euro exchange rate

[copper]

We use a Nationwide debit card and find including the charges we are still getting a better rate than getting cash in say M&S or Post Office ( which are supposed to give the best rates ) before we go

Definately ask for it to be charged in Euros not Sterling It is quite often a negative option and needs looking at carefully !

There are quite often comparisons on the Internet re the best and worse debit cards to use

 

[pips]

Santander debit card used in their machine does not charge, there is a new deliberately
confusing message about converted money, it was up only a short time and to understand it we had to keep ending the transaction to re read it. Basically take euros don't let the machine convert it to sterling.

 

[Tangoman]

OK Message received - thanks a lot everybody.

 

[STOXIE]

Confused-please explain. We used the Santander ATM and asked for the conversion into sterling. Why do you get less? We got about 1.12 to the £. I did wonder as the bank rate was 1.19.

 

[Bircho]

Confused-please explain. We used the Santander ATM and asked for the conversion into sterling. Why do you get less? We got about 1.12 to the £. I did wonder as the bank rate was 1.19.

If you have a Santander UK account and use a Santander machine in Spain you do not get any cash withdrawal fee (usually around £1.50) or currency conversion fee (usually between 2.5 and 3%).

BUT, when you are given the choice of Euros or Sterling by the machine at point of withdrawal, then you must select Euros (ie do not choose the Sterling conversion).

The rate you will receive will be the Visa wholsesale rate for that day. You can check the rate for any particular date here:

https://www.visaeurope.com/making-payments/exchange-rates

If you put in your card (sterling); your transaction (Euros), leave the conversion rate at 0%, put in the date of your withdrawal and how much you withdrew, you will see how much you would have got if you had not taken the sterling conversion.

 

[Harters]

Thanks for that Visa link, Bircho.

As someone who knows about entering for euros, I'll be interested to see if anyone who has entered for sterling tells us how much they would have gained by using euros.

 

[tangofan]

Based on the rates Stoxie gave, if you withdrew 300 euros it would cost you about £15 more if you asked for the conversion. I think you want your own bank to convert it and not the local bank (though confusing as both are Santander in my case). Is this right?

 

[STOXIE]

Wish I had known this! I thought I was being clever using the Santander ATM for my Santander account. In all I withdrew a good few Eoros and would have saved enough for a good few drinks at Bonys! You live and learn. I do think it is something that banks should advise on. I phoned Santander before we went to tell them that there would be transactions from my account as we were going on holiday as we were advised to do.
For the future I would also advise caution when booking through companies who take payment in Euros. We used Trip Advisor and booked a great apartment and paid our deposit( through Pay Pal). We then paid the remaining amount just before the due date but because of the fall in the Euro we ended up paying nearly £150 more. Of course it could have gone the other way but it is something to consider.If you think the price is ok, I would pay the whole lot.

 

[lollipop]

I do know that my daughter got only 1.12 today from the ATM by choosing to pay in Sterling.

 

[Bircho]

And she would have got 1.1875 if she had a Santander account and used the Santander machine.

Just as a separate note on this, I know a lot of people use the Halifax Clarity card for purchases and cash withdrawals but if you don't want to apply for another credit card, then Travelex have opened up their Supercard to all (following the trial). You link the card through a mobile app to a debit card and/or credit card (you can have upto 4 cards linked I think it is). It is good for purchases as there are no fees and you pay the MasterCard wholesale rate. Couple of warning though - the rate is the settlement date not the transaction date (it normally takes a couple of days after the purchase to settle) - invariably this is just a few pence here and there. Also, don't use for cash withdrawals as it comes with a 3% fee.

Basically, use a Santander card for cash withdrawals (at a Santander cash machine) and Supercard for purchases and you get the best of both worlds!

 

[Tangoman]

Just to clarify - No. 2 son will be with us this year, and he has a Santander UK Bank A/C and Debit Card - if he uses it at Santander ATMs will he be getting a good rate, assuming he doesn't settle in GBPs.??

 

[cumberland8]

Unfortunately which ever card you use you are going to get fleeced either by rubbish exchange rates, commission of up to 5% on every transaction,or a charge simply for using a different currency. There was an interesting article in the Times a few weeks back explaining card charges with some charging as much as £22 out every £100 spent which is ludicrous but most of us are unaware & just swallow it.
The only way to combat this is use cash, exchange for the best rate at travelmoneymax.com put your postcde in & it will tell you the best rate available in your area ( i am not an employee), I have found a difference on a thousand pounds as much as £160 between best & say an airport exchange, why give them your hard earned/

 

[tangofan]

You won't get fleeced with the Santander card if you bank with them. I believe there are one or two other debit cards that have no charges but you need to have your current account with them I assume, as with Santander. Also whilst it is not normally advisable to use a credit card at a cash machine, the Halifax Clarity card does not charge fees except for a very low interest rate until you pay it back - you don't need to wait until the bill arrives, you can pay it off the same day if you have internet banking and access it whilst you are away and won't get charged any interest. Even if you leave it until you get the bill I believe the charges are negligible compared with most debit card fees

 

[Tangoman]

OK Thanks for that - just the good news we wanted to hear about ATMs.

By the way, a bit of history there, I think - I refer of course to "Tangoman" being helped out by "Tangofan" - a first!!

Thanks again.

 

[clinkham]

Here comes my tu'penneth: with due respect to cumberland8, ignore the newspapers - they rarely give the complete picture. Martin Lewis website for me!

I have a Nationwide Flex Plus account:
With the Flex Plus debit card there are no charges for Euro withdrawals abroad. For Euro purchases there is a 2% Non-Sterling Transaction Fee.

The Select credit card is the reverse: Euro goods or services purchased are fee free. Euro cash withdrawals incur charges.

In both cases the Visa exchange rate is used.

So, withdraw Euro cash from any ATM with Debit card. No fee.
Use credit card for all purchases. No fee.

As pointed out earlier, select 'pay in Euros' when offered the terminal to press the magic green button.. and take care to press the right button on ATM withdrawals to have your transaction in Euros. The wording can be confusing. I wonder why banks do that

Downside to the Nationwide cards - both debit and credit cards are the same colour and are easily confused. Mine now have big stickers on the front announcing CREDIT or DEBIT. This works quite well as long as you get the stickers on the correct card in the first place.

As a back up card I have recently obtained a Halifax Clarity card, though I haven't had time to work out how it works yet. Everyone seems to think its a good idea to have one, though

 

[tangofan]

Hahaha Tangoman!

 

[P&C@29]

You won't get fleeced with the Santander card if you bank with them. I believe there are one or two other debit cards that have no charges but you need to have your current account with them I assume, as with Santander. Also whilst it is not normally advisable to use a credit card at a cash machine, the Halifax Clarity card does not charge fees except for a very low interest rate until you pay it back - you don't need to wait until the bill arrives, you can pay it off the same day if you have internet banking and access it whilst you are away and won't get charged any interest. Even if you leave it until you get the bill I believe the charges are negligible compared with most debit card fees

I agree on santander card but if your an over 50 youngster you can get a Saga credit card (we only use on holiday) and pay it off when the bill arrives no interest is charged and great exchange rates!

 

[tangofan]

Just to be clear, this of course only applies to Santander branches in Spain and not anywhere else in Europe

 

[P&C@29]

Just to be clear, this of course only applies to Santander branches in Spain and not anywhere else in Europe

yes that's right Spain and Islands only.

 

[P&C@29]

Euro rates

I hear people saying the exchange rate for euros is poor and now everything is more expensive, Looking back just 6 years ago the rate was 1.09!! now its 1.18 so things are not so bad after all, I think we should just say the last 3 years were very good to us and and now back to normal.