When we go outside the Euro-zone (Polish Zloty or Czech Koruna for instance), you get the best rate when you arrive in the country itself, but I'm not sure if that will hold for the Euro.
We're taking a trip to Bratislava (just for three nights) in a couple of weeks and they use the Euro, so is it better to get, say, £50-worth here and change the majority of our money once there, or get all the money here first?
It depends on the particular bank account you have. Some charge a lot extra just for drawing money from a 'foreign' ATM and others don't. You need to check with your bank (should tell you on-line) what they charge, then decide whether it's cheaper to get Euros here or get them from an ATM there.
I have always used a card in a slot at or near the airport.
The rates are not generally extortionate.
+1
Unless you are planning to spend a very great deal of money in three days, it probably won't make much difference where or how you change the money. However, you will usually get the best rates by changing a small amount for minor purchases and using your credit cards to pay for everything you can while abroad. Most card companies use a rate somewhere between the rate the banks use between themselves and the tourist rate to calculate foreign card use.
Colin Bignell
A few creditcards have zero loading for foreign use and give good exchange rates too
One such is Halifax Clarity. There is no charge imposed by Halifax for foreign ATM use but some banks might charge something for cash withdrawals from their machines. Being a credit card, interest is normally charged on cash advances from the date of withdrawal. BUT if you preload your account with a positive balance before you go abroad, there is no interest charged either.
In my experience this is by far the best way to manage foreign expenditure and I rarely draw any foreign currency in UK to take but use the ATM in the destination airport or if ferry travel, I stop in the first small town and use a bank ATM.
Steve expressed precisely :
I love this group - you get all sorts of info you never even thought of beforehand :D
We're just going for a 'lads long weekend' (although we're all 56 years old and won't be doing anything 'laddish' as such) and on previous trips we've all just taken cash with us and changed it at local Kantor offices - never even crossed our minds to use bank accounts or cards. Last time we got 4.3 Polish Zloty's to the Pound here but 5.1 in Gdansk.
I know we're not talking huge sums of money and it's only for three nights, but it's just a bit of a game isn't it - just trying to get the best value. Every penny saved in unnecessary costs is a penny more for food and drink :')
Steve laid this down on his screen :
Sorry, fingers not as fast as mouse clicks - meant to say thanks for all the replies so far! ;o)
Bob Minchin wrote: BUT if you preload your account with a positive
I noticed a credit card company last month inserting a clause which specifically barred you from prepaying a card.
Compare rates:
But if you're already paid for travel and hotels and you're not going on a spree, I doubt the difference on a few nights is going to make it worth the hassle. But possibly useful if there's a next time.
Theo
Exactly what we do wherever we go.
Just insert the Clarity card in the first ATM you see at the destination (air)port.
Another option is to order money from Travelex the night before and collect it at the airport. Though their shops at Gatwick have closed.
I pay for most things by credit card and I take multiple cards. I did have one card stopped, essentially because I selected the wrong grade at an automated petrol pump.
Some cards require you to declare in advance if your are going abroad.
One thing to watch out for when pay by card is that some terminals want to convert the foreign amount to sterling. Usually they give you a choice as to whether or not to do the conversion. Depending on what card you are using this is either a good or a bad thing.
Generally, in my experience, being billed in Sterling from a foreign terminal is a Bad Thing. They load the exchange rate to make sure they don't lose out, and some shops load it even further by adding a currency transaction fee just in case.
You're also better off using a bank debit card than a credit card, as not only will the credit card company charge you a cash advance fee, the ATM owner will also charge you. I find the best combination for me is to use a debit card in a bank machine, preferably one that has a mutual agreement with your bank. So, I will use a Barclays card in a Barclays or BNP machine when I'm in France, for example.
In message , at
23:41:38 on Sat, 1 Mar 2014, F remarked:Can backfire. When I returned from a stay in the USA, with no Sterling in my wallet, all (and I do mean all) the ATMs at Gatwick were broken. I'd been hoping to get £50 to pay the minicab I'd ordered. So we had to stop somewhere on the way home, and as the route didn't actually go through any towns (of any size) being virtually all motorway door to door, and the village where I lived had no ATMs, we had to get him to stop at a services [which of course only had ATMs with a massive fee].
It's also worth noting that ATMs landside at airports are notorious for having skimmers etc added to them.
In message , at
23:56:33 on Sat, 1 Mar 2014, Michael Chare remarked:Depending on the currency, I think they need more notice than that. And it doesn't always work - I had a failed pick-up at Travelex landside Birmingham Airport once, and had to buy on spec at the bureau airside instead. I forget what it was, probably Indian Rupees. Never a good idea to arrive somewhere like India cashless and expect to find any facilities easily.
on holiday in Spain a couple of years ago found that virtually nobody took credit cards.
Have used
On Mar 2, 2014, Roland Perry wrote (in article ):
Very often I've had ATMs abroad rejecting my cards for no apparent reason. I never like to be without at least a day's supply of cash in whatever currency is appropriate when travelling
Well don't get any currency at the airport that's for sure. Your credit card/debit card is usually best. Check up for any charges. The Nationwide one was free a few years ago for example.
Take several cards in case you get an account closure. Be very sure you notify your bank where you are going, if you don't, they will close the account the first time you use the card in such an exotic place. Be absolutely sure you know how/if the account is revalidated if that happens. This is the main danger of credit cards abraod.
Some countries have a blackmarket where you can get a far better rate, sometimes even double. These are the ones with basket case economies. Some guy intercepts you on the way to the bank/machine and offers a better rate by far. Most are "legit" but some are crooks that will short change you so beware.
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