Andy_Earley
New Member
whats the exchange like? is it worth withdrawing about 250-300 quid when im in ibiza from a bank or will i get stung??
withdrawing money from banks abroad
- Thread starter Andy_Earley
- Start date
jez71
Active Member
I was wondering about this too
I get paid while we're out there and have got loads of overtime in my pay so wondered about best way of getting my money out without getting stung too
woodruffe
Active Member
you really need a nationwide flexi card.which gives the best rates and no charge.so if you draw out say £100.00 you will get say a few more euros than the rate where your going...in beni its was 151 in jan rate in shop was 148.each time you use a normal card you will get charged for it,not worth taking anyother card that nationwide,its free so long as you put enough funds in it.i use it all the time now..one of those martins money tips from a few years ago
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butters1986
New Member
How safe is it in Ibiza, I'm going for 2 weeks so spend is going to be £1500 dont really want to get it all transferred into euros b4 I go
woodruffe
Active Member
like i say get a card.but never put money and card in the same place.get a safe..but put your money in loads of places.a bit here a bit there.and never put your money in your back pocket...dont take out more than you think you are going to spend..don;t flash it a bout.and never take your eyes of your bags on beach...
puppylover
Active Member
Because I book my holiday insurance through my bank I get to use my cash card free of charge whilst abroad. I find that so much easier than bothering with travellers cheques etc.... plenty of cash machines around and never had a problem find one or getting cash out.
As soon as you land in Ibiza - straight out after collecting your bags, turn left past the cafe and there's your first cash machine....
As soon as you land in Ibiza - straight out after collecting your bags, turn left past the cafe and there's your first cash machine....
Andy_Earley
New Member
thats great news, im with the nationwide 
jez71
Active Member
cheers pups I'm gonna have a word with my bank too... which bank are you with btw?
Morbyd
Moderator
If the question is about exchange rates, ALL banks have the same exchange rates when you draw money from a bank machine. The rates are set by Visa, Mastercard or whichever payment system your bank card uses.
The exchange rates are usually very close to the previous working day's closing rate on financial markets. There's also usually a 1% fee built into the rate (though some banks will now show this as a separate line item)
So, if the official exchange rate is 1:1.5, for example, your payment system's exchange rate would be 1:1.615. This would be true for whatever bank you use.
What everyone here appears to be talking about is the additional fees that might be charged by your bank for the overseas bank transaction.
(I know this because I used to have Visa as a client when I worked as a consultant)
The exchange rates are usually very close to the previous working day's closing rate on financial markets. There's also usually a 1% fee built into the rate (though some banks will now show this as a separate line item)
So, if the official exchange rate is 1:1.5, for example, your payment system's exchange rate would be 1:1.615. This would be true for whatever bank you use.
What everyone here appears to be talking about is the additional fees that might be charged by your bank for the overseas bank transaction.
(I know this because I used to have Visa as a client when I worked as a consultant)
puppylover
Active Member
First Direct best bank in the world!!!
PS if you want to be recommended give me a shout - we both get £50 for joining and recommending a new perso.
Morbyd
Moderator
You can only withdraw euros from bank machines in Ibiza. So, if your account is in pesos then there will be an exchange transaction involved.
It is still a better option than carrying cash. The rate you'd get at a bank or money exchange for cash will almost always be worse than what you'd get through your payment system (Visa, Mastercard, etc)
Morbyd
Moderator
I don't think he was joking!haha, i was waiting for someone to bite on that one.
surely it's a joke?!
woodruffe
Active Member
a1exander no need to change your money again italy uses euros as well,,your bank will sort out the rate so it comes to about the value as your money...so for uk people we get 68p or 70p to the euro...so if i get £100.00 pounds with card i get say 145.00 euro in notes in my hand,the bank where you live will take a small % off for doing this.you will not know untill you get a statement from your bank when you get home.
this is an serious question. ok?
ok so i get spanish euros and then i change to use when i party in italy for my vacation.
gracias
serious indeed a1ex! you don't fool me. even i know that you don't go to italy to party. stand around in your best togs all night nursing a latte maybe, but party no way!
Nationwide all the way for me, I have been using my flex account abroad for the last two years.
This is the only reason I keep the account open
woodruffe
Active Member
just bashed my card tonight ibiza 23rd may flight £89.00 ema two weeks.no charge on both sites i used for .flight and hotel...everyone should have one.ok you dont make any interest on money in account.but say your gonna spend £1500.on hols all in?.you won;t pay a penny extra with nationwide card.
beware natwest advantage gold charge loads.ie 716 euros rate 145..charge 75p then ertf=£12.25..that happen to me years ago.so i shut account down and got a nationwide card....
beware natwest advantage gold charge loads.ie 716 euros rate 145..charge 75p then ertf=£12.25..that happen to me years ago.so i shut account down and got a nationwide card....
Morbyd
Moderator
I repeat - if a Nationwide card is a Visa or Mastercard, then it will have no effect on the exchange rate. Those are set by the payment system.
The most that the card could offer you would be a lack of additional fees for withdrawing cash abroad... which is attractive enough if your current bank rips you off...
The most that the card could offer you would be a lack of additional fees for withdrawing cash abroad... which is attractive enough if your current bank rips you off...