Cheap Travel Money Discussion Area

adindas

iblametheparents wrote: »

Remember the Caxton rate is roughly 1.5-2% off interbank rates whereas the FairFX Anywhere has 1.5% transaction charge and there are no ATM fees.

[FONT=&quot]
[/FONT]
[FONT=&quot]There is ATM Witdrawal Fee for Fair Fx Anywhere. it clearly stated on the T& C[/FONT]
[FONT=&quot]e.g. Domestic (UK) : 1.5% International (Abroad): 1.5%[/FONT]
[FONT=&quot]See their T&C. (point 12. Fees and Usage Restrictions).[/FONT]

Adindas

adindas

dzug1 wrote: »

It's against the T&C of most cards.

Halifax say they MAY return any overpayment
Santander zero say they MAY ignore the payment and charge interest regardless What they WILL do is anyone's guess and unlikely to be consistent

[FONT=&quot]My Experience: [/FONT]
[FONT=&quot]I used my Santander Zero Credit Card in EU (non Euro Zone Countries). I transfer a sum of money (£500) to my credit Card account a few days before I travelled. I am now at home and checked my Credit Cards statement online. I got the best exchange rate for my cash withdrawal abroad. [/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]I wonder if someone could guide me where can I get official info (the Link from Santander), mentoring that it's against their T&C's to put the card into a credit balance?[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Also, it is good to hear other people direct experience who Pre-load their Santander Zero or Halifax Clarity card (less than £1000) before they travel and then use it to withdraw cash? I have tried it and it works and we need to hear more people to understand how it works. If it works and this is the cheapest way to get foreign cash while you are abroad, after November 1st, where NW have withdrawn all their perks for foreign transactions. You could set up standing order from your bank a/c to your Santander Zero or Halifax clarity in the amount of £500 or less each weeks to get £2000 cash in a month.[/FONT]

murphymum

All this money talk is really confusing me. I've trawled though this forum but the more I read the more confused i get
This is where I'm at. I'm off to Australia next month. I've got my Caxton global card, I've also got a FairFX Anywhere card and a Halifax Clarity card. (All thanks to this forum).

So where do you suggest I start. I reckon I'll be withdrawing cash from the ATM's as and when I need it. So do you reckon I use my Clarity card for bigger purchases and ATM money for day to day money.
My head is buzzing, I can't take in all this information. Would really appreciate some advice.

iblametheparents

adindas wrote: »

[FONT=&quot]There is ATM Witdrawal Fee for Fair Fx Anywhere. it clearly stated on the T& C[/FONT]
[FONT=&quot]e.g. Domestic (UK) : 1.5% International (Abroad): 1.5%[/FONT]
[FONT=&quot]See their T&C. (point 12. Fees and Usage Restrictions).[/FONT]

Adindas

Please read what I wrote again. I stated there was no specific ATM fee, which there isn't. I clearly mentioned the 1.5% transaction charge for ALL transactions.

adindas

Dear All
Is it easy to apply when you visit their branch in London?
Is it true that they do not charge Loading Fee (foreign currency conversion charge?)
Is it true that there is no ATM/Cash withdrawal charge for overseas withdrawal?
If all of this proposition is true that this will be a good alternative substitute for NW current A/C ?
Adindas

dzug1

adindas wrote: »

Dear All
Is it easy to apply when you visit their branch in London?
Is it true that they do not charge Loading Fee (foreign currency conversion charge?)
Is it true that there is no ATM/Cash withdrawal charge for overseas withdrawal?
If all of this proposition is true that this will be a good alternative substitute for NW current A/C ?
Adindas

Yes to the lot, apart from maybe a wait to open an account if they are busy.

dzug1

adindas wrote: »

[FONT=&quot]I wonder if someone could guide me where can I get official info (the Link from Santander), mentoring that it's against their T&C's to put the card into a credit balance?[/FONT]

5.7 of the T&C

https://applyonline.abbeynational.co.uk/OnlineAppsWebCC/static/terms_and_conditions_popup.html

adindas

I just found it From Halifax Calrity Card T&Cs, But I have not found one from Santander Zero.
"7.7 You must not make payments or transfer funds from another credit or store card to your account that would leave a
credit balance on your account. We may return any funds that exceed the balance owing on your account to the account
from which the money was sent"

I still see loophole from this statement that we could use; We will pay interest rate but for very small amount considering it is just for few days.



My thought :

- - Know aproximate the date and the amount of foreign cash you want to withdraw from the cash machine abroad, say on your arrival at the Airport, etc
- - Set up several direct standing order from your bank /AC on the different dates while you are still in the UK based on the dates you expect to withdraws the foreign cash on the approximate amount in Sterling.


By this way you will pay interest rate but probably just less than £10.00 for a few days, which is almost nothing.
Do you have any comment on this?


=========================================

I am lazy but NW Post November 1st make me more creative. Bank already take a lot of our money why let them take more if we could avoid it????

dzug1 wrote: »

It's against the T&C of most cards.

Halifax say they MAY return any overpayment

Santander zero say they MAY ignore the payment and charge interest regardless

What they WILL do is anyone's guess and unlikely to be consistent

CountryGoose

Is it really worth it to save a few pence? Seems like a lot of effort.

Personally, I will stick to a decent debit or prepaid card and a credit card. Load the debit for cash, use credit where possible and settle up when I get back.

Too much scheming can spoil you time abroad.

adindas

Forgot to mention: (from my post previously)
Alternatively, we could also withdraw Cash from ATM using overseas specialist credit card which charge Zero Loading and Cash withdrawal fee such as Halifax Clarity, Santander Zero, Saga, etc. At the same day we transfer approximate sum of money from our UK current A/C to our credit card account.
By this way as we clear our debt directly, so no interest will be charged. The worst case the money arrives in the credit card account 2 days later, we will only be charged for 2 days interest. Given tat the interest is 2% per month this is very small. My calculation for £350 withdrawal, with 2% monthly interest for 2 days , the interest charge will only be 23p. We could repeat this every week as as often as we can. My experience I transfer my fund from my UK Bank AC to Santander Zero, it will only take 1 day at the most to arrive.
This will not breach the T&C as we will not be in positive balance.
Most people will bring their own laptop if going abroad and get access to the internet abroad from Hotel, Internet Cafe, etc where they could access their UK Bank AC. I have not tried this so do not know whether this could work.
Could a senior member of this forum of MSE please have a look on this option whether there issue with this?
This could be very significant for people who are doing gap year and moving from one to another countries during their gap year.