Convert or Transfer Money?

brettm87

Hello,

I am flying to ROmania to be with a friend on the 27th and I am wondering what is better:
1) Convert my money on a site such as Tesco Travel (4.9 rate) - £4 fee
or
2) Transfer my GBP into my friends bank account before I go and then we withdraw it?

I use Barclays and if I do it online I get a 5.2 conversion rate for transfer and it costs £5.
When I am in Romania and at the cash machine when we try withdraw, will it cost more or does my friends bank charge too? Is there any other fee or will it be a case of £100 = 520 Leu when we withdraw?

If you can, I just need it in simplest forms - cash conversion with Tesco, or bank transfer to friend..

Thanks in advance

greyteam1959

Cash conversion = safe
Friends bank account = not safe ( might be a friend today who knows what tomorrow may bring )

eDicky

brettm87 wrote: »

If you can, I just need it in simplest forms - cash conversion with Tesco, or bank transfer to friend..

The bank transfer, Tesco should always be avoided for foreign currency. But I'm unable to believe that Barclays will give you a 5.2 rate today, when the mid-market rate is 5.23.

If you do it now, you have time to sign up for a Starling Bank account in minutes on the phone app and receive your debit card, then use it to withdraw/spend at the best rate.

https://www.starlingbank.com/

Or perhaps even easier for just £100, take the cash with you and change it there at the best rate you can find (not airport).

brettm87

greyteam1959 wrote: »

Cash conversion = safe
Friends bank account = not safe ( might be a friend today who knows what tomorrow may bring )

Luckily for me I truly, 10% trust my friend. They earn more than me anyway and don't need my pennies lol.

eDicky wrote: »

The bank transfer, Tesco should always be avoided for foreign currency. But I'm unable to believe that Barclays will give you a 5.2 rate today, when the mid-market rate is 5.23.

If you do it now, you have time to sign up for a Starling Bank account in minutes on the phone app and receive your debit card, then use it to withdraw/spend at the best rate.



Or perhaps even easier for just £100, take the cash with you and change it there at the best rate you can find (not airport).

The whole 5.2 rate is just what I "assumed" after seeing their page: barclayscorporate[dot]com/foreign-exchange-rates.html

(sorry, it says i can't share a link in a post as a new user)

This is my first ever time flying and it's so much more overwhelming than I could have thought, so I am really unsure what is what quite frankly. Is that not the rate they would exchange at if I do the bank transfer? If it isn't the rate they give what rate do they give and how do I see that?

Thanks in advance I appreciate

NoodleDoodleMan

Luckily for me I truly, 10% trust my friend

That much ?

eDicky

brettm87 wrote: »

If it isn't the rate they give what rate do they give and how do I see that?

Mainstream UK banks such as Barclays put ~3% margin on the exchange rate, and charge a fee also. Moneysavers use a broker such as TransferWise instead.

Make your life easy and save your pennies, sign up for Starling while there's still time. Or just take crisp pound notes with you. I assume there's not a huge sum involved and your friend will pick you up from the airport.