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Spending money in Spain

KidPokerKidPoker Posts: 4,294
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in Advice #1
Hello everybody. I don't really go abroad. I've only ever been outside of the UK once as a child.

I'm going on holiday in 4 weeks. What is the best way to bring spending money? I'm staying for 10 days so was going to bring over £1000 and I don't fancy taking all that in cash.

I've been told travelers cheques are quite dated. Someone recommended a card called a Caxton card?

Thanks.

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    rjb101rjb101 Posts: 2,689
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    #2
    All you need to know :)

    http://www.moneysavingexpert.com/travel/cheap-travel-money
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    KidPokerKidPoker Posts: 4,294
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    #3
    Ahhh, forgot about that website. Thanks very much rj.
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    DMN1968DMN1968 Posts: 2,875
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    #4
    Take a few Euros out there - enough for a day or two, then use ATMs to get cash as and when you need it using your debit (not credit) card.

    Of course (a) check whether where you are going actually has cash machines - most places are now in the 21st century (b) check what charges, if any, your bank charges to withdraw cash abroad (c) whether you need to notify your bank you will be using the card abroad and (d) have an alternate source of cash should your bank helpfully decide to block your card despite telling them!

    Also you can use your credit card as you would here. Again check what charges are involved. Also as you suggest, pre-paid cards such as Caxton and FairFX can also be used, where you load the cash onto it. Again check the fees for using these.

    A lot depends on what plastic you already have.

    Suggest read this:

    http://www.moneysavingexpert.com/travel/cheap-travel-money
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    KidPokerKidPoker Posts: 4,294
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    #5
    I don't bother with credit cards, just have a debit card. Thanks for your advice.
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    briancbbbriancbb Posts: 195
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    #6
    Depends where you are going, if the Benalmadena, Torresmolinos, area Rubens Money Exchange in these places give about 2% above any UK rate. Plus free drink while you are waiting.

    Take £'s, if you trust the place you are staying is secure. I always take cash, but then I go to a villa, not hotel for two months out of season. No worries about losing money when bringing euros back, or bank charges.
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    AndrueAndrue Posts: 23,385
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    #7
    Credit cards are safer than debit cards. If something goes wrong it's the bank's money being spent not yours ;)
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    sky0000547sky0000547 Posts: 240
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    #8
    Andrue wrote: »
    Credit cards are safer than debit cards. If something goes wrong it's the bank's money being spent not yours ;)

    Abosolutely plus credit cards have a lot more insurance protections. I don't use debit card apart from ATM withdrawals.
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    DMN1968DMN1968 Posts: 2,875
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    #9
    Also for credit cards, you may get the option to pay in either Euros or Pounds. Always chose Euros, as you will get a much better rate. The money saving expert link should explain why this is.
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    poshblokeposhbloke Posts: 815
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    #10
    Regular traveller to Spain, and I never exchange money before I go - cash machine (there's two even in the fairly sleepy village where I go and the large towns have as many as their equivalents in the UK) and credit card all the way.

    If you have an account with Nationwide then there is no charge on foreign transactions, if not then you might want to check with your bank.

    As regards rates, for typical holiday spends the difference will be pennies per withdrawal so I wouldn't get too hung up on this.
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    andersonsonsonandersonsonson Posts: 6,454
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    #11
    I would recommend - https://www.fairfx.com/
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    walterwhitewalterwhite Posts: 57,144
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    #12
    DMN1968 wrote: »
    Take a few Euros out there - enough for a day or two, then use ATMs to get cash as and when you need it using your debit (not credit) card.

    Of course (a) check whether where you are going actually has cash machines - most places are now in the 21st century (b) check what charges, if any, your bank charges to withdraw cash abroad (c) whether you need to notify your bank you will be using the card abroad and (d) have an alternate source of cash should your bank helpfully decide to block your card despite telling them!

    Also you can use your credit card as you would here. Again check what charges are involved. Also as you suggest, pre-paid cards such as Caxton and FairFX can also be used, where you load the cash onto it. Again check the fees for using these.

    A lot depends on what plastic you already have.

    Suggest read this:

    http://www.moneysavingexpert.com/travel/cheap-travel-money

    Although generally I agree with this, I don't agree about not using a credit card. A Halifax Clarity will get you far better rates even taking into account the interest than most debit cards.
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