Buying Euros

[Rhino]

Any opinions as to where I can get the best deal when buying £500 + worth of Euros?

[Conor]

me !!

i need to buy 500 quid in sterling using euros !

(seriously)

[ahadayah]

Use a debit card in the airport as soon as you land.

If you have a Nationwide account, the use of their debit card in cash points around the world is totally free of charge and, also, totally free of any exchange rate loading.

The same goes for their credit card (wrt the exchange rate loading).

[Rhino]

Thanks for the advice ahadaya - I've got a nationwide account.

Conor - no problem with a straight prevailing exchange rate deal - the problem is trust. If we came to an agreed arrangement would you trust me enough to post £500 worth of euros to me - you ought to but unfortunately I doubt it?

[Conor]

rhino

nah you see you were going to send me the 500 quid first.....

cheers
conor

[Rhino]

Doh - never though of that one and here was me thinking you were going to pay for my holiday.

Well croon close enough to crook for me

ATB

Rhino

[blurr]

Nationwide

@ahadayah
That's very unlikely. What rate do they really give? Bureaux de Change rates are something like interbank +3% or more. Credit/debit/cashpoint card gives something like interbank+2%. No individual can get closer than 1% to the Interbank rate, AFAIK.

I'd love to know if it's really possible - can you post an example rate that you've got and the date?

[ahadayah]

Re: Nationwide

Blurr :

Check the nationwide website, or in a branch, to ask how they calculate their currency commission.

My Natwest credit cards say in the small print that they use the rate set by Visa (which, one assumes, already has some Visa charge in there) and then add a 2.75% commission to the rate. Nationwide charge nothing.

How close Visa is to the inter-bank rate, I don't know.

[Rhino]

Re: Nationwide

Yes - Nationwide is the best bet to get Euros. After ahadaya's comments I remembered a Working Lunch topic that covered it. The only problem is you have to open one of their flex accounts, which is the basic current account equivalent and pays lower interest than their other savings accounts.

Ahadaya - do you reckon I would find a machine to use the debit card at Los Christianos airport in Tenerife?

[ahadayah]

Re: Nationwide

Don't know, Rhino.

But the Nationwide cards work (for free) in any Visa or Link machine. I've not yet been to an airport which didn't have a Visa compatible machine; but then I've not been anywhere remote. Tenerife should be ok.

Their Flexaccount is ok; I like it. The internet banking is so easy to use, and is very clearly laid out. Linked to the flex (current) account is an internet only savings account. You can use the 'net banking to shift money back and forth between the two. The internet bank account pays quite good rates of interest.

I like the Nationwide

Although I use Flemings (or whatever it's called now) for my company account, despite its lack of 'net banking. (The freephone banking is ok.)