Holiday Money

[sws97sdg]

Hi all
I thought that as we are all worried about how far our holiday spending money is going to go this year, a thread on ideas on getting the most out of our money might be useful. The best places to change money, the best way to take money over and general tips would be very useful. Do you agree, Pollensa could you suggest a place to put it!!

I’ll start off, I’ve been surfing around to find the best deals for exchanging money and the best rates seems to be M&S and the Post office, both offer 0% commission although they do warn to check this 0% offer because they do offer less for your money, so it may be worth paying the commission to get more currency. I think it will be worth getting the best deal as even small differences will add up if you change a lot, and we will all need to maximise our spending money.

I think, as has been said before here, beware commission when you draw out you money from your building society typicaly 2.5%, the Nationwide offers free withdrawer via their Flex account so it may be worth setting one up just to use on holiday. This info and more can be found at http://www.thisismoney.co.uk/help-a...age_id=133&in_article_id=425181&in_page_id=90

Hope this helps
Ps I don’t work for M&S or the Nationwide!!

 

[Portofan]

Holiday money

Hi sws!

It's a rotten ask , but someone has to reply.

Ok, first, getting the currency.

Going to Spain, seldom ever taken Trav Cheques, just gone with the currency.

Years ago used to go to the bank, seeing which one had the best deal, coupled of course, with whether there was a commission charge.

Then used the trav agents, who had the best deal, again bearing in mind commission.

In last two or three years, the trav agents woke up to no commission, specially when the Post Office got in to it.

Nowadays the PO rates to my mind are uncompetitive and I'll go to The Cheque Shop or The Money Shop, which have branches, commission free in most high streets, although the likes of Thos Cook will say they'll match any deal. I've tried them on that and it works, if you are more comfortable buying there.

Today in a Cooks window I saw a notice saying 1.25 and that by summer "Experts were forecasting £1 =euro1." That WIll be BAD NEWS!!

Cashing the notes in PP, Eolo Hotel best rates comm free, but found if you have Trav Cheques they charged 2% Comm.

Credit Card used sparingly more in emergency only.

And never ever bought at the Airport. Robbery rates for your "distress" purchase!

There you are, that gets us started!!

 

[sws97sdg]

Hi porto
thanks for the reply the 1.25 seems a good rate at the moment was that commision free, I think that works at at 50 euros for £1000 which makes a difference unless my maths is out . As for 1-1 I dont think this will happen, or rather I hope that it never will, if you want to watch it go up and down you can always try http://news.bbc.co.uk/1/hi/business/default.stm if you look at today you see it is on the up, ok wishful thinking

 

[pollensa]

If you want to be really sad you can look at this every day

http://www.exchange-rates.org/history/EUR/GBP/G/30 - am afraid I do!

 

[sws97sdg]

thanks for that pollensa, not sure I wiil check it everyday, but as I said it is definitley going up.

 

[Portofan]

Holiday money

Hi sws

Firstly an apology.

That rate in Cooks yesterday was 1.215. And it was commission free. By strange coincidence Thomson next door was exactly the same!!

When I do a post, I usually have a quick read over before clicking submit, but did not this time. Sorry!!

Not due to head out for a few weeks yet but maybe best get at least some of the currency now!

 

[Mark1875]

I work in the Republic of Ireland every week, have done for years and access euros weekly. As sws97sdg suggests, a Nationwide flex account is the way to go. They charge no fees for international atm withdrawals and you also get the business rate of exchange which is much better than the tourist rate.

Like sws97sdg I don't work for Nationwide, I simply know its the best way to get your holiday money at good rates. As we all know, there are cashpoints/ atm's all over PP.

 

[Lala70w]

I think that works at at 50 euros for £1000 which makes a difference unless my maths is out .

Think it might be SWS - 50 euros is around 40 pounds (using our very rough "multiply the euros by 8" rule.)

Try this currency convertor - http://www.xe.com/

Lala

 

[Rangers1]

Why try the Post Office or Barclays card its not a credit card you load it before you go and you can use to pay like a credit card or draw cash from cashpoint and the fee is around £2.00 for each withdrawl i thinks its called a travel card the post office charge a one off fee to open one but barclays don't. i use this and works really well.

 

[Rangers1]

Sorry should read why not try......

 

[Lala70w]

Hi R1 - welcome to the Forum!

If you realise you've made a wee mistake after you have posted you can click edit and it will open back up for you to fix. After that you just click save.

 

[Rangers1]

Thanks for that i did do that but did not click save.

 

[favie]

Thanks SWS for that info ....I applied today online for an account with Nationwide...fingers crossed that it all comes through okay. Sounds like a sensible thing to do....read all about it first and it makes perfect sense.

 

[Pinereto]

If it's any help I use a Post Office Platinum Card (MasterCard credit card) for general shopping when travelling overseas. The conversion rates back to sterling always seem competitive. Havn't been to Pollensa since January (when rates ranged between 1.3237 and 1.3379 over 10 days) but have just returned from the US where the conversion rates ranged between 1.9769 to 2.0082 over a 14-day period. It will be interesting to see what the Euro/Sterling rate will be when I return to Pollensa in May.
For larger transfers/expenditure, I use TTT Moneycorp. The company's Privilege Card allows for commission-free currency exchange at its UK offices and airport outlets.

 

[sws97sdg]

I too have got details to get a Nationwide flex account especialy if it is right what mark1875 says and you get the conversion at buisiness rate, which is higher. Withdraws are free from Nationwide but some ATMs may charge, you will need to use a Visa one to make sure of no charges. I also have a post office cash card that you load up with euros which is useful as well, one thing with it was I couldn't get a balance with is so I was unsure of how much I had on it, once again commision free but some ATMs charge for use.