Credit Cards Abroad Article Discussion Area

MSE_Martin

All credit cards use the same exchange rate. And the Republic is simply another Euro country

The only variance comes from two things

i. The loading (as described by article)
ii. When the transaction occurs on the statement in other words exactly what rate they choose. Yet this is difficult to predict, and in many ways the cost over the time balances out due to interest rate swings.

Thus as descibed, go with the cards with the lowest loading (and the cash withdrawal issue as described at all)

System

I need some advice on the cheapest way to live abroad for 6 months. I'll be backpacking, visiting a total of 7 countries, all outside Europe. I was planning on not taking any cash and using debit and credit cards for everything. Is it best to take out a nationwide account and credit card and use this for everything, or should I consider some travellers cheques?

murphydavid

As I read it. If you read Martins original artical you will find he says the right credit card is better than travellers cheques and there is one slightly better than Nationwide for overseas spending, but things could change. You would only need a back up supply of money if you went without local currency to a location where they were not set up to take plastic.

DM

Wifster

I'm currently in New York and have brought a Marbles, an MBNA and my Woolwich visa debit card. If I want to bring back luverly presents for wife and daughter, what is the best way to pay for them incurring the lowest charges. :-/
thanks

jack62uk

Sorry to say this Wifster...........
It looks like you are going to get hit with the "loading" of 2.75% on all the cards you are carrying.

If you withdraw cash using these cards it going to cost you even more, so i think the answer to your question is...... buy it on the plastic. If any of your cards give you cash back use those (the cashback offsets some of the loading).

If you're a regular traveller i recommend you read Martins article on this topic and when you return to the UK.... apply for one of the friendlier cards

thisbee_81

martin

the nationwide card is marked down for charging interest on all cash withdrawals - is this the case when one is still in one's introductory 0% 6 months?

i'm going to antigua/central america and am looking for a new credit card - is 'Liverpool' the way to go?

richard

System

I've just read your article on this subject (credit cards abroad) and it concentrates on using credit cards in Europe. Or was it too early in the morning for me to absorb all that info :-/

I already have the Nationwide Credit Card (thanks to this site ) which i always use in Europe, but i'm going to Thailand in a couple of weeks and wondered if you had some advice on the right card to use there.
8) I never withdraw cash abroad, I just use the card to buy most things and pay off the balance when the bill arrives.

???I have a Lloyds TSB credit card. What are the charges on it if I use it in the euro zone?

South_Hams

Hi All

These are summary of the rates I got on a trip to Singapore, Australia and the US during a seven week period in January and February 2004

Following the advice on the site I used a Nationwide Credit Card for most purchases and the Nationwide Debit card for Cash withdrawals.

I have compared the rates I got with the daily average interbank rates supplied by OANDA, the site recommended by Visa. http://www.oanda.com/

For purchases by credit card the average loss against the interbank rate was 0.253% over about 50 transactions. As I am still within the six month 1% cashback period this is very good.

For cash withdrawals on the NBS Debit Card the loss was a little higher at 0.455% over five withdrawals.

The conclusion seems to be that the NBS Credit Card matches all their claims about rates and charges. It seems that they do absorb all or most of the Visa 1% charge.

Although the data set was smaller for the Debit Card the loss seems to greater. Unfortunately I did not draw cash on the Credit Card to check the rates there.

CONCLUSION

If your going abroad get the Nationwide BS Credit Card and Debit cards

Regards

John Brothers

molemag

I wish I'd seen this six months ago, before my daughter set off on her gap year travels in South America.

She is using HSBC to withdraw cash out there, and clearly should be using Nationwide. So far she has withdrwan about £750, and would be about £50 better off if she had used Nationwide.

If you know someone about to set off on prolonged travels, tell them about Nationwide.

europa

If you know someone about to set off on prolonged travels, tell them about Nationwide.

In fact, I'd recommend it even if u'r just planning to spend spend spend on a weekend shopping spree!

Funny that I should say this c-ing as recommending individual companies is normally against my principles. But Nationwide has saved me a fortune over the last few years, simply thru not having to pay intl. transaction fees / commissions. For this no-fee service, it is in my experience unrivalled not only in the UK, but ax the continent too; as such, it deserves all our praise!

Rik