Currency & exchange rates
 

Went today to get some euros to take with us and was shocked at how low the exchange rate was :eek:

Royal Bank of Scotland €1.205
Post Office €1.19
First Choice €1.15 :eek:

The local cheque cashing shop advertised €1.22 but had (unsurprisingly perhaps) sold out. So had Thomson but they weren't advertising prices...

The bank staff were strangely reluctant to sell to me - kept telling me that I'd get a better deal elsewhere! (I actually tried twice)

In the end First Choice "matched" the RBS rate so €400 cost me £331.96!!!

At this rate it will be egg n chips for a fortnight!

Lala :mad:

Check out Nationwide Building society, it´s really worth opeing a flex account or getting their credit card. You can use all the ATM´s without being charged any extra in interest. I never take money with me now I use the ATM´s and get a much better rate.

I have to agree with Whaley and recommend this also. Been an account holder for years and I think I get the "interbank rate" which is always a few cents above the tourist rate. You also dont get charged the 2.75% commission that most cards/banks charge.

You need to remember to say NO to the offer at the hole in the wall to charge your account in ££££s else you will lose out on this exchange rate.

I work in Ireland a couple of days most weeks. Agree about the Nationwide, it is unbeatable. One catch is in Europe, if withdrawing from an ATM or paying by switch or credit card, you must ask to be charged in Euros, if you say pounds you are given a rip off rate buy the local bank. My Nationwide transactions in Ireland last week game me a rate of 1.26 to £1. Unbeatable.

Difference with Cash Machines
 

Really interested to read this.

We have a Nationwide Flexi Account and use this where ever we go.

But when in PP in March noticed on a couple of cash machines people had written 'Don't get your money out of here - rip off rate'. My question is, does it matter which cashpoint you use regarding the rate you receive? Will you get a better rate if you use one of the cashpoints at the banks rather than in hotels or else where?

Also had cottoned on to the fact that you should ask to be charged in Euros rather than pounds but not sure why the amount you get is different.
Sorry if I'm being dim and its obvious!

Any advice greatly appreciated.

Back in PP at the end of July and cannot wait!

Best wishes.

Ged :)

Hi Ged
back in PP at the end of July as well, you do have to be careful about what atms you use even if you have a Nationwide card some machines do charge, best to look out for a visa machine that way you shouldn't be charged for using it, there is a web page somewhere which lists all the visa atms around so you should be able to find one.
Hope this helps, amy see you there

ATMs
 

Thanks sws97sdg

I'll have a look for the Visa ATM website and I'll post the web address when I find it!

Can't wait to be sat outside Boney's!

Ged

I think the telebanco ones are all ok? Just remember to check first and always do the transaction in the english language.

Ged, you asked the reason that the rates can be poor if you choose pounds is that if you choose 'euros' you get a bank to bank rate, usually 3 or 4 cents to the pound more than if you choose the 'pound rate' which is set by the local bank who own that ATM. This may sound terrible, but I think the banks get away with it due to the fact they think many British people are daft enough to think they will get a better deal if they do the transaction in Pounds, and have found a way of extorting it. As I said it happens in other Euro based countries too.

Also with your Nationwide card you are NEVER charged the rip off 2.5 top 2.75% 'commission'.

Note - I dont work for Nationwide, but do travel a lot with my job

We used a Flex account and one of the Telebanco ATM's with no fee.
Interested to read that we should select the transaction to be completed in Euro's rather than Pounds - didn't really know why so thanks for that bit of info;)

Right now M&S are offering a £10 voucher if you spend over £250? at the foreign exchange counter in store.
No commission, the rate was OK and 'she' got £10 towards the next holiday top:D

Thanks for that Ringspin, I have been getting some euros from M&S every week or so, perhaps I should save it up and get the £10 voucher.
:)

Just checked. The offer only runs until 13/7
Marks & Spencer Money

Thanks Ringspin, I had better get myself organised then
:)

Just got the bank statement and my bank charged me £8.34 for withdrawing €300 - exchange rate sucks too. :eek:

When using the atms in PP they asked if I wanted to make the transaction in euros or pounds. Couldn't tell what would work out better on the spot so just went for the euros - did I choose unwisely? Anyone have any ideas?

Lala

Hi lala
Oh dear should have a Nationwide account, no charges then, as for euros or pounds, I think you were right to choose Euros else you get a lousy exchange rate see message above from mark :)

Lala,

I would advise always changing your money in the UK, I usually use the post office or a travel agents.

About the bank charging you £8.34 I am guessing you took the money out in the UK?

In my opinion you chose wisely to do transaction in € as it will save you time and depending on the circumstances, money.

Just my thoughts, and before someone says "though you were a resident in PP" I am, but I also go back to the UK, as most people do.