Spending money question.

Dunkyboy_2

We are off for 2 weeks in Gran Canaria, and have £1500 to spend. I noticed that the euro has shrunk in value against the pound lately (which is what we were going to take), so is there a better way. We have our mortgage with the Nationwide and they have a c/c which is cheap to use abroad, would this give us a better deal than just taking euros, or is there anything better you could recommend, thanks.

fatboyonadiet

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1106765397,71685, Read this article on spending abroad, the Nationwide card is your best bet.

budgetflyer

The nationwide--->Debit<--- card doesn't have any fees The Credit Card has 1+1/2 % transaction fee on it.
I dont know if they scrape it back on their exchange rate.Their cash currency rate is slightly less than https://www.travelex.co.uk
I used my BOS one card to pay a hotel bill in Spain recently. the rate on the card was 143Euro/£ where as Travelex cash rate was only 140/£ at the time.
Its a hit or miss how exchange rates go. If you can get a decent rate off Travelex they can "Lock it" for up to 6 months. At least you know what you are getting that way. For £3.50 extra they will also buy back unused currency at the same rate.

grumbler

budgetflyer wrote:

The nationwide...Credit Card has 1+1/2 % transaction fee on it...

Not correct! 1.5% only on cash withdrawals. No fees on purchases. However, when using this card for purchases be aware about resent 'scam' - especially in Spain:

Something interesting on nationwide.co.uk

Totally agree with two above posts that it is worth having NW debit or cash card for withdrawing cash abroad.

Bergster

I don't like paying any fees or not knowing what the rate will be.

Instead of Nationwide credit card how about this...

Buy the Euros from the high street over "there".

I have just returned from Ireland and the rate to "buy back" sterling was around 0.63.

This makes the rate £1 = 1.58 euro.

grumbler

Bergster wrote:

I don't like paying any fees or not knowing what the rate will be.

Instead of Nationwide credit card how about this...

Buy the Euros from the high street over "there".

I have just returned from Ireland and the rate to "buy back" sterling was around 0.63.

This makes the rate £1 = 1.58 euro.

As far as I understand, 'buy back' rate applies only to the currency that you bought from the same agency a short time ago (usually within 1 month). Of corse, if they sold you ££s for about 1.58 they can afford to buy 'leftowers' back at the same rate.

EDIT: or if you buy ££s today the agency guaranees to 'buy back' the same amount or less within one month at the same rate.