'Best' way to pay for a function in the UK?
 

In a few weeks time I'm back in the UK and funding a family 'do'.
What is the 'best' way for me to pay for it? Should I withdraw Euros from my bank over here in Spain, take them to the UK and change them into Pounds at the best rate I can find or take my Spanish debit card over and withdraw Pounds from an ATM or finally pay the bill directly using my Spanish debit card?
I appreciate the answer may be dependent upon many variables, but does anyone have general advice as to which option may be the better one?
Thanks.

Re: 'Best' way to pay for a function in the UK?
 

I would pay for it in Good old British Pounds - but then I have a UK bank account and have yet to find anyone in the UK prepared to take transistorised eurines
:ohmy:

Re: 'Best' way to pay for a function in the UK?
 

The answer is it depends. How much £ are you exchanging? What bank do you use in Spain? Do you have a UK account?

Using your debit card is likely to be incur heafty charges and you will have a limit on how much cash you can withdraw. You may be able to use a currency exchange company to exchange the euros then credit the account of the Hotel.

Re: 'Best' way to pay for a function in the UK?
 

Thanks for that, it'll probably 'only' be a couple of thousand Pounds maximum. I'm, with Sabadell here in Spain and have a UK account also. As I'll be over several days before I'll need the money, the daily limit shouldn't be a problem as I'd just withdraw the maximum per day up to when I need the total amount.
I appreciate it's not a huge amount of money, compared to house buying for example, but I was just curious as to which might be the better method.
I could of course also transfer an amount from my Spanish bank into my UK one and withdraw the Pounds when I get over or just pay the bill using my UK card.
Decisions...decisions!
Thanks for the response.

Re: 'Best' way to pay for a function in the UK?
 

If most of the money is to be paid to one venue maybe you should ask them in advance how they prefer things to be paid. Many do not like payments made by cheque, credit card or cash but prefer bank transfers.

Rosemary

Re: 'Best' way to pay for a function in the UK?
 

Thanks Rosemary, I'm finalising arrangements next week hopefully, so will ask the owner.

Re: 'Best' way to pay for a function in the UK?
 

You wont get a particularly good rate for euros here if you bring them over here I'm afraid.

In the past I've found its easier to use my Spanish card, but just make sure your bank don't charge a fee for overseas transactions, like American Express do now

Re: 'Best' way to pay for a function in the UK?
 

Thanks for that much appreciated. Surely though, when I'm charged in Pounds and use my Spanish debit card, there will have to be some kind of conversion take place from my Spanish bank from where the money will be drawn to Pounds? How will I know what rate that is? Will it be better than any rate I'll get from just changing Euros into Pounds in the UK?

Re: 'Best' way to pay for a function in the UK?
 

Oh yes, there will be a conversion because they change at the rate they set, but for instance with Amex, they do that THEN they make another charge per transaction because its a foreign transaction. Its never happened with my Spanish card tbh (Sabadell) but its worth checking. Ive often used my Spanish credit / debit cards in the UK

I can only say that when I tried to change euros to £ they were bad rates at places like Thomas Cook / HSBC

Re: 'Best' way to pay for a function in the UK?
 

You "should" get the interbank rate when using your debit card. You cannot know in advance, as the rate changes by the minute. There will almost certainly be a fee usually a % charged by your bank when using an ATM in UK. Your bank will be able to advise.

You will not get a good rate exchanging euros over the counter in the UK.

The easiest would be to pay hotel(?) with your Spanish debit card or by cheque. As we have suggested, cheapest may be to use a currency exchange company to pay into your UK account / hotel(?) bank account. Be aware you have no protection should the money go astray and no protection e.g. as you would have when paying by credit card.

Re: 'Best' way to pay for a function in the UK?
 

Thanks very much for all the advice. Much appreciated. Sounds like just changing Euros to Pounds is not the most advantageous route!

Re: 'Best' way to pay for a function in the UK?
 

Is it possible to buy a cash passport € to £ with someone like travelex?
Google cash passport

Re: 'Best' way to pay for a function in the UK?
 

Taking cash out of an account, even in the UK, may prove a problem due to a relatively unknown thing called Branch Limit which may vary from day to day. When wanting to pay for removal from the UK Halifax hit me with that one.

The last largish bill I paid this year I used my UK credit card and paid it back when the goods arrived.
As Rosemary said earlier, this would normally be acceptable to the venue, only leaving you to worry about enough cash for your needs.

This is why both the BH and I retain our UK accounts, this is especially handy when going back for weddings, funerals and christenings as well as hiring a car as at times they don't like a non-UK address
We only use our Spanish accounts for in-country transactions.

Re: 'Best' way to pay for a function in the UK?
 

We had that problem at LaCaixa, until we went to our branch and asked them to lift it, which they were happy to do. Now it's unlimited per day and €1500 per withdrawal.

Also, I find that using a Spanish debit card in the UK is always far lower cost than using a UK debit card in Spain (UK banks seem to like to charge small fortunes for overseas transactions and give extortionate exchange rates).

Re: 'Best' way to pay for a function in the UK?
 

That will depend on which bank. It is cheaper for me to use my Nationwide debit card in Spain than my Barclays.es debit card in the UK. UK banks give the interbank exchange rate ......... for current account holders.