 Poster: A snowHead
|
I have a related question for any financially astute people?!
At present if i got cash from the post office (commission free) the exchange rate into Canada Dollars is 2.17.
I know its small change, but looking at the Barclays website if i drew out from a cash machine in Canada that is in the Barlays Alliance (ScotiaBank), using my Visa Delta card, the following applies:
"Your transaction is converted into sterling at the exchange rate based on market or government-set rates.
For card transactions, this will be the rate on the date the amount is debited to your account. A 2.75% charge for Barclays handling costs and any VISA processing fees are included in the sterling conversion on your statement."
Looking at XE.com the current market rate is 2.228. Barclays charage 2.75% per transaction, so the exchange rate would be 2.228 - 0.0627 = 2.22
As such i would be slightly better off (or more importantly no worse off) if i drew cash out from a ScotiaBank machine. I would be equally as well off if i drew it out at another machine as the charge is 2% (e.g. making the exchnage rate 2.17 which is the same as Post office).
So, 2 questions:
- Does this rate i got off www.xe.com actually represent the 'market or government-set rate'
- are there very many Scotiabank machines in West Canada (namely Whistler initially).
Anyone know anything about these things?!
|
|
|
|
|
|
Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
|
I do know that having the Euro in Ireland is a wonderful thing for when going on holiday in Europe now as the banks no longer get to take a cut of everything. 
|
|
|
|
|
|
Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
|
Good questions.
XE is not the tourist rate. (I know that much)
...after that, the thing to remember is that in Canada and the US people will use their credit cards to buy everything - whether it's one beer or a hotel for the week.
There are ATMs in Whistler - can't remember who all has them, but there are plenty around.
|
|
|
|
|
|
You need to Login to know who's really who.
You need to Login to know who's really who.
|
I used to have a Scotia Bank account many years ago, but lived 200km from the nearest ATM... Nice cheques though.
I see there is a Scotiabank somewhere in Whistler at 212-2059 LAKE PLACID ROAD, WHISTLER, BC, V0N 1B2. See here for locator.
Are you sure you wont get charged an exchange rate and a cash transaction fee for drawings at an ATM via your uk account? I usually do in Europe and US. I usually take a wad of cash to Canada, and Lloyds TSB doesn't charge commission for internet cash orders picked up at a branch, and currently sells $ can at 2.175.
Last edited by You need to Login to know who's really who. on Tue 9-01-07 14:57; edited 1 time in total
|
|
|
|
|
|
Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
|
Generally the bank rate is very similar to the rate you see on xe xrates etc - but it fluctuates a lot, so it really does depend exactly when you card provided does your fx.
Generally I agree with your sums, my cards are better rates than I get in exchange counters. My credit card is usually better than my switch and nationwide don't card for fx which would be even better,
aj xx
|
|
|
|
|
|
You'll need to Register first of course.
You'll need to Register first of course.
|
|
Your math is wrong by the way... 2.228 - 0.0627 = 2.22 , No it equals 2.16 [edit 2.17 as below - thanks laundryaman]. and I suspect the Barclays rate may not be the XE rate, although the rates I see on my ATM withdrawals are usually a bit better than the tourist rates. So probably nearer 2.14-2.15.
Last edited by You'll need to Register first of course. on Tue 9-01-07 15:09; edited 1 time in total
|
|
|
|
|
|
|
|
|
2.17 to three significant figures.
|
|
|
|
|
|
|
|
|
laundryman, You are right... my bad. Still not 2.22 though. and it presumes the XE rate is the card-handlers rate for the day.
|
|
|
|
|
|
You'll get to see more forums and be part of the best ski club on the net.
You'll get to see more forums and be part of the best ski club on the net.
|
stoatsbrother, 
still, it looks like there isnt much in it...but a good spot!
The sentence i copied out in my first post is from barclays, so that must be the case..(e.g. they do charge, but not at ScotiaBanks!)
I think ill go half way and take about £200 worth in cash and sleep easy knowing the exchange rate with my card is not TOO bad...especially if i pay for more expenseive goods with the card and therefore avoid the extra 2% (i presume that is the case). Im not a big fan of carrying wods of cash around with me, and find travellers cheques embarassing!
|
|
|
|
|
|
|
|
| Wear The Fox Hat wrote: |
...after that, the thing to remember is that in Canada and the US people will use their credit cards to buy everything - whether it's one beer or a hotel for the week. |
WTFH, wow thats weird. The number of times i walk for ages to a cash point around here to save the embarrasment of paying by card at a bar!
ooh, another question - does chip and pin work abroad??!!
|
|
|
|
|
|
snowHeads are a friendly bunch.
snowHeads are a friendly bunch.
|
|
tomski01, I take half and half. Taking cash out abroad is so much easier than having to work out exactly how many euros to take with you!
|
|
|
|
|
|
And love to help out and answer questions and of course, read each other's snow reports.
And love to help out and answer questions and of course, read each other's snow reports.
|
oh, sorry folks i think i should have clicked one of the links on the barclays site which answers all my questions....
http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=popup1group&value=9360&target=_blank&site=pfs
this link may prove useful to others tho  . it shows that actually ATMs are the worst (unless you are with Barclays and use Scotia bank, then it is equal best...i am sure there must be other 'alliances' for other high street banks?), FEX second and buying directly with card best. The differences are small..but worth bearing in mind.
|
|
|
|
|
|
|
|
|
tomski01, I think that makes sense: there's more work involved for the banks if they have to squirt cash at you and take it back from a retailer.
|
|
|
|
|
|
You know it makes sense.
|
the stg cad rate is 2.2866 at this precise moment banks deal with each other with a 10 to 15 tick spread so 2.2855 for example would be a good rate.. obviously you need to be doing a few million quid plus to access this kind of action ..
thomas cook express deliver in london and quote much better rates.. not sure on stg/cad but the euro rate is usually no more than 50 cents away as opposed to the usual 600 odd or worse at the airport
|
|
|
|
|
|
Otherwise you'll just go on seeing the one name:
Otherwise you'll just go on seeing the one name:
|
|
sorry thomas exchange.. getting me travel agents a f.x. types confused.. may take some setting up but me and a few guys in town regularly use them and bulk our purchases up
|
|
|
|
|
|
Poster: A snowHead
|
|
actually just totally ignore what im saying my mate has ahad a deal with them for ages it will take too much hassle to get the kind of service he does
|
|
|
|
|
|
Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
|
|
Why not save yourself the charges issue and open a Nationwide account? THey make no charge for withdrawing from ATMs abroad
|
|
|
|
|
|
Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
|
| eng_ch wrote: |
| Why not save yourself the charges issue and open a Nationwide account? THey make no charge for withdrawing from ATMs abroad |
Agree with that, although I use a Nationwide credit card. Last time I checked they worked out best with no charges and good rate.
|
|
|
|
|
|
You need to Login to know who's really who.
You need to Login to know who's really who.
|
| zebedee wrote: |
| eng_ch wrote: |
| Why not save yourself the charges issue and open a Nationwide account? THey make no charge for withdrawing from ATMs abroad |
Agree with that, although I use a Nationwide credit card. Last time I checked they worked out best with no charges and good rate. |
I would second that - the rate for purchase in Euros usually much better than you could get money for e.g. bought boots last year at 1.48 ish, bought money for 1.42 ish. Can't back that up with any evidence for current rates though 
|
|
|
|
|
|
Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
|
I just got my 1st (Info from  ) Nationwide statement. I used it over xmas euros at 1.489. Cash at Post office was about 1.42 and M+S 1.44
I didn't draw any cash out, I know they don't charge a fx fee but I think they do make a cash withdrawal charge of 2%. But still a good deal.
|
|
|
|
|
|
You'll need to Register first of course.
You'll need to Register first of course.
|
|
well, ist probably too late now, not many days to get out the office and open an account before i go...will def bear in mind next time tho!
|
|
|
|
|
|
|
|
|
gsb, Interesting. I think I remember some one saying they were good for euros, but less so for us/can $. Is this right? I want to open another bank account soon to this is interesting info for me.
|
|
|
|
|
|
|
|
|
|
|
You'll get to see more forums and be part of the best ski club on the net.
You'll get to see more forums and be part of the best ski club on the net.
|
|
I was skiing over the Christmas period in France and the exchange rates I saw were: Bristol Airport 1.33, Crystal-sourced lift passes during transfer = 1.41, Nationwide Debit card ATM = 1.489 (no surcharge).
|
|
|
|
|
|
|
|
|
boredsurfin, similar rate to my Nationwide debit card.
|
|
|
|
|
|
snowHeads are a friendly bunch.
snowHeads are a friendly bunch.
|
| eng_ch wrote: |
| Why not save yourself the charges issue and open a Nationwide account? THey make no charge for withdrawing from ATMs abroad |
We used our Nationwide card last year in Canada and had great exchange rates, but one word of warning. It worked fine in bank ATMs but on mountain resorts like Panorama tend to have a free standing ATM in the shop or day lodge. Our Nationwide card did not work in those.
|
|
|
|
|
|
And love to help out and answer questions and of course, read each other's snow reports.
And love to help out and answer questions and of course, read each other's snow reports.
|
| tomski01 wrote: |
| ...................... Does this rate i got off www.xe.com actually represent the 'market or government-set rate'.......... |
You may wish to compare with the FT currency converter which I would guess is as good as it gets for the international market rate.
|
|
|
|
|
|
|
|
| Helen Beaumont wrote: |
| boredsurfin, similar rate to my Nationwide debit card. |
I should have added that those rates were on my Nationnwide Visa Credit Card.
|
|
|
|
|
|
You know it makes sense.
|
This is a favourite subject on some of the financial bulletin boards, and the answer what is best depends on whether you are talking about getting CASH or paying for GOODS/SERVICES on a card.
Getting CASH, then the best method is a Nationwide ATM card, which you get with a Nationwide Flex Account. For this, you'll get (near as damn it) the inter-bank spot rate for the transaction [This is what is published on XE.com, oanda.com and many others]. Next best is just about any other bank's ATM card - for this you'll get the inter-bank spot rate less typically 2.75%, maybe less an additional transaction fee. Worst is cash from an exchange bureaux, which in the UK will typically give you an exchange rate of about 5-7% worse than the inter-bank rate (regardless of whether they describe it as "commission free" or not). [Note this assumes the ATM you are using doesn't itself charge - most at actual banks don't. Note also there are minimum amounts for most fees and you *must* make sure that the percentage fee for your withdrawal exceeds the minumum fee otherwise you can easily end up paying a much higher percentage in fees.]
For GOODS/SERVICES, then payment by Credit (or Debit) Card becomes good value. Again, Nationwide lead the way and you'll get the inter-bank spot rate - they are being chased by the Post Office which claims the same but I've not had enough transactions through my account to fully validate their claim [Nationwide refund the 1% charged by Visa/Mastercard International outside the EU, but it's not clear if the Post Office do so]. Following close is Frizzell, who do Liverpool Victoria and Saga credit cards (and a few other minor ones), but they only don't charge inside the EU. Then just about any other bank's credit card then gives a good deal: most charging the same 2.75% (BUT CHECK YOURS - there are a few horrors about). Of course you could still pay cash from the exchange bureaux, at 5-7% worse than the inter-bank rate.
My rule nowadays is to check your arrival airport's website for ATMs. If they have them, wait until you get there before getting cash (ideally on a Nationwide ATM card), if they don't, then pre-order some currency "commission free" from Travelex's website for collection at your departure airport - Travelex IME give the best deal of any of the exchange bureaux *provided* you pre-order - user you debit/ATM card NOT your credit card.
One thing to be aware of is of places that "conveniently" offer to charge you in sterling for your transaction: AVOID AT ALL COSTS. This means *they* get to choose the exchange rate used, which could in theory be good, but in practice it's cr*p. If this happens, then INSIST on being charged in the local currency: Visa/Mastercard rules state that you *must* be given this option: if they refuse, then on return I'd have no hesititation in disputing the transaction and refusing to pay.
[I haven't bothered with Travellers Cheques: but suffice to say they offer even worse rates, albeit with a limited level of security built in.]
|
|
|
|
|
|
Otherwise you'll just go on seeing the one name:
Otherwise you'll just go on seeing the one name:
|
|
RobW, an excellent and highly informative post. Thanks.
|
|
|
|
|
|
Poster: A snowHead
|
|
RobW, excellent, thanks for confirming things. I am sure Barclay will give a fairly average (e.g. not great) rate, but sounds better than the foreign exchange cash option as long as i may for as much as posisble on card. Just need to find me a ScotiaBank in Vanvouver airport now then ill be even happier!! Now i just hope someone leaves me some powder , oh and ive lost me goggles...right back to excited sleepless nights and forever checking webcams...
|
|
|
|
|
|
Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
|
|
tomski01, I know there's an ATM in the Dubh Linn Gate, but it's a pub one, so you pay $2 I think for each transaction.
|
|
|
|
|
|
Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
|
Wear The Fox Hat, plus if i end up in there i may never come out! 
|
|
|
|
|
|
You need to Login to know who's really who.
You need to Login to know who's really who.
|
I couldn't use my Barclays connect card in Whistler altho' Switch/Maestro worked well. Totally the opposite to Banff where my connect card was fine for getting out beer tokens!
I don't remember which cash points I tried, but defo more than one.
|
|
|
|
|
|
Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
|
|
In Canada, lots of the ATMs away from banks are part of the Interac network. IME the cards that such ATMs accept are limited: they seem to only take US or Canada-issued Mastercards or Visacards - certainly not European ones, whilst as flashk5 found, Switch/Maestro is fine. This can be a bit of a nuisance if you are in a resort where the nearest banks are half-a-day drive away!
|
|
|
|
|
|
You'll need to Register first of course.
You'll need to Register first of course.
|
|
I can't remember having a problem with my Connect card in Whistler.
|
|
|
|
|
|
|
|
I used my Halifax credit card in France at the PSB a lot, it gave me a great rate but charged me £3 for every transaction, which I could not remember it doing last season. So maybe there’s been a change in its trading conditions.
So now back to taking Cash with the Card as backup.
|
|
|
|
|
|
|
|
| Nick_C wrote: |
I used my Halifax credit card in France at the PSB a lot, it gave me a great rate but charged me £3 for every transaction, which I could not remember it doing last season. So maybe there’s been a change in its trading conditions.
So now back to taking Cash with the Card as backup. |
Or vote with your wallet and take a card which doesn't have such charges.
|
|
|
|
|
|
You'll get to see more forums and be part of the best ski club on the net.
You'll get to see more forums and be part of the best ski club on the net.
|
|
RobW, True and I'm looking around, following this thread a Nationwide account is looking on the cards
|
|
|
|
|
|
|
|
| RobW wrote: |
| In Canada, lots of the ATMs away from banks are part of the Interac network. IME the cards that such ATMs accept are limited: they seem to only take US or Canada-issued Mastercards or Visacards - certainly not European ones, whilst as flashk5 found, Switch/Maestro is fine. This can be a bit of a nuisance if you are in a resort where the nearest banks are half-a-day drive away! |
Agreed.
When I went to Jasper/Lake Louise/Banff for years ago, only the machines in the banks would accept either of my cards. None of the free standing ones in the hotels or around the ski area would accept either my debit card or my credit card (both Visa)
But as usual, in the banks my Nationwide debit card was free to use and a better exchange rate than the tourist rate.
And when I commented on the problem while buying a pair of goggles in the shop at Marmot basin, they allowed me $20 "cashback" (they wouold have given more I think), plus the restaurant was quite happy to accept visa even for a cup of coffee.
|
|
|
|
|
|
|
|
FAQ
Mine vary's from 1.479 on December 23rd to 1.483 on January 3rd 2007 as you say still a good deal. Well done 