Tony_H wrote:Depends on who you bank with. Exchange rate is crap over here, so what I do is take about 100 euros with me, and pay on card where I can, and where you need cash (ie drinks) take out another lump at the cash point. But check your bank to see what they charge first as it may actually work out better to take it all in cash with you.
The transaction charges when you use your card abroad and for transactions in currencies other than sterling are as follows:
When the bank debits a transaction in a foreign currency either at cash machines or at Point of Sale (POS), the amount is converted into sterling (using the Bank's prevailing exchange rate) and a transaction fee of 2.75% is added. This is known as the Exchange Rate Transaction Fee (ERTF) that covers Bank processing fees. The following charges are also payable for the two different types of transaction carried out in a foreign currency:
For cash machine (ATM) withdrawals, 2% of the sterling transaction amount (minimum £2, maximum £5)
For Point of Sale (POS) transactions there is a flat fee of £1.25
I tend to take some Euros but get cash out of the machine.
Usually the exchange rate is "bank rates" rather than "tourist rates" when taking money out of cash points. Most accounts charge a transaction fee so it's better to take out larger sums in preference to repeated small withdrawals.
Some cards are better - we tend to use my wife's Nationwide card as this doesn't charge us. (Unlike my Clydesdale account).
All the best P
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