best exchange rate

[driverdale1]

whats the best way to get the highest exchange rate in spain..travellers cheques or the british pound?..exchanging them in spain of course., cheers

[mushroom25]

just put your visa debit card in an atm to get the best deal.

[Ethel]

Depends on your debit card. All of them except Nationwide and the Post Office charge a fee of around 2.% with a minimum of �2 per transaction.

Many charge if you use your debit card to spend as well - around �1.75 per transaction. This includes Lloyds and Halifax.

I found the cheapest way was to take some cash, with Marks and Spencer giving the best exchange rate, and pay for everything with Nationwide credit card. No loading fee - and superb exchange rate.

Excellent advice here:

http://www.moneysavingexpert.com/cgi-bin/viewn ews.cgi?newsid1106765397,71685,

[driverdale1]

emmm..nothing compicated guys..cash or travellers cheques..thats the options...thanks all the same for your help

[driverdale1]

complicated even...lol

[dzug]

The exchange rates may be different for cash/TCs (usually only trivially in favour of TCs) but you could be hit with a fee on top for TCs - maybe �5 or more per cheque and may not find them easy to change at all.

But if being simple is your main aim just forget about the cost and do what you think is easiest.

[auntiebertie]

Put your debit card in the 'hole in the wall' machine and get money out - best way.....travellers cheques are soooo 'last century!'

[mrsann]

A lot of exchange booths charge an excessive fee for travellers cheques and you can lose a lot o fyour holiday cash in the exchange I lived in Spain for many years and found the best exchange definately was Nationwide card and te trusty hole in the wall

[munchie63]

the post office card has no FX fees, and you'll get a good rate of exchange too. Also, no annual fee. their website gives a reply within 6 days if you want to take a credit card.

Debit cards are sound if used shrewdly.
bearing in mind almost all ATM's will charge you a fee (nothing to do with your bank) of around 1.5%, or a minimum of �1.50........use it 5 times on holiday, and withdraw say, �100 each time, and you could be looking at fees of �7.50 - �20 (inc bank charges).
so, sometimes, TC's are worth taking.

[dzug]

Munchie63 is concentrating on the charges for using a debit card but ignoring the exchange rate differential.

The exchange rate by using an ATM will (before charges, etc) be about 5% better than that incurred by changing cash or TCs.

You have to look at both charges and exchange rates to determine the overall best deal, which even with the most expensive debit card works out slightly better than changing cash (as long as you are sensible and don't incur minimum fees unnecessarily by taking small amounts out at a time...)

[Figi]

Although the POst Office claims to supply commission free euros, the exchange rate is lousy (no such thing a s a free lunch syndrome). The best rate is always by using a Nationwide Debit Card as explained above, both for purchases and for getting money from ATMs.