Buy Euro's in the UK or cash point abroad?

adonis10

Given the current exchange rate, I've read that perhaps it is better to just get cash out of an ATM when abroad rather than using a forex desk here.



Thoughts?

eDicky

The current exchange rate is not relevant, it's always better to withdraw from an ATM using a suitable card. See today's advice from Martin, which hasn't basically changed:

http://www.moneysavingexpert.com/latesttip/?_ga=1.62308780.1888222315.1425127373

Kernow666

adonis10

Kernow666 wrote: »

Bore off.


If you've answered this question before then you can probably work out the topic from the title and ignore the post.

adonis10

Pretty poor rates overall, including all charges I got the following:

MBNA Visa card chip and pin - 1.13€/£1
Hsbc visa debit withdrawals:
50€ = £44.12 so 1.13€/£
100€ = £94.76 so 1.05€/£
150€ = £133.76 so 1.13€/£

So pretty similar whether paying on card or withdrawing cash, contrary to what I had read. The elephant in the room is that middle one, I clearly just picked an awful ATM!

Think I'll stick with taking cash to Greece.

eDicky

adonis10 wrote: »

Pretty poor rates overall, including all charges I got the following:

MBNA Visa card chip and pin - 1.13€/£1
Hsbc visa debit withdrawals:
50€ = £44.12 so 1.13€/£
100€ = £94.76 so 1.05€/£
150€ = £133.76 so 1.13€/£

So pretty similar whether paying on card or withdrawing cash, contrary to what I had read. The elephant in the room is that middle one, I clearly just picked an awful ATM!

Think I'll stick with taking cash to Greece.

The advice I gave you, using the word 'suitable' card, is valid. The cards you used are far from suitable for travel, as indicated in the link I gave. Also it looks likely you selected the wrong option when using ATMs if they showed you an amount in pounds, allowing them to do the conversion at their own lousy rates (DCC). You need to select 'Without Conversion' or the option where no mention of pounds is made.

adonis10

eDicky wrote: »

The advice I gave you, using the word 'suitable' card, is valid. The cards you used are far from suitable for travel, as indicated in the link I gave. Also it looks likely you selected the wrong option when using ATMs if they showed you an amount in pounds, allowing them to do the conversion at their own lousy rates (DCC). You need to select 'Without Conversion' or the option where no mention of pounds is made.

Hmm, I used my hsbc premier debit card which is one of the ones in the link without a charge, just the 2.75% fee. It wasn't listed in the debit cards from hell bit.

Also, the mbna one was on that link as one of the best options.

Based on this, I'm unsure how I've not used a "suitable" card.

Nope, I had the option to withdraw in euros or pounds and I chose euros.

worried_jim

Revolut Mastercard used in a local ATM. No better rate available.

https://revolut.com/

lee111s

I use my Nationwide flexplus debit card. No charges, no fees, just the visa rate on the day you withdraw. I also have a Halifax clarity which I use for purchases as I don't like to withdraw cash from a CC if it can be helped.

eDicky

Your HSBC card is not one of the worst, but the MBNA Visa appears to charge 2.99% + 5% for ATM withdrawals:

http://www.moneysavingexpert.com/travel/overseas-card-charges

A 'suitable' card charges no fees or percentage loading on the Visa or MasterCard exchange rate. You can see the Visa rate for the dates of your withdrawals here:

https://www.visaeurope.com/making-payments/exchange-rates

If you are taking the GBP costs of your withdrawals from your card statement, presumably they reflect the charges involved. But the rate of 1.05 does not correspond, regardless of the ATM used. If DCC was not involved you should probably query this with your card supplier.

adonis10

worried_jim wrote: »

Revolut Mastercard used in a local ATM. No better rate available.

https://revolut.com/

This looks too good to be true.

As i interpret it, it works as follows:

Load with, say, £500. Convert that to € all at once at, say, 1.15 so the card now holds €575. Withdraw €200 at no charge so now have €375. Use it in a restaurant for €40, now have €335 and so on. So it's basically like using my debit card here, simply taking out what you have in with no charges or % fees.

If that is what it is, I can't see why anyone would go with any competitor.