Foreign Exchange

[Mutley]

Hi

I'm looking to exchange Euros to Dollars for a upcoming holiday. Can anyone recommend a good place to go? Who has the best rates and lowest commission??

Thanks!!

 

[Guest]

Using a preloaded credit card and withdrawing cash as required often represents better value for money than other options (bulk changing of cash, travellers cheques etc.) even after the CC forex charges (and other charges in some cases) are taken into consideration:

 

[ainec]

Better still, use your ATM card abroad to withdraw money from your current account. That way you won't have to pay any cc cash withdrawal charges.

Now I KNOW that most cc cos. don't apply cash withdrawal charges when your card is in credit but if you are going to the states, chances are your credit card won't be in credit for long!

Watch min. charges too - don't take out small amounts of cash.

 

[Guest]

Note that ATM (Maestro/Cirrus/Plus+) withdrawals are normally subject to a minimum charge regardless of the amount being withdrawn. This means that for small amounts the percentage charge can be quite large. In constrast some credit cards levy NO charges on in credit withdrawals (as opposed to cash ADVANCES!). Both ATM and credit cards will build in a forex charge/margin. Best to check the detailed terms & conditions to be sure but note that the Indo article linked in the other topic above comes to the conclusion that a pre-loaded CC is often the most cost effective way to access funds while travelling.