All

Just wanted to see what your opinions were on money

I have a Nationwide account which used to offer free European transactions but no longer does.

I'm thinking

1 all cash and hide it !!!!!!
2 cash withdrawals every now and again
3 Just use the visa card as and when

Im trying to work out that if I use a cash point every couple of days to top up the cash levels whether getting a better exchange rate from visa rather than a bank but having to pay a charge is better than getting a crap exchange rate from the post office and taking loads of cash.

Hope it make sense

Cheers

kennycapes wrote:All

Just wanted to see what your opinions were on money

I have a Nationwide account which used to offer free European transactions but no longer does.

I'm thinking

1 all cash and hide it !!!!!!
2 cash withdrawals every now and again
3 Just use the visa card as and when

Im trying to work out that if I use a cash point every couple of days to top up the cash levels whether getting a better exchange rate from visa rather than a bank but having to pay a charge is better than getting a crap exchange rate from the post office and taking loads of cash.

Hope it make sense

Cheers

Hi Kenny - I normally take a fair amount of money (cash) and put it in the safe. I then take as much out in a day as I can from the cash machines when I need it - that way the charge from the bank is much lower in comparison and the exchange rate is better than in the UK.

Occassionally use the credit card at restaurants that take them, but tend not to overuse it.

There's been a few topics like this on the forum, and they've all had a mixture of advice, so do what's best for you

We previously used ATMs all the time drawing a maximum 200 euros each time as and when needed, using a Nationwide debit card. We got a better rate this way, there was no fee charged, and we didn't need to take much UK cash over (which got an inferior exchange rate anyway). We paid resaurant bills in euro notes. Last year Nationwide began to charge for this service, whether you used credit or debit cards. They gave Flexaccount customers free (European) travel insurance worth about £80 per annum as a sweetener.
This meant that this year, when 200 euros are withdrawn from an ATM (@1.14 euro to the pound) you see this deduction on your statement:-
"NonUK Commission Fee £3.49 - NonUK Cash Withdrawal Fee £1" so the 200 euros was worth £174.75 after these deductions. We knew this was going to happen so we only drew enough euros to spend on drinks in bars and snacks in cafes. All restaurant meals and petrol were paid for with credit cards as this was obviously a better option than paying the withdrawal charges at ATMs to keep obtaining cash. Using cards wherever possible seems to be the way it has to be now.
Not used travellers' cheques for ages - but don't they usually provide lower exchange rates?

Travelex every time. Wonderful and easy. Open your self an account, I opened mine at my local Tesco that had a foreign exchange facility. You get a Travelex VISA card there and then that they call a "Cash Passport". Put money in the account and go to an ATM and programme your own persoanl pin number and go abroad. Once on holiday the card is used to withdraw money at an ATM, to date I have never been charged in CVO, or use the card as a visa card to make purchases in restaurants etc.....
You just have to keep an eye on your levels. If you put 800.00 Euros in the account before travelling remember this and deduct what you spend or withdraw. I usually take some cash to get me started on arrival then withdraw 200.00 Euros as and when required. You get the exchange rate applicable at the time you top up the account in The UK so you can select as and when you think best. Easy!! Hope that helps

Hi Kenny,

Similiar to Travelex you could get a Fairfx card, they usually give better rates than Travelex, apply online.

http://www.fairfx.com/

Charge is Euro 1.50 per transaction

I think I am going to transfer cash from the UK (via the free HSBC facility) to the Millenium then use my Millenium card to take out cash. Not done this before as I usually keep the Portuguese account just to pay bills, but don't fancy being charged every time I want to take money out on my UK cards.

SAM SPARKLE wrote:Hi Kenny,

Similiar to Travelex you could get a Fairfx card, they usually give better rates than Travelex, apply online.

http://www.fairfx.com/

Charge is Euro 1.50 per transaction

You only pay the 1.50 on cash withdrawals, but you can use the card as a normal credit card and because you are paying in euro's no card fees. If you have a laptop or another device with you can see your account almost in real time, and add funds whenever you need to at very good rates.

Open a Santander account in CVO - min is £150 you can then get a Santander debit/credit card to use anywhere - when you pay cash into your account they charge you a €3.42 fee and you get the actual rate less~ 1% - I got 1.12 last week paying in over £1000.

Travelex are robbers for their commission rates!!

If you exchange £ for € in the UK you normally pay over 2% on the rate - forget it when they say NO COMMISSION" , there isnt, but the rate is lousy - look at the "spread" on the buy and sell rates at the travelex at the airport - its 8%

Paying in you would get Bank rate as opposed to tourist rate.

TomUK wrote:We previously used ATMs all the time drawing a maximum 200 euros each time as and when needed, using a Nationwide debit card. We got a better rate this way, there was no fee charged, and we didn't need to take much UK cash over (which got an inferior exchange rate anyway). We paid resaurant bills in euro notes. Last year Nationwide began to charge for this service, whether you used credit or debit cards. They gave Flexaccount customers free (European) travel insurance worth about £80 per annum as a sweetener.
This meant that this year, when 200 euros are withdrawn from an ATM (@1.14 euro to the pound) you see this deduction on your statement:-
"NonUK Commission Fee £3.49 - NonUK Cash Withdrawal Fee £1" so the 200 euros was worth £174.75 after these deductions. We knew this was going to happen so we only drew enough euros to spend on drinks in bars and snacks in cafes. All restaurant meals and petrol were paid for with credit cards as this was obviously a better option than paying the withdrawal charges at ATMs to keep obtaining cash. Using cards wherever possible seems to be the way it has to be now.
Not used travellers' cheques for ages - but don't they usually provide lower exchange rates?

Many thanks for your opinions.
I have just done the following conversion using my Nationwide card

€200 cash from Postoffice 1.09 would cost me £183.48

€200 cash from an ATM at 1.12 would cost me £178.57. + 2% = £182.14 + £1 = £183.14 ish.

I hope that is right.

So it looks to me that even drawing out €200 a day from an ATM is no different from any other method on the board. Now that Nationwide are charging for the transactions its no different. Its perhaps just safer that all cash and eaiser than travellers cheques.

Thanks all.

KC