What is acceptable for travel exchange places?

Bes · 28 Dec 2009 at 14:26

Hi,

Off to Brazil tomorrow... and forgot to sort out my travel money what with moving house and everything!

There is only one company at Gatwick Airport that offers a conversion from Sterling to Reals (Presumably the others do not stock Reals and would need to order them), and they are offering me 2.549 against an official rate of 2.77 (so I am 8% off the official rate). Is this a normalish exchange? Am I better off just withdrawing from an ATM in Brazil?

Thanks

daz · 28 Dec 2009 at 14:30

I order online, to pick up at the airport. Seems to be the best rate...

I remember picking up at the airport with my good rate, and then the person next to me ordering his money there and then getting bent over for his rate.

Edit: PS, don't be swayed by 0% commission deals - factor in the rate as well. So many people buy money at the post office, which has terrible rates most of the time - but people seem to buy because they're ill-educated and see "0% commission".

POB · 28 Dec 2009 at 14:37

What ATM card do you have?

Bes · 28 Dec 2009 at 14:39

Sorry to be clear I would be picking up after ordering online.

I have an HSBC Visa and a First Direct Visa.

R.O.S.S.I · 28 Dec 2009 at 14:40

daz said:
Edit: PS, don't be swayed by 0% commission deals - factor in the rate as well. So many people buy money at the post office, which has terrible rates most of the time - but people seem to buy because they're ill-educated and see "0% commission".

I always find the Post Office or Marks & Spencer to be the best for when i've needed currency.

Ironic Namesake · 28 Dec 2009 at 14:44

Normally Travelex is the cheapest if you book in advance but they don't seem to keep any Reals - maybe check with your bank to see what rate they would give you for withdrawing?

Is the Real not pegged to USD? If it is may be best to take USD and exchange there, USD you can always order at good rate as there's more competition !

bigredshark · 28 Dec 2009 at 14:48

I could say ordering online, I did recently have cause to grab some cash at gatwick for a short notice trip, turns out it was substantially more expensive than just using a cash machine when I got there...

DeFrEaTs · 28 Dec 2009 at 15:04

Ironic Namesake said:
Normally Travelex is the cheapest if you book in advance but they don't seem to keep any Reals - maybe check with your bank to see what rate they would give you for withdrawing?

Is the Real not pegged to USD? If it is may be best to take USD and exchange there, USD you can always order at good rate as there's more competition !

I've personally always found them to be similar to the appalling rates that my bank give me. The only safe way i've found to send money is bank to bank online where the exchange rate is generally 5-10% higher than anywhere else.

Saying that, if anyone knows of somewhere that can get close to these sort of rates when picking up in cash, I'd be very interested.

Ironic Namesake · 28 Dec 2009 at 15:08

DeFrEaTs said:
I've personally always found them to be similar to the appalling rates that my bank give me. The only safe way i've found to send money is bank to bank online where the exchange rate is generally 5-10% higher than anywhere else.

Saying that, if anyone knows of somewhere that can get close to these sort of rates when picking up in cash, I'd be very interested.

Well to get the best rate you can go through a broker - but depends how much you need to send and how regularly? I use these guys myself :

http://www.rationalfx.com/

Not so regularly anymore as I have accounts in EUR and USD now so I don't need to worry about the rate when withdrawing too much