Currency Exchange

[weeal]

Hi, had a look and couldnt find a previous answer on here.
I want to order some New Zealand dollars and doing this online finds the best rates of exchange, however if I pay by Visa Debit Card, my bank/visa make a charge as its seen as a cash advance. Is there a way to avoid this charge? or is the answer to pay cash someplace like a Buraeu de Change at the airport and get a lower rate?

[VillageVicar]

Simple answer is 'no.' Pound for pound, the most economical place to buy currency is at our post offices. Don't be fooled by adverts of no service fees, as they make their profits in the exchange rates. But unless you're exchanging many thousands of pounds, you'll do very well at the post office.

Have a wonderful trip down under! Hopefully, you'll be on the South Island as well as the North...

Just come back from there and Oz...

Fr. Bill

[weeal]

Hi Fr Bill, thanks. I will be visiting family I havent seen in 33 years. Very very nervous as i really do not like flying. Ive picked a cracker of a journey eh lol, 48 hours all told.

[sddsddean]

We went to Oz and NZ earlier this year and agree the best place to get currency was the Post Office. Hell of a flight, but worth it in the end!

[buildersmate]

Is the Post Office rate generally better than using a local hole-in-the-wall machine with a Nationwide BS card (who do not charge a transaction fee)?

[dzug]

The Post Office rate (here) includes a fee of roughly 5%. Marks and Spencer is almost invariably a bit better.

An ATM overseas will nearly always be cheaper than 5%, especially with a Nationwide card (0%)

Incidentally when changing foreign currency back into sterling, the 'fee' is nearer 8% at the Post Office. M&S are definitely a LOT better this way round.

[weeal]

hi all, thanks for your replies, I will check out the Nationwide then and see how it compares, there isnt a branch anywhere near me but will see if I can apply online.
So you think drawing the cash over in NZ will be beneficial then? better than carrying it halfway around the world right enough
thanks will go investigate

[weeal]

soz did you mean credit card? ive never had one

[buildersmate]

No, no. You won't get the rate using a Nationwide Credit card - you need the Flex Account. The one Mrs Buildersmate operates works is an internet account. The only time money gets shovelled into it is just before we go on our hols.

[weeal]

oh brill thanks v.muchfor that. I had a look on their website and saw the current account but they wanted folks to transfer all their current account details over to them.
Flex account sounds better. I will look again.
And you just draw cash abroad then without charges but possibly just a slightly lower rate of exchange?

cheers

[dzug]

No not a slightly lower rate of exchange - a slightly better one if anything

[weeal]

dzug, thanks - even better eh!

cheers everyone, will go check out the Flex Account now, only got 5 weeks to get organised.

ta mucho

[VillageVicar]

Weeal, indeed, that IS a journey! May I please ask you are you flying? I've just sent some friends to Auckland and Christchurch...in fact, they're leaving Auckland this morning, heading across to Brisbane to join a ship into the Barrier Reef.

You'll have a smashing time. The people are lovely and to be honest, you may not want to come home!

Have a safe journey!

Sorry..I had no idea anyone had added more to this thread...

I excluded M&S only because they're not in everyone's locale... Yes, I agree. I've used them in London before.

Bon Voyage

Fr Bill

[Emu2005]

I agree nationwide is probably the best way to go - I travelled around Oz and NZ last year and I can't even imagine how much I saved not having to pay fees!

Just wondering though - I have a visa debit card but have never been charged (to my knowledge) for it being a 'cash advance' as it is recognised as a debit card to your account and not a credit account, in fact just the other day someone said to me, they'll be a 2% fee, but then quickly said there wouldn't be as it's a debit card. I'd be very surprised if they did actually charge you as if it was a cash advance, and doubt that's legally ok as it's not a credit card!

Anyway have a great trip!!!

[weeal]

emu, thanks

The last time i bought foreign currency with my Visa debit card I was charged just under �10 for �400 worth of euros. My bank denied they charged me and said it was Visa because it was seen as a cash advance.

Will try for Nationwide.

[dzug]

Emu2005 - some debit cards charge currency transactions as cash advances, some don't.

As long as it's in the T&C it's perfectly legal.

And (if it's not Nationwide) they are taking their cut on the exchange rate as well, usually without telling you explicitly.

[dzug]

quote You won't get the rate using a Nationwide Credit card unquote

Yes you will - BUT you will be charged a cash advance fee and interest, which takes away much of the advantage.

[weeal]

k so its confusing stuff then

back to Post Office (if its not closed due to the strike lol)

[Dassie]

Hi. Just used my Nationwide debit card in Cape Town today. No charges and near enough the "Commercial" exchange rate. Best way to go in all countries with ATMs.