load the exchange rate.

(Note there are some credit cards whether cash withdrawal can be beneficial, above relates to Debit cards only)