Exchanging money?

[AdviceNeededPls2022]

Hi. We’re going to Gran Canaria next week with our children. Am unsure what to do re money so am hoping you can all advise me please?

Should we exchange some here (UK) and then most when we get there? Or all of it here? If here where is best? I don’t really know much about the exchange rate. Also have seen there’s some kind of card that can be loaded with money. Is that any good?

Any advice would be very appreciated

Thank you

We usually take a little cash, about £100, then use cards when there either credit or revolute card with local currency.

I think loading a card with money is a bit outdated but that's just my opinion.

I would take a float of cash £100 or so. Exchange at post office, Marks and Spencer or Tesco. They are all very similar exchange rate wise. The hassle to calculate the best rate is never worth the pennies you'll save.

Then take a credit card. Do you have one you can get free foreign transactions on?

Halifax clarity card or Nationwide?

I usually just use my debit and credit cards same as I do in the UK (make sure you choose to pay in euros not sterling) and get about £100 worth of euros from Tesco just before we go (because sometimes you'll go in a souvenir shop, see something you like and they don't take cards).

This is based on us being AI so not actually spending much money anyway - just souvenirs, an ice cream or a cocktail at the beach and an inflatable for the pool.

The good thing about have a card loaded with local currency, is unlike credit/debit card, you don't pay per transaction.

The good thing about have a card loaded with local currency, is unlike credit/debit card, you don't pay per transaction.

Unlike some credit/debit cards. With Starling or Chase debit cards, for example, you don’t pay anything.

Unlike a pre-loaded card you aren’t giving the card company a free loan. Your money stays in your bank account earning you interest.

We're taking some cash. Think dh ordered it from M&S. Our debit/credit cards for our bank don't have extra charges for foreign purchases so we'll use them too if required

Yeah I use Clarity which doesn't have any charges plus have a couple of hundred in cash some of which I deliberately hold back to then spend on perfume on the way back to 'save money ' by not having to convert it back again

I'd get Wise app (used to be TransferWise) on your phone and get the free card. You don't have time to get it in the post but you can activate it on your phone instantly.

Then you just transfer pounds from your account to Wise (free), pay one small fee to change them into euros, and then spend on your virtual card with no exchange fees.

Worth it if you are going to spend quite a lot while away. Also second Halifax Clarity or other credit card with no exchange fees but you don't have time to apply for that.

Depending on when you mean by 'next week' you might be able to get a Starling card if you apply today as they come in a few days.

We take a small amount of euros, usually whatever is leftover from last time or I might buy £100 worth from a supermarket bureau de change if I don't know what the cash machine availablity or cost is where we're going and whether cash or card is preferred and we stick a few hundred in the starling accounts to cover all bases.

Hire car deposit if we have one goes on the santander zero credit card which is the same as Halifax clarity but off Martin Lewis radar for reasons I don't understand.

It’s worth pointing out that you do pay interest on cash withdrawals using a Halifax Clarity, although it is likely to be pennies if you pay it off asap.

We use our normal cards and get €50 at a cash machine at the airport.

Our last holiday ended with our room broken in and our wallets emptied we were glad we only had a little bit of cash with us. The one time we didn't use the safe, normally all wallets were locked away.

i usually take around 200E and then just use my debit card or take money out of a cash machine when I’m there. I use Monzo so there are no charges

I was looking at exchange rates last night, and Tesco are very good with no minimum unlike the Post Office and you can do click and collect. Having some cash is always good, but I have money on Revolut (I like that I can drip money into there on my phone, so low risk if card is cloned etc) and Starling

Thanks so much for all of the advice, I’ve had a read of all of your messages and some very helpful tips here! So appreciate it 😀

We have Monzo accounts (no charges) and withdraw cash when we arrive. Also have a CC with no overseas charges (Creation) and use that for majority of our transactions. I can't actually remember the last time I specifically changed money in the UK for travel, it must be at least 20 years.

I live in Spain and have to exchange UK currency for Euros a lot. The cheapest easiest way is Wise . The app is super quick and thier rates are superb. Martin Lewis recommended them .

Thank you everyone. I knew Mumsnet could help!

I've not taken cash for many years. I just pay with my credit card. If absolutely necessary I withdraw cash from the atm but the only country that's been necessary in more recently is Germany who for some reason don't take cards in pubs