Use Egg money card for money abroad ?

JimArnold

According to the egg site the new egg money card "We do not charge a fee for cash withdrawals"

Does anyone know if this applies abroad ?
and what conversion rate they use ?

This could then be the ideal card for holidays - just preload it with your anticipated spend and it pays 4% while the cash is there and you have the credit card backup in case you need it

This would appear to be better than Nationwide

grumbler

JimArnold wrote:

This would appear to be better than Nationwide

:rotfl:
Summary Box :

Overseas transactions - 2.65% (including purchase of foreign currency and travellers' cheques).

Galstonian

They may not charge a fee but other Egg cards do carry a loading for foreign transactions (2.75% IIRC) and I would suspect this is the same. I have yet to find anything to beat a Nationwide credit card for foreign spending and their debit card is hard to better for foreign cash.

Rafter

Most banks charge 2.75% loading fee on the exchange rate.

In addition you pay a cash withdrawl fee and usually a much higher interest rate on cash withdrawls and you don't get 50+ days interest free.

Egg is better than most, you don't pay the cash withdrawl fee.

However Nationwide is by far the best. No loading on foreign exchange means that there debit is better for cash withdrawl than other method.

r.

JimArnold

Finally after 5 e mails and a telephone call I got a straight answer from Egg

quote

There is no handling fee for withdrawing cash from an ATM either in the UK or abroad using your Egg Money Card. So withdraw ?100.00 get charged ?100.00

You will only be charged your standard interest rate on cash withdrawals if the withdrawal takes you into a debit situation.

There is a 2.65% handling fee when you make purchases using your Egg Money Card abroad

unquote (note that Egg secure messaging uses ? instead of £)

So blue Egg Money card would appear to be a good option to preload before going abroad and as they pay 4% interest it would appear to be better than Nationwide who pay 0.25-3%

grumbler

JimArnold wrote:

Finally after 5 e mails and a telephone call I got a straight answer from Egg

Well, having this in writing (e-mail) is good for future disputes that you are very likely to have with Egg. Posts #19-#25 in the 'Exchange Rate for Euro's ' thread are my favourite example of bank servants incompetence.
I think it worth sending further 5 e-mails asking to explain their 'straight answer' that contradicts Summary Box quoted above, Egg Money Credit Agreement (http://www.egg.com/visitor/0,,3_79765--View_1657,00.html) and T&C:

7.2 We will charge:

• 2.65% commission on all Transactions which have to be converted into sterling (see Condition 9.2 of the Egg Money Conditions)

Unfortunately, I cannot find Egg Money Conditions that they refer to ...