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Foreign Currency
Sinhanada
Posts: 497 Forumite
Hi All
This is a quick post with an experience I've had in South Africa - would probably apply elsewhere too so it's worth bearing in mind.
Before my holiday to South Africa I wondered about changing money here, there and using my bank card. I decided to draw my cash out in sterling and take it overseas (Yes I know it's risky - if it gets lost \ stolen etc..) where I thought I would get a better rate as they would want to buy sterling.
The rate wasn't better (about 14.83) at the time, however what I did not take into account was the commission that each place took. One even tried to charge commission and an administration fee.
I would certainly advise the best way is to use your bank card as this attracted a £2 charge and an ERTF(?) of 0.72. All in all at a better rate (15.2555).
I'll certainly learn for future and remember to draw out money when needed overseas.
This is a quick post with an experience I've had in South Africa - would probably apply elsewhere too so it's worth bearing in mind.
Before my holiday to South Africa I wondered about changing money here, there and using my bank card. I decided to draw my cash out in sterling and take it overseas (Yes I know it's risky - if it gets lost \ stolen etc..) where I thought I would get a better rate as they would want to buy sterling.
The rate wasn't better (about 14.83) at the time, however what I did not take into account was the commission that each place took. One even tried to charge commission and an administration fee.
I would certainly advise the best way is to use your bank card as this attracted a £2 charge and an ERTF(?) of 0.72. All in all at a better rate (15.2555).
I'll certainly learn for future and remember to draw out money when needed overseas.
0
Comments
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Even better would be to get the right card that doesn't charge you anything: Your Card's Overseas Charges0
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