You can keep up to date with the official exchange rates here http://www.a2zmallorca.com/detail/235.htm

I always take just enough Euros for the first day and the rest in Sterling T/C's. A walk around the resort on the first or second day soon shows up the best no-commission rate for cheques and any Sterling T/C's left over go straight back into my account with no charges. This approach has never failed me yet.
Sterling T/C's are also very safe as well cos you usually need to produce your UK passport to cash them, which is not a failsafe solution but is a step up from Euro notes. I never carry my credit card during the day unless I have a specific purchase in mind, they are so easily stolen. In the evening I keep it well buttoned down.
A good bit of advice... if you have gotten a new credit card then use it in the UK before travelling or tell your provider that you are going abroad. I've queued behind many people who tried to use their new card 1st time in Mallorca and had it refused by the CC company. Left them properly high and dry until they were able to phone the UK provider and clear things up.

Travelex.co.uk guarantees the best ex rate for Euros with no commission either, currently 1.423 per pound and free delivery. Lloyds TSB and Nationwide both charge nothing for travellers cheques, these are the 2 I will be using, and take cash card for emergencies.Cheers.

If in Palma Nova area avoid the office on opposite side of road to Stadium bar,its on a corner.The last time I went in there they were advertising good rates but you only got them if you exchanged a large amount. walk a bit further down on same side of road towards Magaluf there is a office offering decent rates ,no commision.

If you come out of the front of the hotel and head towards the centre of town, about 5 mins walk away is a car hire shop which we used last year to exchange our sterling/cheques and got the best rates that we found in Palmanova.

Hi there is a camera shop on the corner of palma nova just before you turn into magaluf on the beach side of the road at the moment there rate is 1440 and no commission

yeah thats right, over here you get 1.40, if you wait till you get there you can get at least 1.44.

I've got a Nationwide flexi account and you just draw your money from machines whilst abroad and theres no charge!
I'll take about £100 in foreign currency!

hi chivas 69, when you use nationwide card abroad to draw money. do you get english or spanish exchange rate

Today's rate is 1-50 to the pound.To find rates go into Holiday Truths photo gallery and at top of the page is a currency cheat sheet.

Diane

hi dimrie, you say exchange rate is 1-50 at the moment, is that when you get to majorca, we are going to alcudia in august, just not sure where to go to get these good rates, are there banks in alcudia

Hi caziann we where in Alculdia last year, and we use to change are money from a little out let opposite the Belueve complex entrance.

The outlet where you change your money hires out bikes, in a room at the back. He gives out good rates and charges no commission.

You will always get a better rate aboard.

Hi Cazziann,there are lots of places to change money commision free and you always get a better rate of exchange there,we usually get about £20 worth of euro here to tide us over.We go July 23rd,tickets have arrived today,can't wait.

Diane

I Cant find the currency cheat sheet in the Photo gallery anywhere ...am I thick!!! Help!!!

Click on HT photo gallery and at tp of page a white box with free cheat sheet.

Diane

thanks guys, think i will wait until i get there to change my money

Just bought my Euros at 1.46 from Marks & Spencer on Wednesday commission-free with free delivery too. I notice the rate has gone down since then though and is only 1.435 today. I might get a better deal on holiday but who knows what the exchange rate will be in 6 weeks time when we go so it's not guaranteed.

I use either M&S or OnlineFX for my foreign currency. Travelex also offer good exchange rates if you are happy to collect your money from the airport. The XE.com website shows that the current market exchange rate (not the tourist rate which is a buy rate and always lower) is 1.479 at the moment so I'm happy with the rate I got.

Hi all,

Just back from Palma Nova on Mon., we were getting 1.44/1.45 at most places - having read all the stuff we decided to test using our Nationwide card. On checking my statements now we are back home, we got an exchange rate of 1.49/1.50, so that's the end of taking cash with me. In future I will just deposit the money in my N/Wide account before I go!

Cheers,
Jinty

It has to be a flexaccount. We got 1.508 a couple of weeks ago. Far better than any exchange place.

Sandie