Travelling abroad & debit card

cebs

I'm planning a trip of a few days to Holland and I'm wondering which is the best way to get Euros.
I have a Classic Account with TSB and I can use my card abroad, but in your experience is it better to get cash of the local currency (in this case Euros) from here before leaving or withdrawing a few times from cash points over there? If I took Euros with me I might end up with some left over which I would have to convert into pounds again...
On the other hand there are some charges when withdrawing from cash points abroad.

Also do you have to tell your bank that you are going abroad so they don't think someone stole my card?

And finally, if I'm getting some cash Euro from my family in Italy, which is the cheapest way to put that money into my account?
- transfer Euros from Italian bank to my own
- convert Euros to Pounds in Italy and then deposit the money once I'm back here
- deposit Euros directly into my bank account once I'm back
- other?

grumbler

MSE tool:

• Compare Travel Cash

According to MSE classification Lloyds card is one of the 'cards from hell' for using abroad ( Your Card's Overseas Charges )

If you don't have other cards and cannot get them (best ones don't charge anything for using them abroad) it's better to buy euros online in UK. If you are getting cash in Italy, just use it for spending over there.

Depositing € to a £ account is the worst option. Check 'Buyback' in the above tool or fxcompared.com for a bank transfer from abroad.

mgdavid

OP maybe I am missing something but why can't you accept the cash euros from your Italian family and take them with you to Holland to spend? Any left over can be kept for your next European trip

opinions4u

Each time you transfer money from one currency to another you lose.

Each time you use a Lloyds TSB debit card for a foreign currency transaction you lose.

Each time you spend Euros obtained in Italy in Holland nobody else is taking a cut. So taking Italian cash and spending it in Holland works best without funnelling it through any Sterling account.

Biggles

cebs wrote: »

If I took Euros with me I might end up with some left over which I would have to convert into pounds again...

Why would you pay twice? You have family in Italy, your are travelling to the Netherlands, you just stick them in your desk drawer until next time you go. It's called 'forward planning'. ;-)

For this trip, the Lloyds debit card isn't the best, but not that bad; it is only 2.99% + 1½% for a cash withdrawal (min £2, max £4.50) or + £1 for a purchase. It would certainly beat an airport bureau de change.

Do you have any other plastic?

jimjames

I tend to always use cash machines in Europe when I need currency. As long as you get at least £100 you will be getting the best rate. Below that any of the fixed charges eg min fee £2.95 will start to bite but in terms of convenience I find it best.

grumbler

jimjames wrote: »

I tend to always use cash machines in Europe when I need currency. As long as you get at least £100 you will be getting the best rate.... in terms of convenience I find it best.

Define 'best'. Most cards charge about 3% for the exchange plus extra for ATMs. It's usually better to pay by card, not to draw cash.

Some cards don't charge anything and really give you the best rate.

jimjames

grumbler wrote: »

Define 'best'. Most cards charge about 3% for the exchange plus extra for ATMs. It's usually better to pay by card, not to draw cash.

Some cards don't charge anything and really give you the best rate.

Best rate from that machine ie fees are the lowest for the amount you have drawn out.

I spend on credit card where I can but for cash draw it out

cebs

To clarify, though I will go to Italy before going to Holland I wanted to put the money my parents give me into my account because I will need it for rent, etc. and later take other money to Holland.

But maybe what I'll do is just keep aside some money from my parents to my trip in Holland and keep any left overs for next time I might need it, or maybe just spend it all at the airport. :beer:

Since I have to put some Euros into my account regardless, which would be the best way?
And no, I only have my TSB debit card (you guys mentioned the Lloyds rate, so I guess they're both still the same?).

grumbler

cebs wrote: »

...
Since I have to put some Euros into my account regardless, which would be the best way?

I thought I suggested you two best options in my first post, didn't I?

And no, I only have my TSB debit card (you guys mentioned the Lloyds rate, so I guess they're both still the same?).

Is it that difficult to check your Current account charges?

plunt

book an appointment at metro bank and get their debit card. last time i checked they had no fees to use abroad and can give you the debit card on the spot rather than waiting for the card in the mail.

Then secondly if you want the euros in the uk then get your family to transfer the lot using transferwise to avoid any pecky exchange rate fees.

that would be my opinion atleast!