Euro (€) Currency Thread

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Crabman
Crabman Posts: 9,943 Forumite
First Post First Anniversary Combo Breaker Intrepid Forum Explorer
edited 9 May 2009 at 10:38PM in Flights, currency & car hire
rkrawz.jpgEuro Currency - Questions & Answers Thread rkrawz.jpg

Please use this thread for all queries related to Euro Currency conversion, rates and the best time to buy.

Travel Money Maximiser (find the best exchange rate to buy before you travel)

Spending Overseas (Martin's article listing the best ways to spend abroad)

Current VISA exchange rate (using a Nationwide Debit Card, see article for details)

Locate a VISA ATM

Locate a Mastercard ATM

Historical exchange rate graphs: 30 days, 90 days, 180 days

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Comments

  • raaaaa
    raaaaa Posts: 47 Forumite
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    A very basic question, so apologies in advance!

    Am off to Spain for a short holiday next week and just wondered if anyone had any advice on whether it's cheaper to get my Euro's before I go, or it would it be cheaper to exchange when I get there? (or is there not much difference?)

    Thanks
  • withabix
    withabix Posts: 9,508 Forumite
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    Cheapest way is normally to use an ATM when you get there.
    British Ex-pat in British Columbia!
  • budgetflyer
    budgetflyer Posts: 5,949 Forumite
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    withabix wrote: »
    Cheapest way is normally to use an ATM when you get there.

    No chance unless its a fee free card such as Nationwide. For instance my bank, BOS will give you Interbank rate (1.48 euro today) minus loading fee 2.5% and transaction fee of 1.5% (£1.50 minimum) so you arent actually drawing (say) £100 out- its £96 but paying for £100.

    Using this theory (your own bank may charge differently)

    I want £100 of Euros.

    £96 x 1.48 = 142.48 Euro = 1.4248 to the pound

    This is a very average rate. Today Linkfx and thomasglobalexchange will both give you 1.465 per £.

    See the spending overseas sticky and Martin Lewis's excelent articles on this subject

    You can buy off travelex and claim that rate per their best price guarantee
    My guide explains exactly how to do this.Ive even put a claim template that you can copy and paste (and edit) into your email.

    Ive just put a claim in. £2500 of Euros. The difference is a MASSIVE 80 euros !!! this is well worth the 5 minutes to send an email.
  • withabix
    withabix Posts: 9,508 Forumite
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    Depends on:

    a) your bank and their policy on Foreign Exchange using other suppliers (eg Barclays £4.50 fee for using any other Forex provider)
    b) if your bank has an 'alliance' partner in the country of withdrawal
    c) the bank who's ATM you choose
    d) whether the ATM gives you a choice of processing the transaction in your own currency or in the currency you want (in this example, Euro)
    British Ex-pat in British Columbia!
  • Fen1
    Fen1 Posts: 1,577 Forumite
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    I followed budgetflyer's advice about Travelex (thank you budgetflyer). Very easy and worthwhile. Worth getting a Nationwide account just for travelling.
  • MissBehaving
    MissBehaving Posts: 585 Forumite
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    budgetflyer wrote: »
    You can buy off travelex and claim that rate per their best price guarantee
    .

    I've used Travelex's price guarantee twice now. Once for dollars and the second time for Euros. Both times Thomasgolablexchange had a better rate of exchange.
    Both times I have had my 'refund cheque' waiting for me when I got back from holiday! :p
    :dance: "Never save something for a special occasion. Every day in your life is a special occasion". _party_
  • reliable65
    reliable65 Posts: 145 Forumite
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    Off on hols next July

    I have been offered 1500 euros for £1000 as long as i buy this week

    should i take this or leave the £1000 in the bank til July gaining interest then get Euros then?
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    If a trusted source offered me 1500€ for £1000, I'd be estatic. However this rate sounds almost too good to be true, so I'd treat this offer with caution.
    By the way, I'm curious. Who offered you such a good rate??
    :confused:
  • reliable65
    reliable65 Posts: 145 Forumite
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    its just a mate - he deals with a european company and they want to pay him in euros
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Well, if it's a trusted friend of yours, I'd buy them quickly before he change his mind. The thing is, a lot can happen with the exchange rate the next 7 months, but I don't think the £ will recover to 1,50. Anyway that's my opinion.
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