Changing money at airport or on arrival?

TF03

Evening all,

To summarise, I am off to Portugal at the end of the month. I fly on my payday. I don't really have the spare cash to change up to Euros before I go due to a horrendously expensive month for various things.

Is it better to (I appreciate these are the best of a bad bunch already!):
A, Withdraw Euros from a cash machine at the UK airport?
B, Change up at the bureau de change at the UK airport? (And I'm guessing, pre-order for the best rate)
C, Withdraw euros from ATM upon arrival in Portugal?
D, Change up at the bureau de change at Faro?

It's not a huge amount as I'm only there for a few days. Probably about £300 so I'm not too concerned about a few pennies here or there.
Just don't want to get stung (more so than I am going to be already!)

Cheers

worried_jim

Monzo, Revolut or Starling. Just use the cards as you would in the U.K. in shops and ATM's. Dead easy, dead simple.

bagand96

A) Likely to be the worst option. Terrible rate.
Never walk up at the airport exchange. You’ll get a horrific rate. Pre-ordering might get you a better rate (depending on who runs exchange at your airport) but still not great
C) Depends on your debit card. Some will be the absolute best option as they charge no fee and convert at the MasterCard/visa rate. Even if you had one of the worst debit cards, for the amount you are talking it might still be better than A) or
D) I’ve no idea what rates are like in Portugal but I imagine it will be similar to the UK highstreet so not a great option

Worth noting you have plenty of time to get a “perfect” debit card. If you live in an area with Metro Bank you can walk in and open an account and get your debit card instantly with free withdrawals in Europe. Starling Bank is completely app based and offer free withdrawals worldwide. Open the account on the app and your debit card arrives in a few days. These are just standard current accounts so you can transfer the money in and your all set. Monzo is another current account option but I think they have withdrawal limits now.

TF03

bagand96 wrote: »

A) Likely to be the worst option. Terrible rate.
Never walk up at the airport exchange. You’ll get a horrific rate. Pre-ordering might get you a better rate (depending on who runs exchange at your airport) but still not great
C) Depends on your debit card. Some will be the absolute best option as they charge no fee and convert at the MasterCard/visa rate. Even if you had one of the worst debit cards, for the amount you are talking it might still be better than A) or
D) I’ve no idea what rates are like in Portugal but I imagine it will be similar to the UK highstreet so not a great option

Worth noting you have plenty of time to get a “perfect” debit card. If you live in an area with Metro Bank you can walk in and open an account and get your debit card instantly with free withdrawals in Europe. Starling Bank is completely app based and offer free withdrawals worldwide. Open the account on the app and your debit card arrives in a few days. These are just standard current accounts so you can transfer the money in and your all set. Monzo is another current account option but I think they have withdrawal limits now.

I've not heard of either of these. They sound like an option.

I have a Metro near to me. So just open up an account with them, get my debit card, transfer my money that I want to withdraw into it and then just take it out charge free in Portugal?

I currently bank with Natwest which I believe is one of the worst debit cards to use abroad?

bagand96

TF03 wrote: »

I have a Metro near to me. So just open up an account with them, get my debit card, transfer my money that I want to withdraw into it and then just take it out charge free in Portugal?

Yes just that https://www.metrobankonline.co.uk/bank-accounts/products/current-account/

It’s a handy option as you can then keep that current account there for next time you go away. Or the app based Starling one which offers worldwide free withdrawals over Metro Bank’s Europe.

You say around £300, so let’s say €350 withdrawn today:

Starling or MetroBank MasterCard Debit : £301.97 (MasterCard base rate)
NatWest Visa Debit £308.39 (Visa base rate +2%)
Best highstreet collection (Asda) £306.27


If you do go down the route of getting a Debit card to use abroad, be vigilant that most foreign ATMs will also try to fiddle you. They offer to convert your transaction into GBP, however they will do this often at a poor rate to benefit themselves. If you’ve got a Metro/Starling you should always refuse this and have it billed in Euro.

TF03

bagand96 wrote: »

Yes just that https://www.metrobankonline.co.uk/bank-accounts/products/current-account/

It’s a handy option as you can then keep that current account there for next time you go away. Or the app based Starling one which offers worldwide free withdrawals over Metro Bank’s Europe.

You say around £300, so let’s say €350 withdrawn today:

Starling or MetroBank MasterCard Debit : £301.97 (MasterCard base rate)
NatWest Visa Debit £308.39 (Visa base rate +2%)
Best highstreet collection (Asda) £306.27


If you do go down the route of getting a Debit card to use abroad, be vigilant that most foreign ATMs will also try to fiddle you. They offer to convert your transaction into GBP, however they will do this often at a poor rate to benefit themselves. If you’ve got a Metro/Starling you should always refuse this and have it billed in Euro.

Ok. That sounds great. And it'll allow me to use the card for normal purchases abroad as well meaning I don't actually have to take as much cash with me.

And yes, thanks for the reminder. I always go the the "local currency" option of foreign ATMs.