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Thread: Whats the best option for taking money abroad??

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    Whats the best option for taking money abroad??

    Hi everyone,

    We are going to Ibiza in 5wks and just wondering what to do about money, we will be taking about 1k, so not sure taking it all in euros is a good idea (wouldnt carry that much cash at home and dont like idea of leaving it in room). Last time we went away we put the money on a card that can only be used on holiday but when we came home it still had a fair bit on yet we got practically nothing back due to exchange rates and fees...do people still use traveller cheques?! cant decide what to do, basically want to get the most euros I can for 1k

    TIA

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    Hiya


    I always use travellers cheques when I go abroad although haven't been for a couple of years. I just find them easier, you know how much money you've got left and if they get stolen you're covered. You're definitely doing the right thing in not taking all cash!!

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    We've just got back from Majorca. We took Euro money travel cards which we got through Thomson, but I think the Post Office do them as well. We took some Euros and then just used the cards as and when we needed cash or to pay for meals etc. They are much safer and easier to use and you can preload them before you go x

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    Thanks, the euro card was what we used last time...but that was 3 yrs ago, I remember us saying we wouldnt do it that way again, partly because it had lots of euros left on it when we came home but we got very little back as their exchange rate was lower for claiming back and they charged a fee! but there was another reason we didnt like it, cant remember what though now! Did you get charged every time you paid for something on the euro card? really cant remember why we didnt like it!

    Might go old skool and stick to travellers cheques :-) x

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    I got a Euro account opened with one of the banks (try googling you will get some offers), you have one debit card for all your accounts with them, so just before holidays I just switch this card on-line to my Euro account. Very convenient. Also, as you can exchange your GBP to EUR in bulk at any provider you want and when FX rates are good - you can save loads on FX too. Be careful with all those ads like no commissions etc - they load their profits into "buy"/"sell" FX rates. Travelcheques are the most expensive and inconvenient in my mind...

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    You could use your debit card to make withdrawells from an ATM. Take a large amount out at a time to minimise the fee they charge and always choose 'local currency' so it's your own bank that'll charge to convert. Just remember to phone your bank before you go so they put a record on your account so they don't think it's a fraudulant transaction!

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    Tbh, I took 600 euros to Cyprus with me last year split into 3 purses in my luggage and locked it away in our security box in our apartment. It was absolutely fine, but nowadays there aren't huge ridiculous fees for withdrawing money from ATM's.

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    I would recommend a currency card and a small amount in euros (depends how much is covered by your holiday insurance)

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    If you are going imminently, want cash, or want to lock in the euro rate, there are two easy ways to do it.
    a) Top prepaid cards. Here, you load the card with cash before you travel, then use it like a debit card. If you lose it, your cash is protected. Unlike top credit cards, you get the rate on the day you load/buy, not spend, so if the pound gets you even more euros afterwards, you lose. If it gets you fewer, you win.
    My top pick for euros and dollars is Ukash as it has a good rate and low fees. For other currencies Travelex's prepaid travel card – Cash Passport - comes in euros, US, Australian, New Zealand, and Canadian dollars as well as South African rand.
    b) Top cash rate. Use online tools, such as Travel Money Max to compare the top rates at online bureaux de change to make sure you get the best deal. And in the run up to Easter, two bureaux have rate sales; the comparison will be updated when they boost (do compare as these sales don't always win).
    Post Office is boosting online rates until 8am tomorrow (Tuesday 24 March) on euros, US dollars and more.
    Travelex is also boosting rates tomorrow (Tuesday 24 March) on all currencies from 11am-1pm (so you could pre-order and pick up at its airport bureaux).





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