Author Topic: Beware currency conversion rates  (Read 527 times)

0 Members and 1 Guest are viewing this topic.

Online Maik

  • Administrator
  • Forum Deity
  • *****
  • Posts: 14968
Beware currency conversion rates
« on: Saturday, 21 July, 2018 @ 17:25:03 »
Quote
Why you should pay in local currency when using cards or ATMs abroad
Don’t fall victim to unnecessary fees this summer
https://www.independent.co.uk/travel/news-and-advice/cards-atm-fees-abroad-local-currency-pound-sterling-explained-a8444486.html

Nothing new, but many people aren't aware of Dynamic Currency Conversion, or how to avoid it. Briefly: if you use an ATM or buy goods (e.g. meals) abroad you might get the choice to pay in GBP or in local currency (e.g. Euros), with the default option being GBP. Generally, if you opt for GBP you'll get a crap currency conversion rate so whatever you buy, in effect, costs you more.

There's a brief and easy read on the Post Office website, including this bit of advice:

Quote
be particularly careful if you are using ATMs in either Spain, Greece, Portugal, Croatia or Thailand

Offline U4ea

  • Forum Hero
  • *****
  • Posts: 213
Re: Beware currency conversion rates
« Reply #1 on: Sunday, 22 July, 2018 @ 00:19:44 »
My wife got caught on this when she came to Ke f with son Jonathan in May. I normally do the Car Hire documentation. I'd booked it but she had to pay when she picked up the car and it seems there was an assumption it would be paid in £ rather than €.

What is even worse is the rip off at the moment by companies offering exchange at the UK Airports. According to the BBC, at Gatwick today, walking were being offered less than a,Euro r or a Pound and parity of the Pound and US Dollar.

Will people never learn? Book currency in advance in the UK  or else get it when you arrive.at you destination.

Offline TonyD

  • Forum Deity
  • *****
  • Posts: 384
Re: Beware currency conversion rates
« Reply #2 on: Sunday, 22 July, 2018 @ 10:02:49 »
or...plan in advance, and swap £s for €s every time the Exchange Rate is a bit more favourable?
My experience is cash in hand brings a discount at the hire car desk and in shops on Lithostroto

Online Maik

  • Administrator
  • Forum Deity
  • *****
  • Posts: 14968
Re: Beware currency conversion rates
« Reply #3 on: Sunday, 22 July, 2018 @ 20:23:23 »
Quote
Bureaux de Change experiment reveals rip-off rates at UK airports
https://www.independent.co.uk/travel/news-and-advice/bureaux-de-change-rates-uk-airports-cost-high-street-pounds-dollars-euros-a8458446.html

Nothing new but highlights how low exchange rates go at airports and why buying at the right time can save you a small fortune.

Of course, if you're living in Greece, have your money in euros and are buying goods from the UK...