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Heading to Turkey soon for an all inclusive holiday. The norm for hols is to get money exchanged in the UK but I've read that it's better to bring sterling over and use the Turkish banks to exchange to lira?
I have also read that it is best using sterling to buy stuff as the locals perfer that so they can exchange to lira when the exchange rate is good.
Being an all inclusive hol we shouldn't need to bring too much cash.
Thanks
Take Euros rather than sterling and you`ll get a better rate ... 😉
Forget the money, take a riot shield.
We took a hundred quids worth, then just used the cashpoint over there, I wouldn't waste holiday time faffing in banks, messing around with IDs etc.
This ^
We've done this for years. Always get a batter rate too (real vs tourist).
We always just get cash out when we're there - rates have always been better than we would have got in the UK.
We took 50:50 euro's and lira, came back with euros. Perhapse it was due to the slightly volitile exchange rate at the time but everything was cheeper in lira.
I think most countries you get a better rate exchangeing at a local bank than you do in the UK (look at UK banks, they buy at a better rate than they sell).
Cashpoint for me too. You might not get absolutely the best rate, but especially if you're not planning to spend lots, the difference will be small and you'll not need to faff about when you're there.
Thanks guys appreciate the advice. Usually avoid cash machines on hols due to charges etc but will take my bank card over with me.
@Organic355 Very good point re the riot shields 😀 Wonder if you can get ones for the kids as well?
I would suggest getting an Fx card from someone like Caxton FX (Excellent service, I am not connected other than as a customer).
Essentially you charge the card in the UK with Sterling from your current account, then use it at cashpoints world-wide, Caxton then charge you the going rate that day. Their Fx rates are way better than the high st banks (ie minimal spread) and there's no hidden charges each time you use it. You also have the card for whenever you travel. A no-brainer for me, really.
We have taken Lira and Euro's before. Last 2x we have been, almost everything is priced up in Euro's. As soon as you say you are paying in Lira they have to do a quick conversion, which generally seems to get rounded up, so we ended up paying (a bit) more for everything with Lira.
Usually avoid cash machines on hols due to charges etc
but the starting rate is so much better than getting euros/lira at a bank in the UK that it makes up for it - just get a reasonable amount out each time.
I'm just back from a week away, total cost about 2 grand, total cashpoint charges about 9 quid.
You're on holiday to relax, not be a moneysaving expert 🙂