Bureau de Change

[Sezza]

HI

Back to SS next week and not sure what to do re Euros.  Last year I just took some cash and paid by debit card for meals etc as the ATM in SS never worked.  I never saw anywhere that could change up money so wasnt sure whether to take travellers cheques or english money as wasnt sure if this can be changed into Euros or cheques cashed easily anywhere in the resort ?

Is there anywhere ?

[Waspman]

Travellers cheques can be exchanged at most places in SS, all charge 2% commission but still a bit better rate than the UK.

The use of debit cards are best avoided as there is nearly always a "loading charge" imposed by your UK bank.

The following credit cards are the best as none of them impose "loading charges" if you pay off your balance in full to avoid any interest.  Halifax “Reward Clarity”, Nationwide, Post Office, Saga, Santander Zero.  Use only as payment and not for drawing money via a cash-point, if you do loading charges will apply.

On my last visit to SS in early July 2010 my Nationwide credit card gave me 1.21 to 1.22 Euros to the GBP, much better than the 1.17 Euros to the GBP exchanged in SS. 

[Mikee]

Waspee only once did I get worse than 1-20 .. and that was when it dropped to 1.18 briefly

UNLESS you were quoting SS Travels rates which were consistently the worst during the 2 weeks we were there

[Waspman]

Mikee, I think you're wrong there, I was there the same 2 weeks as you and whilst you are correct in saying that the best was 1.20ish (as I also found) when you take off their 2% commission in comes to approx 1.176.

[Mikee]

That is correct Waspman .. I was quoting the top whack without the commision 

I still found SS Travel to be the worst rate though

[Waspman]

Yes Mikee, I would agree with you there.

[Paulene Dean]

Still better tha buying them in Uk (as of today tho) - best rate we've seen is 1.158

[tonyco1]

Today's Travelex rate is - - - EUR 1.1627

[Sezza]

Thanks everyone
Got a Nationwide card so will keep to the debit card for restaurant payments etc i think.

Flying out Monday cant wait !

[Waspman]

Sezza, you'll be better off using the Nationwide credit card for restaurant payments unless you have the Nationwide Flex Account debit card which I believe is the only debit card that does not impose charges.

See Nationwide details from their website:

Commission-free card use abroad
We are the only high-street provider that doesn't charge you commission if you use your card abroad*. Some competitors charge up to 2.75% for buying goods or services and withdrawing cash abroad.

[Sandra W]

From various of this mornings national dailies.

Millions of consumers are being wooed by the promise of cheaper overdrafts, free perks and better service following the outbreak of a summer banking
war.

Britain’s biggest building society Nationwide plans a full-scale onslaught to steal customers from the tarnished high street banks.

Last night it announced plans to slash overdraft charges and offer free travel insurance.

But in a shock move, it has abandoned its unique policy of offering free debit card transactions overseas.

From November customers will be charged 2 per cent for every cash withdrawal and all spending.

[Waspman]

This applies to Nationwide “Flex Account” customers only and come into force on 1st November 2010.  It introduces a 2% loading for European currency (it was 0%) and 2% for worldwide currency (it was 1%), so a spending of £100 will cost you £102.

Currently, using ATMs (and using a Nationwide credit card) in Europe costs nothing, from November it will cost £1 per cash withdrawal (plus the above loading fee).  On top of this, you'll be charged around 2% per month interest on cash withdrawals even if you repay the card in full, and a 2.5% fee each time you use an ATM.
 
Anyone who has its (Nationwide) debit card purely for taking on holiday needs to ditch and switch and get a cheaper debit card for holiday use.


NOTE THIS DOES NOT AFFECT THE NATIONWIDE CREDIT CARD WHICH STILL REMAINS AS ONE OF THE BEST FOR USING IN THE EU WITH NO LOADING CHARGES (AT LEAST UNTIL THEY DECIDE TO CHANGE THAT TOO)

So Sezza if you're going next week, you have no problems.

[tonyco1]

I have an HSBC Advance Account - Free of any Debit Card charges abroad.
I do pay £12.50 per month, but I get Family Annual Travel Insurance, Car recovery, discounts,
Card Guard and a few other bits - so good value for me.

I used the card in Turkey, worked out as good exchange rate and no charges or commission on it!