How do you all take your money on holiday?

Sharon87

You can use this tool to get the best exchange rates in your area. This is how I found out about the above 2 places.

https://travelmoney.moneysavingexpert.com/?_ga=2.94516057.413362214.1568327076-436942862.1512872472

EveryWhere

Sharon87 wrote: »

I live in London, I have loads of places I can use. Best Foreign Exchange or Thomas Exchange have a near perfect exchange rate when you preorder online (fast track same day service for pick up)
https://www.bestforeignexchange.com/
https://www.thomasexchange.co.uk/

Every time in the past 3-4 years I've exchanged currency I've got for example $1.40 to the pound when xe.com says $1.41 or $1.42. Thanks to this website for their comparison site and telling me to prebook online!

(I go on holiday frequently and do this all the time)

There are no fees unless you pay by card. I usually take money out in stages of the ATM or go to the bank to get it. No other fees involved!

So today dollar is 1.23367 to the pound. Best Foreign exchange and Thomas Exchange is $1.2185.
Euros is 1.115 to the pound. Best foreign exchange is 1.1065 to the pound and Thomas Exchange is 1.1055
It's also based on the previous day's exchange rate (not today's)
They both charge a different fee if you don't prebook.

Currency cards have a worse exchange rate

Not all. Revolut, for instance, will have much the same rate as seen on xe.com

zagfles

Sharon87 wrote: »

I live in London, I have loads of places I can use. Best Foreign Exchange or Thomas Exchange have a near perfect exchange rate when you preorder online (fast track same day service for pick up)
https://www.bestforeignexchange.com/
https://www.thomasexchange.co.uk/

Every time in the past 3-4 years I've exchanged currency I've got for example $1.40 to the pound when xe.com says $1.41 or $1.42. Thanks to this website for their comparison site and telling me to prebook online!

(I go on holiday frequently and do this all the time)

There are no fees unless you pay by card. I usually take money out in stages of the ATM or go to the bank to get it. No other fees involved!

So today dollar is 1.23367 to the pound. Best Foreign exchange and Thomas Exchange is $1.2185.
Euros is 1.115 to the pound. Best foreign exchange is 1.1065 to the pound and Thomas Exchange is 1.1055
It's also based on the previous day's exchange rate (not today's)
They both charge a different fee if you don't prebook.

Currency cards have a worse exchange rate

Mastercard/VISA rates are similar, get a zero fee card and you get those rates. Also far less hassle and risk that going to an ATM "in stages" inthe UK to draw out the wrong type of cash, travel with it to some exchange place which is probably miles from your home, change it into the right type of cash, take it home, hope no-one sees you with large amounts of cash, hope no-one nicks it at airport security where you need to put your wallet/purse etc in the tray etc etc.

Why do people go through all this? It's so simple
1) Get a zero fee card
2) When abroad, draw cash as you need it

adindas

Sharon87 wrote: »

I live in London, I have loads of places I can use. Best Foreign Exchange or Thomas Exchange have a near perfect exchange rate when you preorder online (fast track same day service for pick up)
https://www.bestforeignexchange.com/
https://www.thomasexchange.co.uk/

Every time in the past 3-4 years I've exchanged currency I've got for example $1.40 to the pound when xe.com says $1.41 or $1.42. Thanks to this website for their comparison site and telling me to prebook online!

(I go on holiday frequently and do this all the time)

There are no fees unless you pay by card. I usually take money out in stages of the ATM or go to the bank to get it. No other fees involved!

So today dollar is 1.23367 to the pound. Best Foreign exchange and Thomas Exchange is $1.2185.
Euros is 1.115 to the pound. Best foreign exchange is 1.1065 to the pound and Thomas Exchange is 1.1055
It's also based on the previous day's exchange rate (not today's)
They both charge a different fee if you don't prebook.

Currency cards have a worse exchange rate

It seems it is a reasonably good place for those who need currency before traveling.

Having said that, let compare it today September 13, 2019 @10.25
xe.com £/US$ 1.24450 https://postimg.cc/2LYvWDZk

bestforeignexchange £/US$ 1.2270 https://postimg.cc/n9n2J7TG

If you exchage £1,000 the difference will be £17.50 + the cost of traveling and your time for traveling

With revolut, you get very similar to xe.com without the need to travel.

adindas

Sharon87 wrote: »

I live in London, I have loads of places I can use. Best Foreign Exchange or Thomas Exchange have a near perfect exchange rate when you preorder online (fast track same day service for pick up)
https://www.bestforeignexchange.com/
https://www.thomasexchange.co.uk/

Every time in the past 3-4 years I've exchanged currency I've got for example $1.40 to the pound when xe.com says $1.41 or $1.42. Thanks to this website for their comparison site and telling me to prebook online!

(I go on holiday frequently and do this all the time)

There are no fees unless you pay by card. I usually take money out in stages of the ATM or go to the bank to get it. No other fees involved!

So today dollar is 1.23367 to the pound. Best Foreign exchange and Thomas Exchange is $1.2185.
Euros is 1.115 to the pound. Best foreign exchange is 1.1065 to the pound and Thomas Exchange is 1.1055
It's also based on the previous day's exchange rate (not today's)
They both charge a different fee if you don't prebook.

Currency cards have a worse exchange rate

Normally Mastercard update their currency rate during lunch time. Now @15.15

Mastercard. This is the conversion rate you will get with any no fee specialist DC/CC
https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html
£/US$ 1.235518 https://postimg.cc/XXJ9vt2b

Bestforeignexchange £/US$1.2270 https://postimg.cc/TpbLLxgZ

So no fee specialist DC/CC is still better.

Sharon87

Not everyone can get a zero fee card though, credit ratings might not be good enough. I've tried a few times to get a fee free card despite an ok rating (I get accepted for other cards/credit increases with current cards). I try and get one every couple of years, but never been accepted for one.

Revolut is good. I'm going to try that at some point when I go for a longer holiday. My mum used it when she went away. When I go travelling around Europe I'll definitely use it (3 months away, no way I'm taking all cash in various currencies!)

But I was just showing people that cash is also an option if they prefer cash. I don't go to the exchange place in stages, I go to the bank in stages (well I did once), but I mostly go into the bank to get the money. I mostly get cash for my smaller trips, so may only change £300-£500 (I can withdraw £500 from an ATM with my card/bank). Most of that money goes on booze anyway, so cash is preferred in those places haha!

Technology and new cards are probably the way forward, especially in countries that are heading towards a cashless society. But sometimes it's good to have cash - even a small amount before you get to your destination as taxis from the airport may not accept cards, or you want to buy something from a little shop on your first night and don't know where any ATMs are.

I'm quite lucky in the fact I have exchange places close to work and home. I understand not everyone will, but for those lucky people you can get a decent rate with cash, even if it's not the same as the 0% credit cards!

I may try again for a no fee credit card. My debt's gone down a lot recently (all on 0%) so may be accepted! (hopefully)

EveryWhere

Sharon87 wrote: »

Not everyone can get a zero fee card though, credit ratings might not be good enough. I've tried a few times to get a fee free card despite an ok rating (I get accepted for other cards/credit increases with current cards). I try and get one every couple of years, but never been accepted for one.

Revolut is good. I'm going to try that at some point when I go for a longer holiday. My mum used it when she went away. When I go travelling around Europe I'll definitely use it (3 months away, no way I'm taking all cash in various currencies!)

But I was just showing people that cash is also an option if they prefer cash. I don't go to the exchange place in stages, I go to the bank in stages (well I did once), but I mostly go into the bank to get the money. I mostly get cash for my smaller trips, so may only change £300-£500 (I can withdraw £500 from an ATM with my card/bank). Most of that money goes on booze anyway, so cash is preferred in those places haha!

Technology and new cards are probably the way forward, especially in countries that are heading towards a cashless society. But sometimes it's good to have cash - even a small amount before you get to your destination as taxis from the airport may not accept cards, or you want to buy something from a little shop on your first night and don't know where any ATMs are.

I'm quite lucky in the fact I have exchange places close to work and home. I understand not everyone will, but for those lucky people you can get a decent rate with cash, even if it's not the same as the 0% credit cards!

I may try again for a no fee credit card. My debt's gone down a lot recently (all on 0%) so may be accepted! (hopefully)

Everyone can obtain a fee free card of sorts. https://uk.virginmoney.com/virgin/current-account/essential-current-account.jsp is still good.

Sharon87

EveryWhere wrote: »

Everyone can obtain a fee free card of sorts. https://uk.virginmoney.com/virgin/current-account/essential-current-account.jsp is still good.

Just had a look and they charge £1.50 per transaction when abroad. So it’s not a few free card

On a brighter note after being on here last night I applied for a Halifax clarity card and be finally been accepted! Rate is higher than the base rate but that doesn’t matter if I pay it in full! :T

adindas

Sharon87 wrote: »

Just had a look and they charge £1.50 per transaction when abroad. So it’s not a few free card

On a brighter note after being on here last night I applied for a Halifax clarity card and be finally been accepted! Rate is higher than the base rate but that doesn’t matter if I pay it in full! :T

Well Done.
If you are using creditcard for cash withdrawal it will be good and less hassles if you avoid using it for purchase.

If the intention is to use it solely for purchase in foreign curenncies (not cash withdrawal) there are reasonable number of creditbuilder CCs which is much easy to get such as Aqua, Capital one, etc. This will complement you Clarity card if you want to seperate between cash witdrawal and purchase.

https://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards/

You also get cash back about 0.5% for any purchase you do.

EveryWhere

Sharon87 wrote: »

Just had a look and they charge £1.50 per transaction when abroad. So it’s not a few free card

On a brighter note after being on here last night I applied for a Halifax clarity card and be finally been accepted! Rate is higher than the base rate but that doesn’t matter if I pay it in full! :T

I did write...of sorts. So if for some reason you were unable to get any of the myriad of fee free cards available, there is still another possibility, for even the formerly bankrupt.

No fees at all on purchases and as little as 0.6% off the full Mastercard rate(so still better than any BdC) on ATM withdrawals.

Always useful to keep your thinking cap on.