Viewing 15 posts - 1 through 15 (of 23 total)

  • Anonymous
    Guest

    DavidGordon10
    Participant

    I am interested to know what is normal practice for other members of the forum when it comes to getting the currency you need.

    Of course, on many trips everything can be done using a credit card, and otherwise, almost all the time, a hole in the wall at the destination will provide what you need. But occasionally, one needs cash that cannot readily be obtained from the autoteller. This has happened to me twice recently – once needing some USD to have in reserve when going to a particular African country, and this next week needing the equivalent of ~£1000 in a Scandinavian currency – too much to expect the hole in the wall to provide.

    If you compare the “sell” and “buy” rates at the airport money exchange desks, the range between the two is wide enough to demonstrate that the rates are not good. For the large amount of currency, I went to the local branch of my high street bank, only to be told they could not order it, but I could order by telephone or internet to be delivered at home or to be collected at the bank: so I did so, only to find from my bank’s website that they have contracted out the proviision of foreign currency to one of the agencies we see at airports, and that I do not trust – because of the dubious rates they offer at their counter.

    What do others do? What is the best way to obtain £1000 worth of a mainstream European currency?


    Goldielox
    Participant

    Post Office are good and often have rates better than my bank. You can order online (at better rates) or go into branch (main). If pay by card in branch make sure you have your passport with you.

    The only currency I buy before departure David is the USD and only at my bank. I always travel with say €500 in cash (I live in the eurozone) and use my prepaid Visa for hotels, withdrawals etc. I only use airport exchange desks on the return to get rid of leftover cash.


    SGJNI1961
    Participant

    In the UK I regularly use Martin Lewis’s “Moneysavingexpert.com” which gives very good options for purchase in person (London) or delivery by UK post or even at the airport. The comparisons are educational, never, never, change money at an airport unless you have some very good card privileges. They can even get you some of the more “exotic” currencies. Well worth a look IMHO!


    DavidGordon10
    Participant

    Many thanks SGJNI – interestingly, I had looked at that website apropos of a Comany Limited by Guarentee for which I am responsible, but I had not thoght of it for my own purpose. That comment, and those of the others, are very helpful.


    MartynSinclair
    Participant

    Hole in the wall….

    For the amount of foreign currency I need, just go to the nearest hole in the wall for convenience.

    I do wish the credit card companies would stop thieving from me though by all their hidden charges..


    SimonS1
    Participant

    Martyn – any places where you have had problems with ATM card?


    MartynSinclair
    Participant

    only place I have problem with ATM is when I don’t tell bank where I am going!

    Barclays have a great system, by texting you and all you need do is text back and they allow ATM


    canucklad
    Participant

    I’m in Martyns camp here….
    Although my Clydesdale card only ventures out of the apartment/hotel when I need to withdraw.

    I use ATM’s to withdraw,and also ensure that I never choose the local currency exchange rate…..This is basically the local bank chanchng their arm by trying to charge you the tourist rate of exchange….always choose your home bank option…

    My other top tip is the excellent FX prepaid card, very competitive rates and if stolen ii falll back on my Clydesdale card..

    On return to the UK I never change back cash . My drawer is currently full of Canadian/Australian & HK dollars. And obviously Euro’s so I always have arrival cash….The 7/11 @ HKG is always the first port of call for a couple of Tsing Taos for the DB bus. : )


    travelworld2
    Participant

    I use an ATM unless I know they are limited/non existent. To guard against non availability, I always carry USD and Euros. A tip someone gave me years ago was to carry a reasonable number of US single dollar bills- have to be ordered in advance from a bank but invaluable for tips etc. when you have no small local currency. They didn’t work in North Korea, unsurprisingly, but Pyongyang loved Euro coins…


    PeterCoultas
    Participant

    Take more than one credit/debit card if you need to draw large amounts. Nationwide and N&P debit cards (& the Halifax credit card) all allow cash withdrawals without exchange charge and at the interbank rate (though with the halifax there is, as usual, interest charged from the date of withdrawal).
    Last year I took out 20k swedish without problem in Orebro supermarket ATM. Beware though some debit cards have charges for purchases even when they do not charge for cash withdrawals – almost the opposite of the situation a few years back. My usa amex is also effectively without exchange charges.
    I cannot think of many major airports where there are not now ATM’s in the arrivals area.


    AnthonyDunn
    Participant

    @ SimonS1 – 27/07/2014 21:31 GMT

    Problems with ATMs? Yes, in both Germany and Austria over the past 24 months. Things appear to be improving (slowly) but Germany is very much a cash payment and not a plastic payment culture. They don’t do debt and the word for this in German carries connotations of wrong doing (apparently)… Try taking an HSBC/First Direct card bearing a Visa logo into a German bank branch such as Deutsche Bank and expect to have it handled as if it were a piece of dog pooh.

    Beyond that, most other developed world locations I’ve been to will allow ATM withdrawals. Whilst it was initially irksome to be contacted by First Direct about an alleged fraudulent cash withdrawal at Sydney airport (they had been given my itinerary in advance of travel), it was just their being very careful – for which I was grateful.

    Beyond that, I always take a few hundred USD with me as emergency cash – you never know.

    Post Office rates are generally better but I am sceptical of the the Post Office pre-payment card unless you are using it solely in the country in whose currency it is denominated. If not, you will end up paying cross-border fees and you are no better off than taking cash out via an ATM.

    NEVER but never buy forex cash at airports unless in extremis. But (see below) do use them to pick up pre-ordered cash.


    MarcusGB
    Participant

    The Nationwide bank card used not to charge a % of the amount or a standard charge but do so now with debit cards. This currently results in about £7 of charges for £300 equivilant in the Eurozone. Cash at an immediate interest rate.
    Their Select credit card gives the banking not the tourist rate, with no charges at all still.

    If you “pre-book” your rate on Travelex websites ex uk, from your departure airport to collect on your way out, you also get one of the best rates for cash. If i walk up there as i travel the rates are generally -15% to the rate on line.

    I carry a mix of cash Euros, £’s, and a smaller amount of cash of the destination country. Bit i also agree, take sdveral cards where you can get more than most that merely allow £3-500 for most UK bank cards.

    I always simply use
    http://www.xe.com
    before i travel to know what i can get (the Banking not tourist rate), and opt for the one nearest that.

    Generally US$ and UK £ are a safe bet always to have, and keep a minimum with you, add onto that as you need.

    I still put large expenses , Airlines, Hotels on a credit or charge card when travelling. Many hotels and some Airlines grab a hold of your Debit / Bank account cash in reserve for up to 14 days still, as recently reported on here. Having a mix of Visa, Amex, Mastercard i think is also safer. Access to your internet banking when away is always useful.

    These combinations offer me all options.


    LuganoPirate
    Participant

    If sending sterling I use Moneycorp who also issue a FX card. If it’s a hotel I use regularly I’ll send them the amount I estimate I’ll spend and then pay the balance with my credit card. If I send money to my s. African account and instruct HSBC to send the money to Moneycorp at 9 am, I have the money by midday in Rand in S. Africa. An amazing service I think.

    If sending money from my Swiss account, I don’t bother with exchange services as their rates and charges are very keen, especially when compared to HSBC.

    If drawing cash abroad from my ATM card again I use my Swiss bank card for the same reason – excellent rates and low fees.

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