Which currency do I take?

W

Wolfie

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I live in Spain and have a bank account in £pounds sterling and another one in €euros. I wish to take, say, the equivalent of £500 to Bahrain and exchange this to their currency - Bahrain dinar in a few weeks. Knowing how bad the exchange rate is now between £ and € is it better to draw out the money from my £sterling account and exchange to Bahrain dinar when I arrive in Bahrain, OR transfer the £500 to my other account in euros and take euros out to Bahrain and exchange them for Bahrain Dinar? Many thanks for any forthcoming advice.
 
You'll be using your GBP funds ultimately to purchase the dinar, right? In that case, one currency exchange (direct to dinari from GBP) would be the most economical, as you won't pay two sets of transaction/exchange costs.
 
Did you investigate the Revolut card? I use it in the States and the UK with no problem. Better currency exchange rates than standard banks.
 
Seconded. Getting a Revolut card is the lowest cost way to deal with this. There are no FX margin fees, no FX commissions, no loading fees and no ATM fees.

Simply use the Revolut card when you arrive in Bahrain and always choose to pay in local currency.
 
CiaranT said:
Seconded. Getting a Revolut card is the lowest cost way to deal with this. There are no FX margin fees, no FX commissions, no loading fees and no ATM fees.

Simply use the Revolut card when you arrive in Bahrain and always choose to pay in local currency.
Click to expand...
 
Thank you for your suggestions - we finally just got dinars from our local Spanish bank as it seemed less hassle.
 
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