Euros abroad am I better?

Question

taking euros with me from UK or withdrawing them from a bank's cash machine once I am there. Taking into acccount bank charges, exchange rates etc

Answer 1

depends on your bank but without exchange rates a euro is 1.50 dollars

Answer 2

I'd take some Euro cash to start with, at least for the 1st 2-3 days.

If you have a Nationwide Flex Current Account, they do not charge a fee for withdrawing cash abroad as far as I know.

The cash machine would have a better exchange rate (within a few %'s of the actual exchange rate) and it would be the current rate, not one delayed like over the counter at an exchange place.

As you mention the fees they charge make the rate worse, but even taking them into account using a cash machine  may be a better deal than changing sterling directly for Euros.

Post offices can offer a better rate of exchange and avoid places near railway stations or changing at the weekends (when banks are closed) as exchange bureaus adjust their rates to compensate for that.

If you do withdraw from a cash machine, it's best to make a large withdrawal, (500 Euros) than several smaller ones (100 here, 50 there etc) as a fee (plus a commission on the exchange rate) is usually levied on each one, which is the same no matter how much or little you withdraw.

I'd ring your bank and tell them you are going abroad, so they don't cancel your card due to 'fraud concerns'. To be honest, I'd write to them, so if you get cut off because your card is cancelled, you have an option for possible redress.

Answer 3

depends on your bank account.. some offer good rates on cash machine withdrawls

change it before you go with the post office as you don't pay commision