Sterling: Buy here or use card in UK?

adocholiday

Hi all,

Just wondering what would be the best course of action here? Heading to London for the weekend and was going to exchange Euro to Sterling in the Post Office but I've been told just to use my Debit card while over there and save the hassle. Would prefer to do that once it won't cost me too much!

srsly78

Yes just use your card, but take out a largish sum (not too large - don't carry around silly amounts of cash). Don't use ATMs over there for multiple small transactions, since there is a small charge each time. This is nothing to do with foreign exchange, even british people get charged for using an atm from a different bank... not like our system.

The exchange rate your card gives will be very close to what the post office gives.

finbarrk

Personally I prefer to have it got before I travel. Less hassle. Usually get it in my local BOI before I go.

srsly78

That's extra hassle. You will get the same rate as you would with a boi debit card.

Credit card will give a better rate I think, because visa/mastercard don't rip you off as much as the bank.

keithclancy

srsly78 wrote: »

That's extra hassle. You will get the same rate as you would with a boi debit card.

Credit card will give a better rate I think, because visa/mastercard don't rip you off as much as the bank.

Credit card gives an even better rate if you load some cash onto it before you go.

Jocelynel

i always carry a reasonable amount of sterling with us and then use the VISA card when up north or in the UK. i wouldn't use the debit card, got stung with those extra transaction charges a while back

Shedite27

Very little difference if you're only going for a few days.

I always use the ATM card over there, getting to a post office here is more hassle for me.

And using a cc is only cheaper if you have the money on it, otherwise they will have a "cash advance fee".

That's my experience anyway, banks/cards vary obviosuly

Fratton Fred

srsly78 wrote: »

This is nothing to do with foreign exchange, even british people get charged for using an atm from a different bank... not like our system

That must be a recent change then.

If you're with Ulsterbank, use Natwest ATM s, no charges are paid then.

srsly78

It's not recent, it's been normal for years in the UK. But yes you are right, some banks share networks and thus there is no charge. If it's a different network there is a small charge tho. Whereas in Ireland strangely you can use your BoI card in an AIB machine with no extra charge. We do however have lots of other transaction fees and charges, whereas in the UK there are usually none - and you even get interest on your current account balance.

hawkwind23

srsly78 wrote: »

Yes just use your card, but take out a largish sum (not too large - don't carry around silly amounts of cash). Don't use ATMs over there for multiple small transactions, since there is a small charge each time. This is nothing to do with foreign exchange, even british people get charged for using an atm from a different bank... not like our system.

The exchange rate your card gives will be very close to what the post office gives.

what are you talking about?
there is no charge in any of the banks i use for ATM use!!!
i can use any LINK machine for free , the only ones that charge are the ones in pubs and clubs etc and they make the charges very noticeable.

as an aside , in your system? there is no FREE banking without lodging a salary , here in the UK we have free banking and no transaction or ATM charges.

as a frequent traveller i would use the POST OFFICE in the Ireland to change money from EURO to STERLING.

to change STERLING to EURO i use my ATM card as there are no charges and a good exchange rate.

i would suggest checking with your bank and see what charges would be and compare that with changing in the POST OFFICE

srsly78

There is an atm fee for using a different network in the UK. Further confusing things is the UK post office atms are run (were run?) by BoI so there is no fee for that (foreign exchange aside). As you say this is often seen in pubs and clubs, but you can also incur a fee from a high street atm if it's not from your own bank (or shared network).

Yes the charges are very noticable, a big warning pops up. I have a lloyds uk account and the only free atms for me to use are lloyds ones.

The POST OFFICE does not give the best rate, you should check your numbers. Don't be fooled by the "commission free" advertisiing, these places make their money by giving bad exchange rates.

For the best rates of all you would need to use an fx broker: www.midpoint.com is the best one. You need a euro account and a sterling account to transfer between however, so it's not really for travelers.

Toast4532

I used my card a few times when I was in the UK and was charged 25 cent for each transaction regardless of the amount. I am with Ulster Bank.

Fratton Fred

srsly78 wrote: »

It's not recent, it's been normal for years in the UK. But yes you are right, some banks share networks and thus there is no charge. If it's a different network there is a small charge tho. Whereas in Ireland strangely you can use your BoI card in an AIB machine with no extra charge. We do however have lots of other transaction fees and charges, whereas in the UK there are usually none - and you even get interest on your current account balance.

I have a natwest bank account and have done for over twenty five years. I have never been charged for using any HSBC, Lloyds, Nationwide, Abbey (as was), Barclays, Tesco, Sainsbury etc. The only ones I have ever paid a fee for are the ATM s in pubs and clubs that tell you they are charging you and ask if you want to proceed.

srsly78

That might be true with Natwest, they must have a deal with other networks. Or maybe it's a perk of your account type. It's not the case in general with other banks however.

Beefy78

Sorry srsly78 but this is simply not true. Any charges for using other bank machines were abolished at least 15 years ago. 1998/99 maybe. Every major bank is part of the LINK network allowing free access to every ATM belonging to a member bank.

srsly78

My lloyds card is a visa debit, and doesn't have the link logo on it. I get charged for any non-lloyds machine, big warning on screen etc.

Beefy78

I'd be speaking to my bank about that. No bank I've been with in the UK has charged me for a very long time.

srsly78

Doesn't bother me, I don't live in the UK any more. Just use it occasionally when on business trips. If anything I'm really happy with the service compared to Irish banks...