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  • FIRST POST
    • pthompson
    • By pthompson 19th Jul 03, 5:31 PM
    • 106Posts
    • 46Thanks
    pthompson
    How to buy travellers cheques or foreign currency
    • #1
    • 19th Jul 03, 5:31 PM
    How to buy travellers cheques or foreign currency 19th Jul 03 at 5:31 PM
    Can anyone advise where best to buy 1000 worth of Euros (in cash)?

    I was told that the Post Office is the cheapest as they charge 0% commission, however they're not very transparent on the buy/sell spread -- which is probably where they make their profit -- so it's difficult to compare them with high-street banks, bureaux de change and travel agents.

    Thank

    Official Insert.

    There is now a full article on SENDING MONEY OVERSEAS AND CURRENCY OVERSEAS please read that.
    Last edited by MSE Martin; 21-05-2007 at 12:14 PM.
Page 1
    • Pal
    • By Pal 19th Jul 03, 7:45 PM
    • 2,062 Posts
    • 731 Thanks
    Pal
    • #2
    • 19th Jul 03, 7:45 PM
    Re: Cheapest Euros?
    • #2
    • 19th Jul 03, 7:45 PM
    Why not go round a few places on the high street and ask them all for quotes for how many Euros you will get for your money.
  • Gaz
    • #3
    • 20th Jul 03, 12:27 AM
    Re: Cheapest Euros?
    • #3
    • 20th Jul 03, 12:27 AM
    I'm also looking to buy euros soon.
    I've been told that Marks and Spencer are very good for buying euros but don't know for definate
    • Murphy_The_Cat
    • By Murphy_The_Cat 22nd Jul 03, 12:35 PM
    • 19,733 Posts
    • 25,710 Thanks
    Murphy_The_Cat
    • #4
    • 22nd Jul 03, 12:35 PM
    Re: Cheapest Euros?
    • #4
    • 22nd Jul 03, 12:35 PM
    I know that www.travelex.co.uk have a comission free deal on at the moment, but they will be unkeen to exchange for 1000 in cash as they worry about money laundering. However thaty would have no problem doing it via a Switch card, or as several lower value transactions as long as you had ID

    MTC
    :

    p.s they are offering 1.3584 euros to the Great British Pound at the moment
  • Paul_Riley
    • #5
    • 24th Jul 03, 1:35 AM
    Re: Cheapest Euros?
    • #5
    • 24th Jul 03, 1:35 AM
    I know that www.travelex.co.uk have a comission free deal on at the moment,
    p.s they are offering 1.3584 euros to the Great British Pound at the moment
    My searches found travelex to be one of the better ones. !You'd have to pick it up from one of their outlets (located at major airports / ferry ports).

    Alternatively, a very similar rate can be found with International Currency Exchange, they even offer Royal Mail 1st class Special Delivery to your home address. !Their web site can be accessed through the 'travel money' section of webmoney.com

    For comparison purposes, I got my Euros from ICE last week at 1.383 when Post Office were offering 1.366

    One word of warning for exchanging online...I ended up with 4 x 200Euro notes, each equivalent to 145
    • zebedy
    • By zebedy 24th Jul 03, 11:49 AM
    • 423 Posts
    • 547 Thanks
    zebedy
    • #6
    • 24th Jul 03, 11:49 AM
    Re: Cheapest Euros?
    • #6
    • 24th Jul 03, 11:49 AM
    M&S are doing commission free Euros at the mo but i don't know how their exchange rate compares with banks etc.
    I guess you have to shop around to get the best deal
  • alared
    • #7
    • 25th Jul 03, 1:37 PM
    Re: Cheapest Euros?
    • #7
    • 25th Jul 03, 1:37 PM
    Shop around is the best advice and don`t forget the rate changes daily.No matter when I buy mine the rate always gets better afterwards!
    I have noticed that you nearly always get a better rate abroad
  • Gaz
    • #8
    • 27th Jul 03, 12:22 AM
    Re: Cheapest Euros?
    • #8
    • 27th Jul 03, 12:22 AM
    Marks and Spencer are the cheapest at the moment and they are commission free.
    I watched a program on the other day about the cheapest place to buy euros and M&S were top and the post office second
  • Galstonian
    • #9
    • 28th Jul 03, 4:33 PM
    Re: Cheapest Euros?
    • #9
    • 28th Jul 03, 4:33 PM
    Don't forget to find out how much it costs to just withdraw the cash from an ATM while in Euroland.
    • COS
    • By COS 5th Aug 03, 3:41 AM
    • 547 Posts
    • 78 Thanks
    COS
    Re: Cheapest Euros?
    My colleague at work wants to know if its better to change her Euros in France or in England,as she is'nt going until September its alittle early to advise.

    Any suggestions would be welcome.
    • interested
    • By interested 6th Aug 03, 9:44 PM
    • 7 Posts
    • 3 Thanks
    interested
    Re: Cheapest Euros?
    Could someone let me know why it is that you can go to three outlets offering commision free and get three different qoutes I was offered 78p a euro and 73p a euro which is a difference of 70euros on 800 And the only explaination i got from the teller was that rates come in daliy and she has to charge what she is told from head office. Well surely there is some kind of charge then, if the rates can be so different.
    • MSE Martin
    • By MSE Martin 6th Aug 03, 11:08 PM
    • 8,116 Posts
    • 42,310 Thanks
    MSE Martin
    Re: Cheapest Euros?
    First thing to say is read my article on getting cheap currency - which is here

    http://www.moneysavingexpert.com/travel/cheap-travel-money

    The point is commission free is a complete myth. Foreign exchange bureaus make their money two ways.

    i. Commission
    ii. By offering rates worse than they themselves get. Therefore extending the difference between the rate they buy and sell currency.

    In effect all of it is a nonescence. You'll always get different amounts. The ONLY way to judge is by saying

    I have £XXX how many Euros/Dollars/Zeloty will you give me for them after all fees and commission. Whoever gives you more is the one to go to.

    Martin
    Last edited by Former MSE Wendy; 22-05-2008 at 9:21 PM.
    • interested
    • By interested 7th Aug 03, 7:45 PM
    • 7 Posts
    • 3 Thanks
    interested
    Re: Cheapest Euros?
    That is discusting! How the hell is it commision free if there is a hidden charge that they are not even willing to be honest about?

    At least now i know that i am only slightly insane, all the time i spent running around trying to get commision free and there is no such thing!
    • MSE Martin
    • By MSE Martin 7th Aug 03, 8:18 PM
    • 8,116 Posts
    • 42,310 Thanks
    MSE Martin
    Re: Cheapest Euros?
    If I were arguing for them (something which will never happen) I would say it is "commission free" but it isn't "free of all charges" - clever marketing isn't it. After all they only want to make money!
  • archived user
    Re: Cheapest Euros?
    I am going on holiday this week so don't have time to get a new credit card. I have a barcly debit card so hightest loading and 2% fee. would it be better to get Euro's here or get it from an ATM in Euroland?
  • colin.mclean
    Re: Cheapest Euros?
    I've generally found Marks & Spencer or the Post Office give the best rates for buying euros, with no charges added. See Gaz's comment above (26.07.03). Avoid travel agents!

    However, on my last few trips to Europe I've used my Nationwide FlexAccount debit card to withdraw euros from local ATMs as and when I need them. That way I don't end up bringing a load of euros home. The exchange rate is very competitive, Nationwide don't charge a fee for using an ATM abroad, and I've yet to run across a foreign ATM which charges a fee locally. (If it does, cancel the transaction and go find one at a different bank).
    • payless
    • By payless 2nd Sep 03, 9:31 PM
    • 6,603 Posts
    • 2,355 Thanks
    payless
    Re: Cheapest Euros?
    Yeah Nationwide do not charge/ levy the usual 2.75% currency charge.

    ATM withdrawls cost 1% abroad (on my natWide CC)some other charge more

    Find it very good, so long as sure that there is a machine at the resort

  • colin.mclean
    Re: Cheapest Euros?
    If you use your debit card, as opposed to your credit card, there's no charge imposed by Nationwide.

    Most tourist resorts should have an ATM which can be used. After all, the locals have to get their cash too! If there's no ATM, it's likely the place is so far off the map there'll be no local bureau de change either!
    • bell
    • By bell 16th Jul 04, 12:12 AM
    • 303 Posts
    • 3,165 Thanks
    bell
    Re: Cheapest Euros?
    Am I right in saying that anything carrying a Maestro symbol on the card can be used to withdraw Euros from cash machines abroad.

    I have a Natwest Solo card with a Maestro symbol and if thats the case ill take less currency and just draw the stuff out when im in Corfu.

    Although id still feel slightly insecure about going aboad with hardly any money... Also not being used to Euros ill probably spend WAAAAAAAAAY to much money using this method completly negating any savings ill make.

    Should have joined the bloody Euro when we had the chance
  • Gaz
    Re: Cheapest Euros?
    I have a Nationwide Debit Card can I use it in an American ATM for $$$$$$ without paying a foreign exchange charge.
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