Best option for GBP cash

Gosub

As the title says, whats the best (cheapest) option to get GBP cash up to about €500 value?

I don't want the PostFX prepaid card.

jameshayes

You have 2 options really;

1. Go to the post office and get pounds there, currently at .766
2. Go the bank and pay .780 (but pay commission)

The difference on £500 is about 10 quid, so if the commission is less than 10quid a bank would be better. Personally, I always use the post office because it is more convenient.. even tho it costs a little more, its closer to me and there is never a queue in my one.

JTMan

Gosub wrote: »

As the title says, whats the best (cheapest) option to get GBP cash up to about €500 value?

I don't want the PostFX prepaid card.

Are you going to the UK? If so, the cheapest option is to use an ATM when you get over there.

Gosub

JTMan wrote: »

Are you going to the UK? If so, the cheapest option is to use an ATM when you get over there.

Yes, going tomorrow. I read somewhere that it's best to pre-load my credit card and draw from an ATM. I can pre-load the card online, so I might just do that now. Value should be on the card in the morning.

Which would be cheaper, pre-load the CC or use the Visa debit card?

tomfoolery60

If you've good friends in UK you could also send money to them using low cost online money transfer service and have them take it out of ATM for you.

Regarding visa debit versus credit card it depends on your card - have a look at charges per the T&Cs. Typically debit will have onerous minimum charge that you may avoid with credit card.

Gosub

OK guys, thanks for the replies. This will be a recurring trip, so I want to get the FX right first time around. I'm used to most of my travel being within the euro area. It feels like going back many years in time dealing with currency exchange.:o Now that one of my offspring has moved from Spain to London, I suppose I'll have to get used to it.

gustafo

Gosub wrote: »

Yes, going tomorrow. I read somewhere that it's best to pre-load my credit card and draw from an ATM. I can pre-load the card online, so I might just do that now. Value should be on the card in the morning.

Which would be cheaper, pre-load the CC or use the Visa debit card?

be carefull of pre-loading your credit card, even though tis your money and you won't be in credit the bank will still put a heftry % on every withdrawal as it will be non euro that you will be withdrawing.

Gosub

gustafo wrote: »

be carefull of pre-loading your credit card, even though tis your money and you won't be in credit the bank will still put a heftry % on every withdrawal as it will be non euro that you will be withdrawing.

One thing for sure: the bank will get it's cut no matter which way we jump.

dobsdave

On 500 I dont think its worth worrying about it which ever way you go to be honest.

Yggr of Asgard

It also depends on who you bank with. For example as Ulster Bank Customer you can use any Ulster Bank, Royal Bank of Scotland Group or NatWest machine in the UK to withdraw cash with your Visa Debit card without any charges or Exchange Rate transaction fee.

Gosub

dobsdave wrote: »

On 500 I dont think its worth worrying about it which ever way you go to be honest.

I would agree if it was just a one-off thing, but this will now be a regular trip and I want to get it right.

srsly78

The best rates can be had from a dedicated broker, but you will need a sterling bank account for this. If you will be changing lots of currency and spending a lot of time in the UK then this might be something to consider. Once you have opened a sterling account you can just change your address to an Irish one and keep using the account without issue.

www.midpoint.com gives me the best rates, shop around.

You should end up about 3-4% better off as compared to bank/postoffice.

dobsdave

Gosub wrote: »

I would agree if it was just a one-off thing, but this will now be a regular trip and I want to get it right.

If its regular, then open a sterling account, and use transferwise or currencyfair.
Currencyfair can get it from your eur acc to gbp acc in about 24hrs.

tomfoolery60

dobsdave wrote: »

If its regular, then open a sterling account, and use transferwise or currencyfair.
Currencyfair can get it from your eur acc to gbp acc in about 24hrs.

If it is one of your children you could also just send your spending money to them (using one of the services above) and ask them to withdraw it from the ATM for you.

coylemj

There are ATMs in some UK Post offices from which Bank of Ireland customers can withdraw cash for no charge, presumably there'd a small uplift from the interbank rate but it would be cheaper than buying sterling over the counter.

You can enter an address or post code and it will tell you the nearest post office ...

http://www.postoffice.co.uk/branch-finder

srsly78

coylemj wrote: »

There are ATMs in some UK Post offices from which Bank of Ireland customers can withdraw cash for no charge, presumably there'd a small uplift from the interbank rate but it would be cheaper than buying sterling over the counter.

Not really, because banks give terrible rates. The "uplift" you refer to is known as the spread and is quite large with a bank. The whole "no charge/no commission" thing is misleading, they make their money by giving you a terrible rate.

coylemj

srsly78 wrote: »

Not really, because banks give terrible rates. The "uplift" you refer to is known as the spread and is quite large with a bank. The whole "no charge/no commission" thing is misleading, they make their money by giving you a terrible rate.

Well they're a lot cheaper than those bureaux du change places you see in Heathrow or on Oxford St. With high street banks the spread is typically wider when buying cash over the counter, it will be less with an ATM withdrawal.