Best foreign currency option - travelling in one week

MancChris

Hi

I fly to Lanzarote in one week (11th May), and haven't sorted out my currency yet. Left it late, I know, but I got married at the weekend so had plenty on already!

I've read the guide about spending money abroad, and know that the best option is to get a travel credit card. The info suggests I'd be eligible for the excellent Barclaycard one. However, on their site it says to allow 7-14 days for it to be delivered, so I very much doubt I would get it in time if I applied today.

Would like advice as to what people think are my best options given that I will be travelling in just one week. Should I just find the best deal on currency and buy a fairly large amount to cover us for our trip?

We both bank with TSB (individual and joint accounts), which means my debit card for travelling is unfortunately one of the "cards from Hell"! However, I also have a credit card with them, which is no fee on spending abroad, but with a 'non-sterling transaction fee' of 2.95%

eDicky

If you live in SE England, walk in to your nearest Metro Bank and open an account, taking ID and proof of address in case needed. In about forty minutes you'll have the debit card in your hand, which is fee-free for purchases and withdrawals throughout Europe.

Sign up for Monzo prepaid via the link in the MSE article to jump the queue, load £100, and the card will arrive in a day or two.

Revolut are reported to be delivering cards within a few days, it costs a fiver if you sign up on the app now and order it, no other fees if you stay within their cash withdrawal limits.

Take more than one of the above each in case of card loss or failure, they are just as good value as travel credit cards and less hassle, forget about buying cash, congratulations and enjoy..!

MancChris

eDicky wrote: »

Sign up for Monzo prepaid via the link in the MSE article to jump the queue, load £100, and the card will arrive in a day or two.

I don't live in the SE so this might be my best option. What about the PIN though, they often arrive later than the card.

richardw

How many euro do you want to buy?

PompeyPete

I bought a wad @ €1.155 today from Hays Travel. Don't know whether it's the best today, but it was better than elsewhere in town [Fareham].

eDicky

PompeyPete wrote: »

I bought a wad @ €1.155 today from Hays Travel. Don't know whether it's the best today, but it was better than elsewhere in town [Fareham].

The mid-rate right now is 1.18, which is more or less what you would get with Monzo at today's MasterCard rate (can check tomorrow).

eDicky

MancChris wrote: »

I don't live in the SE so this might be my best option. What about the PIN though, they often arrive later than the card.

Monzo send the PIN by SMS, IIRC.

Revolut show your PIN in the app as soon as you sign up, or they did when I started using them a couple of years ago. There's an optional express card delivery for £10(?) instead of £5. A couple of people have mentioned here lately that their card arrived in 3 or 4 days (regular delivery).

I thought of mentioning Virgin Money, if you have a nearby branch - their Essential account's debit card has no fees for foreign purchases and £1.50 per cash withdrawal. But they mail the card and PIN, might be worth asking...

Neil49

Monzo limit the number of atm withdrawals, both by amount and number of usages. As far as I can tell it is a maximum of £250 at a time, 4 withdrawals a month (therefore £1,000 per month) and £3000 per year. Timings start from the day you make your first atm withdrawal. These figures also assume that your id has been verified.

https://monzo.com/terms/#charges

The card is best used for individual purchases, which is what I do, but this isn't always an option in many locations.

Roger1

MancChris wrote: »

... I also have a credit card with them, which is no fee on spending abroad, but with a 'non-sterling transaction fee' of 2.95%

Sounds like a 2.95% fee on foreign spend to me - unless you are offered to pay in sterling when abroad in which case avoid because of the risk of DCC. Only use this card in emergency, I would say.

Take a look at MSE's guide: http://travelmoney.moneysavingexpert.com/?_ga=2.124737994.1330235266.1494061565-115604089.1486806005