exchanging money

[lyn]

Has anyone ever used xe.com to exchange money, just been on web site and offering 2.58 ? really good rate but a little unsure as not used it before.

[dragon]

I may be wrong but I thought that this website gave the business rates not the tourist rates. I find that Martin Lewis's website (the one that is always giving advice on the telly) is very helpful on:- http://travelmoney.moneysavingexpert.com/

He gives loads of advice such as which sites are more risky and also says it is better to go for the ones that have you're money for the shortest time, I haven't noticed xe.com on his website though. He lists which sites are authorised by the FSA and lists the debit cards that he calls the "cards from hell" due to the charges. There is also a forum so someone should be able to help.

If you find that it is a website that is recommended let us know as this exchange rate is the best so far

[JT]

I also thought XE was a guide or for business.

As for the website advised on, well that site only gives the sites for best rate that they get commission for.

All those sites out there that compare markets and give the best places are all on commission and there will be better places that do not offer these sites commission.

Personally if I have needed to change money I always found Travelex the best

[dragon]

Travelex is one that is included on Martin Lewis's website.I guessed that they were probably receiving commission but as long as it's a good rate with no charges it's ok.

I've been checking the rates for weeks but daily since the 8th Feb and found that whilst Travelex offered the best rate on 21st Feb every other day except for 2 it was Ice(del) that had the best rate (someone else has recommended Ice on the currency thread), the other two days were the post office (but the online rate which is higher than the post office itself).Today's rate though is 2.471 with Travelex and 2.472 with Ice so hardly any difference at all. I also check a number of other sites such as well.

I've only been checking for changing £500 and if you change less than that there are often charges which mean this takes a chunk out of your cash, which is really the same as having a lower exchange rate! You can do a costing of how many lira you'll actually get which is helpful. On the currency thread someone also recommended Bupa but you need to change £800 to get free delivery.In the past we've always changed our money in Icmeler as we've always found the rate was better but I've read that from next month Turkey is going to change the way it's dealing with interest rates which means that the rate is going to go down. Hope they're wrong

[dodge]

Hi All
on bupa currency the rate earlier was 250 getting better lets hope it keeps rising until august

cheers dodge

[JT]

If the rate was 2.471 at one agency and you changed a £1,000 you would get £1 less on your £1,000 than 2.472

For £500 there is a saving of 50p

Wait till you get to Turkey and you may well make £2.50p for your £500 rather than exchange at the UK agencies

[dragon]

Exactly John. We have always gained by not changing our money until we arrive. In fact we always change a little extra before we go home ready for the next time to tide us over, if the rate is ok. This year though the rate is expected to go down in the next few months and to stay down for a while, but then just because they forecast it, it doesn't mean it will happen, they don't always get it right. I suppose it's always a gamble, but If the rate doesn't make a good increase we'll do the same as usual and wait.

[Katiehutchinson_1991]

best place to change money is icmeler
wait until you arrive
maybe have a little amount of lira for tipping the driver or something you might need to eat like a snack when you just arrive
always get a better rate in turkey than here but dont change at the airport
xxxx

[Sue]

I only take enough lira for the day, then english notes, i used to take my nationwide card until they starting charging, just applied for a halifax clarity card as they do not charge to withdraw money from turkey

[dragon]

We always use the Nationwide credit card for all our purchases, including meals, as there are no charges but there are charges for cash withdrawals. There are charges with other Nationwide cards and I suppose they will eventually charge on this one.

[Sue]

have a look at the halifax clarity credit card no charges for withdrawels

[dksbbs]

If you don't change money until your holiday then I agree change the money in Icmeler, however the interbank rate is currently better now than it has been for two years, the biq question is will the interbank rate go down before your holidays.

Due to troubles in Gadaffi land the lira today has weakened, interbank rate now is 2.61 and I can get 2.51 at the moment, this will go up tomorrow, I'm expecting 2.52/2.54,

Tomorrow I'll watch closely and if the interbank rate drops I'm going to buy some and take the risk that it won't go up much further, if it goes up during the day I will check again on Friday, I always said once it 2.5 or higher I would buy some. I did the same a couple of years ago and got 2.48 in March/April, when I went on holiday in August it was 2.35-2.38 in Icmeler.

I have noticed that most years the lira get stronger the further into the season you go so you get less for the £, For those interested in seeing the fluctations below is a graph of Lira since 2002, I converted old lira by removing the millions, each months snap shot is taken on 23rd of each month.



I am not an expert in these matters so if you decide to do the same as me you do so at your own risk as the £ can continue going up.

Dave