Is it better to shop with credit card and have currency converted that way, or take 1000 from my bank account here, have it converted into euros, pay it into my bank account there and spent from that?
Which is likely to cost me less in fees and conversion?
Marcus
Watch out for 'the Irish trick' , conversion of sterling to euros (used to be punts) in pubs/clubs.
If you have no euros left, they offer to take sterling 'as if it was euros' 'and we'll give you the change in euros so you can spend elsewhere'
Sounds quite good esp when your drunk, a Guiness is say 3.50 Euros and so they are proposing to take £3.50 instead, not a bad transaction considering your desperate and don't want to find a money change place.
Only when you've bunged them a £20 note and walked away with 16.50 Euros change does it dawn on you that 16.50 Euros is only about £11 and you've just paid £9 for a Guiness!
But what a nice pint of guinness it would be :)
"Marcus Fox" wrote in message news:fgEPc.26$ snipped-for-privacy@newsfe1-gui.ntli.net...
No
The former because you wont be changing any money you dont need, (and then needing to xfer it back), and IME you get a better rate on credit card transactions than changing money directly.
The other 'Irish trick' I encountered for the first time a few months back was Dynamic Credit Card charging where you loose out about 3% on the exchange rate.
Be warned that most banks usually charge a 1.50 minimum or 1.5% transaction fee so you it is most economical to withdraw at least 100 worth at a time
Paul
Have something to add? Share your thoughts — no account required.
Ask the community — no account required