Best place to buy currency

BeatMaster · 12 May 2006 at 21:36

I'm sure a lot of people will be going on holiday shortly as our Laurio and myself. Was just wondering where people find the best place to buy their currency from?

The best place I've found so far is Marks and Spencer who offer 1.42 for Euro's

seems about 0.02 higher than everywhere else I've checked.

Anyone else recommend anywhere? We were told that if we got our currency from Callers Pegasus where we booked, we'd get a higher rate since we booked there.

It all depends on the market, any stock market people know if it's worth waiting a bit longer or buy now before it plummets? :confused:

Thanks in advance,

BeatMaster

Berserker · 12 May 2006 at 21:38

M&S or the Post Office tend to be good so I hear, though I've no experience using either. I've used my bank (commission free) up to now, and they've not been bad.

2L84SLEEP · 12 May 2006 at 21:39

Travelex Online are pretty good, you just order it and pick it up at the airport when you go, as long as there is a Travelex office there :cool:

BeatMaster · 12 May 2006 at 21:50

2**4SLEEP said:
Travelex Online are pretty good, you just order it and pick it up at the airport when you go, as long as there is a Travelex office there

Good idea but peace of mind that you've got the money ready to go sitting in the house before you leave for the airport

You could get there and they might be out of money or something

They do have a good rate of exchange tho, equivalent to M&S.

BeatMaster

clv101 · 12 May 2006 at 22:08

I've never really understood why people take hundreds of pounds cash with them... I just use my card in a cash point, same as I would in the UK.

Just looking back at my statement it cost me £100.93 to take out 140 Euro in Paris on the 19th April. So that works out at 1.387 Euro to the pound.

The actual exchange rate on that day was 1.449 (http://www.xe.com/) so it cost me 4.3%.

BeatMaster says M&S do 1.42 today and the actual exchange rate is 1.468 so costing 3.3% (assuming there's no additional fee).

So okay, we're talking about 1% better deal. A fiver on £500. Personally that seems like good deal to avoid having to run around town getting it changed and maybe more importantly to avoid carrying large amounts of cash around.

From simplicity just use your debit card abroad as you would here.

daz · 12 May 2006 at 23:23

I found the best place to exchange my pounds was when I actually arrived at my destination.

(this was for Tenerife)

DB_SamX · 12 May 2006 at 23:24

Post Office and M&S i agree.

Lostkat · 12 May 2006 at 23:24

I always order online from the Post Office and collect them a day or so later.

BeatMaster · 12 May 2006 at 23:32

daz said:
I found the best place to exchange my pounds was when I actually arrived at my destination.

(this was for Tenerife)

Going to Tenerife also :eek:

I'm suprised you got a better rate of exchange there than here, strange :confused:

BeatMaster

chrislusty · 12 May 2006 at 23:34

M&S have the best rate, with the Post Office next, but its only about 0.2 better, if you have to travel to M&S you could spend more than the savings in petrol etc.

Last year i used my Nationwide Debit Card. the rate at the Post Office was 1.44 when we left, however once we came home, and i looked at my statment we had got 1.49 - 1.5 as an average, and Nationwide didnt charge us for using the card abroad.

Also, some banks charge you for purchasing currency, even in M&S or Post Office, or any other bureau de change, it is usually around 1-2% sometimes more, i know Lloyds did last year, and I think still do, along with barclays. So check with your banks before purchasing the currency.

Also another thing to check, some banks charge you for using your card abroad too, so make sure you look into this!

Last year there was a progam on BBC2 about this, and at the time they said it was best to take about £50 in the currency you need, from the Post Office, and then use your card once abroad, this was to get the best rate.

I work in the bureau de change for my local POst Office, and the number of people who take £xxx - £xxxx just for two weeks aborad was amazing, then in two weeks time come back with half of it, and complain about the excahange rate and not getting as much back as they thought they would.

daz · 12 May 2006 at 23:43

BeatMaster said:
Going to Tenerife also I'm suprised you got a better rate of exchange there than here, strange

BeatMaster

What part you going to ?

BeatMaster · 12 May 2006 at 23:47

daz said:
What part you going to ?

Playa de las Americas, staying at Hotel Columbus

BeatMaster

VeNT · 12 May 2006 at 23:50

Berserker said:
M&S or the Post Office tend to be good so I hear, though I've no experience using either. I've used my bank (commission free) up to now, and they've not been bad.

there was a thing on TV about this,
BEST place is BDC, post office is one of the WORST!
but by far the cheaper option is to buy it on the credit card and pay it off at the end of the month in full.

cheets64 · 12 May 2006 at 23:51

I dont take cash, I take Travellers cheques always have always will.

I take about €50 in cash for stuff I need when i get there i.e Lager

Then I look for the best place to cash in the Travellers Cheques.

So what is the best to buy in Travellers Cheques Euros or Sterling.

VeNT · 12 May 2006 at 23:52

cheets64 said:
I dont take cash, I take Travellers cheques always have always will.

I take about €50 in cash for stuff I need when i get there i.e Lager

Then I look for the best place to cash in the Travellers Cheques.

So what is the best to buy in Travellers Cheques Euros or Sterling.

I tryed to use TC once, but no-where would take em!

clv101 · 12 May 2006 at 23:59

cheets64 said:
I dont take cash, I take Travellers cheques always have always will.

Why? What do you do for money when you go to London or Manchester etc... Why do anything different when travelling to Paris, Greece or the US? Just because the currency is different doesn't really change anything, banking still works in the same way.