Studying abroad for a year... best way to exchange GBP to Euros?

JustSomeGuy92

Hello guys and girls of MSE, I'm going to the Netherlands to do my masters degree in September, and I'm wondering what the best way to get the most Euro for my pounds is.

I've never been abroad for this length of time before (and obviously therefore have never needed to exchange this amount of £ into a different currency), so I'm just looking for advice as to what's the best way to get the best exchange rate possible is, as I know when exchanging large amounts of money the rate can be pretty abysmal. Any help will be appreciated

eDicky

JustSomeGuy92 wrote: »

I know when exchanging large amounts of money the rate can be pretty abysmal.

This sounds misinformed. Perhaps a little study would help, such as the MSE travel money section, then you may form more specific ideas and questions about how to proceed. You are likely to need a student bank account with a "Chipknip" debit card.

http://www.eurogates.nl/how-open-student-bank-account-netherlands/

NiftyDigits

Metro Bank Withdraw cash from ATM to place into your newly opened bank account when ready.
Halifax Clarity.

J_B

Do you need an NL account or just cash?

Our 'baby' did Erasmus in Italy and had an N&P Gold Light Current Account, that was all
http://www.nandp.co.uk/

DOH!
Just checked ... Please note on 13 January 2014, the Gold Light Current Account was withdrawn and is now unavailable to new customers. This does not affect existing customers.

Voyager2002

NiftyDigits wrote: »

Metro Bank Withdraw cash from ATM to place into your newly opened bank account when ready.
Halifax Clarity.

That would work. Another way to get money into a foreign bank account is via Fidelity Money Funds, again for a near-perfect exchange rate.

NiftyDigits

Voyager2002 wrote: »

That would work. Another way to get money into a foreign bank account is via Fidelity Money Funds, again for a near-perfect exchange rate.

Huh??

An explanation would perhaps be useful.

......

Voyager2002

NiftyDigits wrote: »

Huh??

An explanation would perhaps be useful.

......

OK. You contact Fidelity Investments and ask to open a Money Fund. You pay money in by bank transfer, and it is held in sterling and earns interest. When you want to do so you tell them you want to switch into a Euro account; your funds are converted at a near-perfect exchange rate and continue to earn interest, now paid in Euro. When you need the money you ask them to transfer the funds to your Euro account in NL or wherever, and they do so. No fees for any of this (except that the amount of interest you receive is reduced by a 'cut' that Fidelity takes).

NiftyDigits

Voyager2002 wrote: »

OK. You contact Fidelity Investments and ask to open a Money Fund. You pay money in by bank transfer, and it is held in sterling and earns interest. When you want to do so you tell them you want to switch into a Euro account; your funds are converted at a near-perfect exchange rate and continue to earn interest, now paid in Euro. When you need the money you ask them to transfer the funds to your Euro account in NL or wherever, and they do so. No fees for any of this (except that the amount of interest you receive is reduced by a 'cut' that Fidelity takes).

Will take a look later.

katejo

When I spent 9 months in Germany, I opened a German bank account for the period. This was a long time ago and in the era of the Deutschmark but it might still be worth trying.