Exchanging Euros in Cyprus

by Margaret
(Yorkshire)

With the dismal exchange rate here in UK, would we be better off getting euros at an ATM with our Nationwide cash point card when we get there?

Comments for Exchanging Euros in Cyprus

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Mar 31, 2009
Euros
by: Margaret

Thanks for the advice Mike, anything to squeeze a few more euros sounds good to me!!

Mar 30, 2009
Best Exchange Rates
by: Mike

I have always found the best exchange rates are in Kato Pafos. There is a little competitions between the small shops along the sea front. I realise it means bringing your pounds sterling with you, but if you want the best rate then these shops will always beat any bank exchange rate.

Mar 30, 2009
euros
by: Margaret

Thanks for the tip Helen. Nationwide don't charge any fee so we wouldn't lose out that way, but I will keep an eye on the rates and hope they improve.

Mar 30, 2009
Using ATM's in Cyprus
by: Helen

Hi Margaret

I can't answer your question exactly as it depends on what exchange rate you get from Nationwide when you take out the cash.

In my experience UK banks will normally give you an average rate of exchange but remember they will also add on at least a 1.5% fee for the transaction so any saving you might make in the exchange rate (which you won't know till you get your statement after the trip) will probably be offset by the transaction fees.

I would shop around for the best rate in the UK before you travel and watch for those "free commission" offers - they build in the commission in the poor exchange rate! We've heard that Tesco give a good rate so maybe worth checking their rates out versus the banks and the post office.

Helen

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