Take Euros or use French Cashpoint?

[PositronicRay]

Hi

Not sure which is best? I'll need 2500 Euros to pay for rented holiday accommodation. I hate carrying large amounts of cash is it cheap enough to use a debit card in an ATM? And how much are you allowed to withdraw each day?

[Ozzie Osmond]

Could you make the payment electronically? You'd have to suck up the £30 or so your bank will charge for the privilege but at least it's only a small percentage of €2,500 and once it's done it's done.

[Ozzie Osmond]

As regards debit card, lots of information here (in the second table down). Guess you'd also need to make sure you used an ATM which didn't add any significant additional charge for handling the withdrawal/s. I imaging the daily maximum will be much the same as in UK.

http://www.moneysavingexpert.com/travel/overseas-c...

Cash transaction charges of around 4.75% look pretty hefty to me. That's around €120 on your amount.

[PositronicRay]

A transfer would be preferable but both rentals have asked for cash, I'm okay with this though.

Looking @ those rates (2.75% + £1.50 x 10 withdrawals) + the risk that the bank fraud dept cancels the card for unusual activity, I'll buy my money before leaving the UK.

Thanks.

[marshalla]

If you have time, a pre-paid card might be a better option. Buy currency at a decent rate here, and draw it out over there for a fixed fee. Also useful for making purchases in local currency and can be topped up over the 'net or by mobile phone when you need to.

https://www.fairfx.com/
and
https://www.caxtonfx.com/currency-cards/why-use-a-...

Are two that are commonly recommended on PH.

[PositronicRay]

They look like a sensible option. Any daily limit or fees for using an ATM?

[marshalla]

PositronicRay said:

They look like a sensible option. Any daily limit or fees for using an ATM?

Depends on the card. Fairfx limit is 3 withdrawals per day, of up to 750 euro total, unfortunately, and 1.50 euro fee for each withdrawal.

Caxton is no fee, but only 2 withdrawals per day and a limit of 300 euro per withdrawal.

Edited by marshalla on Saturday 21st May 16:26

[PositronicRay]

marshalla said:

PositronicRay said:

They look like a sensible option. Any daily limit or fees for using an ATM?

Depends on the card. Fairfx limit is 3 withdrawals per day, of up to 750 euro total, unfortunately, and 1.50 euro fee for each withdrawal.

Caxton is no fee, but only 2 withdrawals per day and a limit of 300 euro per withdrawal.

Edited by marshalla on Saturday 21st May 16:26

Sounds useful. If the ATM has a limit can you use it OTC in the bank?

[marshalla]

PositronicRay said:

Sounds useful. If the ATM has a limit can you use it OTC in the bank?

Probably. I've never tried to do that, I just load my card and spend with it instead of my sterling cards.

Best to have a look at the FAQs on the issuers' sites, I think.

[PositronicRay]

Thanks, sounds like a sensible thing to do.

[Storer]

2500 euros is not big money these days. You get it here and take it with you. You can hide it if that makes you feel better. Just don't flash it.

Drawing 1250 euros out of two foreign ATM's would feel far more risky to me.

[Behemoth]

Don't rely on your bank's FAQ's for your daily limits in Europe. They're not reliable. Plus, there are often weekly limits, not just daily. Your UK bank's rules can be overlaid by the local country's ATM rules. If you need more than daily spending money then I'd advise taking cash or use a credit card.

[TheHoof]

marshalla said:

If you have time, a pre-paid card might be a better option. Buy currency at a decent rate here, and draw it out over there for a fixed fee. Also useful for making purchases in local currency and can be topped up over the 'net or by mobile phone when you need to.

https://www.fairfx.com/
and
https://www.caxtonfx.com/currency-cards/why-use-a-...

Are two that are commonly recommended on PH.

I've recently got a card through Revolut (https://revolut.com/) - interbank rates and the app is fantastic.

Only thing to be aware of with services like this is the counterparty risk.

[ruggedscotty]

always always think..... what if the machine kept the card....

Once was stranded when a machine swallowed my card. Scary indeed.

if you are worried about taking money then take some travellers checks with you to cover the amount...

[Beggarall]

I frequently have to buy/use Euros. The very best card for the job is this - https://revolut.com. Works from an ap on your smart phone and gives the current inter-bank exchange rate. You can transfer funds to others using it but otherwise it works like any other currency card.

[PositronicRay]

TheHoof said:

marshalla said:

If you have time, a pre-paid card might be a better option. Buy currency at a decent rate here, and draw it out over there for a fixed fee. Also useful for making purchases in local currency and can be topped up over the 'net or by mobile phone when you need to.

https://www.fairfx.com/
and
https://www.caxtonfx.com/currency-cards/why-use-a-...

Are two that are commonly recommended on PH.

I've recently got a card through Revolut (https://revolut.com/) - interbank rates and the app is fantastic.

Only thing to be aware of with services like this is the counterparty risk.

Excuse my ignorance, what's the "counterparty risk"?

[TheHoof]

PositronicRay said:

Excuse my ignorance, what's the "counterparty risk"?

The cash you place with products like this isn't treated in the same way as as placing it with a bank where the first 75k is 'protected' under the deposit protection schemes, nor do they necessarily have to segregate it from their own funds depending on their Terms & Conditions that you agree to.

This means that if you transfer cash to them and they go bust, you join the back of the queue at the administrators with the rest of the unsecured creditors to try and recover your funds.

This isn't necessarily a problem nor a reason to avoid using them. It does mean giving some thought as to how you use them as suggested above having a contingency plan in place.

Hope that helps

Edited by TheHoof on Monday 23 May 07:33

[PositronicRay]

TheHoof said:

PositronicRay said:

Excuse my ignorance, what's the "counterparty risk"?

The cash you place with products like this isn't treated in the same way as as placing it with a bank where the first 75k is 'protected' under the deposit protection schemes, nor do they necessarily have to segregate it from their own funds depending on their Terms & Conditions that you agree to.

This means that if you transfer cash to them and they go bust, you join the back of the queue at the administrators with the rest of the unsecured creditors to try and recover your funds.

This isn't necessarily a problem nor a reason to avoid using them. It does mean giving some thought as to how you use them as suggested above having a contingency plan in place.

Hope that helps

Edited by TheHoof on Monday 23 May 07:33

Thanks, perfect explanation.

[PositronicRay]

ruggedscotty said:

always always think..... what if the machine kept the card....

Once was stranded when a machine swallowed my card. Scary indeed.

if you are worried about taking money then take some travellers checks with you to cover the amount...

I didn't know anyone still used traveler's cheques! I remember those days when early in your holiday you'd have to find the best place to change them. (Bank/hotel/money exchange or on some of the smaller Greek Islands the ferry company)

I only travel within Europe these days, I have had the odd card related problem. But with 4 credit cards and 4 debit cards between us, it's never been more than a minor inconvenience. The most embarrassing time was in Italy 10-15yrs ago, trying to settle the hotel bill, airport taxi waiting. No UK cards working at all, something to do with lines down between Italy and UK. Fortunately everything was up an working in the next 20mins so all ok, but contingency plans were buzzing around my head!

Normally I just use CC for everything with a few 100 Euros as pocket money. Very rarely have I had to withdraw/carry 1000s.