Cheap Travel Money Discussion Area

pandora205

I'm off to New Zealand for Christmas and New Year. I've booked hotels, car hire etc. on my debit card but would prefer not to use it, as its a Lloydtsb and I know their charges are awful. I've left it a bit late to open a more suitable account or to get a credit card (as leaving on 18th). Some of the accommodation is hostels and can't be paid for by card.

This leaves the options of:

• taking NZ dollars cash exchanged at Post Office (for cash as I know Lloydstsb charge). This is the easiest option but perhaps risky as this would be a lot of cash.
• taking some cash and travellers cheques (in dollars?) and changing at a bank
• taking most in dollars and using my debit card at ATM to withdraw cash
• transferring some money to my daughter (who has a NZ bank account) and getting her to withdraw the cash (how could I find out exchange rate for doing this?)

Advice from seasoned and knowledgeable travellers welcomed please!

Thanks

absy_2

I'm going to be travelling all over SE Asia for 9 months and am trying to work out the best way to handle my money. I currently have a Nationwide Flexaccount along with the e-savings account but is it worth me taking travellers cheques as well?

Cheers...

cheesecake27

absy wrote: »

I'm going to be travelling all over SE Asia for 9 months and am trying to work out the best way to handle my money. I currently have a Nationwide Flexaccount along with the e-savings account but is it worth me taking travellers cheques as well?

Cheers...

I too am going travelling and I'm unsure as to which is the best money route for me. I'm off for 7 months to India, Singapore, Borneo, Australia, New Zealand, Chile, Peru and Brazil.
I have the Halifax Reward account, Alliance and Leicester Prem21 and I also have recently opened a Nationwide Cash Card Account. I tried to open the full Flex Account but they wouldn't let me (probably due to my credit rating as I'm 20 and haven't had much credit before?)

Would I be best to try and open the Flex account with Nationwide - just get cash in every country - Travellers Cheques - Santander Zero Credit Card or any other suggestions?

Thanks,

dzug1

pandora205 wrote: »

I'm off to New Zealand for Christmas and New Year. I've booked hotels, car hire etc. on my debit card but would prefer not to use it, as its a Lloydtsb and I know their charges are awful. I've left it a bit late to open a more suitable account or to get a credit card (as leaving on 18th). Some of the accommodation is hostels and can't be paid for by card.

This leaves the options of:

• taking NZ dollars cash exchanged at Post Office (for cash as I know Lloydstsb charge). This is the easiest option but perhaps risky as this would be a lot of cash.
• taking some cash and travellers cheques (in dollars?) and changing at a bank
• taking most in dollars and using my debit card at ATM to withdraw cash
• transferring some money to my daughter (who has a NZ bank account) and getting her to withdraw the cash (how could I find out exchange rate for doing this?)

Advice from seasoned and knowledgeable travellers welcomed please!

Thanks

The easiest option is to use your Lloyds debit card.

Whilst it may indeed be awful in comparison with some other cards, it's actually no worse than getting cash/TCs here in the average High Street outlet and a lot safer/more convenient. You just have to use it sensibly - if it makes a minimum charge on top of the exchange rate loading (and I think it does - that's what makes it 'awful') don't make lots of small withdrawals. £1 is 10% on a £10 withdrawal, only 1% on a £100 one.

Without looking it up the cost of using your debit card is likely to be 2.75% exchange loading plus 1.5% transaction fee - ie roughly 4.25%. The Post Office and most High Street outlets have a loading of around 5% on cash/TCs - maybe a bit less if they are feeling competitive, a bit more if it's an odd currency.

You are going to have to ask your bank about transferring money to your daughter - and don't be surprised if they are vague about the exchange rate. My guess is it will be their own tourist rate. And there will be a charge of maybe £20 on top.

Whatever you do it's wise to have several sources of cash.

dzug1

absy wrote: »

I'm going to be travelling all over SE Asia for 9 months and am trying to work out the best way to handle my money. I currently have a Nationwide Flexaccount along with the e-savings account but is it worth me taking travellers cheques as well?

Cheers...

It's always wise to have a backup source

dzug1

cheesecake27 wrote: »

I too am going travelling and I'm unsure as to which is the best money route for me. I'm off for 7 months to India, Singapore, Borneo, Australia, New Zealand, Chile, Peru and Brazil.
I have the Halifax Reward account, Alliance and Leicester Prem21 and I also have recently opened a Nationwide Cash Card Account. I tried to open the full Flex Account but they wouldn't let me (probably due to my credit rating as I'm 20 and haven't had much credit before?)

Would I be best to try and open the Flex account with Nationwide - just get cash in every country - Travellers Cheques - Santander Zero Credit Card or any other suggestions?

Thanks,

It may well be a question of what you can get rather than what is best. But if your Nationwide cashcard can be used overseas (I think it can but check) then that's your primary source.

Santander Zero and Post Office Mastercard are fee free credit cards - but you have to get them first. If you don't have much of a credit record they may not accept your application.

Look at the prepaid cards as well - the best are not too bad in terms of charges, the worst are as bad if not worse than the worst debit cards

pandora205

dzug1 wrote: »

The easiest option is to use your Lloyds debit card.

Whilst it may indeed be awful in comparison with some other cards, it's actually no worse than getting cash/TCs here in the average High Street outlet and a lot safer/more convenient. You just have to use it sensibly - if it makes a minimum charge on top of the exchange rate loading (and I think it does - that's what makes it 'awful') don't make lots of small withdrawals. £1 is 10% on a £10 withdrawal, only 1% on a £100 one.

Without looking it up the cost of using your debit card is likely to be 2.75% exchange loading plus 1.5% transaction fee - ie roughly 4.25%. The Post Office and most High Street outlets have a loading of around 5% on cash/TCs - maybe a bit less if they are feeling competitive, a bit more if it's an odd currency.

You are going to have to ask your bank about transferring money to your daughter - and don't be surprised if they are vague about the exchange rate. My guess is it will be their own tourist rate. And there will be a charge of maybe £20 on top.

Whatever you do it's wise to have several sources of cash.

Thank you. I may well do this and just take out one large withdrawal or so. They do make a transaction fee plus the exchange loading. The other possibility it to take some travellers cheques, which I'm also considering.

Oh and I'll need to call the bank from NZ as they are one of the awkward ones who block accounts even if they've been phoned in advance.

da-vinci_2

when withdrawing cash abroad from atm machines and using debit cards eg. nationwide's, do local banks (that own those atm machines) charge fees for using their machines or not?

if yes, is there a website that gives an overview about how much relevant banks charge?

ItsMyJob

Hi all,

I am flying to Egypt for the New Year 29th December until 8th of January.

Will it be better to change my money in the UK? I have £1200 to change and if so what sites will give me the best exchange rate? or do you guys/girls recommend just going to my local post office/bank?

Any help will be much appreciated because I am rubbish with this sort of thing,

Thanks in advance.

pandora205

pandora205 wrote: »

Thank you. I may well do this and just take out one large withdrawal or so. They do make a transaction fee plus the exchange loading. The other possibility it to take some travellers cheques, which I'm also considering.

Oh and I'll need to call the bank from NZ as they are one of the awkward ones who block accounts even if they've been phoned in advance.

Just changing my thinking here as someone has suggested using a Post Office Travel Money card. Although there is a transaction fee, it's £2 which is less than Lloydstsb and also their loading is lower I think (£2.75%). Not sure whether I'd take it in sterling or (American) dollars though.