Travel Money Maximiser Discussion Area

visaria

I don't know about the online sites, but if you're buying currency from a shop, always, always haggle and try for a better rate. Admittedly it may not make much difference if you're taking a few hundred quids worth, but if you're buying fair amounts, there's definitely money to be saved.

I went on holiday to the US a few years ago and was assigned the task of buying dollars for our party of friends. I was buying $10,000 so I haggled with the vendor (an independent shop in the West End) from 3 cents away from the wholesale sell rate to the point of being 0.5 cents away.

Also try independent type shops over the chains. There are plenty in London (no idea about anywhere else) especially around the Edgware Road area. Always insist on a receipt wherever you purchase from and double check your cash (both the pounds and the foreign currency).

One further tip: if you need currency other than US dollars or Euros, then exchange a small amount here and then buy whatever you need in the country you're travelling to. US dollars can be sold for local currency pretty much everywhere, euros and pounds less so. I've travelled quite extensively around the world and I have always, always found better rates in the country (non US) I'm travelling to than rates offered in the UK.

javajim

Quote "-which is why this time around I'm taking the cash to a M&S bureau de change-"
Couldn't you just write a cheque when you get to M&S?

dzug

javajim wrote: »

Quote "-which is why this time around I'm taking the cash to a M&S bureau de change-"
Couldn't you just write a cheque when you get to M&S?

Almost certainly not - definitely not if it is above your card guarantee limit.

Because of fraud, the Post Office (yes I know it's not the same) have stopped taking cheques for foreign currency at all - even if you are pre-ordering to pick up later.

jcumpsty

I am going to Canada, and am looking for the best way to spend money abroad.

I know Martin's article mentions the post office credit card charging 0% loading on exchange rates. But how do their exchange rates compare to other credit card companies who may charge a loading.

When I compared changing £1000 into Canadian $, there was a $60 difference between TravelEx and the Post office, which amounts to a 1% charge.

Is the post office card still the best?

dzug

jcumpsty wrote: »

I am going to Canada, and am looking for the best way to spend money abroad.

I know Martin's article mentions the post office credit card charging 0% loading on exchange rates. But how do their exchange rates compare to other credit card companies who may charge a loading.

When I compared changing £1000 into Canadian $, there was a $60 difference between TravelEx and the Post office, which amounts to a 1% charge.

Is the post office card still the best?

Their exchange rates will be identical to cards that charge a loading - the rates are set by Mastercard and Visa, not the Post Office or other card issuers.


Cash is different as you have found out - rates are set by the shop, BdeC, etc.

ianfreeman

Those who have used Thomas Exchange Global in Victoria Street, London, will be more than aware of the enormous queue that can form at busy times.

There is another bureau de change just opposite the entrance to Victoria Station in Wilton Road, called Changelink, which appears to have exactly the same rates as TEG. I was there today and there was only one other person in front of me - I got 1.45 euros per pound.

Ian

ailuro2

Thanks Ian- that's a great tip for anyone who is in the vicinity...say hello to your fellow MSEers if you're in the queue this week:D

brussels_bob

Taking up on a point made earlier in the discussion does anyone have any guidance as to how best to exchange a monthly Euro salary of approx 12,000 back into Sterling without my friendly Barclaýs rubbing their hands in glee at the expectation of creaming off approx 20 cents in every euro as Commission between Buy and Sell rate. Any advice greatly appreciated. Brussels Bob

physician_2

I am surprised that www.foreignpayments.co.uk in not included in your listings on the Travel Money Maximiser, as they provide no commission currency with Free Delivery.

I personally find their rates far superior than many of those companies quoted on the Maximiser.

They also offered a tiered rates system, so if you order £1000+, you get a better rate.

cityboy55

Nice one Physician, I just got 2 Dollars to the pound for my £1k and they delivered the currency to my office in the City. There rates are 2-3 cents above my bank (even though I am apparently a 'Premier' account holder) and there courier on time. Apparently they offer even better rates for larger deals. The transfer rates look very good as well. Top marks www.foreignpayments.co.uk

Cityboy55