Best rates for buying Euros?

melt71

Hi, I haven't been on this board before so I'm sorry if this has been asked a million times! :-)

We're off to Spain in May and want to take about £600 worth of euros cash with us - where is the best place to get euros at the moment? I usually do it at the post office, but I've heard M&S are good. Do you need an M&S card?

Also, we have been advised not to take travellers cheques for the remainder of the money, just to draw it out of the cash machine when we need it. I'm not convinced though as I'm with Barclays and last time I got a rubbish rate AND a £1.50 charge for each withdrawal. I would have been better taking cash and converting it over there but was worried about being robbed etc. I do have a tesco credit card which I could use to pay restaurant bills or for purchases, but I'm not sure that would be any better.

It's a 10 day self catering holiday and there are 2 adults and 1 child; what do you normally do for your holiday money? I was thinking that £1000 would be enough for food, drinks and entertainment?

Thanks,
Mel

littlereddevil

M&S usually one of the best rates definately better than the post office.
Credit cards do tend to be expensive when used abroad but ok for paying for things.
I would still take some travellers cheques for safety.
Iam sure £1000 would be enough.

Fortyfoot

Hi there, there are plenty of comments on this. Search this thread for Nationwide or Flexaccount. £1.465e to the £ last week with Nationwide Flexaccount.
Fortyfoot
(The £1.465 was the figure given to me yesterday by my friend who lives in Fuerteventura who had checked her account on line. This afternoon a search for "Nationwide" did not give any results! It worked tonight.)

LumpyCustard_2

I'm about to get my holiday euros from M&S, as they offer a really good rate.

One thing to watch out for though if you're not using an M&S card to buy the currency, is that your credit card may charge you a fee for the transaction. There's no fee with the M&S credit card (and I think also the M&S account card, although check their website). Also the advantage with an M&S cc is that you can order over the internet and get the currency sent free if spending over £500.

If you want to use the M&S cc for this purpose and haven't got one yet, I'd suggest you apply asap since they currently have a processing backlog. My friend applied a couple of weeks ago and has been advised his card won't be with him in time for his holiday starting the middle of next week.

grumbler

melt71 wrote:

... where is the best place to get euros at the moment?

The best ever rate you will get in .... a cash machine in your destination by using Nationwide debit card or cash card! Did you read
'Save 6% by using the cheapest way to spend overseas' article?

I think Fortyfoot meant 'Exchange Rate for Euro's (lump sum) ' thread or 'Where's Best To Get Currency?' (his link does not work)

italiastar

I'd advise to spend as much as you can on credit card, particularly if you have one that does not charge for foriegn transactions - I use a credit card for my supermarket shopping, petrol and some restaurants - cash for markets (although I have seen them used in French markets), some restaurants and other small local purchases.

You normally get a better rate of exchange as the credit card companies move loads of foriegn cash. The risk is that the rate of exchange could change so your buying at one price and you get charged at another - this could be good or bad, usually not a problem as transactions are completed either the same day or next. The other problem is you could get landed with a large bill on your return - so this needs close monitoring and self control.

Fortyfoot

grumbler wrote:

The best ever rate you will get in .... a cash machine in your destination by using Nationwide debit card or cash card! Did you read
'Save 6% by using the cheapest way to spend overseas' article?

I think Fortyfoot meant 'Exchange Rate for Euro's (lump sum) ' thread or 'Where's Best To Get Currency?' (his link does not work)

Thanks grumbler, the rate was from the Flexaccount cash card so I am told.
Fortyfoot

budgetflyer

https://www.travelex.co.uk
buy on line, collect at airport. remember to take the debit card you used to buy + passport to collect money.
They also offer a buy back service AT THE SAME RATE for an additional £3.50.

alared

Agree with budgetflyer,todays rate €1.4365 to the £

Moses

I also found Travelex gave the best rates, the only thing I got caught out on. I paid by Debit card this card also doubled up as a Visa card. The electronic transaction reconised the Visa, and I was charged 1.5% by Visa International. Travelex stated they had not charged for the transaction the same goes for the Alliance & Leics. It may pay to call one of the branches to enquire which is the best card or form of payment to use. Information of Branches phone No's are all on the Travelex website.

When taking cash abroad, split between your party, if one of you does get robbed at least you have something to fall back on. also your credit cards as a last resort for withdrawing sums or settling your final hotel bill, don't forget your pin No,s.

Most if not all hotels / resorts you can run up a tab, this can be settled at the end of your stay or you can pay your bill every couple of days, enabling you to hold onto them notes in case you need them when out and about, saves a bit on tips as well.

Allways take out a safe deposit box at your resort.

https://www.travelex.co.uk
buy on line, collect at airport.

Pete

alared

I have a debit visa card issued by Halifax and Travelex never made a charge,more surprisingly Ryanair never made a charge for handling when I recently bought tickets using this card.