Cheap Travel Money Discussion Area

ColdMountain

It really annoys me when I pay cash advance fees and interest. :eek:
If I've got the cash I don't see why I have to pay to spend it, eg when buying currency from Travelex on the internet with a debit card. I wondered if by putting money on a credit card I could avoid these charges. :rolleyes:
I rang the PO credit card helpline today and was told that I can avoid paying both the fee and the interest on cash advances:
1. Pay off all the debt on the card up to date.
2. Add enough money to the card to cover any cash advances so it is in credit.
3. Do the cash advance transactions eg Travelex/ATM currency.
The card must be in credit by at least as much as the cash advance. Then there will be no fee or interest charged for the cash advance.
So in theory if the card is cleared and enough money put on the card to cover holiday spending I won't be hit by cash advance fees and interest when I use the card to get currency.
Has anyone else tried this? Does it work?

dzug1

ColdMountain wrote: »

It really annoys me when I pay cash advance fees and interest. :eek:
If I've got the cash I don't see why I have to pay to spend it, eg when buying currency from Travelex on the internet with a debit card. I wondered if by putting money on a credit card I could avoid these charges. :rolleyes:
I rang the PO credit card helpline today and was told that I can avoid paying both the fee and the interest on cash advances:
1. Pay off all the debt on the card up to date.
2. Add enough money to the card to cover any cash advances so it is in credit.
3. Do the cash advance transactions eg Travelex/ATM currency.
The card must be in credit by at least as much as the cash advance. Then there will be no fee or interest charged for the cash advance.
So in theory if the card is cleared and enough money put on the card to cover holiday spending I won't be hit by cash advance fees and interest when I use the card to get currency.
Has anyone else tried this? Does it work?

It depends on the card issuer -their policies vary.

abbo

ColdMountain wrote: »

It really annoys me when I pay cash advance fees and interest. :eek:
If I've got the cash I don't see why I have to pay to spend it, eg when buying currency from Travelex on the internet with a debit card. I wondered if by putting money on a credit card I could avoid these charges. :rolleyes:
I rang the PO credit card helpline today and was told that I can avoid paying both the fee and the interest on cash advances:
1. Pay off all the debt on the card up to date.
2. Add enough money to the card to cover any cash advances so it is in credit.
3. Do the cash advance transactions eg Travelex/ATM currency.
The card must be in credit by at least as much as the cash advance. Then there will be no fee or interest charged for the cash advance.
So in theory if the card is cleared and enough money put on the card to cover holiday spending I won't be hit by cash advance fees and interest when I use the card to get currency.
Has anyone else tried this? Does it work?

That's what I was suggesting in my earlier post (relating to the Abbey zero card). It certainly sounds like it would work for Abbey zero, but it seems so simple, I'm suprised it is not more publicised.

Like you, I'd be interested to know if anybody has done it.

I'm going to try it when I go away in September, so will let you know if it hasn't been answered by then.

Inky

I went down to Nationwide today to open a Flex account.

The cashier asked if I was going to use it as my main current account and I said no I just wanted it because it was good to use abroad.

She then gave me a cash card account application and sent me on my way.

Am I right in thinking that this is not the same as the Flex account and that next time, I should pretend to want to use it as my main account?

She also said there is a 6-8 week backlog in processing applications. I am going on holiday in 4, do I have any chance of getting one in time?

wr1ght

I went down to Nationwide today to open a Flex account.

The cashier asked if I was going to use it as my main current account and I said no I just wanted it because it was good to use abroad.

She then gave me a cash card account application and sent me on my way.

Am I right in thinking that this is not the same as the Flex account and that next time, I should pretend to want to use it as my main account?

She also said there is a 6-8 week backlog in processing applications. I am going on holiday in 4, do I have any chance of getting one in time?


i have done the exact same wanted the card to use in vegas but they are only giving me a cash card however have read on another forum that you can use in atm's abroad and nationwide wont charge you although the atm may.

Anthony2oo5

Just got a message from HSBC about their charges abroad. It reads:

We're writing to let you know that from 9 August 2008, our ATM transaction fee for overseas cash machine withdrawals using a debit card will increase from 1.5% (minimum £1.75) to 2.0% (minimum £1.75).

Also on 9 August 2008 we'll be introducing a cap of £5.00 on these charges. This means no matter how large the amount you withdraw, you won't pay more than £5.00 for one transaction.

Did you know that ATM transaction fees do not apply to overseas cash withdrawals by Bank Account Plus customers? Click on 'Current Accounts' and then 'Bank Account Plus' to find out more.

Thank you for banking with HSBC.

Anthony2oo5

wr1ght wrote: »

I went down to Nationwide today to open a Flex account.

The cashier asked if I was going to use it as my main current account and I said no I just wanted it because it was good to use abroad.

She then gave me a cash card account application and sent me on my way.

Am I right in thinking that this is not the same as the Flex account and that next time, I should pretend to want to use it as my main account?

She also said there is a 6-8 week backlog in processing applications. I am going on holiday in 4, do I have any chance of getting one in time?


i have done the exact same wanted the card to use in vegas but they are only giving me a cash card however have read on another forum that you can use in atm's abroad and nationwide wont charge you although the atm may.

Go in agaion and get a flex account application form. Say yes you are going to use it as your main current account but when they say well we will move everything over for you, just say no its ok, I want to do it myself in stages.

You should have it in 4 weeks, when I applied, they told me 1 week maximum. But still, if you dont get it in 4 weeks time, it will be here when you get home.

Backpacker

I am going backpacking across Australia, New Zealand, Fiji and Hawaii in September for 3 Months and having read Martin's 'Cheap Travel Money' article, I think that a prepaid credit card would be the (safest) best option for me given that I will not be in the country to repay any credit card bills.

However, am I correct in assuming that Caxton and Fairfx are only available in Euros and US$?? If so, I was wondering if anyone could advise if Travelex Cash Passport is any good (their rates looked fairly average online) or if there are any alternatives which are reliable and provide a good exchange rate??

Thank you

harz99

Hi everyone, I seem to have a mental block this morning!

I will soon be buying £2.5k of various currencies from Currency Express.

I have a choice of Cahoot Debit, Nationwide Silver Credit or BOS Debit cards to do so, whichever one I use will be paid in full asap. Which of these is the cheapest option please?

All help gratefully received.:o

kennyvinegar

Hi everyone

I like this thread, it's all about holidays

At the end of Sept I'm going to Oz for 1 week, followed by NZ for 2 weeks. I'm thinking the best thing to do is apply for an Abbey Zero card and use that. I'll be getting some AUS$ from the airport though to tide me over when I get there. Does this sound like the best plan? (I don't have a Nationwide account)