Cyprus-Forum.com

[Sarah McD]

You can exchange your money over here, commission free at loads of different places. Don't ask me how they make money doing this, but they must profit somewhere along the lines.

Using your debit card at an ATM is expensive, any UK card used over here will cost you quite a lot more.

Best bet is bring cash and change it here as you need it.

Enjoy your visit to Cyprus!

[Svetlana]

Hi Sarah

They make their money on the exchange rate; they just increase the 'spread' and can make plenty without charging commission.

Lana

[Sarah McD]

Hi Sarah

They make their money on the exchange rate; they just increase the 'spread' and can make plenty without charging commission.

Lana

Ahhhh

Thanks for the info

[hincyprus]

What seems to have been missed is the way that the credit card companies actually charge out the cost of drawing cash.

Last month I travelled through Europe using my Visa card to draw cash as and when required.

1. When the amounts hit the cc the exchange rate was terrible. (min 2 cents lower than banks at the time) and that was for Euros.... My visa runs out of a UK sterling account not Cyprus pounds.

2. When my statement arrived I was charged interest on the cash withdrawals from the date they were made until the statement date.

3. On my latest statement, even though I had settled the previous statement leaving no outstanding balance and before the due date, I was again hit for extra interest on the cash withdrawals from the statement issue date until settlement date......

4. My actual cash withdrawals amounted to 700 euros.....just the interest charged was over £10. Plus the lousy exchange rate.


I have a friend (lives in Uk) who has a Nationwide card who is charged nothing for her transactions for cash via an ATM in Cyprus and pays no "cash drawn" interest. She also reckons she gets a very fair exchange rate.

Two things to remember though......if you bring cash and use the shops or the banks the exchange rate is always worse in the banks....they do not like cash except for fleecing you. Check out the local shops , their rate and then check the banks including their extra charges.

I have no idea what the debit card situation will be but I suspect it may go through the visa system......just do not know.


Have a great holiday

H

[maggie27]

hiya thanks for all that info, its terrible how there get away with charging all them extra costs

[magikthrill]

maggie

your best bet is to ask someone specifically where you can find good exchange rates. if you were coming to athens for example i could tell you exactly where to go and where not to go (the airport rips the $hit off you).

also, i know that american express will charge all you transactions with foreign currency at the BEST exchange rate of your biling cycle. you should ask your bank/cc company if they do the same.

i would say your best bet is to exchange a few in the UK and then do the rest in Cyprus, but again it all depends on what you can find Cyprus.

[erolz]

so if i use my normal bank debit card wud that cost me an arm and a leg

It depends on who your bank is. Most banks in UK will charge a fee for cash withdrawls overseas. I believe my lloydstsb account charges a £2.00 fee for example. Further they are also charging a fee for purchases with the card in foregin currencies and then on top of that the rates they use are very uncompetetive.

However the Nationwide building society does not charge any fee for cash withdrawls or purchases in foreign currency and use money market rates. I have recently opened such an account the last time I was in the UK for this very reason as my income is UK based payed into UK bank but I live in Cyprus. By withdrawing money localy here via the nationwide card and not my lloydstsb card I can make considerable savings.

Oops just noticed hincyprus had already said the same. Thats the prob with replying to a pst before reading the whole thread I guess.

[atw26]

You can exchange your money over here, commission free at loads of different places.

Just wanted to back Sarah up. There are many places in the tourist area where you can exchange your money - normally it's the large-ish peripteros (kiosks/supermarkets). I'd say at least one every few blocks. They'll have a board propped outside with the exchange rate and they are all within a very close range. I was exchanging dollars last month and the bank bought for 43 while these places all bought for 46. Today I saw a few were buying at 47. Didn't pay attention to what the going rate was for British pounds.