Exchange Rate

[sws97sdg]

Thats great news Mark having just transferred my holiday money into my Nationwide account ready, if it could just creep back over 1.20, that will almost be the same as last year

 

[LK1960]

I've just done the same thing as sws, so it is indeed good news. Leaving 3 weeks today and hoping it goes up just a little bit more!

 

[easylife1]

exchange rate

We've been using our Nationwide debit card to withdraw from cash machines for last ten day and exchange rate quoted on our statement is around 1.20 (av.) although you always get a slightly better rate as well as no withdrawal charges

 

[jiggggy]

Last Aug i got 1.27! so it still has a bit to go yet before its anything like decent monies.
Hmmm, i'm not holding my breath. Sorry to be negative peeps.

 

[Mark1875]

Last Aug i got 1.27! so it still has a bit to go yet before its anything like decent monies.
Hmmm, i'm not holding my breath. Sorry to be negative peeps.

I would stay positive, its jumped from 1.17 to 1.20 on a Nationwide card in less than a week. I was told it should settle at 1.26 late June a number of months, my own employers bulk bought at that rate too, seems to be happening now.

 

[Mark1875]

Bad news is that it is back down at €1.17 with a Nationwide card on Wednesday

 

[Labore]

The central european bank is due to announce its new base rate for July next Thursday so I recommend waiting until then if people can wait.In The UK the base rate is currently 0.5% but in europe its currently higher at 1%.If the central european bank reduces its rate the value of the pound against the euro will rise.It certainly isn't going to increase the interest rate that for sure as the main european countries like Germany are lagging behing the UK in terms of economic recovery.They didn't drop the rate last month so they will have to do react soon.

 

[Mark1875]

Further bad news, its dropped to €1.16 to £1 with a Nationwide card this week, I assume that makes it around €1.12 elsewhere?

 

[Gommar Goffer]

What did the central european bank do on thursday? This is when the £ fell sharply by the looks of it. The current rate on XE.com is 1.168 but this is sure to fall when the UK money markets open tomorrow

GG

 

[Mark1875]

What did the central european bank do on thursday? This is when the £ fell sharply by the looks of it. The current rate on XE.com is 1.168 but this is sure to fall when the UK money markets open tomorrow

GG

No idea, although I did do my transaction on Wednesday so there might be something in that?

 

[stev1em]

Ok, holiday spending money deposited in Nationwide Flex account, as directed by money experts on the forum, a couple of hundred euros in pocket for starters - so where is the nearest bank ATM to get cash from Nationwide stash (we are staying at the Bonanca apartments) ????

Am I better off making smaller daily withdrawls or less frequent bigger ones - I don't think it makes any difference to the Nationwide charges, it should be free?

Any advice appreciated.

 

[sws97sdg]

Not sure on nearest ATM to you, just make sure it has a Visa logo on it to make sure the providers don’t take any charges, you can get a list of Visa ATM's from their webpage I think. As for drawing out money, I have never been able to get a balance on the account once I am over there, so unless you have a good memory, or remember to keep receipts, make a note of what you have drawn out and so have left, I shall make sure I do this year. Hope this helps.

 

[Mark1875]

Ok, holiday spending money deposited in Nationwide Flex account, as directed by money experts on the forum, a couple of hundred euros in pocket for starters - so where is the nearest bank ATM to get cash from Nationwide stash (we are staying at the Bonanca apartments) ????

Am I better off making smaller daily withdrawls or less frequent bigger ones - I don't think it makes any difference to the Nationwide charges, it should be free?

Any advice appreciated.

It makes no difference how much you take out, there are no charges UNLESS you click 'sterling' during the transaction, then you will get the local banks poorer rate. Always do the whole transaction in euros. I tend to stick to 'Telebancos' wherever possible for no other reason than I have done so for many years without any trouble.

The nearest telebanco I can think of to the Bonanca is along the Old Calle Formentor just before you get to JK's?

 

[Lala70w]

Just to support Mark's comment, we did one transaction in EUR one in GBP - teh EUR one was a better rate. BUT we weren't organised in time and just used our own bank accounts...

The Royal Bank of Scotland charged us £7 to withdraw £260 and the Clydesdale Bank charged us £9.60!!!!!!

 

[stev1em]

Thanks for the tips guys, so look out for the Visa sign and all transactions in Euros - all we need now is the pound to do its stuff against the euro and give us a bit better value for our "hard earned"!!

 

[whaleywanderer]

On our last visit in June, using our Nationwide flex account card we were getting 1.17 for cash withdrawals, with no other charges. Nothing like the past 1.40 but much better than recently.

 

[shotokan]

OK folks, so what are the best 'in-resort tourist rates' you are all getting now that the bank rate almost touched 1.18 earlier today?..

 

[sws97sdg]

Just got my Flex account statement for withdrawals in PP from Nationwide, worst exchange rate was 1.157, best was 1.177 from the Colonya Caixa machine in Pollensa no commission, closer to what we got last year year, hard to beat I suggest!

 

[tangofan]

I would agree that the Nationwide flex account is the best option. However I think they are making it more difficult to open an account, ie you may need to have your salary paid in and all your direct debits going through the account.

We returned home today and got 1.13 at the cash machine yesterday but a couple of weeks ago we got 1.16 so it has gradually been going down. So long as you opt to have your transaction done in euros I don't think you can do any better. The only snag is the worry of losing your card or the machine swallowing it so you should always have another card just in case.

Travelex were mentioned elsewhere and it may be a good deal ordering in advance and collecting at the airport but we were standing next to the Travelex desk today whilst waiting for our luggage and the rate was 1.03 - presumably to purchase on the spot!! Also if you order in advance or do it through a bank that offers free delivery, you will be liable for bank charges as you have to use your debit card to make the purchase.

PS: the Post Office are pants! I found First Choice or Thomas Cook would normally offer you a good deal, play one off against the other!! However it is Nationwide all the way for us now.

 

[whaleywanderer]

*I would agree that the Nationwide flex account is the best option.

**Travelex were mentioned elsewhere and it may be a good deal ordering in advance and collecting at the airport.

***PS: the Post Office are pants! I found First Choice or Thomas Cook would normally offer you a good deal, play one off against the other!! However it is Nationwide all the way for us now.

* Definitely has to be a Nationwide Flex account (but as you say it is now more difficult to get the account) for the best rate of exchange (they pay the inter bank rate).

** Unfortunately for people flying from Manchester there is no Travelex desk there (they lost the contract to another company).

*** I found No1 currency (order online) give the best over the counter rate, but do pay cash as otherwise you will be charged for using a debit or credit card. They use outlets like Currency converters and others for collection over the counter (check their web site).

Hope this helps