1st Option
Tue, 08/01/2008 - 17:32
I;m going to America soon - I don't know much about changing money (always do it at the airport!) or can you tell me, do these deals stay the same? ie, is travelex always the most competitive or does it depend on market forces and all that stuff?
What about getting money out at at ATM - its the easiest way for me on this occassion and I don't mind paying a bit more for the convenience, but how much exactly am I likely to lose?
Wed, 09/01/2008 - 07:32
At present on TRAVELEX web site they state that they will 'better anyone' but you must purchase the money on the internet, you will get a poor rate if you exchange at the TRAVELEX booth at the airport ! If using an ATM it is wise to use a NATIONWIDE FLEXACCOUNT card. I have opened one of these accounts many years ago purely for this and have used the card in South Africa, Australia, Europe & New Zealand over the years without any problems. One tip is that if you have a partner to open a joint account so that if you have problems with one card you have another option. Also, your partner could open an individual account so that if the machine 'swallows' your card you still have another option. With the advent of internet banking you can trasfer money between accounts on-line. The advantage of using the NATIONWIDE FLEXACCOUNT is that you do not get stung with a 2.75% loading for using your card abroad and also get the higher buisness exchange rate as compared to the tourist rate. This is also true with a Nationwide credit card and I believe a POST OFFICE credit card.
Fri, 01/02/2008 - 11:34
I use a Nationwide account for the very same purpose. It's not my main account but I'll be transferring money into it in a month or so for a forthcoming trip to Italy.
Fri, 01/02/2008 - 22:42
I've always found Marks and Spencer's in-store currency exchanges very good. Their exchange rates are the most competitive, and they charge no fee. They also buy back unused foreign currency without fees.
I also believe you can now order your currency online through their website.
The post office offers similar services but there exchange rates are far less competitive.
Wed, 27/02/2008 - 16:37
Travelex may claim on their website that they "guarantee best price foreign exchange every time" however if you search you can find better.
Thomas Exchange UK Limited not only offer better rates than Travelex, but are also better than high street banks, the Post Office, M&S, Thomas Cook and most other companies you can name!
Their website is www.thomasexchange.co.uk and their office in London is open to personal callers or you can order online for a charge of £5 to cover postage/insurance. Payment online can only be made by Internet banking.
Their exchange rate shown on their website is the same for personal callers or internet orders - unlike the Post Office or Travelex!
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When changing money the best site to visit that states that they will beat any other deal is TRAVELEX.
The only thing is that you must collect your money at the port or airport that you are travelling from.
If you want to plan ahead for a good rate then try CROWN CURRENCY, but be warned you need to work out how much interest you would lose by purchasing money months in advance.