Exchange rate when taking money out abroad?

Question

i am goin on holiday on the 28th of the month, but dont get paid intill the 30th can somebody please tell me what kind of exchange rate i will get if i withdraw money from a cash machine abroad? many thanks.

Answer 1

Generally, when exchanging currency, you would get the best rate through an atm. Even with the atm fees, it comes out better. For example, my bank charges $5 + 1% on the transaction, but I get the actual exchange rate, not the exchange rate of somebody trying to make 20 cents on the dollar for themselves.

Answer 2

You need to check the charges with your bank.  Generally, the banks will charge you about 5% over the market rate to sell the currency to you and about 5% under the market rate to buy it back again.  So if you spend no money, they will have taken 10% of your money from you!

Visa or MasterCard rates are much better, but very often the bank will apply charges to these if you take it out in cash, so that you are no are no better off.  The best solution is either to use a cashpoint card if you need cash or to use a credit card for buying if you can.

If you have more than one bank account, they could well have different charges, so check with both.

Answer 3

Check with your bank coz they will be applying the ex rate, they may also charge you as well.

Ex rates with bank arnt always the best either.

Whats the currency?

Answer 4

It will be more expensive than buying cash in GB from M&S, for example.

Sterling:Euro rate is rubbish these days, anyway.