Cash?

rod... · Post by **rod...** » Mon Jun 09, 2008 10:35 pm

Hello all - first time poster - long time lurker here!

Off to one of our favourite places for the third year running on Thursday!

Had a look in the FAQ, but never found what I was looking for. With the ever decreasing pound causing pocket-chaos, what is generally the best way to avoid paying too much on exchange rate / bank charges (currently a non-Nationwide account holder)? We usually take enough € to get by on the first night and get by on bank / credit card ATM cash withdrawls.

Would a better idea be to -

a) Take cash and exchange in town (where best to exchange)?
b) Get some more € in the UK (where is recommended)?
c) Spend like there's no tomorrow, as you're a long time dead?
d) >>Insert helpful hint here<<

Thanks for any help, or offers of therapy.

widge · Post by **widge** » Tue Jun 10, 2008 7:42 am

Rod,

Best idea is to forget all about your money, exchange rates, work etc. and enjoy being on holiday in your favourite place!

SAM SPARKLE · Post by **SAM SPARKLE** » Tue Jun 10, 2008 8:23 am

rod... wrote:Hello all - first time poster - long time lurker here!

Off to one of our favourite places for the third year running on Thursday!

Had a look in the FAQ, but never found what I was looking for. With the ever decreasing pound causing pocket-chaos, what is generally the best way to avoid paying too much on exchange rate / bank charges (currently a non-Nationwide account holder)? We usually take enough € to get by on the first night and get by on bank / credit card ATM cash withdrawls.

Would a better idea be to -

a) Take cash and exchange in town (where best to exchange)?
b) Get some more € in the UK (where is recommended)?
c) Spend like there's no tomorrow, as you're a long time dead?
d) >>Insert helpful hint here<<

Thanks for any help, or offers of therapy.

Use your Debit card and option C and as for D don't drink the tap water

Sharen Crane · Post by **Sharen Crane** » Tue Jun 10, 2008 9:07 am

Get a Nationwide Flex account! You don't pay interest charges when you withdraw cash abroad and you get that day's exchange rate!

I know regular posters I am becoming a bore over the whole Nationwide Flex account but really it is the best way to get cash if you are on holiday!!!!

fmm · Post by **fmm** » Tue Jun 10, 2008 9:59 am

Yup - I am a bore about this as well, but it is well worth doing - get a Nationwide Flex Account!

rod... · Post by **rod...** » Tue Jun 10, 2008 11:47 am

Thanks for the advice. I have been toying with the idea of changing accounts for a while now, but the hassle of all the required changes of direct debits, etc, have put me off so far. It's easier (but more expensive) to stay where I am. I'm sure once I see my June statement, it will push me into action. I do have an ISA with the Nationwide, so it would make sense.

I certainly didn't see money exchange rates widely advertised in resort, when compared to some other Med resorts.

BTW - I would like to take this opportunity to thank the admin and regulars (and the occasional visitor) for the very useful information in the faqs and spread throughout this forum. A wealth of Carvoeiro information. I shall probably give some updates upon my return.

eviljock · Post by **eviljock** » Tue Jun 10, 2008 12:14 pm

You don't have to change bank accounts to get a Nationwide Flex account. We got one a few years back solely for the purpose of using while abroad on holiday. We top up the account before going away and if there's anything left when we get back (unlikely) we just transfer it back to our main current account with another bank.

fmm · Post by **fmm** » Tue Jun 10, 2008 12:17 pm

My Nationwide account is just for holidays. I put cheques etc from ebay sales into it and then when I go away I don't have to touch my day to day account with another bank. Much better way of working it!

Stevie-C · Post by **Stevie-C** » Tue Jun 10, 2008 12:18 pm

Hi Rod,

Just FYI, last year I went to a bank in CVO where the wanted to charge me €5 per traveller cheque. As you can imagine, I told them what they could do with that offer. The travel agent/bureau de change in the square beside Sully’s and the Pharmacy (I think) charged a % per transaction. I can't remember the exact figure but it was a lot better than the bank’s offer.

Cheers

Steve

Graham · Post by **Graham** » Tue Jun 10, 2008 12:42 pm

I did ask before if anyone had used a fairfx.com card yet - It seems to beat even the Nationwide flex account but it would be good if someone had some first hand experience

Graham

fmm · Post by **fmm** » Tue Jun 10, 2008 12:46 pm

http://travelmoney.moneysavingexpert.com/

http://money.uk.msn.com/creditcards/art ... id=6863570

Rob Watson · Post by **Rob Watson** » Tue Jun 10, 2008 12:51 pm

I like the sound of this Nationwide Flex account but before I think about taking the plunge is it definitely as good as it sounds? i.e. do they set a lower exchange rate than everyone else to make up for the fact that there is no charge...so in the end you are no better off? Forgive me for being a cynic!

Or is this really a free lunch....

thanks

fmm · Post by **fmm** » Tue Jun 10, 2008 12:52 pm

Interestingly, ASDA for example, will deliver 250 euros for £209 (exchange rate of 1.22)

Fairfx will provide 250 euros for £210 - exchange rate of 1.2475. If you purchase over £500 then it is more cost effective, but otherwise the high street is just as good.

IN addition, you have to put money into the account where there is no interest payments and then can draw it out when you want to. I am not convinced that this is as good as Nationwide. The money I am not immediately using is transferred (on line and immediately) into the Nationwide online saver account, and when I need it, I just transfer it back (on line and immediately). So you don't lose interest.

fmm · Post by **fmm** » Tue Jun 10, 2008 12:53 pm

I got a better rate from Nationwide when I used the debit card than I did when I used my Lloyds debit card, and there were no extra charges (unlike the Lloyds debit card ...

)

I have been using it ever since and even the OH has opened a nationwide account and he is VERY careful with his money!

Sharen Crane · Post by **Sharen Crane** » Tue Jun 10, 2008 1:12 pm

I only ever use the Nationwide when I am away. I transfer money in and out of the account without any problems between my current account (with another bank) and my e-savings account with Nationwide.

The exchange rate is whatever it is on the day of transaction and I have never been unhappy with it!

Go on give it a go, even if it is just for one trip

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