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Exchange Rate Advice

Travel, Exchange rates and Weather etc.

Exchange Rate Advice

Postby diskwizz » Sat May 31, 2008 9:13 am

My best advice is to change a decent amount back in the UK for the best rate you can get. Then bring your cash card with you and draw out from the hole in the wall when you need to.
Here is an example for you from an old post I did elsewhere:

I usually find the best rate is by bringing your cash card and drawing out from the hole in the wall. Most banks will charge a small commission however I found when drawing out €200 at a time the charge was offset by the better exchange rate.

Example: Based on when I was doing it.
€200 from Exchange at 1.40 cost me £142.85 -ish
€200 from hole in wall at 1.45 cost me £137.93 - ish + £2.50 bank charge is a total of £140.43

Not much but every penny counts when you are doing it a few times a week
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Re: Exchange Rate Advice

Postby Milly_Molly » Sun Sep 06, 2009 12:52 pm

We discovered the Nationwide Flex debit card and have used this for all our holiday money ever since.
I would recommend anyone holidaying in the EU to do the same.

I opened a Nationwide Flex account just for the sole purpose of using it for our holidays - I didn't have
to pledge to have regular credits etc goin in - no problem at all. And from start to finish it takes about three
weeks in total for the account to be up and running, with all relevant cards, pins etc to hand.

All we do is take about €100 for the first day or so and having loaded the Nationwide Flex account with our holiday cash,
we use that to withdraw as and when we need the money.

Why is this card different from any other debit card?
Well, Nationwide make NO CHARGES WHATSOEVER for any withdrawals made at ATM's within the EU.
AND, they give you the Visa Commercial rate too -
(please see here http://www.corporate.visa.com/pd/consumer_services/consumer_ex_results.jsp?from=GBP&to=EUR&rate=0.0)

so you always get a higher rate than is on offer at any bank or Bureau De Change.
With no commission charges raised whatsoever - you're quids in!

A few things to be aware of though, you can only withdraw upto €200 per day (€400 for a joint account) and make sure
you withdraw early enough for the weekend because very often ATM's run out of cash over that period.
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Re: Exchange Rate Advice

Postby diskwizz » Sun Sep 06, 2009 5:45 pm

Top advice Milly, especially for those who holiday regular. Nice to see you back on here again. Have been spotting your posts on other forums which is much appreciated :D :wink:
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