High street rate or exchange when we get there

Pete.g

As the title says.

We are going to Tenerife on Friday, I was going to change some money at Thompson tomorrow but had a thought that maybe I'd be better off exchanging sterling locally when we get there.

Can anyone advise me whether or not I'd get a better rate there or not?

Thanks,

Pete.

d70cw6

Internet is your fiend.

Neil49

Wait until you get there.

Have a nice time.

Teahfc

Unless it's €1000's do it here and have peace of mind it's done, a few hundred changed might save you a tenner with the rate difference ... Or maybe not ?

ManAtHome

Dunno about Tenerife, but on Fuerteventura you'd probably be getting around 1.24 from bars and ciggie/booze shops (was about a month since I was there, so just estimating from current interbank rate of 1.2730).

Unless the Thomson rate is substantially lower or/and you're taking loadsamunny, sorting it before you go will save you hunting around.

Do you have a Clarity credit card or Santander debit card?

Pete.g

Hmm thanks for the replies looks like it might be a case of just getting it changed here and be done with it.

I do have a Halifax clarity credit card yes why?

SW17

Pete.g wrote: »

I do have a Halifax clarity credit card yes why?

Because that will give you the best rate, just wait until you get there and use it in an ATM, making sure you select the option to be charged in Euro, not in GBP.

You will be charged interest from date of withdrawal, but as long as you pay the balance soon after your return, it will still be a better rate than any cash exchange rate.

PeacefulWaters

Pete.g wrote: »

I do have a Halifax clarity credit card yes why?

Why on earth are you changing money at all then?

Go to overseas ATM. Transact in local currency. Best exchange rate achieved. Clear the bill online ASAP.

zagfles

Also make sure you tell Halifax that you're going abroad - you can do it using online banking but the option is quite hard to find now that they've completely redesigned their website for tablets instead of proper PCs.

If you're one of these people who panic about "what if all the ATMs are down, what if my card gets swallowed" scenarios, just take some GBP cash which you can change in an emergency or take another card. Don't get ripped of changing cash unless you really have to.

You could pay the Clarity online while you're there but I never bother for a short holiday, a week or two's interest will be trivial and far less than the markup hidden in the rate when you change cash. Just make sure you pay it off when you get back - don't wait for the statement.

Pete.g

Ok thanks.

To be honest I didn't give the Halifax card a thought. So your saying I can just draw euros straight out of any atm with little interest?

Thanks,

Pete.

zagfles

Pete.g wrote: »

Ok thanks.

To be honest I didn't give the Halifax card a thought. So your saying I can just draw euros straight out of any atm with little interest?

Thanks,

Pete.

That's right. Just find an ATM at the airport, or if you don't need cash there, wait till you get to the resort.

But as above beware of the ATM offering to convert the currency. They don't all offer but ones in tourist regions especially in Spain usually do. It will come up with a screen giving you an exchange rate and possibly a charge - you need to decline this and take the "without conversion" option so you get charged in Euros not GBP.

On a 2 week holiday the interest is likely to work out to less than 1%, compared to about 4 or 5% charge hidden in the rate when you exchange cash. Just pay the Clarity balance off when you get back, or if you aare an obsessive money saver you could log onto your account while there and pay it off.