Cheap Travel Money Discussion Area

JennyJB

Is there any way of withdrawing cash from ATMs outside Europe without incurring a fee/loading charge/interest?
Do prepay cards work in ATMs or only for purchasing? And if they're only for purchasing, can they be used to buy currency?

My debit card applies a loading charge (and I haven't been able to find one that doesn't for outside Europe), and I think all credit cards charge interest on cash withdrawals from the day you make the withdrawal even if you pay in full on time or even put the account in credit.

Apologies if these questions have already been addressed (if so maybe someone could point me towards the answers?)

dzug1

Prepaid cards work in ATMs - though there will almost certainly be a fee of some sort.

The new Metrobank doesn't charge a fee for ATM usage - though you would have to have to visit London to open an account.

Credit cards would not charge interest if you were in credit - but they frown on you going into credit and might return an overpayment

JennyJB

dzug1 wrote: »

Prepaid cards work in ATMs - though there will almost certainly be a fee of some sort.

The new Metrobank doesn't charge a fee for ATM usage - though you would have to have to visit London to open an account.

Credit cards would not charge interest if you were in credit - but they frown on you going into credit and might return an overpayment

Thanksdzug1.

I asked all three of my credit card providers and they all said they charge interest from day 1 on all cash withdrawals regardless of whether the account is in credit (none said anything about returning overpayments, but that's maybe how they would do it).

The price of a visit to London to open an account with Metrobank would be more than debit/credit card charges but it's useful to know about as a possible option.

I think I'll stick to taking cash in sterling and changing it locally as needed, at least for now. That seems to be the cheapest way as I can almost always get better rates locally than in UK, I'm just a bit concerned about security.

glenderg

i'v been reading Metrobank terms & i can't find anything to tell me they don't charge, but thats just me i'm sure.

surpoob

JennyJB wrote: »

Thanksdzug1.

I asked all three of my credit card providers and they all said they charge interest from day 1 on all cash withdrawals regardless of whether the account is in credit (none said anything about returning overpayments, but that's maybe how they would do it).

Can I ask which credit card companies you contacted? How do they calculate the interest if you are in credit?

MykieMike

alanjrobertson wrote: »

Reported in today's Sunday Times - Nationwide are charging a 2% commission charge and a £1 cash withdrawal fee whenever the card is used abroad. They're offering 'free' travel insurance to replace this, valuing this new perk at £80 for joint cover, but the analysis in the ST valued it at more like £35 (and it's only available if you pay £750/month into the account).

Here is the answer I got from Nationwide when I questioned them regarding this. They do say that they do not charge to use their credit card in Europe. Me thinks if I pre-load the card with my spending money I can withdraw cash on it with no interest charge either. Wonder if that would work.

We do appreciate your loyalty to Nationwide and are constantly striving to find the best possible ways to deliver real value to our members. You have asked why customers who use their FlexAccount as their main account can't continue to use their cards abroad without charges. Commission free card use abroad has been a long standing benefit of Nationwide’s FlexAccount but, even though it has been available for more than ten years, only around a third of our current account holders have used it each year. Over time we have found it has provided a huge benefit to a tiny minority of our current account members, such as regular business travellers. At the same time it has benefited others by only a modest amount and it has not benefited the majority of our current account members at all. It is simply not an equitable way to share member value. However, the majority can benefit from free travel insurance if they make FlexAccount their main account and the value they would receive will be shared more equitably.

We have a responsibility to manage the business in the most prudent and sustainable way for our membership as a whole and a key part of our corporate strategy is to encourage more members to use their FlexAccount as their main current account. We believe the free multi-trip travel insurance is more likely to encourage people to use their FlexAccount as their main account, particularly as it covers holidays booked in the UK as well as in the rest of Europe.

The future introduction of 2% commission for debit card use abroad and the £1 cash withdrawal fee also have to be seen in the context of the charges made by our competitors. Nationwide’s planned charges are still lower than those made by the majority of our high street competitors. Very importantly, the changes only apply to FlexAccount customers and not Nationwide's credit card customers. Nationwide credit card customers will continue to be charged a 1% fee outside Europe and no foreign usage charges within Europe.

I do understand your concerns and I acknowledge that you are not alone in really appreciating the existing arrangements. I have tried to give you the fullest possible explanation of the rationale behind the changes. We did not take this step lightly, but we have to put in place benefits that are more equitable, prudent and sustainable.

jools39

alanjrobertson wrote: »

Reported in today's Sunday Times - Nationwide are charging a 2% commission charge and a £1 cash withdrawal fee whenever the card is used abroad. They're offering 'free' travel insurance to replace this, valuing this new perk at £80 for joint cover, but the analysis in the ST valued it at more like £35 (and it's only available if you pay £750/month into the account).

Nasty of them :mad:

This comes just a few months after I upgraded my cash card to a debit card after they did the same to the cash card.

As someone who is in Europe on a weekly basis what is now the best card for getting cash out? I already have a Post Office MC for transactions, but need to withdraw cash often.

I looked through the info and my best bet for cash withdrawls only seems to be the Cantonfx pre paid card? Can anyone comment on this or point me in a better direction?

Thanks

dzug1

jools39 wrote: »

Nasty of them :mad:

This comes just a few months after I upgraded my cash card to a debit card after they did the same to the cash card.

As someone who is in Europe on a weekly basis what is now the best card for getting cash out? I already have a Post Office MC for transactions, but need to withdraw cash often.

I looked through the info and my best bet for cash withdrawls only seems to be the Cantonfx pre paid card? Can anyone comment on this or point me in a better direction?

Thanks

Possibly metrobank?

juliakerensa

We are going to Indonesia in a few weeks. At the moment the current plan is to change what we think we will spend into the Indonesian currency here and take it rather than use any cards because we won't be at places which accept them. The alternatives are taking cash out at ATMs but we don't want to rack up all the charges. Does anyone have any better ideas?

BillM_2

If you can get (or have) multiple cards, best bet is a 0% load, 0% & £0 ATM withdrawal fee credit or debit card, kept purely for cash withdrawals, and pre-loaded before you leave. I have a Nationwide FlexAccount debit card for this, but will have to re-think as they are starting to load soon - from a quick glance a Halifax Clarity card looks attractive - I would keep that for cash withdrawals and use another (perhaps Post Office) for spending... As you're leaving in a few weeks, you maybe can't get a new card in time but any existing card can be pre-loaded - just work out which is best fee structure - all should be zero interest if pre-loaded.