Euro (€) Currency Thread

luci

leedspete wrote: »

does anyone know if its easier to take euro tc to italy than the usual american express sterling ones?

It is not recommended to us euro TC's as you will probably get a poor rate of exchange here when you buy then and will have to pay commission in Italy when you change them, even if your travel agent tells you otherwise.

Some info HERE

diane118

hi please could you help i am going to spain and i have a nationwide bank account is it cheaper to draw euros out from that or change to euros at the post office before i go thanks Diane

McAzrael

Probably cheaper to draw from the machine. Nationwide won't charge you and you'll get wholesale rates. However, the local machine may charge you and nobody knows which way exchange rates are going to go between when you would go to the post office before travelling and when you go to the shop/ATM while you are there.

One thing to watch out for, if they offer to let you pay in sterling in a shop or restaurant turn them down. They are required by Visa to accept payment in the local currency and this will almost certainly work out cheaper for you.

brodev

It is cheaper to withdraw euros from the ATMs in Spain using your Nationwide card. You will be given the option of making the transaction in euros or pounds, either way you will get euros but you must choose euros to get the exchange rate from Nationwide. If your card doesn't work will you have some backup?

leroy86

Hi everyone

I am going to Spain tomorrow, and as usual have left it too late to book my currency! I've tried looking online at the best high streets rates and total deals etc but no real joy. Anyone have any advice on the best high street place to go for Euros?!

Thanks

cazzybabe

I plan on changing sterling to Euros before i go to majorca to give me some available cash for Taxis, ice creams, beers etc.

My questions is:

If i run out of cash am i better withdrawing from an ATM using my Halifax Debit Card or withdraw using my Post Office Credit Card (which i intend on using for meals, supermarket shops etc).

Any help would be appreciated, i find it very confusing to find the right/cheapest answer .......

Caz

benjus

cazzybabe wrote: »

If i run out of cash am i better withdrawing from an ATM using my Halifax Debit Card or withdraw using my Post Office Credit Card (which i intend on using for meals, supermarket shops etc).

The Halifax card charges 2.75% + £1.50
The PO card charges 2.5% (min £3) + interest at about 2% per month

So the PO card is cheaper if you can pay off the balance within a few days (e.g. using online banking). It might be possible to pre-load a credit balance on the PO card to avoid any interest charges, but I'm not sure if they allow this. If you don't pay it off until the normal monthly payment, the PO card will end up costing more than the Halifax card.

Example: withdrawing €300

Approx Halifax card fees: €8.25 + £1.50 (€1.90) = €10.15
Approx PO card fees if paid off in 3 days: €7.50 + €0.60 = €8.10
Approx PO card fees if paid off in 1 month: €7.50 + €6.00 = €13.50

cazzybabe

benjus wrote: »

The Halifax card charges 2.75% + £1.50
The PO card charges 2.5% (min £3) + interest at about 2% per month

So the PO card is cheaper if you can pay off the balance within a few days (e.g. using online banking). It might be possible to pre-load a credit balance on the PO card to avoid any interest charges, but I'm not sure if they allow this. If you don't pay it off until the normal monthly payment, the PO card will end up costing more than the Halifax card.

Example: withdrawing €300

Approx Halifax card fees: €8.25 + £1.50 (€1.90) = €10.15
Approx PO card fees if paid off in 3 days: €7.50 + €0.60 = €8.10
Approx PO card fees if paid off in 1 month: €7.50 + €6.00 = €13.50

Thank you Benjus, that really has cleared it up for me, I will not be able to clear the balance within 3 days but i do pay off the balance in full, so following your advice i will take cash and hopefully it will last but i will use my Halifax Debit Card in an emergency.

benjus

cazzybabe wrote: »

Thank you Benjus, that really has cleared it up for me, I will not be able to clear the balance within 3 days but i do pay off the balance in full, so following your advice i will take cash and hopefully it will last but i will use my Halifax Debit Card in an emergency.

That's fine if you can find a good exchange rate, but many high street bureaux de change are more expensive than using a Halifax card abroad. For comparison, here are the "fees" charged by some bureaux de change for the same €300 withdrawal:

Thomas Exchange Global (collection in person): €6.05
TravelEx Online: €8.74
Post Office Online: €12.69 (you would have to order more than €300, but this figure is based on its exchange rate)
Post Office in-branch: €18 (based on rates from a week or so ago)

In these cases the "fee" is the difference between the exchange rate offered by the bureau de change and the wholesale Visa exchange rate.

So unless you can use one of the better bureaux de change (e.g. TEG or TravelEx) you are better off using your Halifax card.

cazzybabe

"(That's fine if you can find a good exchange rate, but many high street bureaux de change are more expensive than using a Halifax card abroad. For comparison, here are the "fees" charged by some bureaux de change for the same €300 withdrawal:) ) " quote

My plan is to change £400 through Currency Express - 493.68 + (free delivery), looking at the maximiser it looks to be one of the best currently, also paying for it using my halifax debit shouldn't incur charges........

Am I correct?

You have been extremely helpful Benjus - thank you again, :beer:

Caz