I've just given notice to my Building Society to withdraw £1,000 in cash in 2 weeks. I no longer need the money for the original purpose, so hubby's told me we'll use it to buy Euros in readiness for our holiday in Zante in August. What's happening with the Euro at the moment please, is it coming down, going up, stable For once I haven't been tracking it, and am not sure whether to buy now or hang on until closer to the date. What's your opinion?

It's pretty low at the moment Helen but it is very slightly higher than it was when we exchanged money about 3 weeks ago. TBH, I can't see it making much difference to the amount you want to change whether you do it now or in a few months time.

The euro has been in free fall for the past few weeks. At the moment you will get between €1.01 and €1.11 depending where you buy.

luci

what is the best way to pay for travellers cheques and euro cash, meaning should i use a debit or credit card. do either of these benefit their use or will cash for cash and cheques be better xphx

I need help on how to save myself as much commission as possible.

Option A
I am looking at taking £3000 in sterling travellers cheques with me to Seychelles. Most places offer these for 1.5% commission. Which at 1.5% is £45 which brings my bill to £3045. I wish to pay this using my Virgin credit card. I'm not sure if I will occur any charges for using a credit card, or if Virgin add charges on to this.
I then aim to apply for a 0% credit card (12-15 months) and transfer the Virgin balance to the new card as that will give me time to pay it off. I will be able to pay it easily within that time limit as I have a work bonus and a few other bits coming to me at the end of the year, sadly not in time for my holiday!

Option B
Get £3000 travellers cheques in US dollars which are commission free. That way will possibly have to only pay commission on my Virgin credit card.

However I am not sure if I will get more Seychelles rupees for Sterling or Dollars.

Sorry for the long winded post, I'm hoping somebody on this forum has the knowledge that I don't

Thanks

I would check the T&C's of your Virgin credit card very carefully, or call them up, as I am fairly sure purchasing TC's will be treated as a cash advance and incur interest charges from purchase date until it is paid off. The interest rate could be quite high.

luci

krankie_frankie wrote:

I am looking at taking £3000 in sterling travellers cheques with me to Seychelles. Most places offer these for 1.5% commission. Which at 1.5% is £45 which brings my bill to £3045. I wish to pay this using my Virgin credit card. I'm not sure if I will occur any charges for using a credit card, or if Virgin add charges on to this.
I then aim to apply for a 0% credit card (12-15 months) and transfer the Virgin balance to the new card as that will give me time to pay it off. I will be able to pay it easily within that time limit as I have a work bonus and a few other bits coming to me at the end of the year, sadly not in time for my holiday!

Have you got time to apply for and receive a new card before you travel? If so M&S credit card with 0% on purchases for 15 months and if you buy £travellers cheques from M&S they treat it as a purchase not a cash advance. Think it's 1% commission on £ cheques.

I believe there is no commission on TC's at LTSB if you have an account with them.

luci

That all looks complicated. Travellers cheques are very confusing.

I would just use my bank account card, but am scared that if it gets lost or blocked (even though I will tell them I am using it abroad) that I will have the hassle of trying to solve the problem and possibly be skint for a while.
Plus all the extra charges on top for using a cash machine then the charge for withdrawing foreign currency.

With travellers cheques I pay all the charges up front.

To be truthful it's all rather confusing! All I want is the most cash for my pounds!

I bank at Barclays and always get my TCs from them,I have never had to pay any commission.I thought this applied at all banks,but obviously not!!
We take credit and debit cards with us for emergencies,but have never used them.We prefer sterling and TCs.

Hello

Don't know if I am on the right page, I am going to Mexico in August and I was planning on getting Peso.
I was wondering if I should get US dollars for tipping
A friend went there in December told me that they prefer dollars.

Can anyone please assist me, |I am now wondering what to buy.

Thanks for assistance in advance

Candleflame

Hi Candleflame ... you may find this topic in our Caribbean forum is more suited to currency enquiries specifically for Mexico:
http://www.holidaytruths.co.uk/viewtopic.php?f=3&t=50615

David

Thanks David for your help

I am getting confused. I am thinking of purchasing 500 GBP's worth of Sterling travellers cheques, which I will may change in to Euros in resort.

I will also be taking a ceratin amount of Euros in cash for immediate needs. Not struck on using ATM's abroad.

I want the cheques for security reasons as I know they will be replaced free off charge if lost or stolen. also i may well come back with say 200 pounds worth.

Are these the ones where you pay commission when you buy them, but if you come back to the UK it's a straight swap back to sterling ?

I believe LTSB don't charge for sterling TC's if you have an account although other banks do.

If you have any left on your return you can pay them straight into your bank account as if they were cash.

luci

Thanks Luci, not sure what LTSB is but I will have a google.

Doe

Sorry, that's Lloyds TSB.

luci

Thanks again Luci. I should have been able to work it out for myself.