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Bought some Euros


Dave225

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Well we bought some euros today for the trip to the Med. Had been waiting as I kinda hoped the Cyprus crisis would lower the euro and I would get a few more, but it only dropped 1 cent. Then I figured that the Budget would send the Pound down, so cancelling out any gains, so just gave up and got some anyway. Now of course the Pound will rocket against the euro and I look broke, but what is new?? At least I got what I got. I manged 1.15 to the Pound which is better than the High Street but poor compared with the 1.26 we got last year. Ah well, a bottle or 2 of wine less so the liver is happier.
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I can understand why you might want to buy euros in advance if you think the exchange rate might move against the pound but as a general rule it is much better to use something like the Halifax Clarity Card, which gives you the inter-bank rate of the day (today 1.17.61) and charges nothing if you pay it off straight away (we have our online banking set up to do so). All other things being equal, any purchase of cash is going to cost you more than using plastic.
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John 47 - 2013-03-21 5:30 PM

 

I can understand why you might want to buy euros in advance if you think the exchange rate might move against the pound but as a general rule it is much better to use something like the Halifax Clarity Card, which gives you the inter-bank rate of the day (today 1.17.61) and charges nothing if you pay it off straight away (we have our online banking set up to do so). All other things being equal, any purchase of cash is going to cost you more than using plastic.

 

Agreed. Looks like its creeping its way back up. I used that card for six months last year and the rate was always the best available. I use it for everything where possible, even a €3 purchase. Like you say you dont pay charges unless you draw cash. If you do draw cash on it get it towards the end of the month as you pay less interest (which isnt much anyway).

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Barryd999 - 2013-03-21 5:48 PM

 

John 47 - 2013-03-21 5:30 PM

 

I can understand why you might want to buy euros in advance if you think the exchange rate might move against the pound but as a general rule it is much better to use something like the Halifax Clarity Card, which gives you the inter-bank rate of the day (today 1.17.61) and charges nothing if you pay it off straight away (we have our online banking set up to do so). All other things being equal, any purchase of cash is going to cost you more than using plastic.

 

Agreed. Looks like its creeping its way back up. I used that card for six months last year and the rate was always the best available. I use it for everything where possible, even a €3 purchase. Like you say you dont pay charges unless you draw cash. If you do draw cash on it get it towards the end of the month as you pay less interest (which isnt much anyway).

 

We draw cash on it all the time - it doesn't matter where in the month it is. All you have to do is pay it off immediately. We have been in Spain since last October and have used nothing else. In all that time we have been charged 17p interest - and to be honest I'm not sure how they made it that much!

 

 

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Barryd999 - 2013-03-21 5:48 PM

 

John 47 - 2013-03-21 5:30 PM

 

I can understand why you might want to buy euros in advance if you think the exchange rate might move against the pound but as a general rule it is much better to use something like the Halifax Clarity Card, which gives you the inter-bank rate of the day (today 1.17.61) and charges nothing if you pay it off straight away (we have our online banking set up to do so). All other things being equal, any purchase of cash is going to cost you more than using plastic.

 

Agreed. Looks like its creeping its way back up. I used that card for six months last year and the rate was always the best available. I use it for everything where possible, even a €3 purchase. Like you say you dont pay charges unless you draw cash. If you do draw cash on it get it towards the end of the month as you pay less interest (which isnt much anyway).

 

We draw cash on it all the time - it doesn't matter where in the month it is. All you have to do is pay it off immediately. We have been in Spain since last October and have used nothing else. In all that time we have been charged 17p interest - and to be honest I'm not sure how they made it that much!

 

 

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John 47 - 2013-03-21 6:55 PM

 

Barryd999 - 2013-03-21 5:48 PM

 

John 47 - 2013-03-21 5:30 PM

 

I can understand why you might want to buy euros in advance if you think the exchange rate might move against the pound but as a general rule it is much better to use something like the Halifax Clarity Card, which gives you the inter-bank rate of the day (today 1.17.61) and charges nothing if you pay it off straight away (we have our online banking set up to do so). All other things being equal, any purchase of cash is going to cost you more than using plastic.

 

Agreed. Looks like its creeping its way back up. I used that card for six months last year and the rate was always the best available. I use it for everything where possible, even a €3 purchase. Like you say you dont pay charges unless you draw cash. If you do draw cash on it get it towards the end of the month as you pay less interest (which isnt much anyway).

 

We draw cash on it all the time - it doesn't matter where in the month it is. All you have to do is pay it off immediately. We have been in Spain since last October and have used nothing else. In all that time we have been charged 17p interest - and to be honest I'm not sure how they made it that much!

 

 

Ours is paid off by DD each month to avoid charges but I was told by the Halifax that the nearer you draw cash to the DD day the less interest you will pay. Do you go online any pay it off each time you draw cash or is there some other way of doing it day by day?

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All well and good as long as you are not planning to go to Cyprus soon as there it is cash only.

 

Seriously I recognise that everyone has their own ideas of the best way to finance the holidays. Personally I like to have a bit of cash on me just in case. We actually have a EU bank account so for most things we just withdraw €300 for no charge, but if I hit a place where the bank machines are empty....? It may be a hangover from living and working in countries where there often were not even any banks so cash was what you used all the time.

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Barryd999 - 2013-03-21 8:04 PM

 

John 47 - 2013-03-21 6:55 PM

 

Barryd999 - 2013-03-21 5:48 PM

 

John 47 - 2013-03-21 5:30 PM

 

I can understand why you might want to buy euros in advance if you think the exchange rate might move against the pound but as a general rule it is much better to use something like the Halifax Clarity Card, which gives you the inter-bank rate of the day (today 1.17.61) and charges nothing if you pay it off straight away (we have our online banking set up to do so). All other things being equal, any purchase of cash is going to cost you more than using plastic.

 

Agreed. Looks like its creeping its way back up. I used that card for six months last year and the rate was always the best available. I use it for everything where possible, even a €3 purchase. Like you say you dont pay charges unless you draw cash. If you do draw cash on it get it towards the end of the month as you pay less interest (which isnt much anyway).

 

We draw cash on it all the time - it doesn't matter where in the month it is. All you have to do is pay it off immediately. We have been in Spain since last October and have used nothing else. In all that time we have been charged 17p interest - and to be honest I'm not sure how they made it that much!

 

 

Ours is paid off by DD each month to avoid charges but I was told by the Halifax that the nearer you draw cash to the DD day the less interest you will pay. Do you go online any pay it off each time you draw cash or is there some other way of doing it day by day?

 

Ah, I see what you mean. Yes, if you have a DD then the nearer to that date you draw cash then the less you pay. We do it differently. The same day I draw cash I go online and tell my bank to pay it off - it is all set up so it just takes one click and then enter the amount - instantly paid off.

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