Cheap Travel Money Discussion Area

johnthescottish

Thank You Country Goose! That is a useful angle to look at it from. I have also just learned of the Santander Zero current account, which looks like an interesting option as it has no charges at all for withdrawing cash overseas. I see that it is only available to investment or mortgage customers, but I guess it would not be a big deal to open a small stocks and shares ISA with them in order to get the advantages of this card. Cheers, John.

Chester85

I set my grandson up a Nationwide Account some years ago and he'll be having one last holiday with it next week.

He's a student and is constantly in his overdraft, can his card be used abroad if he is in debit (but within his overdraft limit)?

cocopop100

I've read the article on 'Cheap Travel Money' (thanks Martin!) and the various options - bank debit cards, credit cards, prepaid cards etc - but am still a bit confused. I need to know the CHEAPEST (ie. lowest withdrawal and load rate) way to withdraw money from ATMs. I am going to South America travelling for 8 months will try to work with cash wherever possible.

Very grateful if anyone can tell me the overall cheapest way to do this from all the options on offer with the different types of cards? Thanks so much for your help. I am very confused! thanks.

CountryGoose

cocopop100 wrote: »

I've read the article on 'Cheap Travel Money' (thanks Martin!) and the various options - bank debit cards, credit cards, prepaid cards etc - but am still a bit confused. I need to know the CHEAPEST (ie. lowest withdrawal and load rate) way to withdraw money from ATMs. I am going to South America travelling for 8 months will try to work with cash wherever possible.

Very grateful if anyone can tell me the overall cheapest way to do this from all the options on offer with the different types of cards? Thanks so much for your help. I am very confused! thanks.

Absolute Cheapest: Get a Metrobank Account and Debit Card (0%)
Next best: Halifax Clarity (ca. 1% at 12.9% APR)
Good Reserve: FairFX Sterling Pre-paid (1.5%)

Halifax is safer if skimmed - thieves take their money, not yours.

Get and take as many as you can. If you can get US$, they are always useful to have hidden in your bag for emergencies.

synaesthesia

CountryGoose wrote: »

Absolute Cheapest: Get a Metrobank Account and Debit Card (0%)
Next best: Halifax Clarity (ca. 1% at 12.9% APR)
Good Reserve: FairFX Sterling Pre-paid (1.5%)

Halifax is safer if skimmed - thieves take their money, not yours.

Get and take as many as you can. If you can get US$, they are always useful to have hidden in your bag for emergencies.

I'm also a little confused about the deal with ATM cash withdrawals. Is the new Nationwide rate of £2 (eu) or £3 (worldwide) for a £100 withdrawal such a bad deal compared with most other methods of withdrawing cash? Almost all other debit cards are still charging more. The credit cards mentioned are all charging £2 or much or more, apart from the Halifax Clarity.

So I'm trying to see if it's really worth applying for (another!) new card (i.e. Halifax Clarity as I don't live in London) just to make cash withdrawals and save a few pounds. I tend to spend abroad mostly using a Nationwide credit card if possible (and repay in full), where there are no (eu) or very low (worldwide) fees. If I only withdraw a few hundred pounds a year in cash abroad then I'm only likely to be saving a tenner or so and it doesn't seem worth the extra hassle to have yet another account just for this purpose.

I currently have both Nationwide Debit and Credit cards (not gold though - is my rate worse?) as well as an HSBC credit card and extra current accounts with HSBC and A&L. Surely the best advice is just to pay for as much as possible on CC and avoid taking out too much cash except for very small purchases, and withdraw all the cash you're likely to need in one go via debit card?

Baldur

synaesthesia wrote: »

I'm also a little confused about the deal with ATM cash withdrawals. Is the new Nationwide rate of £2 (eu) or £3 (worldwide) for a £100 withdrawal such a bad deal compared with most other methods of withdrawing cash?

There will be no difference between ATM withdrawals inside or outside the VISA Europe region from 1st November, a withdrawal of £100 in any currency other than Sterling will cost £3 (2% plus £1).

See http://www.nationwide.co.uk/current_account/flexaccount-changes.htm

From 1 November 2010 you will be charged the charges shown in the table below when you use your card anywhere abroad (or make payments in currencies other than sterling). These include all charges that we have to pay to other organisations on your behalf.

CountryGoose

synaesthesia wrote: »

I'm also a little confused about the deal with ATM cash withdrawals. Is the new Nationwide rate of £2 (eu) or £3 (worldwide) for a £100 withdrawal such a bad deal compared with most other methods of withdrawing cash? Almost all other debit cards are still charging more. The credit cards mentioned are all charging £2 or much or more, apart from the Halifax Clarity.

So I'm trying to see if it's really worth applying for (another!) new card (i.e. Halifax Clarity as I don't live in London) just to make cash withdrawals and save a few pounds. I tend to spend abroad mostly using a Nationwide credit card if possible (and repay in full), where there are no (eu) or very low (worldwide) fees. If I only withdraw a few hundred pounds a year in cash abroad then I'm only likely to be saving a tenner or so and it doesn't seem worth the extra hassle to have yet another account just for this purpose.

I currently have both Nationwide Debit and Credit cards (not gold though - is my rate worse?) as well as an HSBC credit card and extra current accounts with HSBC and A&L. Surely the best advice is just to pay for as much as possible on CC and avoid taking out too much cash except for very small purchases, and withdraw all the cash you're likely to need in one go via debit card?

On your Nationwide Credit Card you pay commission of 1% on spends. 1% on cash + a 3%, min £5 fee.

On your Nationwide Debit Card you pay 2% on spends and cash + £1 for each ATM use.

Compare to Halifax Clarity: No % on cash or spends, interest of less than 1% on any cash advances. No ATM fees.

You decide if it's worth applying for a new card.

svm_2

I have a Santander Zero card for use in America. My problem is they only gave me a credit limit of £900 and I have some hotel bills to pay over there. I had a balance transfer on the card and paid it off on time over 6 months and then rang to ask them about increasing the limit. They said that they did not increase any limits on customer request but reviewed accounts very six months and let people know if they could increase them.
My question is - we are in America for 3 weeks, if I pay the balance on the card off after 10/11 days via internet banking will I then have the full £900 available again. I don't want to go through applying for another card but need some more cash for the holiday thanks to Crown Currency

CountryGoose

svm wrote: »

My question is - we are in America for 3 weeks, if I pay the balance on the card off after 10/11 days via internet banking will I then have the full £900 available again.

You need to check with Santander how long they will take to apply payments to the card. If they participate in Fast Payments, it could be instant. If they have slow internal systems, it may take a few days.

You may also try pushing for a temporary increase in you limit to cover holiday spending - they may approve that.

Beware as well any holds that hotels put on your card when you check-in - this may freeze your available credit for long after you leave: http://www.suite101.com/content/the-evils-of-hidden-hotel-holds-a48216

rorylando45

Hi everybody,

I am going to this Germany this weekend, fortunately a couple of weeks before the new increased charges will apply to the Nationwide Debit Card.

So if I were to use my Nationwide Debit Card to withdraw at a German ATM, I would just be charged 1% of the transaction amount, is that correct?

And if I were to use it to pay for something in a shop, would that also be 1%?

I have a Halifax Clarity card too, I'm not sure which would be best for me to use. Any advice would be appreciated.

Best,
Ruaraidh