Foreign Currency

jinty_3

Can anyone tell me where to get the best deal to buy Cyprus Pounds

Discogod

welcome!

i've always found https://www.travelex.co.uk the best for foreign currency.

failing that then try the post office : http://www.postoffice.co.uk/portal/po/jump2?catId=19300207&mediaId=19300210&keyname=fex_information

grumbler

The best deal is always at any ATM at your destination with Nationwide debit card or cash card:

The cheapest way to spend overseas: save 6% article.

Using some other debit card can be cheaper than travelex and Post Office. Check your debit card charges and be aware that many debit cards charge you 1.5%+ for buying foreign currency even here in UK.

pin

Discussed hundreds of times now. Best rates (in order):
Nationwide Debit card
Any other debit card (though do check charges)
Thomas Global Exchange (Victoria Street, London)
Travelex online
Marks and Sparks
Post Office

Remember if you are using a money changing place and paying by debit / credit card double check if your provider will charge for money exchange.

JoseChungsDoomsday

If you have a halifax account, they're always pretty good as well

grumbler

JoseChungsDoomsday wrote:

If you have a halifax account, they're always pretty good as well

Why do you think so?
Interest rates & general charges:

[font=Arial, Helvetica]Charges for using your card abroad[/font]
[font=Arial, Helvetica]If you use your card abroad, the amount of the transaction will be changed to pounds sterling on the date we take it out of your account. This may not be the same date that the transaction is carried out. We'll choose the exchange rate that applies and we'll include a conversion fee of 2.75% of the amount of the transaction. We will also deduct a service charge of £1.50 from your account immediately for each transaction.[/font]

This is about the same that most of cards charge for withdrawals abroad; £1.50 charge for purchases is less usual.

JoseChungsDoomsday

I meant for ordering cash & TC's

cheekymole

Post Office I suppose as they have a no commission policy, but I always use my Nationwide Flexaccout card when I'm abroad as you usually get a better exchange rate and no commission. It's worth opening an account just for that purpose

cheekymole

It's also safer I think as you take out waht you need on a daily basis so no carrying loads of money all at once

grumbler

cheekymole wrote:

Post Office I suppose as they have a no commission policy...

PO today - 0.7901 CYP/£
Interbank rate today - 0.83296 CYP/£

When you by from PO you lose (0.83296-0.7901)/0.83296=5.15%. It is worse than just using most of UK debit cards for purchases and withdrawls abroad. See pin's post #4 above ...