ChatterBank2 mins ago
holiday money exchange
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Where is the best place to change holiday money? I hear the post office and Marks and Spencer are the best ones for lowest commission.
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The best place in most places in the world is to leave it in your bank acount and use your debit card in an ATM. What you lose in commission and charges you will more than make up for on the exchange rate
But to get cash M&S are normally the best on the High Street. No commission and not too bad an exchange rate. The Post Office are reasonable and will deliver to your village post office at no charge - useful if you live out in the sticks.
Ordering in advance from Travelex and collecting at the airport is better PROVIDED the card you pay them with (you have to do it when ordering) doesn't charge you a fee. Some do (including all credit and some debit cards), some debit cards don't.
But to get cash M&S are normally the best on the High Street. No commission and not too bad an exchange rate. The Post Office are reasonable and will deliver to your village post office at no charge - useful if you live out in the sticks.
Ordering in advance from Travelex and collecting at the airport is better PROVIDED the card you pay them with (you have to do it when ordering) doesn't charge you a fee. Some do (including all credit and some debit cards), some debit cards don't.
dzug surely the only way of saving by taking it out of the atm abroad is to do it all in one go? So if I plan to take �500 thats the whole lot I have to take out when I get to my place.
Is Travelex the best option because its the cheapest way when ordering and paying via debit card? I have a Maestro so should be free.
Is Travelex the best option because its the cheapest way when ordering and paying via debit card? I have a Maestro so should be free.
It depends on your debit card as to whether to take it out all in one go - with a Nationwide one you pay no fees or commission so it doesn't matter. If they only charge a % commission, it also doesn't matter.
With those where they charge a % cash fee as well with a minimum amount, take out enough so that you would pay that minimum amount anyway - so if they are charging 1.5% with a minimum of �2.50 take out at least the equivalent of �167 - more is unnecessary.
The thing to remember is that even if they charge an exchange fee AND the cash fee, it still adds up to (admittedly not much) less than you lose on the exchange rate on a cash transaction, even if the latter is 'commission-free'.
With those where they charge a % cash fee as well with a minimum amount, take out enough so that you would pay that minimum amount anyway - so if they are charging 1.5% with a minimum of �2.50 take out at least the equivalent of �167 - more is unnecessary.
The thing to remember is that even if they charge an exchange fee AND the cash fee, it still adds up to (admittedly not much) less than you lose on the exchange rate on a cash transaction, even if the latter is 'commission-free'.
I have always found that it is best to withdraw money from an ATM when abroad. Nationwide is the only account not to charge foreign currency withdrawl charges. Everyone else will charge around �2.50 per withdrawl. The rate Nationwide use is competitive.
When I looked at getting foreign currency from the post office (this was a couple of years ago, so things may have changed) they were advertising no charges - which they are still doing. The actual rate they used, was so uncompetitive, it far outweighted not having to pay charges.
I got a Nationwide account for when I went travelling / holiday. Before I go, I transfer some money, withdrawl when abroad, and when I get home transfer, what ever I didn't spend back to my regular current account.
When I looked at getting foreign currency from the post office (this was a couple of years ago, so things may have changed) they were advertising no charges - which they are still doing. The actual rate they used, was so uncompetitive, it far outweighted not having to pay charges.
I got a Nationwide account for when I went travelling / holiday. Before I go, I transfer some money, withdrawl when abroad, and when I get home transfer, what ever I didn't spend back to my regular current account.
What Pomp does, I have seen done by others too. And it seems to be held as the absolute best and cheapest way to convert money for use abroad.
The Post Office might have no fees, but the spread is horrible. So say on the US$, if the market rate is $1.95 to the pound, from memory the PO rate would be something like 1.85 (sell) - 2.05 (buy), a 'spread' of about 20 cents. Whether you buy or sell, you are losing around 5% (.1/1.95), and that is on a very 'liquid' currency. The spreads on currencies like the Egyptian pound are much worse something like 20% in total!
p.s. I changed some money from Sing dollars to US$ a few months ago, at a money changer in Singapore (US$1 = S$1.5 or so). The buy-sell spread was under half a cent, from experience this is normal there, and about a 0.25% spread. In fact, with a bit of shopping around I was astonished to find a changer who offered me better than the live money market rate (another changer I've known for many years, showed me the live rates on his Reuters pager, and suggested the guy might quote the rate he did, but when I returned to him, he would not actually deal at that rate... well, he did)! He must have had a position in US$ that he was keen to clear.
In a Tokyo, I've sold yen for US$ in Citibank for under a 1% spread
In Egypt I've bought EL for GBP for around a 2% spread.
I have yet to see a competitive UK money changer. In fact I cannot think of country where the rates on travel money on the high street are so bad.
The Post Office might have no fees, but the spread is horrible. So say on the US$, if the market rate is $1.95 to the pound, from memory the PO rate would be something like 1.85 (sell) - 2.05 (buy), a 'spread' of about 20 cents. Whether you buy or sell, you are losing around 5% (.1/1.95), and that is on a very 'liquid' currency. The spreads on currencies like the Egyptian pound are much worse something like 20% in total!
p.s. I changed some money from Sing dollars to US$ a few months ago, at a money changer in Singapore (US$1 = S$1.5 or so). The buy-sell spread was under half a cent, from experience this is normal there, and about a 0.25% spread. In fact, with a bit of shopping around I was astonished to find a changer who offered me better than the live money market rate (another changer I've known for many years, showed me the live rates on his Reuters pager, and suggested the guy might quote the rate he did, but when I returned to him, he would not actually deal at that rate... well, he did)! He must have had a position in US$ that he was keen to clear.
In a Tokyo, I've sold yen for US$ in Citibank for under a 1% spread
In Egypt I've bought EL for GBP for around a 2% spread.
I have yet to see a competitive UK money changer. In fact I cannot think of country where the rates on travel money on the high street are so bad.
Perhaps someone who knows Dubai could comment on that. I only know the airport I'm afraid (last time in January, 3am - 9am lay over, with lots of mercenary types on the way to/from AF or IR in the Irish pub!), and put everything on my credit card there.
What you suggest sounds fine. The only thing I'd ponder is whether you need to change any money before arriving in Dubai at all. Many airports have banks and ATM's in the arrival halls themselves. Though for the sake of a not-so-great deal on just 50 quid, perhaps changing it beforehand would give you peace of mind.
Have a great time!
p.s. I go diving in Egypt a lot. I've been to Sharm about ten times now. Usually for a week. I take GBP250 in cash and leave it in the room safe as a 'buffer' in case my ATM card gets eaten, and then draw local money on my card. I've done this each time, and had no problems with the ATM's at all, which are all over town. This is why I expect you will have no problem with ATM's in a first world city like Dubai.
pps My parents recently went to Grenada on holiday, and had a similar kind of question to yours. With a bit of Googling on 'mastercard', or 'maestro' or similar, I was able to find the nearest locations (with addresses) etc of banks/ATM's nearest to their hotel!
What you suggest sounds fine. The only thing I'd ponder is whether you need to change any money before arriving in Dubai at all. Many airports have banks and ATM's in the arrival halls themselves. Though for the sake of a not-so-great deal on just 50 quid, perhaps changing it beforehand would give you peace of mind.
Have a great time!
p.s. I go diving in Egypt a lot. I've been to Sharm about ten times now. Usually for a week. I take GBP250 in cash and leave it in the room safe as a 'buffer' in case my ATM card gets eaten, and then draw local money on my card. I've done this each time, and had no problems with the ATM's at all, which are all over town. This is why I expect you will have no problem with ATM's in a first world city like Dubai.
pps My parents recently went to Grenada on holiday, and had a similar kind of question to yours. With a bit of Googling on 'mastercard', or 'maestro' or similar, I was able to find the nearest locations (with addresses) etc of banks/ATM's nearest to their hotel!
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