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Thread: Euros - when to buy?

  1. #1
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    Euros - when to buy?

    Morning all

    Looking to buy some euros for the summer hols.... approx. £400 worth

    Is there a good time to buy or is the difference in exchange rate so low- its not worth worrying about for this amount....?

    Any info appreciated

    Mike

  2. #2
    Craftsman jobseeker's Avatar
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    Well, every cent difference in the exchange rate is going to gain or lose you 4 Euro on that amount, so I wouldn't worry too much about it. Worth looking around for at least a competitive rate though.

  3. #3
    Grand Master
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    Try your local travel agents and find who fives the best rate. Be careful, our local Co-op ( Thomas Cook) tried to offer me a stupid exchange rate that improved significantly when I started ranting.........I think the staff are trained to give the worst rate you’ll accept!

    Check the interbank rate and expect to get slightly less.

    Paul

  4. #4
    Master gunner's Avatar
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    Just use the cash machine when you get there.

  5. #5
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    I am going to need some in about 8 weeks.... I usually get mine from the post office...

    Regards

    V

  6. #6
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    Quote Originally Posted by gunner View Post
    Just use the cash machine when you get there.

    Check your card fees, but generally the VISA rate is way better than changing cash elsewhere.

  7. #7
    For that amount of money I'd use a comparison site to get a feel for who the best three are for the given currency and then go to whoever is most conveniently located for you. No point spending hours/lots of effort trying to strain out the best rate when it might only net you a few extra euros.

  8. #8
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    It's £400, the difference between all of them will be the price of a high street coffee.

  9. #9
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    Thanks all for the advice..... To be honest I suspected as much

    I think I will just do the usual and get locally from ASDA - I've had a quick look online, and for that amount it seems the rates are just as competitive as anywhere..... and I can't see them changing much in the next few weeks.

    Cheers

    Mike

  10. #10
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    Quote Originally Posted by gunner View Post
    Just use the cash machine when you get there.
    you need to check the bank commission you will be charged.

  11. #11
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    Get a Revolut card, then just use cash machines, pay for meals etc with it as you would in the UK.

  12. #12
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    Quote Originally Posted by ViperStripes View Post
    Get a Revolut card, then just use cash machines, pay for meals etc with it as you would in the UK.
    Never of heard of that... i'll have a look thanks

    Mike

  13. #13
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    Quote Originally Posted by ViperStripes View Post
    Get a Revolut card, then just use cash machines, pay for meals etc with it as you would in the UK.
    I got one recently before travelling to the US - definitely worth looking at

  14. #14
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    Another convert to the Revolut card. Recently used one in Singapore and all over Thailand and without exception it was great. Really good exchange rate and low fees for cash withdrawals. You have to pay £5 I think for the card initially but well worth it.


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  15. #15
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    Just taken a quick look at Revolut - what's the charges for cash withdrawals after your free limit? Currently they're showing that up to £200/month is free which doesn't seem much.

    Edit: Found it - 2% of withdrawal value. Seems like my existing credit card costs the same - only drawback is that interest is charged from the date of withdrawal which is balanced by the fact that I'm never going to need to top it up.
    Last edited by Scepticalist; 23rd April 2018 at 10:53.

  16. #16
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    I think it’s 2% of the withdrawal above £200. I found it much better than the equivalent fees/exchange rate that you would get via your debit card. Not sure if some banks still offer good credit cards to use abroad - Halifax used to but not sure if they still do.


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  17. #17
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    Interestingly, using your debit card can often be the cheapest solution:

    https://www.nationwide.co.uk/support...ab:foreignCash

  18. #18
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    I always have a quick look on money saving expert and then find the most convenient one that's there or there abouts - will be peanuts in difference to be honest.

  19. #19
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    Quote Originally Posted by sweetpea View Post
    Morning all

    Looking to buy some euros for the summer hols.... approx. £400 worth

    Is there a good time to buy or is the difference in exchange rate so low- its not worth worrying about for this amount....?

    Any info appreciated

    Mike
    Like many have said, the difference to you on how many euros you will get will be peanuts.

    I buy euros every month on direct debit and the rates swing all over the place all of the time. Some times you do well and some times you don't, that is a simple fact of life.

    If anyone could reliably predict exchange rates they would be a multi millionaire and would not be wasting their time on a WIS forum.

  20. #20
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    Quote Originally Posted by Mick P View Post
    Like many have said, the difference to you on how many euros you will get will be peanuts.

    I buy euros every month on direct debit and the rates swing all over the place all of the time. Some times you do well and some times you don't, that is a simple fact of life.

    If anyone could reliably predict exchange rates they would be a multi millionaire and would not be wasting their time on a WIS forum.
    Very true...... However I'd like to think I would still be on the forum regardless of whether I was a multi millionaire or not..... its not all about the money.....but thanks for the info

    Mike

  21. #21
    Get a Halifax Clarity Credit Card and use an ATM in country.

  22. #22
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    Quote Originally Posted by gunner View Post
    Just use the cash machine when you get there.
    Yes, and what happens if the card doesn`t work or gets rejected?

    It's foolish to reply on these things when overseas.

  23. #23
    Craftsman Rbains0708's Avatar
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    Use a comparison site to get the best deal but £400 isn't a lot so won't make a huge difference


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  24. #24
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    Quote Originally Posted by noTAGlove View Post
    Get a Halifax Clarity Credit Card and use an ATM in country.
    This.

  25. #25
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    Quote Originally Posted by Scepticalist View Post
    Check your card fees, but generally the VISA rate is way better than changing cash elsewhere.
    Nationwide for ATM withdrawals and Monzo for any debit card transactions.... works for me all over Europe, although I need to work out what to in Thailand this summer!

  26. #26
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    FairFx Euro card give good rates,easy to top up and MasterCard so use anywhere- if only using in Euro zone it's no comm as your sterling is put on as bought euros. Take some readies as welll cos you never know!you can top up while away with internet access and ring fence what's on the card so not exposing your debit cards to anyone.
    Last edited by meridian; 23rd April 2018 at 20:44. Reason: Addition

  27. #27
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    Quote Originally Posted by walkerwek1958 View Post
    Yes, and what happens if the card doesn`t work or gets rejected?

    It's foolish to reply on these things when overseas.
    Exactly the same as happens at home, you pay by card, speak to the bank and get some cash once sorted.

    No need to panic.

  28. #28
    Quote Originally Posted by walkerwek1958 View Post
    Try your local travel agents and find who fives the best rate. Be careful, our local Co-op ( Thomas Cook) tried to offer me a stupid exchange rate that improved significantly when I started ranting.........I think the staff are trained to give the worst rate you’ll accept!

    Check the interbank rate and expect to get slightly less.

    Paul
    That’s got to be about the most expensive ways to exchange currency.

    Quote Originally Posted by walkerwek1958 View Post
    Yes, and what happens if the card doesn`t work or gets rejected?

    It's foolish to reply on these things when overseas.
    I only ever use my card these days, unless I’m transferring a fair amount of cash - it’s always worked out much cheaper than any fx rates from a bank or travel agent before travelling.
    It's just a matter of time...

  29. #29
    Quote Originally Posted by Wolfie View Post
    although I need to work out what to in Thailand this summer!
    As you may have worked out Thai banks charge you around £5 per ATM transaction and there’s no way around it.

    The fee is added, even if you use a Halifax Clarity or similar.

    Just a money making ruse, as I was in Indonesia a few months before Thailand and no fees where added whatsoever.

  30. #30
    Grand Master VDG's Avatar
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    Buy at night..

    On a more serious note, just draw cash from cash points (try to stick to main banks) when you get there? if it was 40/400K it could make difference, otherwise..
    Fas est ab hoste doceri

  31. #31
    Grand Master Mr Curta's Avatar
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    Most ATMs in the US and Latin America also charge you for the privilege of using them. The most cost effective way to get cash overseas is to use a service such as Azimo to make a direct transfer that you can collect from a named bank on arrival. Not usually worth it for a short trip but saves a wedge if you need a large quantity of funds.

    Generally withdrawing cash from an ATM in country is the best option when on holiday, with a second card and a few dollars in your pocket as backup. That said, I had all my cards pinched in Indonesia and was able to get a cash advance and replacement card from Visa issued the next day.

  32. #32
    Grand Master VDG's Avatar
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    That'll teach not to talk to the strangers in the Mixwell bar ;)
    Last edited by VDG; 24th April 2018 at 00:34.
    Fas est ab hoste doceri

  33. #33
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    Quote Originally Posted by Omegamanic View Post
    That’s got to be about the most expensive ways to exchange currency.I only ever use my card these days, unless I’m transferring a fair amount of cash - it’s always worked out much cheaper than any fx rates from a bank or travel agent before travelling.
    - - - Updated - - -

    Correct.

    Use a Monzo card for my overseas stuff these days.

    Spot exchange rate (not tourist) and no fees. Had a couple of small ($3) fee’s for using an ATM but over the last 10 weeks we have saved almost £400 in and amongst the exchange rate differences and general lack of fees.

    Buying from a travel agent is the worst way to get currency, online is better (for large amounts), decent card is best.
    When you look long into an abyss, the abyss looks long into you.........

  34. #34
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    Some interesting stuff here... I've never heard of half of these cards..... I certainly need to get out more....

    Thanks for the info

    Mike

  35. #35
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    Halifax clarity card use it everywhere you can,perfect in some country’s like France not in Germany/Austria.

    Looks at the rates in money supermarket and order cash for when the card is not accepted.
    but basically we are stuffed after the brexit vote.

  36. #36
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    Quote Originally Posted by bwest76 View Post
    Halifax clarity card use it everywhere you can,perfect in some country’s like France not in Germany/Austria.

    Looks at the rates in money supermarket and order cash for when the card is not accepted.
    but basically we are stuffed after the brexit vote.
    What is the problem using the Clarity card in Germany/Austria?

  37. #37
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    Quote Originally Posted by KavKav View Post
    What is the problem using the Clarity card in Germany/Austria?
    Germans don’t like credit it’s shameful to them.
    In Munich I offended several people trying to pay with it one shop owner got very aggressive.
    I ended up using most of my reserve notes as it was cash everywhere.

  38. #38
    Master gunner's Avatar
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    Quote Originally Posted by bwest76 View Post
    Germans don’t like credit it’s shameful to them.
    In Munich I offended several people trying to pay with it one shop owner got very aggressive.
    I ended up using most of my reserve notes as it was cash everywhere.
    Odd when you consider the size of their banking industry. Had no problem using cards in Austria recently.

  39. #39
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    And Europe’s supposed to be equal France no problem,Sweden you can’t use cash.


    https://www.german-way.com/germanys-...-stinkt-nicht/

    North Americans are often frustrated by the lack of credit card acceptance in Germany. Americans and Canadians, so used to paying with plastic, are dismayed to discover that once they stray from the tourist circuit, their AmEx, MasterCard, or Visa credit cards are often useless in German-speaking Europe. It’s another cultural difference, and it’s not a minor one. You need to wrap your head around the fact that cash is king in Germany, Austria, and Switzerland. As the Germans say, “Geld stinkt nicht.” (“There’s nothing wrong with money.” lit., “Money doesn’t stink.”)

  40. #40
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    Quote Originally Posted by gunner View Post
    Odd when you consider the size of their banking industry. Had no problem using cards in Austria recently.
    In South Tyrol I couldn’t use my credit card once.

    And they smoked everywhere including the petrol station forecourts and restaurants.

    I also found an acceptance of drink driving out of the city’s at least.

    The smoking got to me so much I haven’t been back.

  41. #41
    I did a load of shopping in Lidl in the south of France in Feb only to find I'd left the euros back where we were staying. On the off chance it would work (to save me leaving the shopping and walking home empty handed) I tried my UK debit card. No problem, straight through. Not discussed it with the bank previously, just pulled it out of the wallet and binged it on the reader as you would at home. Went back with my shopping a happy chappy.

  42. #42
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    This is the best guide I have found.


    https://travelmoney.moneysavingexper...215.1519839616


    Every single time I have checked the Halifax card comes out the best rates.

  43. #43
    Quote Originally Posted by Scepticalist View Post
    Interestingly, using your debit card can often be the cheapest solution:

    https://www.nationwide.co.uk/support...ab:foreignCash
    Or the worst, my Santander card is AWFUL


    Sent from my ONEPLUS A3003 using Tapatalk

  44. #44
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    Quote Originally Posted by The Doc View Post
    Or the worst, my Santander card is AWFUL
    For cash withdrawals Santander is amazing if you can use Santander ATMs - they make no charge at all if it's their own ATM regardless of country. My wife got all our cash for Mexico out this way.

  45. #45
    I can tell you the worst time to buy.... After Mark Carney speaks.
    Every time the Pound starts to gain a bit on the Euro and the US Dollar he opens his mouth and the Pound falls off a cliff again.

  46. #46
    Master Wolfie's Avatar
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    Quote Originally Posted by sweetpea View Post
    Some interesting stuff here... I've never heard of half of these cards..... I certainly need to get out more....

    Thanks for the info

    Mike
    I’ve got a recommend a friend thing for Monzo... no benefit for me, but, you get to jump the queue and get the card quicker... pM if you want the link...

  47. #47
    Master Wolfie's Avatar
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    Quote Originally Posted by noTAGlove View Post
    As you may have worked out Thai banks charge you around £5 per ATM transaction and there’s no way around it.

    The fee is added, even if you use a Halifax Clarity or similar.

    Just a money making ruse, as I was in Indonesia a few months before Thailand and no fees where added whatsoever.
    What’s the best way? Monzo... withdraw larger chunks of cash and swallow the charges?

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