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foreign currency

where is the best place to get euros from? without getting charged. and with best exchange rate? thanx x

10 Comments

Best place for no charge is Post Office.

Best place for best rate is to take your pounds abroad.

Personally I take cash abroad and use my nationwide credit card (no %/£charge from nationwide abroad on visa unlike all other banks)

Euros in Spain last I remember on Nationwide was 1.44 when rate was 1.47 so good enough, cash conversion rate was 1.55 (pound sterling obviously being more valuable and getting better rate for it anywhere than British soil)

i also find marks and spencers pretty good with 0 commission

Original Poster

post office is about 1.39, apparently the rate at the minute is around 1.46 - how do i get that one? is it worth it?

Foreign currency is a rip off, no commission normally means a poor exchange rate. I recently got 100 pounds worth of Indian Rupees for a trip to India. I was there a week and the company covered the taxi's, hotel, food etc and I did not spend any of my money.

When it came time to exchange it back to pounds I think I lost close to 15 quid in the exchange rate despite the 'no commission' promise.

The lesson is that you're going to lose out no matter where you go and the only good rates I've ever had have been on debit card withdrawals while away. Although some banks even charge for this.

hocka

post office is about 1.39, apparently the rate at the minute is around … post office is about 1.39, apparently the rate at the minute is around 1.46 - how do i get that one? is it worth it?



If you definitely want to take your currency with you then shop around. The rate you get also depends on how much you are buying, the more you need the better the rate, normally needs to be minimum £1,000 to get a really good rate.

Play the post office off against a couple of your local travel agents, they can change their rate if they want to. They are given a general selling rate for the day and then also have a "rate of the day" (their best rate) so they are not fixed to a particular rate. If they want the sale they will give you slightly better rate than a competitor

if you want the best deals on euros or dollars cash and you live in London, you need to head to Edgware Road by Marble Arch. There are numerous Arab owned dealers there that will typically only charge 1 cent (for dollars and euros) inside the quoted market rate and no commission.

I got 1.93 on dollars the other day vs. 1.85 plus commision at the post office.

[SIZE=2]If you've got plenty of time get yourself a Nationwide Flex Account. Not only do you have the security of not having to carry loads of cash with you when you travel, but you get the bank 'spot' rate (which is far better). Best of all they don't charge you any handling fees & there are none hidden either.[/SIZE]
[SIZE=2][/SIZE]

[SIZE=2]In fairness, the only downside is that it could be a problem if you need cash as soon as you arrive in the Euroland.[/SIZE]

If your flying - go to the Travelex website, order your Euro's to pick up at the airport - much better rate than actually getting them at the airport, and no comission

Try Crown currency exchange.
They do great deals, especially if you are ordering in advance.
Zero Commission, with great rates.
crowncurrencyexchange.com/ind…asp

Yes, I frequently travel to Spain and my Nationwide card, which has been mentioned before, has been fantastic.
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