Cheap Travel Money Discussion Area

geordieracer

adindas wrote: »

[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 If it works and this is the cheapest way to get foreign cash while you are abroad, after November 1st, where NW have withdrawn all their perks for foreign transactions.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]

Im not sure why you would want to pre load your credit card in the first place - especially if you have a santander zero card. Ive been travelling and set up a DD for the full amount each month of my statement and used it as a cash card everywhere.

You will still have the money in your account when you return from your holidays so why not just pay it then?

adindas

geordieracer

I do not know whether you are aware or not. Santander Zero CC free of charge for foreign transactions and ATM withdrawal fee, this is true. But it will charge you an interest rate of 27.90% pa (e.g.2,32% per month) from the minute you withdraw the cash. So In case you withdraw 3 times of £350.0 in 3 consecutive days and you leave it for a month it will cost you about £24.36. So the way to avoid this interest is pre-loading.

But if you just use the CC solely for purchase, not for cash withdrwal it will be perfect, no charge at all as long as you clear your balance in full.


ADINDAS

geordieracer wrote: »

Im not sure why you would want to pre load your credit card in the first place - especially if you have a santander zero card. Ive been travelling and set up a DD for the full amount each month of my statement and used it as a cash card everywhere.

You will still have the money in your account when you return from your holidays so why not just pay it then?

guiriman

luci wrote: »

The Clarity credit card will be the better card for cash withdrawals from 1 November. If you get the typical rate of 12.9% that equates to 1% a month interest which starts accruing as soon as you withdraw the cash. However, if you pay it off in full, including the interest, after a 2 week holiday it should only cost 0.5%.

Just back from Canada and had a nightmare finding a cash machine that would accept the Clarity card as it's Mastercard. None of the banks would, the only ATMs that would work with it were standalone ones in shopping centres that all added their own fee to the transaction. Maybe worth having a visa card as a backup.

spugzbunny

Sorry this is probably really stupid but can someone confirm my understanding please!

I'm going to Australia for 2 1/2 weeks in November. If I get the FairFx card I will be charged 1.5% on whatever I spend from it? So if I load and spend £500 I will be charged £7.50? That doesn't seem right!

The rate of 1.5% is the same regardless of whether I withdraw through ATM or pay in a shop?

What can I do with the cash I don't spend? How can I check the balance on it while I am away?

Is the exchange rate spot rate on the day I spend/withdraw?

Anyone have problems finding a machine to withdraw from the FairFX in Australia?

CountryGoose

I'm going to Australia for 2 1/2 weeks in November. If I get the FairFx card I will be charged 1.5% on whatever I spend from it? So if I load and spend £500 I will be charged £7.50? That doesn't seem right!

Not enough or too much? As FX commission goes, it's very good. If you don't want to pay on what you can charge to a card, get a best value credit card as well

The rate of 1.5% is the same regardless of whether I withdraw through ATM or pay in a shop?

Yes. See above.

What can I do with the cash I don't spend? How can I check the balance on it while I am away?

Check your balance online or via SMS (Charged). Draw the cash out at home, spend it or leave it until next year. Or just manage your spends by loading as and when you need cash.

Is the exchange rate spot rate on the day I spend/withdraw?

Yes - the mastercard rate

Anyone have problems finding a machine to withdraw from the FairFX in Australia?

http://www.mastercard.com/uk/personal/en/cardholderservices/atmlocations/index.html

PUMPKIN

Hi please could someone advise i am getting more confused the more i read, i am going to america california next month and i am very confused as to how i change my currency.
At first i was just going to change my money straight into dollars and take the cash but i am nervious about carrying too much cash around.
So i have looked at the preload cards as i thought this might be a safer option so was wondering which one ?
I have looked at the caxton and the fx card and they seem very similar however is one better than the other and is there anything i should be aware of using a card like these any hidden cost ect.
Thanks sally

spugzbunny

CountryGoose wrote: »

I'm going to Australia for 2 1/2 weeks in November. If I get the FairFx card I will be charged 1.5% on whatever I spend from it? So if I load and spend £500 I will be charged £7.50? That doesn't seem right!

Not enough or too much? As FX commission goes, it's very good. If you don't want to pay on what you can charge to a card, get a best value credit card as well

The rate of 1.5% is the same regardless of whether I withdraw through ATM or pay in a shop?

Yes. See above.

What can I do with the cash I don't spend? How can I check the balance on it while I am away?

Check your balance online or via SMS (Charged). Draw the cash out at home, spend it or leave it until next year. Or just manage your spends by loading as and when you need cash.

Is the exchange rate spot rate on the day I spend/withdraw?

Yes - the mastercard rate

Anyone have problems finding a machine to withdraw from the FairFX in Australia?

http://www.mastercard.com/uk/personal/en/cardholderservices/atmlocations/index.html

Thank you - you are a star! The commission seemed far too low to be honest! When you compare that to say a credit card charging you £2 everytime you withdraw plus interest you could be racking up £50 in charges easily! I thought I may have misunderstood as it seemed too good!

dekkard

Has anyone been offered a worse APR than they were hoping for and successfully appealed it with the Halifax?

I've been offered an APR of 21.9% for the Clarity credit card and I'm considering appealing.

policelibrarian

Going to Colorado mid-October. Best bet to use my Nationwide DEBIT card for any ATM withdrawals, and sign up for a Halifax CREDIT card rather than using my Nationwide one?

Thank you.

Mary_Unwin

I have applied for a Halifax Clarity Card which has been approved. I bank with Nationwide and i am going to Menorca on 19 September. I think I will take around £50 worth of Euros, pay be Credit card as much as possible and draw more money from my Nationwide Flex account if necessary. Does that sound like the best thing to do?