Thread: Currency Abroad

When you are travelling overseas do you take travellers cheques, the country's currency or just use your card. I usually do the latter two as I struggle to get the Travellers cheques cashed.
There was an article recently which stated that 71% of holiday makers still exchange currency.

More holidaymakers are turning to debit and credit cards, but most still prefer to take cash abroad, according to new research from Halifax.

Almost a third of consumers (30%) say they now use their credit card while abroad and two in five pay with a debit card, but just 23% were using either type of plastic five years ago.

The older traveller is better disposed to using a credit card, with a third of over-55s favouring this method, compared to just 23% of those between 25 and 34.

But cash remains the firm favourite of holidaymakers as 71% prefer to change their money in advance and use local currency when abroad, a figure unchanged from five years ago.

Brits abroad may be reluctant to use credit cards because of the charges associated with this method, particularly if customers use foreign ATMs. But Halifax says its Clarity card does not charge withdrawal fees at home or overseas. It has become the latest bank to appeal to globe-trotting customers who want to avoid withdrawal fees when abroad.

Metro Bank and Santander are two banks that offer debit cards with no such charges, while SAGA, Sainsbury's and the Post Office eliminate some of the extra costs that come with using their credit cards on holiday.

Norwich & Peterborough recently revealed that the average holidaymaker miscalculates the cost of using a foreign ATM, believing that the charges are no more than £4.20 to withdraw £250 when in fact they can be nearly £12.

The building society used the research to publicise its debit cards, which come with free transactions abroad.

I do buy up currency when the rates are good and change them into TC's works for me and use CC's as well.

We have been buying up sterling lately because the rate has been so good. Is it best to change the cash into TC's ? Does the cost of converting the cash into cheques nullify the benefit ?

I seem to make dough out of it Orph, and you get the security if they are lost, flipping blind signing all the cheques mind but ultimately the =x change rate has been good for me

Iuse First Rate FX online, they charge no fees! www.firstratefx.com