Cash or Card On Holiday

peterefc1878

Hello Im going on holiday to spain for 2 weeks and was just woundering if anyone could give me some advice. On top of the euros Ive already purchased Im not sure wether or not to take more sterling or to take my bank card. I bank with Lloyds TSB and have noted that they charge 2.75% admin fee and then 1.5% of the amount withdrawn. Am I right in thinking though u will get the exchange rate at bank rate and not at the tourist rate. Anyways any advice would be greatly appreciated Cheers.

grumbler

peterefc1878 wrote:

Am I right in thinking though u will get the exchange rate at bank rate and not at the tourist rate. Anyways any advice would be greatly appreciated Cheers.

Yes, euros are converted itno ££s at the interbank rate, then 2.75%+1.5% charge is applied.
Not all cash cards can be used abroad. Make sure that you can use yours.

peterefc1878

Cheers, Ive Checked that I can use my card and Lloyds confirmed this. Basicaly though If I withdrew £200 I would be charged £4.25. Wounder wether the interbank rate would be that much better example:

£200 @ 1.47 = 294 Euro

£200 @ 1.40 = 280 Euro

Which would leave me about a tenner better off. I will do some research.

grumbler

peterefc1878 wrote:

If I withdrew £200 I would be charged £4.25.

£4.25 for £100.
£8.50 for £200.

Pink.

peterefc1878,

It's well worth reading the cheapest way to spend overseas article by Martin.

Pink

peterefc1878

yer just relised that how dozey so basically ya not really gaining, noticed that the euro has fell a little after today probably use the card then for convience.

peterefc1878

Thanks Pink will take a look now

mike_paterson

It might be worth checking with Lloyds how much they charge for spending on the card (as opposed to cash withdrawal). It is likely to be less (probably 2.75% or 1.5%) and if so, it will be sensible to withdraw less cash and spend more on the card itself. Most restaurants and shops take cards.

grumbler

mike_paterson wrote:

It might be worth checking with Lloyds how much they charge for spending on the card (as opposed to cash withdrawal). It is likely to be less (probably 2.75% or 1.5%) and if so, it will be sensible to withdraw less cash and spend more on the card itself. Most restaurants and shops take cards.

http://www.lloydstsb.com/rates_and_charges/current_account_charges.asp

Transactions abroad and in currencies other than sterling

Cash withdrawals and purchases
We convert the amount to sterling using our exchange rate on the date we take the money from your account. We also include a conversion fee of 2.75%.

Purchases abroad and in currency other than sterling
When making purchases (not cash withdrawals) abroad or in a currency other than sterling the transaction is also subject to:
£1 overseas transaction fee on purchases abroad. This also applies to Internet and home shopping transactions that are made in the UK in currencies other than sterling.

When you take out cash
Debit Cards (including Electron) – 1.5 % of the amount with a minimum transaction charge of £2 and a maximum of £4.50.
Cashpoint Cards – 1.5% of the amount (Minimum £1.50) per transaction.

For purchases it is better to pay by card.

Smiley_Mum

I just applied for a Nationwide Flex Account over the phone. Should get news next week of whether I'm accepted or not. Piece of cake to apply, give it a try.

Weymouth_Man

Smiley_Mum wrote:

I just applied for a Nationwide Flex Account over the phone. Should get news next week of whether I'm accepted or not. Piece of cake to apply, give it a try.

Great card to use abroad, I would be lost with out mine !!!!