Sorry I cannot comment on Nationwide as I do not bank with them, but I would not be surprised if they do charge as virtually all of the other banks charge, I usually use my Natwest debit card when away with my Barclays debit card as back up should anything unforeseen happen, I also have about €100 on my monarch card for emergencies.

Alan

Going to Mallorca does anyone know whats best to take sterling or euro travellers cheques?

Hi Toni.
We have never used travelers cheques so I cannot comment, I normally take about £50 cash, 50€ cash then the rest is on the debit cards and we normally have 100€ on our Monarch Euro card for emergencies (if no emergency arises we use that for a nice meal the night before we come home).
Hope this helps.
Alan and Dara

Does anyone know the euro / pound Rate over in Mallorca at the minute ? not sure whether to get some euro here or not x or get it while i'm over there,

Hi Scouse mags.

I called my parents who are at their villa at the moment and they say the exchange rate is very poor at £1 = 1.05 - 1.07€, looking at the exchange rates with Monarch, Thomas Cook etc most are around the £1 = 1.09 - 1.10€.

Hope this helps

Dara

That is very poor, and unusual for the rate in Spain to be lower than in the UK.

To TONI59 who asked about Sterling or Euro travellers cheques, I would say Sterling should normally provide you with the best deals.

David

Thanks for your reply x

Hello Scouse mags, charges for using the nationwide flex account debit card abroad are on their website, not free anymore, but still better value than most other banks
account charges

if useing nationwide make sure you draw out limit of day £300.00 2% charge.but you will get abetter rate

Hi everyone, I was chatting with friends of ours who are in Majorca and they told us not to change any money in the UK, they have found that the exchange is much better there than here, I have been checking the rates as we go next week and the rates today are 1.08 1.09€ to the pound where as in Sa Coma the rate is 1.13€ to the pound, apparently it was as high as 1.17€ last week, unfortunately our friends have not had a very good time, their flight was delayed going out, their hotel room was dirty and has not been cleaned anytime whilst they have been there, the food is terrible and to top it off it has rained most days, they say yesterday and today are the best days so far but they return tomorrow.

Oops sorry the last bit was off topic.

Alan and Dara

which hotel was that at.

Hi everyone, I was chatting with friends of ours who are in Majorca and they told us not to change any money in the UK, they have found that the exchange is much better there than here, I have been checking the rates as we go next week and the rates today are 1.08 1.09€ to the pound where as in Sa Coma the rate is 1.13€ to the pound, apparently it was as high as 1.17€ last week

I wonder if those are ATM or exchange bureau rates, and whether they are commission free or if there might be fees and deductions.

I was comparing commission free rates between UK and Spain on various days last week and there was just 1c or 2c of a difference, which I think is the norm. On those days when the rate was €1.10 or €1.11 in the UK, I did see it at €1.12 and €1.13 in Spain. €1.17 would be marvellous in Spain, but that would usually compare with a rate of around €1.15 or €1.16 in the UK which I don't recall seeing last week, but I could have missed it.

The rate showing today on the Eurochange site in Spain is just €1.10, compared with around €1.08 or €1.09 in the UK.

http://eurochange.es/index_en.html

David

Hi David
I asked where they got the exchange and it was a small exchange bureau in Sa Coma, I have used it a few times myself.
I have re-checked with our friends and he said it was on Wednesday last week when they had €1.17, he said they went there on the second day, then when they needed cash they would go there, he said the ATM's are today €1.11 but then there is the commission that our banks charge etc etc. He said that the worst exchange rate they have seen is at a Santander ATM where it was €1.06 to the pound.

Hi DJ
They are staying at the Bougainvilla, this surprised me as we stayed there back in 2002 and found the whole place was great, but I believe it is under new ownership these days, when we went it was an exclusive airtours complex.
As they say with the price that they paid they certainly expected better, they have complained but the reception staff could not care less and just shrug their shoulders and that is the attitude of a lot of the staff including some of the Thomas Cook reps.
Looks like I will be in trouble when they get back tomorrow as I recommended the Bougainvilla .
Oh well I will just go back to thinking about us being there next week.

Alan

Hi all.

Just been down town to check out the exchange rates, Post Office €1.06, Western Union €1.096, Thomas Cook €1.09, Co Operative Travel €1.08, First Choice €1.09, Money Exchange Shop €1.11. According to the advisor at Money Exchange she said they expect it to rise a bit more by Friday, but has guaranteed todays rate until Friday, so it will not be any less.
The post office is a weired one as on-line it states €1.086 but in town it is only €1.06 something a miss here but who am I to complain, I won't use the post office for currency exchange after being ripped off in 2009 by them.
For those with a Barclays debit card if you get cash from a Global Alliance bank you will not pay any transaction fees, In Spain the global alliance member is Deutsche Bank, they have branches in Cala Millor, Palma, Cala,d'Or, Port d'Andratx, Santa Ponsa, Portals Nous and I am sure there is one in Manacor and Alcudia as well but these are not listed on Deutsche Bank's website, but we used them last October.
If you bank with Natwest beware, Dara was told today that the bank can put a block on foreign debit card transactions and to unblock it you need to call an 0870 number back here in the UK, which will cost a fortune from Spain.

Alan

Hi all

Going to Alcudia in a couple of weeks and thinking of taking some sterling travellers cheques(as back up to my debit card) instead of cash as Lloyds tsb are doing them commission free and take back what you dont use.
What I want to know is do you get charged for cashing them in a bank for Euros.

Thanks

don;t forget apart from nationwide any other card you take out.you need to inform them that you will be out of the uk.or you might find it begin blocked.

travellers cheques are out dated now.best to get a visa card as back up.most exchange place don;t charge commission.but why set up travellers cheques as back up.and you might not use them.like i say just get a visa card.depends what credit rating you will get.if you only get £2000 its better than writing all those cheques out.

plus most places you go you will have to show your passport as well.not safe carry that around with.

Travellers cheques may be old fashioned, but I don't think it is such a bad idea to have them as back up to your debit card, especially if your bank can issue them to you commission free. It's certainly safer than taking all your spends in cash, and travellers cheques can easily be replaced if lost or stolen. Not sure what cheques Lloyds TSB issue now, but if for example it's American Express, you can probably visit the Amex site to check which banks will cash them commission free. You should be able to find exchange bureaux in your resort that will cash them commission free too. To make sure there are no hidden charges, just verify the net rate you will receive before signing, dating and handing over your cheque.

I would think twice about using a credit card overseas. Some banks may only charge a few per cent on purchases by credit card, but could charge up to 30% interest on cash withdrawals.

David

Can anyone update exchange rates at moment . Is it better to get euros this end . Thanks