Where do you go for your holiday money?

A snowHead

Going off to Chatel this weekend. Have sorted out my Euros for this time round, but as I did so, I am always wondering where's best to buy and exchange back currency. My bank does a commission free service, so I've just used them but there are always other offers on. I always wonder if it's better to use a debit or credit card instead. I don't have the right sort of brain for comparing percentages, exchange rates and so on and as so many people of you seem to have a few trips away each year, then I'm sure someone has worked this out.

A snowHead

I never buy currency anymore - use my visa card in resort or at the airport to get local currency - as newspapers/magazines always say this gives best rates.
(Usually take out a fairly high amount - so not repeatedly going to cash point for small amounts and getting stung on lots of minimum handling charge fees)

Well, the person's real but it's just a made up name, see?

Join the euro and you won't have any more problems!

You need to Login to know who's really who.

Soozy, I usually order a small amount online from www.travelex.co.uk and pick them up at the airport, but now only if I need to (useful for motorway tolls etc). I have a Nationwide flex account and cash withdrawals and purchases with my debit card have no handling fees attached. You also get the bank exchange rate.

Anyway, snowHeads is much more fun if you do.

I think it's most common now that people draw money from cash machines with their credit/debit cards.

In this circumstance a credit card will charge you for drawing cash. Usually a debit card will not.

The really crafty thing though, is that this way the punter (customer) never really bothers himself about the exchange rate and if your bank chooses to, it can fleece u by giving u a rubbish rate.

In my experience, the Nationwide gives about 3 cents more per £ than Lloyds, Natwest or Mint.

So that's the answer - use a Nationwide debit card: convenience, no charges AND a good exchange rate.

I would like to know the best place for changing € back to £ though: anyone?

You'll need to Register first of course.

Following numerous bits of advice, I tried to open a nationwide account online. I was doing fine until it asked me for a work phone number (not mobile). I don't have a work number that isn't a mobile, but it wouldn't let me proceed without one (it wouldn't accept my usual trick of 01234 567890). Hmm. So I eventually had to enter a real number....I just hope that the poor soul who's number it is never gets a call for me.

Then you can post your own questions or snow reports...

I always buy my holiday money from Marks and Spencer; they seem to have the best rate.

After all it is free

Always use a debit card for drawing cash and or credit card to pay. Be careful as there can be a maximum amount that you are authorised to withdraw overseas. With my Lloyds TSB debit card (& wifes Barclays debit card), it seems to be around 200 Euros - suspect an anti fraud device?

Never bother changing back - know that at some stage will be back in Europe and that is when the change etc. from the previous trip will be useful for tolls, airport trolleys etc. That is the good thing about the Euro - you have a currency that can be used in many countries.

I forgot to add that the online rate from Travelex is far better than you gat by just buying at the airport.

*Ski* the Net with snowHeads

Marks & Spencer for me too, rates always good, no charges and a smaller buy/sell spread. Always take a fair amount of cash as I am sure one day I will get done for speeding on the autoroute. (nothing to excessive of course with fully loaded car and top box)

snowHeads are a friendly bunch.

Normally go to Post Office. Commision free slightly lower exchange rate but still appears to be best deal on the High Street

snow reports

Of course that goes out of the window if we drive. Then I usually go to the Post office or wherevers nearest.

I tend to use travelex online and pick them up at the airport as they generally offer the best interest rates.
On the high street thomas cook is the best place to go, they will price match the best quote that you can get elsewhere (usually american express) and do it commission free too. You can also try making up an exchange rate (within reason) thats better than you've got elsewhere and see what happens, at worst they can only say no!!!!
Remember if you are buying currency on the high street (not from your own bank) to use cash as you will be charged 1.5-2% to cover the visa costs to process the transaction...

Withdrawing cash from abroad tends to get you bettter rates as the banks will use the market FX rate rather than the tourist rate, but often charge you a handling fee on top.

You know it makes sense.

Having travelled lots, the simple answer is:

1) WITHDRAWING CASH ABROAD: DON'T USE CREDIT CARDS. EVER. mountain mad wot u on about??? Visa and all other credit cards charges the most.

All debit cards take a "fee" for each cash withdrawl (usually the exchange rate + a "service fee" for having carried out the exchange). It's just not the astronomical amount that credit cards charge. Yes, even NatWest. They don't charge a service fee but don't be deceived - they're still selling you Euros for more than they originally bought them!

So if you want to take money out of a hole in the wall, then debit cards are much more preferable over credit cards.

However on week-long trips to Europe, I've found the best value is in buying the Euro cash before you leave the UK.
Top 2 = Post Office, as above. Bestest of the best is Travelex (also as above).

2) PAYING FOR STUFF: USE CREDIT CARDS. Debit cards attract a whopping "service" fee when used at the till abroad. However, unlike when used for cash, credit card purchases usually attract comparably good exchange rate. So it's good for larger till purchases, like dinners, ski hire, lift passes etc. And unlike cash, credit cards have the advantage of an interest-free period. Just remember to pay balance in full upon return from holiday. Or, alternatively, load up the credit card with credit and spend your own money.
BUT always check for credit card "service loading" fees (highly likely when offered lift-passes from your British TO rep on the transfer bus).

Otherwise you'll just go on seeing the one name:

Hello I'm new in snowhead community, I would like to know if any of you know any place where to go in Easten Europe.

A snowHead

Having travelled lots, I disagree with the simplicity of your simple answer or to use your own term of phrase: Manda, wot u on about???

A snowHead

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1106765397,71685
this backs up mine and admins use of the nationwide debit card.

Well, the person's real but it's just a made up name, see?

Perhaps slightly off topic:

Upon occasion, foreign merchants can offer to fix an exchange rate for you, if you are using a credit card. Effectively this means that you are signing a credit card slip, it is in sterling, although the functional currency of the country is (say) Euro.

This is said to improve transparency, and in theory you should always be offered the option of paying in the local currency. However, the rate ususally seems to be worse than you would normally get (itself not necessarily great rate) and some merchants don't offer you the "local" option. If a merchant tries this on, you should be able to insist on paying the "local" amount

You need to Login to know who's really who.

Nationwide have no charges but they don't use the same exchange rate that the other cards do so they actually end up costing more.
The Sunday Times Travel section did a piece about it a few months ago and showed how much you'd get charged if you took out 100 Euro and Nationwide were about the most expensive.

Anyway, snowHeads is much more fun if you do.

RichA, not true, we took out cash on the same day using a Barclays and Nationwide debit card, Nationwide gave me a better rate, and no charge. It's in black and white on my bank statement.

You'll need to Register first of course.

I use this company, best rates I could find and free delivery

http://www.crowncurrencyexchange.com/

AW

Then you can post your own questions or snow reports...

RichA, sorry mate but Helen Beaumont's right. I used a Nationwide card on the same day as a Lloyds TSB one. Nationwide did the better rate by 3 to 4 cents in the pound and, as u say, no charges.

AlpineWalker, those rates don't look bad but minimum £500? Shocked

The NW rate is about the same as the the rate they'll give u on 51 days' notice - but instant wink

After all it is free

Every site I've googled re Nationwide recommended it as a 'best buy'. The current account is not the best on offer but not bad. I was astounded how good the exchange rates were when I saw my bank statement.

*Ski* the Net with snowHeads

snowHeads are a friendly bunch.

Thanks everyone for all the pointers for my next trip.

snow reports

davidof, which particular border were you popping backwards and forwards across?

You know it makes sense.

We use M&S too but I think we might have to look into the Nationwide account.

Otherwise you'll just go on seeing the one name:

Kramer, sounds like Basel to me...

A snowHead

A snowHead

Well, the person's real but it's just a made up name, see?

boredsurfin, We also saw the gendarmes parked up with what looked like a large pair of binoculars pointed at us, fortunately were were under the limit. We used a Sat Nav and a GPS based radar detector. Carried the paperwork for the detector, which declares it's legality and which EU countries that it applies to, IIRC in the language of those countries Little Angel

You need to Login to know who's really who.

130 kph is surely fast enough?

Anyway, snowHeads is much more fun if you do.

We use Nationwide aswell and got excellent exchange rates when we coud use the machines. But we have just spent a week in Panorama in Canada, where the cash machine was in the general store, not at a bank. For some reason Nationwide cards don't seemed to be recognised in these type of machines (we tried three different machines over the two weeks) and ended up having to use our NatWest card instead.

You'll need to Register first of course.

Anniegirl, I had problems with cards not being recognised in Canada last year, but not the Nationwide one, I think it was my Barclays one.

Then you can post your own questions or snow reports...

Because I keep going back to the same resort, I've had a bank account in Wengen for many years, as long as I keep a few hundred quid in the account the interest pays for my fees, but the best thing is that I get a better rate than the UK and no fees other than my £2.50 per year, you get an even better rate if you pay a cheque in which is certainly not true in the UK

After all it is free

Many of the Canadian machines are not accepting VISA cards, and I don't mean just credit cards but VISA debit cards. So please be aware of this if you're heading out that way.

We had the Nationwide Visa debit card, it worked fine at the banks, just not the machines up in the resorts

*Ski* the Net with snowHeads

hi am new here , not sure where to post this really rolling eyes

we are a family of 7 , kids 17 16 15 14 and 10 yrs, we have never been sking before but want to go this xmas for a week.can anyone suggest a good resort(not too expensive as we have to hire absolutely everything) ! somewhere in france where we can drive to from st malo.
i would be so gratefull from all you experienced skiers out there!
thanks so much carly xx

Help!!

Where do you go for your holiday money?

snowHeads Forum Index >>> Solo Skiers v Groups - Organising Trips