Dynamic Currency Conversion

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Others are also automatically changing your bill to sterling and asking you to authorise in Sterling. What should be happening is an option should be offered for if you would like your bill converting to Sterling or if you would like it to remain in Euros this is a option which should be yours, but it is not always being offered as an option and the charges are not always highlighted.

To ensure you are not left with a really poor exchange rate which ultimately costs you a significant amount more, ask that your bills be left charged in the foreign currency, also ask for confirmation from the retailer that this has been done.

The exchange rate offered by your card provider will be much more competitive than if the retailer or restaurant exchanges currency. The exchange rate offered by overseas retailers and restaurants is usually extremely poor indeed and someone at their end is making a great amount of money.

Spanish ATM Machines

Also, if you are travelling to Spain and you want to withdraw cash, Spanish Banks such as Santander will offer the option to have your money converted into Sterling when withdrawing Euros from ATM machines, always decline this option as again the rate offered will me much worse than that offered by your card provider.

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Updated on 29th April, 2009

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