Euros - buy here or get from cash machines as I go?

G · The Voice of Reason Joined: 02 Feb 2002 Karma :

What's the current consideration for best way to go about getting euros? When we were in Tenereife earlier this year, it actually turned out better value to just use ATMs there compared to the money we had pre-bought.

New Sarum · Two Stroke Sniffer Joined: 26 Oct 2008 Karma :

The best rate I have found recently within the UK is to pre-order with Travelex via their website. Compare that with the rate offered with ATMs.

EuropeanNC30R... · Gay Hairdresser Joined: 20 Jun 2002 Karma :

My understanding is that from ATM's you get the 'business exchange rate' which is better than the 'tourist rate' you get changing money normally.

There's a lot of variables on this. Depends on your bank, what commission they charge, if the ATM machine charges, and how much you're getting out of the ATM in each transaction. (for some banks larger amounts are more efficient.)

Essentially you need to get the details for the card you intend to use and work it out properly.

colin1 · Captain Safety Joined: 17 Feb 2005 Karma :

i think the bank nationwide, doesnt charge commission if you withdraw money from an overseas atm

so it may be worth opening a nationwide current account and putting some cash in it, to withdraw via atm
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Polarbear · Super Spammer Joined: 24 Feb 2007 Karma :

G · The Voice of Reason Joined: 02 Feb 2002 Karma :

Being very lazy... can anyone confirm off-hand that the their rate is definitely better than other cards?
Ie, many places offer 'no comission', then bump down the exchange rate instead.
Have been getting annoyed with Barclays, so this might be a good reason to change. However, I've got a bad credit rating, which may limit options.

EuropeanNC30R... · Gay Hairdresser Joined: 20 Jun 2002 Karma :

G · The Voice of Reason Joined: 02 Feb 2002 Karma :

Odd, they say different... https://www.nationwide.co.uk/current_account/foreigntransactions.htm .

Davo · Davo To The Rescue! Joined: 05 Apr 2004 Karma :

G · The Voice of Reason Joined: 02 Feb 2002 Karma :

Nationwide won't give me a useful account (cashcard only).
I'll stick with my Barclays debit card for the moment and just use that.
Less hassle and means I don't have to carry a big wad of cash around.

Davo · Davo To The Rescue! Joined: 05 Apr 2004 Karma :

EuropeanNC30R... · Gay Hairdresser Joined: 20 Jun 2002 Karma :

MattEMulsion · World Chat Champion Joined: 29 Aug 2004 Karma :

I always thought that if you used a debit/credit card abroad you were a: at the mercy of whichever bank that you are with's exchange rate, b: each time you use your card they generally charge you a transaction fee of say £1.50 or so?

Unless you have a specific account designed for foreign use...
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carvell · Scuttler Joined: 05 Sep 2003 Karma :

Phoenix · Twisted Firestarter Joined: 01 Aug 2002 Karma :

Nationwide is still the only bank to offer a debit card with free foreign use, which means no commission and, as said, the VISA exchange rate which is exactly the same as the official exchange rate to 2 decimal places, this ultimately means it is totally free and the best way bar none to pay for things or get cash in Europe.

The only exception is due to a recent Nationwide policy change you have to pay the 0.84% VISA fee which is necessary in most non EU countries and some EU countries (Croatia I think is the only one), even with that fee though I worked it out and it is still the cheapest way to get money, cheaper than Travelex etc and any other card.

The only other card I know of to offer free foreign use is the Nationwide Credit card and the Post Office credit card. G you should be able to get a basic Nationwide flexaccount (current account) to use as you like, the flexaccount card is just a VISA debit card with the free foreign use. I don't really bank with Nationwide I just have the account for that use and keep something in it at all times to keep them happy.

G · The Voice of Reason Joined: 02 Feb 2002 Karma :

Can only get a cash card due to bad credit history I presume - will make do with Barclay debit for the moment.

c-m · World Chat Champion Joined: 12 May 2006 Karma :

jay12329 · Dr. Evil Joined: 02 May 2003 Karma :

I just used cash machines while in Dublin, france and spain. It may cost 10p more each time, I dont know, to be fair I dont care. Its quick and easy and I have more important things to worry about while away... Like how to push a BMW onto a lorry...

J

map · Mr Calendar Joined: 14 Jun 2004 Karma :

Sort of on topic...
Has anyone looked into the likes of the Visa Electron card available from the Post Office.
Can load it up with GBP and then use it abroad.
Would this get you a better exchange rate?
It can be used to actually buy stuff and also get cash from ATM machines.

I like the idea as it is then separate from my bank account so I don't have to worry about the loss/clone of those cards.

I'm thinking another advantage is that if you give someone here the magic numbers then they can top the card up for you should you need any emergency cash while abroad.
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Phoenix · Twisted Firestarter Joined: 01 Aug 2002 Karma :

That post office card as mentioned in the very link you posted says it charges foreign transaction fees and so on, plus visa electron is totally useless, nobody takes it.

The question really is quite short answered, Nationwide debit/credit and post office credit cards are the ONLY ones that offer free use abroad, nothing else is as cheap, not even travellers cheques with all the hassle and crap that goes with them.

EuropeanNC30R... · Gay Hairdresser Joined: 20 Jun 2002 Karma :

Yeah Electron isn't taken by many places abroad, sure there's a few, but can't rely on it at all.