Currency changing/info needed!

Liverpool-Lad

Liverpool-Lad

Liverpool-Lad

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Joined
18 Oct 2002
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Liverpool - UK.
Hi peeps, I have a couple of questions regarding dollar exchange rate as Im off there next week on hols.

- Whats the best place to change cash into dollars over here? Ive noticed the post office's exchange rate is only 1.80! I think the best Ive seen is 1.85 so far in a travel agent.

- On card purchases over there (Visa debit) what exchange rate is used? The current one (i.e. according to xe.com or the individual banks?)

Cheers.
 
No idea where the best rate is in the UK, I normally just use my bank (debit) card when I'm abroad. The rate you'll get with that will be a lot closer to the interbank rate (as shown on Xe), although it'll still be a bit off. That said, they will charge a bit for the transaction, normally around £1 or so. The same deal goes for your credit cards, although most don't charge for transactions.
 
I meant as in withdrawing cash from ATMs. I'm not sure if my bank charges for overseas EPOS transactions using my debit card, as I tend to use my credit cards instead for extra security etc.
 
from ATM's it is generally the 3-4% spread plus a small "service" charge

some don't have this charge but often have a slightly worse spread

some ATM's charge an additional charge which can be very bad , I have seen as much as 10% in Vegas though ones that are part of proper banks ( at their prmises ) usually don't charge much if anything
 
MuvverRussia said:
I meant as in withdrawing cash from ATMs. I'm not sure if my bank charges for overseas EPOS transactions using my debit card, as I tend to use my credit cards instead for extra security etc.
Click to expand...

Ah, thought as much, you didnt mention it ;)
 
Some credit cards charge a fee of 1-2% for foreign currency transactions but at a bit of a better rate that cards with no fee. The rates you get at ATMs is normally slightly worse than changing the cash up before travelling.
 
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All banks in the UK with the exception i *think* of nationwide charge £1 for any POS transaction abroad.

The exchange rate is whatever the bank has for that day at Lloyds its been between 1.78 - 1.89 recently.

Most atm have a service charge on them aswell - if you expect to be using the card a lot i would get travellers cheques or cash at it can work out quite pricey.
 
Nationwide cards are indeed the daddy for overseas use. Four of us went to Canada last month and we took 60 Can$ with us. The rest of the two grand we got through was all ATM cash and paying on plastic (Visa Debit). No extra fees for anything and a pretty good exchange rate to boot.

MSE has a full article on it.
 
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