Hi, we don't head out to Crete until July (some 10 weeks away yet) but I'd like some opinions from all you seasoned travellers on how you take your euros out.
Both hubby and I agree that a certain amount of Euros in cash is needed for the start of the hols, but we don't like the idea of carrying too much with us, or having to store it in the apartment safe. Therefore that leaves the old fashioned way of taking travellors cheqs (in €s) or using a debit card. - There's no way we'd use a credit card, with the interest adding up from the moment of withdrawing the cash.
My husband says its cheaper to just take cash from a machine and pay whatever fee the bank charges, than paying the exchange fee for cashing travellers chqs - often €2 per €100 cashed.
(When we do get TC's we get them from somewhere like Marks & Spencers, where they don't charge a fee for issue.)
Which do you think is the best option?
fallacy!!!!!where they don't charge a fee for issue
when you purchase T/C's you pay to get them and pay to cash them, it could be in one of two way , either a lower exchange rate or an admin charge....
we came back from Greece last Friday , we took 120 evro each plus sterling cash and both debit and credit cards, if using for purchases the Greek banks charge a handling fee IRRESPECTIVE of whose card,
our bank gave us interbank rate for withdrawing cash less a £2.00 fee
wizard
But my question is : Is it still cheaper to get TCs (And pay whatever associated charges at purchase and when cashing) OR take euros out of an ATM in which ever resort you're in with a debit card, and have your bank charge a fee???
I travel in euroland every couple of weeks, sometimes including Greece. I also visit Crete each year on vacation. My rule is simple: do in euroland as in england. i haven't carried or even used a cheque book in England for years....last century maybe! I always carry around £150 worth of cash in my wallet (whether sterling or euros). It makes no difference if I'm out of the UK. This is backed up by a debit card for cash machines and a credit card. You don't pay interest on a credit card if you settle up each month. It's effectively an interest free loan.
If you can set yourself up a Nationwide current account before you go they are the only bank who don't charge you for making purchases abroad or using an ATM. You need the Flex account. You also get the commercial rate of exchange which is usually very good.
We just take an initial supply of Euro, some emergency sterling and then give the Nationwide card a bashing!
Enjoy your hols.
Yiamass,
Jean
I always have Nationwide cards as this also saves money too. I also understand the Post Office credit card is also free of charges.
If you can set yourself up a Nationwide current account before you go they are the only bank who don't charge you for making purchases abroad
HOWEVER you will still be charged 2/3% at point of purchase in Greece this is a charge made by ALL banks to their coustomers and so the [bank customers] shops will load this onto the final purchase total... to you
wizard
I'm afraid you've lost me. So where does this 2/3% charge appear then? Do you mean it's factored in to all the prices the shops display?
On our Nationwide statement we always receive 2 or 3 cents better exchange rate than advertised by people doing exchange in resort. No charges are shown on the statement.
Yiamass, Jean
i used my mastercard this year i got interbank rate [around 5% better than tourest rates] and a 2.5% charge for conversion so i still ended up a bit better than cash exchange, add to this 1 months free credit and that makes me a winner as i have never paid credit card charges
wiz
Wizard
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