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Changing money

England
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266 posts
10 reviews
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Changing money

Is it best to get Euros in the UK or take cash and change it in LC?

Currently 1.069 in the UK

cheers

Sydney, Australia
Destination Expert
for Train Travel
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95,642 posts
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1. Re: Changing money

Do not exchange cash. You will get a better rate by taking a debit card and getting cash out of ATMs, just like at home.

Hartlepool, United...
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421 posts
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2. Re: Changing money

as long as you have a nationwide debit card otherwise you will get a decent rate BUT pay £5 charges on the transaction so if you bank at anyother bank then do not use atm's.

take your cash and change it but be careful that it is a commision free transaction

Sydney, Australia
Destination Expert
for Train Travel
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95,642 posts
14 reviews
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3. Re: Changing money

>>take your cash and change it but be careful that it is a commision free transaction<<

"Commission free" almost always means "poor exchange rate".

Fees and exchange margins on ATM withdrawals are typically 2% to 3%. On cash exchange, they are typically 6% to 8%. If you make the mistake of using a Western Union cash exchange at a major tourist hangout, the fee can be 20%.

Look very carefully at how many euros you are being offered for your pound, and compare it with the official exchange rate.

4. Re: Changing money

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Tenerife, Spain
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17,549 posts
183 reviews
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5. Re: Changing money

Hi Ruttski

The subject of whether to use an ATM or not has been discussed at length on this thread tripadvisor.co.uk/ShowTopic-g673870-i11657-k…

My personal view is to avoid ATMs wherever possible; more than likely your own bank will charge you for the pleasure of withdrawing cash from your own account. At the very least you will probably be charged the same transaction fee that your bank charges you when using another bank's ATM. However, many banks charge higher fees for international ATM withdrawals - either a flat rate or a set percentage of your total withdrawal. So if you are considering this option it could be worth checking charges with your bank prior to your holiday. To add insult to injury, you may also be charged a fee by the owner of the foreign ATM.

Because these small fees can add up quickly, you will probably want to withdraw larger amounts than you might normally do at home, so be sure you have a safe place to keep your cash.

With regard to the rate this seems better here than in the UK. Tenerife Sunshine was offering 1.08 yesterday (Friday 4th) - you can pick up their daily rates on Facebook or contact them via their website www.tenerifesunshine.com

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Tenerife
Tenerife
Canary Islands, Spain
England
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266 posts
10 reviews
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6. Re: Changing money

Thanks for the replies Guys..think I'll take cash.

cheers

Fochabers, United...
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2,347 posts
20 reviews
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7. Re: Changing money

Sidney Nick,

Why do you continue to come on this forum and mislead people?

Please can I refer you again to my replies in this thread

tripadvisor.co.uk/ShowTopic-g673870-i11657-k…

I am not going to repeat what I have said before, only to reiterate that if you do not know the position in Tenerife and offer advice based on what happens in Australia or other parts of the world then there is no point to it. You have been advised many time what the position is in Tenerife yet you continue to make this statement about ATM machines, without clarifying the conditions under which it applies. At the end of the day it is the amount of money that people end up with in their hands minus any charges that counts and nobody is really interested in %ages of this, that or the other.

Nelly

PS Ruttski, I'm sorry you are getting dragged into this but unless you have a Nationwide Flex account card, you have made a wide decision.

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Tenerife
Tenerife
Canary Islands, Spain
8. Re: Changing money

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Removed on: 04 June 2010, 05:17
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