Exchange rate

[landyrubbertramp]

just heard of radio 5 live the u can get 1.20 euro for a 1.00 now looks like woth the the issuies in the e u it could start be ore desriable to spend more mototrj-home time in euro eu countries.

discuss
lee

 

[fairytooth]

Factor in that diesel was already cheaper in France compared to here before M Hollande took over and it starts to make France rather attractive for travelling.

I think we were paying 1.32 euros per litre in March. At 1.24 to £1 thats pretty good (£1.07) and it could get better yet.

Go to Luxembourg and it'll be less than a pound per litre. Pre war prices LOL.:lol-049:

 

[David & Ann]

just heard of radio 5 live the u can get 1.20 euro for a 1.00 now looks like woth the the issuies in the e u it could start be ore desriable to spend more mototrj-home time in euro eu countries.

discuss
lee

Barclays this morning at 11:30. £1=€1.1711. Proper bank rate at the same time was £1=€1.2410. Thieving sods.☺☺☺

 

[Kontiki]

Considering I was getting 1.20€ to the £ in January today showing at 1.24€, it's hardly going to be life changing especially as we found almost everything much dearer in France & Spain from last year. Only start to get excited if it gets back down below 1.40€ again :lol-053:

 

[barryd]

Ive just got a Halifax Clarity Credit Card and Reward debit card account.

I havent put it to the test yet but will next month when we go travelling but it promises no charges at all for foreign transactions and the exchange rate is the master card rate which today is €1.24. https://www.mastercard.com/global/currencyconversion/index.html

The debit card account is set to automatically pay it off each month before I start incurring interest charges. Cash withdrawls are charged for but its minimal and the nearer to the end of the month you take the money out the less it costs. However if I spend more than £300 a month and have over £1000 in the account I get a £5 reward placed in the debit card account so should pay for any cash withdrawls. My plan though is to use the card for just about everything I can and keep cash spending to a minimum.

Ive still got the Nationwide Flex account debit card which also uses a similar rate just in case but they started charging for that.

 

[Kontiki]

Me & the wife both have a Halifax Clarity card in each of our names, we use one for buying food, fuel etc. & the other for getting cash out. I can confirm that we got the interbank rate when we used it for getting cash out, I was able to get onto the internet & paid it off as soon as it was showing on my account balance (this shows within a day or so but it doesn't appear on your statement for a few days) This amounted to a few pence being charged for getting 500€ :dance:. Be aware that if you leave it to be cleared automatically that transactions can be on the account for about 2 months, this doesn't matter for normal use but for getting cash out you are charged the 12.9% interest from the date the money is withdrawn until it is paid off. Also you don't get the £5 reward for withdrawing cash bit too much to hope for.

Nationwide DO charge for use abroad (2% plus a £1 flat fee), I even got charged a foreign usage charge for renewing my ADAC subscription with my Flex card so I will be using my Clarity card next year.

 

[barryd]

Me & the wife both have a Halifax Clarity card in each of our names, we use one for buying food, fuel etc. & the other for getting cash out. I can confirm that we got the interbank rate when we used it for getting cash out, I was able to get onto the internet & paid it off as soon as it was showing on my account balance (this shows within a day or so but it doesn't appear on your statement for a few days) This amounted to a few pence being charged for getting 500€ :dance:. Be aware that if you leave it to be cleared automatically that transactions can be on the account for about 2 months, this doesn't matter for normal use but for getting cash out you are charged the 12.9% interest from the date the money is withdrawn until it is paid off. Also you don't get the £5 reward for withdrawing cash bit too much to hope for.

Nationwide DO charge for use abroad (2% plus a £1 flat fee), I even got charged a foreign usage charge for renewing my ADAC subscription with my Flex card so I will be using my Clarity card next year.

I have set up a direct debit to pay it off in order to avoid charges. Are you saying that using this method I could get charged up to 2 months interest at 12.9% if I withdraw cash?

 

[Byronic]

Considering I was getting 1.20€ to the £ in January today showing at 1.24€, it's hardly going to be life changing especially as we found almost everything much dearer in France & Spain from last year. Only start to get excited if it gets back down below 1.40€ again :lol-053:

As you say I also found based on 5 months in France Spain Portugal this last winter, that most day to day purchases (gas/diesel notable exceptions) were more than in the UK. Based on c. 1.17€ to the £.

My perhaps dodgy recollection was, that when the Euro was first launched (parity date?) the exchange rate was 1.43€ to the £. Sterling hasn't really done that well against the €...... yet! How far back do you go?

If you bought those €s in 2002 and were spending them now those Fr, Sp, Po, shopping costs wouldn't look too bad.

 

[fairytooth]

As you say I also found based on 5 months in France Spain Portugal this last winter, that most day to day purchases (gas/diesel notable exceptions) were more than in the UK. Based on c. 1.17€ to the £.

My perhaps dodgy recollection was, that when the Euro was first launched (parity date?) the exchange rate was 1.43€ to the £. Sterling hasn't really done that well against the €...... yet! How far back do you go?

If you bought those €s in 2002 and were spending them now those Fr, Sp, Po, shopping costs wouldn't look too bad.

It amazes me how the Euro has managed (until now) to stay so strong against the Pound despite all the Eurozone problems. Now that the Merkel/Sarkozy alliance is gone is will be interesting to watch how things develop.

 

[Kontiki]

I have set up a direct debit to pay it off in order to avoid charges. Are you saying that using this method I could get charged up to 2 months interest at 12.9% if I withdraw cash?

You won't pay any charges if you clear your account as you say by direct debit BUT like all credit cards you are charged interest on any cash withdrawals both here & abroad. I've put the relevant info in bold. For example the only charges you might incur on £100 if it takes 2 months to clear @ 1.017% per month ([FONT=Arial, Helvetica, sans-serif]12.92% per annum) [/FONT]would be [FONT=Arial, Helvetica, sans-serif]£2.03. This is still a lot better than most charge. As I said if you can get on the internet & clear the balance as soon as you see the difference in your credit limit then you will only pay a small amount. This is why we have a card each & use one just for cash. Can't find the statement with our last cash withdrawl but I think it was less than 10p. I rang Halifax & discussed all this before I used it.[/FONT]

From our experience transactions can take up to 60 days to be on the statement before they are paid off.


From the FAQ on the Clarity card
How much will I be charged for withdrawing cash abroad?
You will not be charged a fee by us for withdrawing cash from an ATM (cashpoint) anywhere in the world. Some ATM providers charge a fee, but this should be made clear to you at the time of withdrawal and is unfortunately outside of our control. You will still be charged interest from the date that the withdrawal is made, but unlike some credit cards which charge a higher rate of cash, you will be charged the same competitive rate as if you had made a purchase.

 

[John H]

It amazes me how the Euro has managed (until now) to stay so strong against the Pound despite all the Eurozone problems.

Something to do with the fact that our economy is not only also in the s**t but intrinsically linked to the economy of the euro-zone because they are by far our biggest trading partner. In short, if they are strong so are we; if they are weak, so are we. By being outside the eurozone, all it means is that we still have to pay (via the IMF so our glorious leaders can pretend that we are not contributing) but we have no say.

 

[barryd]

You won't pay any charges if you clear your account as you say by direct debit BUT like all credit cards you are charged interest on any cash withdrawals both here & abroad. I've put the relevant info in bold. For example the only charges you might incur on £100 if it takes 2 months to clear @ 1.017% per month ([FONT=Arial, Helvetica, sans-serif]12.92% per annum) [/FONT]would be [FONT=Arial, Helvetica, sans-serif]£2.03. This is still a lot better than most charge. As I said if you can get on the internet & clear the balance as soon as you see the difference in your credit limit then you will only pay a small amount. This is why we have a card each & use one just for cash. Can't find the statement with our last cash withdrawl but I think it was less than 10p. I rang Halifax & discussed all this before I used it.[/FONT]

From our experience transactions can take up to 60 days to be on the statement before they are paid off.


From the FAQ on the Clarity card
How much will I be charged for withdrawing cash abroad?
You will not be charged a fee by us for withdrawing cash from an ATM (cashpoint) anywhere in the world. Some ATM providers charge a fee, but this should be made clear to you at the time of withdrawal and is unfortunately outside of our control. You will still be charged interest from the date that the withdrawal is made, but unlike some credit cards which charge a higher rate of cash, you will be charged the same competitive rate as if you had made a purchase.

Thanks for explaining this. I have never had a credit card and got this one purely on the basis that its the best way of spending money long term in Europe. I do find it a bit strange though that it would take 2 months for a cash withdrawl to appear on a statement. Surely if you can see it on the Internet long before that then shouldnt the Direct Debit pay it off for you each month so the nearer the end of the month you draw cash the better? Maybe I should speak to the Halifax. Getting on the internet is not a problem but what I really wanted to do is set up an automated system where I dont have to worry about too much online banking. Thing is though I dont trust banks further than I could throw them so will probably check anyway.

Even if it does cost £2 for £100 withdrawl its still better than the Nationwide at 2% plus £1.

It doesnt sound much but if your away for months on end getting the full bank rate and not paying charges can add up to quite a bit if you spend a few thousand pounds which we will over four or five months.

 

[Kontiki]

I have always found them helpful to talk to, you are right in thinking the closer you are to the end of the statement for the month the less you would have to pay interest charges. The date of the end of the period can vary slightly due to weekends, holidays. Unlike other credit cards I have/had there seems to be a longer period from the end date of payment to the day it is actually paid. The 2 months between a transaction & it being paid by direct debit would be the extreme but I think that it would be at least 30 days.


If you can get a card for each of you & use one for cash & the other for fuel/shopping etc. The only one you need to clear ASAP is the one used for cash.

 

[barryd]

I have always found them helpful to talk to, you are right in thinking the closer you are to the end of the statement for the month the less you would have to pay interest charges. The date of the end of the period can vary slightly due to weekends, holidays. Unlike other credit cards I have/had there seems to be a longer period from the end date of payment to the day it is actually paid. The 2 months between a transaction & it being paid by direct debit would be the extreme but I think that it would be at least 30 days.


If you can get a card for each of you & use one for cash & the other for fuel/shopping etc. The only one you need to clear ASAP is the one used for cash.

Thanks again

 

[David & Ann]

I am lucky to a point, that I get my Pension in Euro's. So I do not need to exchange when I go abroad. ☺☺☺

 

[ivecotrucker]

Barryd,

" My plan though is to use the card for just about everything I can and keep cash spending to a minimum."

May I suggest that when paying with your card that you do not let it out of your sight. Card copying/duplicating machines are rife in some garages/bars/cafes/restaurants/etc. , especially, unfortunateley, in some S European countries.

 

[barryd]

Barryd,

" My plan though is to use the card for just about everything I can and keep cash spending to a minimum."

May I suggest that when paying with your card that you do not let it out of your sight. Card copying/duplicating machines are rife in some garages/bars/cafes/restaurants/etc. , especially, unfortunateley, in some S European countries.

Thanks I will take that on board. I gather you have a lot more protection with a credit card though if things go wrong.

 

[Bigpeetee]

I am lucky to a point, that I get my Pension in Euro's. So I do not need to exchange when I go abroad. ☺☺☺

But sadly for you, could be worth a lot less the way the Euro's going!!

 

[David & Ann]

But sadly for you, could be worth a lot less the way the Euro's going!!

Hi Bpt, It has crossed my mind, I think Germany will be the last to fall. By then, I would have made arrangements to soften the blow. Anyway, how are you? Enjoyed reading your responses to posts, especially your photo attachments. Enjoy your next trip where ever to go this year. Have fun

 

[Kontiki]

When I last looked into opening a French or euro bank account I couldn't find any which didn't charge fees for having the account then extra charges if you don't use it for a while. Looking at Credit Agricole it looks like it has an annual charge for debit/credit cards & there is also a a charge of 0.80€ if you use another ATM!! I would like to get a euro account as I have dividends from my EADS (Airbus) shares paid in euros & I have to pay charges to have them paid into a UK bank.