currency exchange

[grangrad]

would i be better to take uk £ over to florida and exchange there or purchase in the uk prior to my holiday.

as far as travellers cheques are concerned would i be best with sterling travellers cheques or us dollar travellers cheques.

this currency thing confuses me totally.

[Kazzie]

I am pretty sure that the exchange would be preferable here in the UK than waiting until you get to US.

You are definately better getting dollar traveller cheques, they are used just like cash and you get the change in dollars.

Karen

[blott]

You'll find very few places that even recognise GB£s in the USA so always take US$s.

If you're intending to take US$ travellers' cheques, you can use these like cash in stores and restaurants and get change in the same way as you would with cash. Although note that small shops sometimes won't change US$50 or above due to their cash float situation.

If you have a search, there are some threads about travellers' cheque cards.

If you have time before you go, the best thing is to get a Nationwide credit card which gives you a great exchange rate and also doesn't charge up to 2.75% on your purchases.

[wrpac00]

<blockquote id="quote" class="ffs">quote:[i]If you have time before you go, the best thing is to get a Nationwide credit card which gives you a great exchange rate and also doesn't charge up to 2.75% on your purchases.[/quote]

Just to clarify this Blott, these are the same thing not 2 separate things. Its a great rate because they don't reduce the exchange rate by 2.75%, no card that I know of charges 2.75% for your purchases they just take 2.75% off of the rate.

So if Nationwide are giving you $1.964 (todays rate) Virgin, for example would be giving you $1.91.

[Jill]

Some card companies have sneakily raised the conversion rate to 3% and it is only when you read the small print you find out.

Also be careful when using credit cards abroad if asked if you want your transaction processed in your local currency as the store involved then set their own exchange rate which will not be in your favour.

[Katys Grandad]

<blockquote id="quote" class="ffs">quote:Originally posted by wrpac00
<blockquote id="quote" class="ffs">quote:[i]If you have time before you go, the best thing is to get a Nationwide credit card which gives you a great exchange rate and also doesn't charge up to 2.75% on your purchases.[/quote]

Just to clarify this Blott, these are the same thing not 2 separate things. Its a great rate because they don't reduce the exchange rate by 2.75%, no card that I know of charges 2.75% for your purchases they just take 2.75% off of the rate.

So if Nationwide are giving you $1.964 (todays rate) Virgin, for example would be giving you $1.91.
[/quote]

Hi Paul

So are you saying that all credit cards use the same exchange rate and the only difference is the charges? What's the situation with debit cards then?

[blott]

<blockquote id="quote" class="ffs">quote:Originally posted by wrpac00
<blockquote id="quote" class="ffs">quote:[i]If you have time before you go, the best thing is to get a Nationwide credit card which gives you a great exchange rate and also doesn't charge up to 2.75% on your purchases.[/quote]

Just to clarify this Blott, these are the same thing not 2 separate things. Its a great rate because they don't reduce the exchange rate by 2.75%, no card that I know of charges 2.75% for your purchases they just take 2.75% off of the rate.

So if Nationwide are giving you $1.964 (todays rate) Virgin, for example would be giving you $1.91.[/quote]So that's 5.64 cents more on each $ you spend Paul.

Actually, Nationwide use the VISA exchange rate which is currently 1.97 for US$s. http://corporate.visa.com/pd/consume...r_ex_rates.jsp

Great exchange rate and no charges - just what I said.

Please let's not turn this into one of 'those' discussions which occur every time anyone mentions Nationwide - it won't help Grangrad in the least with his question otherwise.

[Robert5988]

I am currently in Florida and have been using my Nationwide Credit and Debit cards this last week - far too frequently.

Every transaction is over $1.97 -

<blockquote id="quote" class="ffs">quote:02 April 2007 PUBLIX 256.51US DOLLAR at 1.97710806 £129.74
03 April 2007 WAL MART 58.95US DOLLAR at 1.97487437 £29.85
03 April 2007 WAL-MART 59.16US DOLLAR at 1.97463284 £29.96
03 April 2007 ROBERTO 138.00US DOLLAR at 1.97453140 £69.89
04 April 2007 WM SUPERCENTER 147.19US DOLLAR at 1.97358541 [/quote]

As Blott states, it is a 'no brainer' to use Nationwide cards all the time. I have looked closely at all other methods of exchanging currency and haven't found a better rate - or above all an easier way to exchange.

[Katys Grandad]

<blockquote id="quote" class="ffs">quote:Originally posted by Robert5988
I am currently in Florida and have been using my Nationwide Credit and Debit cards this last week - far too frequently.

Every transaction is over $1.97 -

<blockquote id="quote" class="ffs">quote:02 April 2007 PUBLIX 256.51US DOLLAR at 1.97710806 £129.74
03 April 2007 WAL MART 58.95US DOLLAR at 1.97487437 £29.85
03 April 2007 WAL-MART 59.16US DOLLAR at 1.97463284 £29.96
03 April 2007 ROBERTO 138.00US DOLLAR at 1.97453140 £69.89
04 April 2007 WM SUPERCENTER 147.19US DOLLAR at 1.97358541 [/quote]


[/quote]

Are we to assume that 'Roberto' is a family name?[msnwink]

[wrpac00]

<blockquote id="quote" class="ffs">quote:[i]Great exchange rate and no charges - just what I said.
[/quote]

What you actually said was a great exchange rate and a 2.75% charge which is incorrect. They do all use the same BASE exchange rate.

I don't want to go into the discussion again either but it is not the best deal overall if your CC gives you other benefits.

As I have shown on numerous occasions my Virgin CC gives ME a better return than that, it's certainly would not be in my interests to switch to the Nationwide card as I would be losing out as it does not offer the same benefits that I currently receive.

The people with the Nationwide CC are obviously happy with their cards as are others happy with what they have, lets leave at that and not inflate their benefits.[msnwink]