Join Talk Quesada
Welcome to Talk Quesada! My name's Alex and this is my website all about Ciudad Quesada in Spain. Talk Quesada is free to sign up and use so register below!
what currency to pay in.
what currency to pay in.
by QUESADALAD » Mon Feb 13, 2017 10:26 pm
Can anyone please answer this,I am always been told when i buy stuff here to pay in Euros which of course is the currency here,but take Iceland for example say i spend 40 euros they give you the choice of pounds or euros,thing is i have a Nationwide card so if i pay using that in pounds that is all i pay,but if i pay in euros Nationwide charge me 2% of the total spend plus £1.00 for each transaction so 40 euro at say 1.18=85p to the pound=£34 but in euros i pay £34 +2%=68p +£1,=35.68 pence. what am i doing wrong. ???? I have just spent over 1400 euros on a item so work that one out.
Thank you
Thank you
- QUESADALAD
- Posts: 393
- Joined: Thu Feb 25, 2016 7:36 pm
- Which part of Spain are you from?: golf course
- Gender: Male
Re: what currency to pay in.
by marcliff » Mon Feb 13, 2017 10:45 pm
Depends on which card you use. It's always recommended to pay in the local currency as you will do it at the current bank rate when it comes off your card but paying in pounds and you'll be at the mercy of the exchange rate the shop machine converts it at.
In fact, the Nationwide advice page says It’s usually best to pay in the local currency as exchange rates offered by retailers don’t tend to be as competitive.
In fact, the Nationwide advice page says It’s usually best to pay in the local currency as exchange rates offered by retailers don’t tend to be as competitive.
-
marcliff - Posts: 9694
- Joined: Sat Mar 03, 2012 4:41 pm
- Location: Doña Pepa 2
- Which part of Spain are you from?: Dona Pepa 2
- Gender: Male
Re: what currency to pay in.
by QUESADALAD » Mon Feb 13, 2017 11:01 pm
Thanks Marcliffe I do get that, and in that case the Nationwide are not daft in suggesting that knowing that every transaction i make they click a few more pounds, eg my last sentence on my post the 2% was nearly £25.
- QUESADALAD
- Posts: 393
- Joined: Thu Feb 25, 2016 7:36 pm
- Which part of Spain are you from?: golf course
- Gender: Male
Re: what currency to pay in.
by marcliff » Mon Feb 13, 2017 11:10 pm
What you need to do is look at the bill and see what exchange rate the shop is giving you. For example, last month when it was 1.17 to the pound, the shop at the airport used 1.11 to the pound so you automatically lost 6 cents on every pound you spent.
-
marcliff - Posts: 9694
- Joined: Sat Mar 03, 2012 4:41 pm
- Location: Doña Pepa 2
- Which part of Spain are you from?: Dona Pepa 2
- Gender: Male
Re: what currency to pay in.
by PeteKnight » Mon Feb 13, 2017 11:49 pm
This is what Martin Lewis has to say on the subject...
http://blog.moneysavingexpert.com/2013/03/12/using-plastic-overseas-always-pay-in-euros-even-if-it-says-0-commission/?_ga=1.249713542.145974346.1466548120
Pete.
http://blog.moneysavingexpert.com/2013/03/12/using-plastic-overseas-always-pay-in-euros-even-if-it-says-0-commission/?_ga=1.249713542.145974346.1466548120
Pete.
- PeteKnight
- Posts: 1468
- Joined: Sun Oct 16, 2016 10:17 pm
- Which part of Spain are you from?: Villamartin
- Gender: Male
Re: what currency to pay in.
by 20kiki » Tue Feb 14, 2017 9:54 am
Queasadalad - Nationwide advise you to use your Select Credit card for purchases overseas (as long as you can pay off the balance each month) - you actually accrue a small pot of money for each transaction and it using this card has no exchange charges!
-
20kiki - Posts: 158
- Joined: Wed Dec 30, 2015 2:30 pm
- Which part of Spain are you from?: Toretta Florida
- Gender: Female
Re: what currency to pay in.
by Babu » Tue Feb 14, 2017 11:08 am
Nationwide, like nearly all the Banks, have of late increased (or reduced their discounts on) their charges. Two+ years ago Nationwide didn't charge on foreign transactions and just converted at the prevailing Visa exchange rate and was the cheapest by far according to Which. . . Now, as stated above, they charge a 2% commission (the £1 additional per transaction fee mentioned above is ONLY for non-sterling cash withdrawals, not purchases).
The Nationwide Select Credit Card is a good way to buy goods abroad as you do get a small "cashback" based on your spend, however the 2% fee is only waived if you have previously used your card in the UK where you build up an "allowance" at the rate of £20 allowance per £100 spend i.e. if you have previously spent £1000 on your card in the UK you can spend £200 worth of euros without the 2% fee, anything over that incurs the fee.
Having stated the above, Nationwide are still one of the cheapest for foreign spending and it is still cheaper by far to purchase in local currency on most cards as paying in sterling in shops and ATMs incur much higher charges and are at the whim of the shop and their bank.
The Nationwide Select Credit Card is a good way to buy goods abroad as you do get a small "cashback" based on your spend, however the 2% fee is only waived if you have previously used your card in the UK where you build up an "allowance" at the rate of £20 allowance per £100 spend i.e. if you have previously spent £1000 on your card in the UK you can spend £200 worth of euros without the 2% fee, anything over that incurs the fee.
Having stated the above, Nationwide are still one of the cheapest for foreign spending and it is still cheaper by far to purchase in local currency on most cards as paying in sterling in shops and ATMs incur much higher charges and are at the whim of the shop and their bank.
- Babu
- Posts: 911
- Joined: Thu Mar 24, 2016 10:25 pm
- Which part of Spain are you from?: El Raso
- Gender: Male
Re: what currency to pay in.
by Harry Epsom » Tue Feb 14, 2017 12:30 pm
- The retailer or ATM should ask you before processing your transaction
- If you opt for Sterling the retailer or ATM will convert your transaction into sterling at an exchange rate of their choosing. This rate will invariably be more expensive than the Visa Exchange Rate used by Nationwide
- A commission charge may also be added by the retailer/ATM
- The transaction will come to Nationwide in sterling, and so will not be processed as a foreign transaction
- Any income from this service will go to the retailer or ATM owner, not a charge or commission made by Nationwide.
- You should therefore always opt to transact in the local currency when abroad
-
Harry Epsom - Posts: 418
- Joined: Mon Jan 25, 2016 11:18 am
- Which part of Spain are you from?: Doña Pepa
- Gender: Male
Re: what currency to pay in.
by frenchie » Tue Feb 14, 2017 12:41 pm
For spending over here i use a prepay currency card which is linked to my english bank account. I use caxtonfx but there are loads. U can top up on line or download the app to your phone or tablet.
I find this so much more convenient and you always know what rate you are getting as this is applied when you top up. It is accepted anywhere and ATM withdrawals are free.
I find this so much more convenient and you always know what rate you are getting as this is applied when you top up. It is accepted anywhere and ATM withdrawals are free.
- frenchie
- Posts: 507
- Joined: Mon Aug 31, 2015 8:51 am
- Which part of Spain are you from?: san fulgencio
- Gender: Female
Re: what currency to pay in.
by Dave c » Tue Feb 14, 2017 6:33 pm
Open a Spanish bank account and use debit card.
- Dave c
- Posts: 1005
- Joined: Tue Jan 19, 2016 2:05 pm
- Which part of Spain are you from?: Quesada
- Gender: Male
Page 1 of 2 • 1, 2
11 posts
• Page 1 of 2 • 1, 2
Related topics
-
- Similar Topics
- Replies
- Views
- Last post
-
-
Currency exchange
by Wheels » Wed Sep 13, 2023 11:48 am in Where to buy things in and around Quesada - 3
- 158
-
by Steve Walsh
Wed Sep 13, 2023 4:54 pm
-
Currency exchange
-
-
Currency Conversion
by Maccaloon » Wed Nov 29, 2023 9:54 am in General property discussion - 9
- 208
-
by timeflies 1950
Thu Nov 30, 2023 6:05 am
-
Currency Conversion
-
-
Currency Exchange Bureau Quesada
by Adiboocat » Thu Feb 22, 2024 10:44 pm in Where to buy things in and around Quesada - 7
- 182
-
by Darro
Sun Feb 25, 2024 9:31 am
-
Currency Exchange Bureau Quesada
-
-
£ (UK) to € (Spain) currency swap for house sale
1, 2 by Luckjockey » Wed Mar 20, 2024 8:21 pm in General property discussion - 10
- 195
-
by Luckjockey
Thu Mar 21, 2024 7:53 pm
-
£ (UK) to € (Spain) currency swap for house sale
Return to Banking and finances
Who is online
Users browsing this forum: No registered users and 3 guests
Login
Find in Quesada
Quesada pages
Quesada discussion
- Quesada general discussion
- Banking and finances
- Broadband, Wifi, Phone and TV
- Buses and public transport in and around Quesada
- Driving to Spain / Car hire in Spain / Buying and owning a car in Spain
- Fiestas in Quesada
- Flights, baggage and airports
- Health services in Quesada
- Insurances and wills in Spain
- Items for sale and wanted in and around Quesada
- Interesting articles about Spain
- Jobs and careers in Quesada
- Lost and found in Quesada
- Market days
- Places to go for free Wi-Fi
- Recommended restaurants / cafes / bars
- Recommended Tradesmen and Companies
- Residency in Spain: padron, residencia and passport advice
- Safety / security information and property in Spain hints and tips
- Taxes in Spain: Suma, NIE and general tax advice
- Taxis in Quesada
- Things to do and places to go in and around Quesada
- Utilities in Spain: Electric, gas and water recommendations and advice
- Weather in Quesada
- Where to buy things in and around Quesada
- Where to hire things in and around Quesada
Properties discussion
Businesses and places in Quesada
- Bars and pubs in Quesada
- Beaches near Quesada
- Beauticians / Beauty salons in Quesada
- Bedding and soft furnishings shops in Quesada
- Butchers in Quesada
- Car dealers in Quesada: new and used car dealers
- Car garages, mechanics, tyre fitter centres in Quesada
- Car hire in Quesada
- DIY / Bricolage / Ferreteria stores in Quesada
- Equipment hire centers in Quesada
- Estate agents in Quesada
- Furniture shops in Quesada
- Garden centres and garden furniture shops in Quesada
- Golf Courses in Quesada
- Grills / gates / metal items shops in Quesada
- Hairdressers in Quesada
- Hotels, guest houses and bed and breakfasts in Quesada and nearby
- Internet service providers that cover Quesada
- Launderettes / dry cleaners in Quesada
- Markets in Quesada
- Medical / Health centers in Quesada
- Pet shops in Quesada
- Pharmacies / Chemist shops in Quesada
- Restaurants in Quesada
- Shopping centres in Quesada
- Sports centres and gyms in Quesada
- Supermarkets in Quesada
- Swimming pool services in Quesada
- Town Halls (Ayuntamientos) in Quesada
- Waterparks/Aquaparks in Quesada
- TalkQuesada » Board index
- The team • Delete all board cookies • All times are UTC [ DST ]
- Our other websites:
- Costa Blanca forum
- Costa Calida forum
- Costa del Sol forum
- Costa de Almeria forum
- Costa de la Luz forum
- Costa Dorada forum
- Costa Brava forum
- UK forum
- Jobs in the UK
- Our policies:
- Privacy policy
- User agreement
- Content policy
- Website created and operated by JSM Forum Websites