Best place for foreign currency ?

Best exchange rate is when use your cash card in the US, esp from someone like Nationwide that give free access to your cash with no handling charge and good exchange rate. This way you get within 1% of interbank rate (around

1.68 today). If you want small amount of US$ just to tide you over when you first arrive, I'd get it from M&S whose exchange counter has competitive rates and no commission. Also sometimes bureaux de change in London have special offers that are equally good (not at airports).

Alec

I've not found one here in the UK. All banks and other foreign exchange places seem to set a rate of about 3-5% below the interbank rate. Depending on your bank, it'd probably be cheaper to withdraw cash from ATM's when in the US. Check your T&C's to see how much your bank charges. Nationwide flex account doesn't charge anything (you get a rate very close to the interbank rate), most others charge around 2-3%

Save your last few dollars for the next trip. I've a draw full of maybe 10 in several currencies for my next hols - wherever I go. Some people I know like to spend up at the airport after their holiday or change the money back when they get home.

I have a Nationwide credit card, but would be charged daily interest if I withdrew using that.

I may give M&S a try - If they do it at my local branch.

Thanks Daniel

Have you actually calculated how much interest you will be charged for the transaction?

Last time i went to US and withdrew 600 worth of dollars i was charge little over a pound in interest.

About the same as having 600 in a savings account for a month, which you would have already withdrawn to buy your currency upfront.

Even with the handling charge and daily interest, using your Nationwide credit card is likely to be cheaper than changing cash in the UK.

You can minimise the interest by paying off the amount of your cash withdrawals as soon as you get back (check how much online). Nationwide's payment allocation system works in your favour here - payments go towards cash advances before purchases.

Allowing 2-3 weeks on average between the withdrawal and paying it off it'll be about 1% interest or less, plus the 1% handling charge, plus the rate will probably be about 0.5% lower than the interbank rate.

Try finding any foreign exchange bureau that will give you a rate just 2.5% lower than the interbank rate.

Or open a Nationwide flex account and pay no charges or interest.

"Andy Pandy" wrote in message news:boe5uk$snq$ snipped-for-privacy@newsg1.svr.pol.co.uk...

It may work out better for me to apply for a flex account - Thanks.

Daniel

Alternatively, try putting the account in credit to start with, probably you won't then pay any interest.

But you'd have to put it in credit by the amount of purchases you are likely to make, as well as cash advances, to be sure of paying no interest.

"Andy Pandy" wrote in message news:borvbo$uao$ snipped-for-privacy@newsg1.svr.pol.co.uk...

Then be cunning and use two cards, one for purchases and one for foreign currency

Nationwide won't let you have 2 cards. You could use another card but unless it's one of the very few others who don't charge foreign exchange markups you'd be better of paying interest to the Nationwide. If you're travel as a couple you could have one each. But's it's probably easier just to open a flex account.