Rustynuts Posted March 3, 2005 Report Share Posted March 3, 2005 Anyone know where's the best place to change money for travel abroad? Who gives the best exchange rates, etc. Who does anyone use? Link to comment Share on other sites More sharing options...
DHA Posted March 3, 2005 Report Share Posted March 3, 2005 Tend to use Currency Exchange at the airport if I am in a hurry. However the rates vary from kiosk to kiosk at the same airport. For example at LHR the currency exchange in the underground gives better rates than in the terminals as it is quieter. Always carry some US$ and some Euro in my wallet anyway. Link to comment Share on other sites More sharing options...
scooby_simon Posted March 3, 2005 Report Share Posted March 3, 2005 Change the minimum you can at these places (but do the commission calcs) I usually take £100 from my bank as I don't pay commission. Get the rest at local cash points if they are present(assuming you have a Maestro/Cirrus). This will go via the moneymarket exchange process and so you get a much better rate than via a Bureau de Change. Link to comment Share on other sites More sharing options...
DHA Posted March 3, 2005 Report Share Posted March 3, 2005 Yeah thats true. Exchange rate was amazing for ATM withdrawals when i was in New York in December Link to comment Share on other sites More sharing options...
Colin M Posted March 3, 2005 Report Share Posted March 3, 2005 We get special rates and no commission at a branch of Travelex in our head office. Despite this a cash withdrawal using my debit (not credit) card at an ATM in France got me a slightly better rate for my Euro. Forget the booths and just use your plastic! Link to comment Share on other sites More sharing options...
Rustynuts Posted March 3, 2005 Author Report Share Posted March 3, 2005 Hmm, interesting. Denmark is the country in question. Last time we went, we used the Credit Card for most purchases (Nationwide: - means no charge for foreign use), I'll dig the bill out and see what we actually got charged. Is it better to make a cash withdrawal or to use the card to pay? Anyone know? Link to comment Share on other sites More sharing options...
Foggy Posted March 3, 2005 Report Share Posted March 3, 2005 I never take cash with me and always draw from ATM's when I'm where I'm going. However, you WILL be charged for this, at least an ATM fee, and generally the card issuers commission is taken by giving you a slightly lower exchange rate (check terms and conditions on your card to see how much this can be ). To be honest I am more than happy to accept this so I don't have lots of cash on me which can either be lost or you have the potential of being relieved of. I have to take cash with me this time because of the way I am paying for my condo so I looked around for some ways to get it. The Post Office will do commission free money or so they say, what they actually do is give you a lousy rate and make their money that way. I got mine from HSBC, commission free because I ordered online, ( of course they still made their money out of me ) and the rate was better than the Post Office. For the same amount of money I paid £25 less than the Post Office wanted Oh, you don't have to be a customer, but be aware if you use a credit card as opposed to a debit card to pay for this you will get a charge, that's just the way credit cards work http://www.hsbc.co.uk/1/2/personal/more/travel-money but if you don't actually NEED cash, as Colin said, just use your plastic Link to comment Share on other sites More sharing options...
scooby_simon Posted March 3, 2005 Report Share Posted March 3, 2005 The ATM will almost always be (for me it has always been) better than any rate available from a BDC as there is no "real" middleman to pay some commission to. IIRC you will get the "overnight" rate. One other option if you are looking for a LOT of local ccy is to go and talk to your bank. I was investigating a boat purchase from Sweden and after talking to my banking manager, as long as I was after >£10K GBP I would be able to get the spot market rate and a flat commission at £5. They even said I would be able to talk to the ccy trader and decide when to "hit enter". Link to comment Share on other sites More sharing options...
Rustynuts Posted March 3, 2005 Author Report Share Posted March 3, 2005 Cheers, Foggy. I just ran a comparison with the Post Office and HSBC. For £1000, HSBC were better by a fiver. As it is, we'll probably go to the PO and get it, (cos it's all gonna be in cash) and not use the card unless we need to. Is there any benefit to changing £ to DKR in a bank over in Denmark? Link to comment Share on other sites More sharing options...
Foggy Posted March 3, 2005 Report Share Posted March 3, 2005 [ QUOTE ] The ATM will almost always be (for me it has always been) better than any rate available from a BDC as there is no "real" middleman to pay some commission to. IIRC you will get the "overnight" rate. [/ QUOTE ] I'm sure that's right, although to be honest I can't remember the last time I used one, but just make sure to factor in the £1.50 - £2.50 ATM charge for each withdrawal you make into your conversion calculation, because your statement will show you the rate on the amount you drew and then add the charge seperately Link to comment Share on other sites More sharing options...
scooby_simon Posted March 3, 2005 Report Share Posted March 3, 2005 I'll check when I get back from Austria Link to comment Share on other sites More sharing options...
Foggy Posted March 3, 2005 Report Share Posted March 3, 2005 Quality Make sure you enjoy it, as if you need any more encouragement Link to comment Share on other sites More sharing options...
Colin M Posted March 3, 2005 Report Share Posted March 3, 2005 If you're going to change large amounts, ie £5-10k and above, then I suggest a wholesale exchange place like TTT Moneycorp. For rates closest to the Interbank rate, call Dominic on 020 7823 7500. Tell him I sent you (but don't call him for your £500 holiday money!) Link to comment Share on other sites More sharing options...
scooby_simon Posted March 3, 2005 Report Share Posted March 3, 2005 [ QUOTE ] If you're going to change large amounts, ie £5-10k and above, then I suggest a wholesale exchange place like TTT Moneycorp. For rates closest to the Interbank rate, call Dominic on 020 7823 7500. Tell him I sent you (but don't call him for your £500 holiday money!) [/ QUOTE ] Those spreads look very similar to what I was being quoted bid/offer Link to comment Share on other sites More sharing options...
Colin M Posted March 3, 2005 Report Share Posted March 3, 2005 Forget the website quotes, you'll get a very close deal speaking to Dominic directly. Link to comment Share on other sites More sharing options...
Rustynuts Posted March 5, 2005 Author Report Share Posted March 5, 2005 Cheers Colin, TTT look better than any others (I can get the cash into a bank somehow) Link to comment Share on other sites More sharing options...
Andy_Bangle Posted March 9, 2005 Report Share Posted March 9, 2005 Bit late to this conversation however, for your holiday money checkout Travelex's website. If you order on-line you get a really good rate with no commission charges; you just collect the money at the airport. When I flew out to Hawaii a couple of weeks back the on-line rate was 10cents (US$) better than Travelex's airport rate. Their rate was also better than HSBC, the post office and everyone else at the airport. - Andy Link to comment Share on other sites More sharing options...
Rustynuts Posted March 9, 2005 Author Report Share Posted March 9, 2005 We're not flying! Ferry from Harwich, so does this still work? Link to comment Share on other sites More sharing options...
Andy_Bangle Posted March 10, 2005 Report Share Posted March 10, 2005 [ QUOTE ] We're not flying! Ferry from Harwich, so does this still work? [/ QUOTE ] Just checked on their site and yes, you can collect from Harwich car terminal. The Travelex on-line rate for the Euro is 1.3945. That Compares to the Post Office at 1.368 and HSBC at 1.377 plus the HSBC charges a handling fee under £500. - Andy Link to comment Share on other sites More sharing options...
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