Cash point or wire funds? Which is cheaper?

[angel659]

Im off to Orlando on the 18th October and I get paid on the 21st but really want to be able to draw on these wages whilst im out there.

Question is, how much would I be charged at a cash point? Is the exchange rate any good? Is it worth going to a bank and wiring the funds? If not, any suggestions on the cheapest way to draw funds from my current account?

All suggestions appreciated

 

[wicket2005]

I don't know how much you will be charged, it will depend on your bank.

What you could do is open a Nationwide credit card that allows you to withdraw cash at a lower charge than any others, you could also use it for purchases. Nationwide is the only credit card that doesn't charge you a surcharge on purchases. As long as you know how much cash you have to spend, you could just keep to that limit on the credit card and pay it off when you come home.

 

[tartangirl]

Most banks charge about 2.75 in the exchange rate you get which will still make it a better exchange rate than you'll get exchanging your £s for $s.

On top of that they charge about 1.5% for cash withdrawal but there is also a minimum fee which means you're better off taking larger amounts.

As mentioned Nationwide has a credit card but that charges for withdrawing cash. However, it also does a Debit card (the Flexaccount) that gives the higher exchange rate (no charge) and also doesn't charge for withdrawing money so long as you stay in credit.

Therefore, the cheapest way is to open a Flexaccount and set up a transfer from your current account to the flexaccount to coincide with your pay arriving in your current account.

Too much hassle? Just withdraw cash from the cash points but do it in large amounts.

 

[tim june and sam]

Consider the cost of three days overdraft (if your bank will agree to one) versus the cost of cash withdrawals.

If the overdraft is pre-agreed with the Bank, you should pay no penalty fees and only interest for the three days you are overdrawn. If that is at say 1.75% per month times just three days, it might cost you less than you think?

A wire transfer costs between £20 & £30 dependent on your bank and even if you send it on the 21st when you pay arrives you'll be lucky if it arrives within 4-5 days and you also have the issue of just how would you access it from the recipient bank. Money Laundering regs that apply largely worldwide would mean you having an account open there to receive it into surely?