Foreign Currency: How to get the cheapest article discussion area

dzug

moob wrote: »

The retailer (in your example, a restaurant) doesn't set the exchange rate you get when making a purchase at all. The rate of exchange is set by the card issuer, in your case Nationwide, and is the interbank rate - i.e. the best a consumer can get.

I would also use my Nationwide card almost exclusively for accessing my money abroad, not as a source of emergency funds.

You are missing the point Moob.

In many places in (for example) Spain, you can be offered (and occasionally be unable to avoid) the opportunity to pay with your card in sterling, not euros.

In this case the exchange rate is NOT set by the card issuer, but by the shop and/or Visa/Mastercard. When such a purchase reaches Nationwide it's already in sterling and they have no say in the exchange rate.

They do warn about this on statements and on their website.

oldsailor_4

On the internet I find two dealers who on the face of it offer good rates of exchange, has anybody any experience of or advice upon, Currency Exchange or Interchange?

Old Sailor

moob_2

dzug wrote: »

You are missing the point Moob.

In many places in (for example) Spain, you can be offered (and occasionally be unable to avoid) the opportunity to pay with your card in sterling, not euros.

In this case the exchange rate is NOT set by the card issuer, but by the shop and/or Visa/Mastercard. When such a purchase reaches Nationwide it's already in sterling and they have no say in the exchange rate.

They do warn about this on statements and on their website.

Actually dzug, they do. Click here. Then on 'Use of debit card worldwide'

"Use of debit card worldwide Nationwide does not charge you commission on any purchases or cash withdrawals that you make abroad, on your Nationwide debit or credit card.
When making purchases overseas, you should always be offered a choice of paying in sterling or the retailer's local currency.
We recommend that you always opt to pay for purchases in local currency.
This ensures that you get the best exchange rate and no commission charges on your Nationwide cards."

beckstrous

Thank you for this very useful article - however, the online search brings up different rates than the websites themselves. It says that the Travelex rate is 2.07 for CAD, but when I go to their website the rate is only 2.02?

Confused!

hollydays

Morroccan currency. My daughter is off to Morocco in a few months. I have an account with thomas exchange global. Where can she get the best rate on morroccan currency? She only has a lloyds visa card .If she decides to take some travellers cheques,(so that she has some money on standby)where should she purchase them? Her hotel accepts visa payment.
I am getting confused because some reports say its illegal to take currency in or out. Another company has just told me I can buy today at 15 d to the pound and that is old advice?

prettypolly_3

I am going to Europe to hopefully buy one of two motorhomes. The private sellers want to be paid in Euros (cash). Can anyone advise me as to whether it is better to take sterling and get it changed into Euros in Europe or get it changed here before I go? Had thought of a bankers draft but don't know which vehicle I'll buy until I see them.
Thanks

hammy_the_hammer

the action you take would depend on how much roughly the transaction is going to be

metaphase

Does anyone have any suggestions for the best place to go to sell-back currency? I've got about €220 that I want to convert back into sterling but obviously the buy rate is quite different to the sell rate and I wasn't sure if the best sellers found using Martin's tool would also be the best buyers. I noted the previous advice in this thread re. Thomas Exchange but I need somewhere with nationwide coverage (as I'm in Scotland and they look like they're London-only).

Thanks in advance.

Alan

ballyboley

Hello, I'm well up on spending abroad, but I will be returning to the UK from living in the USA for 6 months. I will end up selling a car for cash and therefore may have several hundred dollars to change back.
What is the best rate/method of changing foreign currency back to pounds? I can bring it home in cash or get it changed to a dollar cheque made out to me if that makes the process any easier/better rate?
Any advice would be much appreciated

Thanks
Dave

dzug

ballyboley wrote: »

Hello, I'm well up on spending abroad, but I will be returning to the UK from living in the USA for 6 months. I will end up selling a car for cash and therefore may have several hundred dollars to change back.
What is the best rate/method of changing foreign currency back to pounds? I can bring it home in cash or get it changed to a dollar cheque made out to me if that makes the process any easier/better rate?
Any advice would be much appreciated

Thanks
Dave

Prepare to be fleeced. Most places here skew their rates in favour of the purchaser of foreign currency and against the seller.

Would suggest M&S are the best of a bad bunch, at least amongst the easily accessible outfits.

The $$ cheque would fetch a better rate but your bank here would charge a hefty fee to change it. On the amount you are talking of the fee would far outweigh the better rate.

Best bet is find someone here going to the US and do a private sale at near the interbank rate.