Foreign currency

Morning all,

It’s that time of year again but just wanted to get your opinion on the best option when using cash abroad:

1) cash - you know what the rate is, easy to budget but dodgy is you lose it or gets stolen
2) own card - free withdrawals if you have an upgraded account but visa transaction fee applies (2%ish). I believe this is the best rate cause it’s what the banks use ? Only drawback is the rates can go up/ down
3) travel card - charged to withdraw plus a % transaction fee. Rate is fixed and is secure but you don’t get as good a rate as the other two options


I’m going to America so will need quite a bit of cash, which is the only reason I’m nervous about option 1.

What do you guys think is the best ? Are there any other options I’ve missed?

 

I use a mixture of options one and two.

 

Mixture of both is what I generally do.

 

We’re going to change the majority of ours today and keep whatever’s in the bank for lifting over there.

 

I just take cash and change it there.

Usually get a better rate.

Can change as you go so you’re not left with currency at the end of your holiday.

Don’t get raped by ATM fees, I know in Thailand whenever I would draw from ATM I was paying near £20 for every transaction.

Obviously a risk on losing it or bag getting stolen etc

 

IT would be recommended to have at least a small amount of the currency of the country you are going to when arriving.

Just because when you get there, there is no certainty you can find an open exchange desk etc depending on the time, or if your flight is delayed and you have to be somewhere by a certain time etc it's not always convenient to wait in a queue, and especially with getting through customs can take quite a while itself. Also, the obvious thin is, try to avoid doing current exchanges at places like airports because the rate is either lower or the commission is higher. This obviousl is the same for the return, not a bad idea to have £40 stashed with you to bring back into the UK.

You will always need some cash when you get there, if nothing else, if you need something to eat, get a taxi etc, so it's always a good idea to have say, US$100 in cash on you when you arrive there. Thereafter, you can either use your card when you get there, or find an exchange counter somewhere away from the airport, when do get to the city, and you know those types of placs can be found everywhere from post offices to travel agents and beyond.

 

Cash and card and never change at the airport.

And always always have a credit card with you.

 

Particularly because you are visiting the US, you can get buy with debit card for the vast majority of things but cash is always good to have. I just visited in March for a week, took less than 200 USD cash and debit card. In the end, I never needed any cash and never withdrew from an ATM.

Plus, a good tip is to always select local currency when presented with the option with debit card use - you'll pay fees for the conversion unnecessarily

 

Be aware how easy it is to spend on a credit card there. Swipe and done. Come home and a sore bill

"Did i really swipe my card for 4 trays of shots... $280..." etc

 

Okay cheers guys - think I’ll take cash for week 1 and use card week 2!

 

Revolut, not used it personally yet or even read up the full details, but seen a few people singing its praises and looks interesting enough. Might be more for gbp to euro use, but I have read people claiming to use in usa.
rates on reasonable amounts looked great, might be of use. Have a good trip either way.

 

Thanks , will do

 

ask your bank about ATM usage fees with debit and credit cards. for example it costs me 5 bucks for each ATM transaction with my debit card and at least 10 bucks with my master card. usually debit cards are cheaper to use however may be not as globally accepted as master and visa cards.

travelcash cards are basically prepaid debit cards. usually the same usages fees apply to them.

if you need to book a hotel or rent a card you gotta have a credit card.

best thing is to have cash, a debit and master card on you and know exactly when to use which one.

 

Apparently there’s no fees at all to withdraw cash on my debit card but 2% to use chip n pin with both debit card and credit card.

Think I’ll get half cash and withdraw the other half as and when!