Going to the US 9 - 12 months. What's the best way to spend?

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RobSurreyUK
RobSurreyUK Posts: 12 Forumite
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in Overseas holidays & travel planning
I'm going to the US for my current employer for 9 to 12 months (maybe longer, but don't know yet). During this time I will still be paid in the UK in GBP.

I do currently already have a Halifax Clarity card, but I'm sure there will be times when I won't be able to use this.
What's the next best option for drawing cash and using alternative payment methods (Debit?, Visa?, Amex?)

- Yeah, I could potentially expense the currency conversion charges.. but I wan't my company to thrive and get more money... not the bank!
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  • eDicky
    eDicky Posts: 6,575 Forumite
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    RobSurreyUK wrote: »
    I do currently already have a Halifax Clarity card, but I'm sure there will be times when I won't be able to use this.
    Such occasions are likely to be quite rare, but a suitable addition to your USA wallet could be the MBNA 'Everyday Plus' Amex, and perhaps the Revolut prepaid MasterCard (if you use Android or iPhone). See:

    http://www.moneysavingexpert.com/credit-cards/travel-credit-cards#mbnaplus
    Evolution, not revolution
  • agrinnall
    agrinnall Posts: 23,344 Forumite
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    Won't you need to open a local bank account while you're there? If you do you can try to get cards from them, and work out the best way to get money transferred from the UK (if it was me I'd ask my employer to do it and let them take the cost, which I'm sure will be an allowable expense for them).
  • andrewmp
    andrewmp Posts: 1,754 Forumite
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    Don't clarity allow cash withdrawals free of charge too? They used to?
  • RobSurreyUK
    RobSurreyUK Posts: 12 Forumite
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    edited 26 May 2016 at 9:31AM
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    agrinnall wrote: »
    Won't you need to open a local bank account while you're there? If you do you can try to get cards from them, and work out the best way to get money transferred from the UK (if it was me I'd ask my employer to do it and let them take the cost, which I'm sure will be an allowable expense for them).

    Probably will. I expect I'll end up using something like: transferwise to convert GBP to USD and send it between accounts....
    Never used them before and only found them through a quick google search.
    andrewmp wrote: »
    Don't clarity allow cash withdrawals free of charge too? They used to?

    Have just got off the phone with Halifax.
    Withdrawing money on a clarity card in a non-sterling currency will incur a 2.95% + £3 transaction fee.
    It will also hit your / my credit file, as it is drawing cash on a credit card.
  • RobSurreyUK
    RobSurreyUK Posts: 12 Forumite
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    eDicky wrote: »
    Such occasions are likely to be quite rare, but a suitable addition to your USA wallet could be the MBNA 'Everyday Plus' Amex, and perhaps the Revolut prepaid MasterCard (if you use Android or iPhone). See: .. <url I can't post yet>

    As this is a credit card. Do cash withdrawals have any impact on credit file?

    Looks like a good one to go for. (Although I do already also have an Amex)
  • andrewmp
    andrewmp Posts: 1,754 Forumite
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    edited 26 May 2016 at 10:02AM
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    RobSurreyUK wrote: »
    As this is a credit card. Do cash withdrawals have any impact on credit file?

    Looks like a good one to go for. (Although I do already also have an Amex)


    No they don't. Not sure why they said that. They also don't charge.

    http://www.halifax.co.uk/creditcards/clarity-card/#section41412152667750

    How much will I be charged for withdrawing cash abroad?

    You will not be charged a fee by us for withdrawing cash from an ATM (cashpoint) anywhere in the world. Some ATM providers charge a fee, but this should be made clear to you at the time of withdrawal and is unfortunately outside of our control. You will still be charged interest from the date that the withdrawal is made, but unlike some credit cards which charge a higher rate of cash, you will be charged the same competitive rate as if you had made a purchase.

    Sounds like whoever you spoke to was clueless. IME it's free to withdraw cash and the only difference is you get charged interest from day 1. All I do is transfer the money to cover the interest as soon as I withdraw it. You can do this in advance but it's against the T&Cs to have a positive balance.
  • eDicky
    eDicky Posts: 6,575 Forumite
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    RobSurreyUK wrote: »
    Have just got off the phone with Halifax.
    Withdrawing money on a clarity card in a non-sterling currency will incur a 2.95% + £3 transaction fee.
    It will also hit your / my credit file, as it is drawing cash on a credit card.
    This is the second instance in two days of a Halifax CS agent's ignorance about their own product:

    http://forums.moneysavingexpert.com/showthread.php?t=5468513

    The effect of overseas cash withdrawals on credit file is generally considered insignificant.

    Amex cards are much more widely accepted in North America, but the one you already have will feature foreign usage fees, unlike the Everyday Plus.

    It may be worth opening a dollar account while you are there, but if you will receive your salary to a UK account in pounds it will always cost you more to send it over than to use a fee-free card to access it.
    Evolution, not revolution
  • RobSurreyUK
    RobSurreyUK Posts: 12 Forumite
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    eDicky wrote: »
    This is the second instance in two days of a Halifax CS agent's ignorance about their own product:

    <some url link.... >

    The effect of overseas cash withdrawals on credit file is generally considered insignificant.

    Really? Any chance of a source? Would be good to know for sure.
    eDicky wrote: »
    Amex cards are much more widely accepted in North America, but the one you already have will feature foreign usage fees, unlike the Everyday Plus.

    It may be worth opening a dollar account while you are there, but if you will receive your salary to a UK account in pounds it will always cost you more to send it over than to use a fee-free card to access it.

    Generally I use my Amex for just about everything. Virtually anything else goes through paypal (in order to be able to use the Amex where people don't take it) or onto my Clarity card.
    Occasionally, there are still times I need to use cash. Or where the retailer is a small local shop and I take pity on them and pay in cash rather than card so they can avoid the fee's.

    I did look at opening a dollar account for Amex, seems this won't be an issue once I get there. They can't do it before as I don't have a known address yet. However I'll still get clobbered on fee's when I pay it off at the end of the month from my Visa Debit card.
  • rockchick113
    rockchick113 Posts: 405 Forumite
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    RobSurreyUK wrote: »
    Probably will. I expect I'll end up using something like: transferwise to convert GBP to USD and send it between accounts....
    Never used them before and only found them through a quick google search.



    Have just got off the phone with Halifax.
    Withdrawing money on a clarity card in a non-sterling currency will incur a 2.95% + £3 transaction fee.
    It will also hit your / my credit file, as it is drawing cash on a credit card.

    http://www.moneysavingexpert.com/travel/withdrawing-cash-abroad-credit-record

    I've just used my card for cash withdrawal, no charge for using an ATM . but interest will be charged on the amount withdrawn. See link above.
    Jane x
  • gettingtheresometime
    gettingtheresometime Posts: 6,911 Forumite
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    If You can open up a US $ account, could you not arrange with your employer for them to pay the US $ equivalent into this account?
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