Foreign Currency Account

DullGreyGuy

Nasqueron said:

DullGreyGuy said:

Nasqueron said:

GlasgowExpat2 said:

friolento said:

You get no protection when paying by bank transfer. Any bonafide provider of accommodation should accept card payments, preferably credit card but debit card would do, too

I’m aware of that but my question was about taking advantage of the good current exchange rate. 

There are credit card firms with good rates for this purpose. Saving £5 on exchange rates for a potential loss of £1000 is not MSE behaviour!

I disagree, its exceptionally MSE behaviour given some of the junk recommended by the site for insurance thats only plus point was its price but likely to cost you in the event of a claim because its such poor quality cover. 

Ultimately the OP can make their own risk/reward decision but plenty here recommend taking risks to save modest sums via "self insurance" (in most cases really no insurance) and some will come unstuck if they follow the advice. 

Did you reply to the wrong comment? OP is talking about paying for accommodation on site and would rather do an exchange rate conversion now and potentially lose the money rather than pay on a credit card

No, it was the right one... they don't need to pay now but think the FX rate is better now than it will be in the future and hence wants to lock into the exchange rate. There is no way to lock an FX rate using a CC for a future purchase, they'd either have to pay 10 months early (assuming there is a reason they don't want to do that) or be subject to whatever the FX rate is in 10 months time and both of these assume the accommodation even accept CC given the intention to pay by BT

HillStreetBlues

DullGreyGuy said:

Nasqueron said:

DullGreyGuy said:

Nasqueron said:

GlasgowExpat2 said:

friolento said:

You get no protection when paying by bank transfer. Any bonafide provider of accommodation should accept card payments, preferably credit card but debit card would do, too

I’m aware of that but my question was about taking advantage of the good current exchange rate. 

There are credit card firms with good rates for this purpose. Saving £5 on exchange rates for a potential loss of £1000 is not MSE behaviour!

I disagree, its exceptionally MSE behaviour given some of the junk recommended by the site for insurance thats only plus point was its price but likely to cost you in the event of a claim because its such poor quality cover. 

Ultimately the OP can make their own risk/reward decision but plenty here recommend taking risks to save modest sums via "self insurance" (in most cases really no insurance) and some will come unstuck if they follow the advice. 

Did you reply to the wrong comment? OP is talking about paying for accommodation on site and would rather do an exchange rate conversion now and potentially lose the money rather than pay on a credit card

No, it was the right one... they don't need to pay now but think the FX rate is better now than it will be in the future and hence wants to lock into the exchange rate. There is no way to lock an FX rate using a CC for a future purchase, they'd either have to pay 10 months early (assuming there is a reason they don't want to do that) or be subject to whatever the FX rate is in 10 months time and both of these assume the accommodation even accept CC given the intention to pay by BT

Agree with that.
Better to find out if a credit card payment is actually an option.

Nasqueron

DullGreyGuy said:

Nasqueron said:

DullGreyGuy said:

Nasqueron said:

GlasgowExpat2 said:

friolento said:

You get no protection when paying by bank transfer. Any bonafide provider of accommodation should accept card payments, preferably credit card but debit card would do, too

I’m aware of that but my question was about taking advantage of the good current exchange rate. 

There are credit card firms with good rates for this purpose. Saving £5 on exchange rates for a potential loss of £1000 is not MSE behaviour!

I disagree, its exceptionally MSE behaviour given some of the junk recommended by the site for insurance thats only plus point was its price but likely to cost you in the event of a claim because its such poor quality cover. 

Ultimately the OP can make their own risk/reward decision but plenty here recommend taking risks to save modest sums via "self insurance" (in most cases really no insurance) and some will come unstuck if they follow the advice. 

Did you reply to the wrong comment? OP is talking about paying for accommodation on site and would rather do an exchange rate conversion now and potentially lose the money rather than pay on a credit card

No, it was the right one... they don't need to pay now but think the FX rate is better now than it will be in the future and hence wants to lock into the exchange rate. There is no way to lock an FX rate using a CC for a future purchase, they'd either have to pay 10 months early (assuming there is a reason they don't want to do that) or be subject to whatever the FX rate is in 10 months time and both of these assume the accommodation even accept CC given the intention to pay by BT

There are credit cards with great base rates, but again, OP wanting to save a few quid (potentially, as it could go the other way) by paying cash but potentially losing it is not MSE. No-one is talking about buying insurance 

GlasgowExpat2

Nasqueron said:

DullGreyGuy said:

Nasqueron said:

DullGreyGuy said:

Nasqueron said:

GlasgowExpat2 said:

friolento said:

You get no protection when paying by bank transfer. Any bonafide provider of accommodation should accept card payments, preferably credit card but debit card would do, too

I’m aware of that but my question was about taking advantage of the good current exchange rate. 

There are credit card firms with good rates for this purpose. Saving £5 on exchange rates for a potential loss of £1000 is not MSE behaviour!

I disagree, its exceptionally MSE behaviour given some of the junk recommended by the site for insurance thats only plus point was its price but likely to cost you in the event of a claim because its such poor quality cover. 

Ultimately the OP can make their own risk/reward decision but plenty here recommend taking risks to save modest sums via "self insurance" (in most cases really no insurance) and some will come unstuck if they follow the advice. 

Did you reply to the wrong comment? OP is talking about paying for accommodation on site and would rather do an exchange rate conversion now and potentially lose the money rather than pay on a credit card

No, it was the right one... they don't need to pay now but think the FX rate is better now than it will be in the future and hence wants to lock into the exchange rate. There is no way to lock an FX rate using a CC for a future purchase, they'd either have to pay 10 months early (assuming there is a reason they don't want to do that) or be subject to whatever the FX rate is in 10 months time and both of these assume the accommodation even accept CC given the intention to pay by BT

There are credit cards with great base rates, but again, OP wanting to save a few quid (potentially, as it could go the other way) by paying cash but potentially losing it is not MSE. No-one is talking about buying insurance 

I already have insurance in place. 

wmb194

Just open Wise ZAR account.

[Deleted User]

You could open a HSBC Global Money Account and convert to ZAR with FSCS protection. 

Otherwise, what stopping you converting to Rand and paying the deposit now via card and paying the rest at the hotel in cash?