Cheap Travel Money Discussion Area

Victor_Delta

Sid_Harper wrote: »

People only seem to be visiting here to post questions these days. Ho hum! (I'm one of them, but noone has responded )

I agree. Perhaps it's because questions are easy whereas answers are more difficult?

V

dzug1

hushpuppy wrote: »

Hi everyone, I am going to the US on Thursday and I have the NW Flex card, but I am really confused with the changes, is it still the cheapest card to use abroad and also the best way to withdraw money or should I exchange some before I go?

Please help!

Yes it is still the cheapest - there are no charges* other than the $ or two levied by most but not all US ATMs

But yes, it can be a good idea to get a small amount before you go. More a form of insurance than anything else.

*the charges don't come in for debit cards until 1 June - even then they are less than anywhere else by a long way

Sid_Harper

Victor_Delta wrote: »

I agree. Perhaps it's because questions are easy whereas answers are more difficult?

V

Haha - yes very philosophical thought process there... and a shameless excuse to achieve a bump from me

beatsneedrhymes

Yes Sid, I think you're right - Nationwide seems to still be a real contender for spending £s abroad even with the soon-to-be-imposed 1% 'fee'. Comparing the current exchange rates today, I found £1 to be equal to

US$1.50 using a FairFX card
US$1.46 using a Post Office credit card
and
US$1.49 using a Nationwide debit OR credit card - and that's taking the 1% charge into acount for Nationwide.

So PO might look to be the best option initially but if it's exchange rates are consitently lower like this (and I can't say for defintie that they are - it would need to be monitored a lot more closely than this to give a more definite answer) then it isn't the best option.

Say you're planning on spending £2000 abroad, the difference between using NW and FairFX is £20 overall. And if you're planning to make any cash withdrawals, that £20 difference is going to become increasingly irrelevant as FairFX charges US$2 per withdrawal.

So, having spent all day on the internet, on these forums and many (many other sites), I hope I'm right in coming to a conclusion that a Nationwide debit AND Nationwide credit cards are the best two cards to take abroad. The credit card to take advantage of Section 75 protection on big spends. The ideal would be to have a THIRD Nationwide card - the cash card - (as one 'lucky' poster above was saying they had) as that will have free cash withdrawals for at least while longer and possibly way in the future...

Anyone think any different?

If not, I have to wonder what jago25_98, a few posts above, was on about saying "that nationwide is no longer good for foriegn debit transactions with the new fee." Nothing could seem to be further from the truth - though I stand to be corrected.

luci

I withdrew USD using my Nationwide FlexAccount card yesterday and got $1.506 with a $1 fee imposed by the ATM.

Been spending like made on my N/W credit card and got $1.5063.

gonepearshaped

Hi,
anyone got any ideas of the best way to get the best rate on a dollars to pounds transaction? I've had to cash out some shares and it's been sat in a US account until the exchange rates improved. Now I have a cheque for a few thousand dollars and would like it converted to pounds.
What's the best way?

Regards

Kieron

jasongm

Hi there,

I need to send a large amount of money to Australia rather than just exchanging travel money. What is the best cheapest way to do this and where and how would I find the best rates? The money needs to be sent in a few months. Can anyone help?

Jason

neilbond007

jasongm wrote: »

Hi there,

I need to send a large amount of money to Australia rather than just exchanging travel money. What is the best cheapest way to do this and where and how would I find the best rates? The money needs to be sent in a few months. Can anyone help?

Jason

I'm in the process of transferring cash to the US (emigrating). I used this website to find the best rate - http://sendmoneyhome.org/
I'm now using TorFX to transfer the cash.

greyhound31

I have just applied for the Abbey Zero CC which offers no fees for cash withdrawals and purchases. However, i have noticed you get this 27.9% interest on cash withdrawals even if paid of in full.

I don't get this, so could someone explain please. I will be spending £500 at end of the month in Malta and then paying it off in full by DD. When and how long for am I liable for these interest charges?

cjholmes

greyhound31 wrote: »

I have just applied for the Abbey Zero CC which offers no fees for cash withdrawals and purchases. However, i have noticed you get this 27.9% interest on cash withdrawals even if paid of in full.

I don't get this, so could someone explain please. I will be spending £500 at end of the month in Malta and then paying it off in full by DD. When and how long for am I liable for these interest charges?

That 27.9% is APR. This is the equivalent rate if you were to pay it over the course of an entire year. If you pay it off in full each month you will only incur interest of about 1.32% over that one-month period. 1.32% every month, when compounded over a full year equals 27.9% APR.

To make it simple:
1.32 * 1.32 * 1.32 * 1.32 * 1.32 * 1.32 * 1.32 * 1.32 * 1.32 * 1.32 * 1.32 * 1.32 = 27.9

Regardless of if you withdrew it all at once, or over a few months, you would still pay the same rate of 1.32% meaning that you will pay £500 * 0.0132 = £6.60 of interest.

I'm not sure on the timing of when you'd have to pay the interest, but you shouldn't have any problems if you pay it all off in full.