Cheap Travel Money Discussion Area

Susan1942

I too am confused. I am going to Australia for 8 weeks in November. I will take OZ $ with me and will use my PO CC for any purchases. However as for the last visit 2 years ago I used my Alliance and Leicester Debit card to withdraw cash from my current account.
Does it depend how much I withdraw how much I am charged or is there a flat fee? I would prefer not to use withdrawal more frequently if I can reduce the amount I need to pay to use the service.
Is there any other method that would be better than this?

Help would be appreciated as I am reading posts but not fully understanding the situation. My CC I pay by DD paying the total amount each billing ie Month.

Sue

thaimoonmonkey

I think i'll join the club here and say i too am still a little confused:o
I think i may have got it now though after reading the forums but correct me if i'm wrong.
Ok, i'm going to India for a month in January. I only have a basic Debit card with the CO-OP bank and don't have or want any credit cards. I was thinking of taking travellers cheques, sterling and some back up dollars,. always a good idea in India but times are changing and after seeing all the posts about pre-paid cards i'm thinking, maybe that's the way to go. I just want peace of mind that i'll be able to draw money from ATM's over in India and not get charged all those extra bits left, right and centre. I'm thinking the Fairfx card looks a sound bet but i'd never heard of it until today and wonder what ATM's accept the card over in India. Is it the way to go or shall i do my Sterling, Travellers cheques and dollars?

CountryGoose

Returning_officer wrote: »

Hi, newbie here off to Oz next month.
This quote above is what I dont quite understand.

If there are no ATM fees then why does the money supermarket page say that "The rate for cash withdrawals is a fairly low 12.9% APR (this rate is 'typical' which means two thirds of those that are accepted will get it, the rest will be charged up to 21.9%). This works out as around £1 per month for every £100 withdrawn"

Surely, that isnt free?
Simon

No, which is why you pay interest of less than 1% on cash advances. There is no loading on cash advances. Other cards will charge you interest, a loading on the exchange rate and a fee for cash advances.

CountryGoose

adindas wrote: »

This is the thing where most of people are suggesting. This is what I have done myself.
The contra is that the concern of accessing online Banking while abroad. Just read for instance this report.

http://uk.news.yahoo.com/5/20101014/tuk-home-wi-fi-users-urged-be-more-vigil-45dbed5.html


ADINDAS

If this is a concern, you need to look at a personal VPN service to protect your link over the public WiFi.

CountryGoose

meher wrote: »

We have so many boards, so many subboards but not even a single one about wire transfers for purchases abroad, specially now that online shopping is the trend? I searched this money saving site all morning, high and low, and didn't find even one article or thread on this topic.

That's maybe because wires will cost from £20 upwards and you'll rely on the receiving bank rate for the exchange rate. Generally, it's cheaper to use a specialist money transfer agent for bulk transfers and credit cards for smaller amounts.

Most people can now take credit cards - PayPal may even be an option - though I know nothing of their FX fees - I can guess that they will be painful.

CountryGoose

Answers inline below......

Picasso7 wrote: »

I've read the lot and am still unsure. Can someone help please?

To buy things abroad, is it cheapest to use a Clarity CC or a Post Office CC? (Martin mentions the PO one but this Forum seems to be ignoring it.)

Either will do - both have 0% loading.

To withdraw money abroad, it seems to be a straight choice between:

1) Halifax Clarity, no cash w/dwl fee but you do have to pay interest. Am I right in thinking this is from when you take the money out to when you pay it back?

yes

2) Santander Zero, no cash w/dwl fee but you pay interest in the same way as the Clarity card but at a higher rate. (I take the point about the hazards of online banking abroad -- would it be just as risky to use Teamviewer to access my PC at home?)

If you are concerned about wifi, use a VPN or call your bank with Skype for pennies to make the payments.

3) Saga, cash withdrawal fee of 2% (min £2) but no interest payable.

2% fee seems more than 1% in interest to me.......

Have I understood this correctly and, if so, which is the best for withdrawing money abroad please?

Thank you!

dzug1

Susan1942 wrote: »

I too am confused. I am going to Australia for 8 weeks in November. I will take OZ $ with me and will use my PO CC for any purchases. However as for the last visit 2 years ago I used my Alliance and Leicester Debit card to withdraw cash from my current account.
Does it depend how much I withdraw how much I am charged or is there a flat fee? I would prefer not to use withdrawal more frequently if I can reduce the amount I need to pay to use the service.
Is there any other method that would be better than this?

Help would be appreciated as I am reading posts but not fully understanding the situation. My CC I pay by DD paying the total amount each billing ie Month.

Sue

Your A/L card charges two fees - 2.75% exchange fee and 1.5% cash withdrawal fee. The latter has a minimum of £1.99, which means that you need to take at least £133 out at a time to minimise its effects. Pretty standard for debit cards, though you could do better if you had more time to get one of the better ones.

I don't know if Oz ATMs add their own charge on as well.

CountryGoose

Susan1942 wrote: »

I too am confused. I am going to Australia for 8 weeks in November. I will take OZ $ with me and will use my PO CC for any purchases. However as for the last visit 2 years ago I used my Alliance and Leicester Debit card to withdraw cash from my current account.
Does it depend how much I withdraw how much I am charged or is there a flat fee? I would prefer not to use withdrawal more frequently if I can reduce the amount I need to pay to use the service.
Is there any other method that would be better than this?

Help would be appreciated as I am reading posts but not fully understanding the situation. My CC I pay by DD paying the total amount each billing ie Month.

Sue

You need to read the guide for Holiday Money http://www.moneysavingexpert.com/travel/ and also check how much you will be charged by A&L for use abroad. Chances are it will be a % load on the rate + an ATM fee, which may be fixed, a % or a % with a minimum. With that info, decide if you're better off with a Clarity Card or a FairFX.

thaimoonmonkey wrote: »

I think i'll join the club here and say i too am still a little confused:o
I think i may have got it now though after reading the forums but correct me if i'm wrong.
Ok, i'm going to India for a month in January. I only have a basic Debit card with the CO-OP bank and don't have or want any credit cards. I was thinking of taking travellers cheques, sterling and some back up dollars,. always a good idea in India but times are changing and after seeing all the posts about pre-paid cards i'm thinking, maybe that's the way to go. I just want peace of mind that i'll be able to draw money from ATM's over in India and not get charged all those extra bits left, right and centre. I'm thinking the Fairfx card looks a sound bet but i'd never heard of it until today and wonder what ATM's accept the card over in India. Is it the way to go or shall i do my Sterling, Travellers cheques and dollars?

If you're in mainstream areas in India, you'll be OK with ATMS and drawing cash. If you really don't want a credit card (They're not the work of the devil and you can use them to your advantage) then a FairFx card may be the way to go. However, I would also have some sterling in reserve as things in India break for no reason and at all times.

Picasso7

CountryGoose wrote: »

Answers inline below......

That is really, really helpful. Thank you. Muppet me had not thought of phoning!! (And I usually take a Skype phone with me too...)

thaimoonmonkey

If you're in mainstream areas in India, you'll be OK with ATMS and drawing cash. If you really don't want a credit card (They're not the work of the devil and you can use them to your advantage) then a FairFx card may be the way to go. However, I would also have some sterling in reserve as things in India break for no reason and at all times.[/QUOTE]

Good idea, i'll apply for the Fairfx card and put the bulk of my spending money on that, keep 10% reserve Sterling and have some dollars. I was just uncertain about if Fairfx were ok to use in India but it seems it's just like having a debit card without the big charges, er, have i got hat right?:o Also i don't have to worry about writing travellers cheque numbers down etc