Credit Cards Abroad Article Discussion Area

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Would just like to share my experiences about using money (rather than just credit cards) abroad.

Travel quite a bit, and was a away for a 14 month stint. I have to say the majority of the time I was using a credit card (the Nationwide one with cash back). Without a doubt this saved me a small fortune.

I was also able to upgrade to the Gold option of Nationwide, while this is pretty much the same as the normal type, the benefit with the Gold one is that if you card is lost, they will courier you a new one ASAP at no charge.

For cash withdrawls, I started using the Nationwide CC as well. These were the days when it was only a 0.5% charge. When it went up to 1% I carried on using for a bit. However I found that with the increase in charge, they also started charging interest from the day of withdrawl (rather than before, where interest would only be charged after your bill date, or 56 days or something). I understand it is now 1.25% charge. Now I use my Nationwide Debit Card, meaning no fees.

However there have been times where credit card or debit card are not an option (have been to countries where plastic cannot be used).

Also I've used Travellers Cheques quite often. Have bought them from places where they don't charge commission. However problem with TC's is you can get stung on charges when converting them to local currency. A couple of execptions to this. When in the USA TCs are used pretty much like cash in many places. I would be able to go into a local supermarket, spend $5 on something and pay with a $100 TC and get change back in $ notes. Also some other countries which accept US$ as their de facto currency allow you to pay by TC (this was especially the case in Indonesia where is was able to pay for hotels and diving in US$ TCs). I would advise in getting AMEX TCs, as they seem to be the most widely acceptable. I have used AMEX, Citibank and Visa TCs. It seems only in the US was I able to use my Citibank TCs. Visa was acceptable in most countries, but I did have problems, whiel never had issues with AMEX TCs. Also there is the option of extra security with TCs.

Cheers

System

I recently returned from a holiday in Florida. Whilst there I mainly used my credit card as opposed to cash and travellers cheques. This turned out to be a very good move. The exchange rate I received on the transactions was much better than when I bought my cash and cheques and as far as I am aware there was no loading on any transactions. I have a Citibank Visa card.

Moss_3

The Caravan Club have brought out their own visa card that is run by 'Liverpool Victoria Banking Services, County Gates, Bournemouth, BH1 3NQ.
I have this in addition to my usual card that gives points on purchases as it does not charge any commission/loading on purchases in several countries. Will use it for the first time this summer in France.
I do not know too many other details but it may be worth looking into.

System

I've been using my Liverpool Victoria card abroad and have been pocketing the savings (no overseas loading). However, I noticed that two retailers converted euro to sterling and charged 2.75% commission for the previlage, ie I signed for the sterling amount rather than euro.

System

I 300 euros from my Nat West account On 16th May this year I withdrew 300 euros from my Nat West  account  -the rate charged was 1.4802[ plus a fee from NW of £4 and something called ERTF of £5.37.

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This discussion relates to the following article - click here.  (NOTE: This article has been updated since the discussion started, therefore some questions immediately below may be out of date)

Moderator comment:- Quote formatting corrected.

bchookang

Hi Martin and other Money Saving Experts,

I'm enjoying reading all the tips on this site, but I am still having a bit of trouble getting my head around all these loading fees and so on (am I the only one?)

I use my Nationwide Debit Visa to get money from machines when abroad and as that should yield no charge and no loading fee on the exchange rate.

However for purchases until now I have used my 1% cashback credit card, but the rebate would appear to be wiped out and surpassed by 1.75% by the loading fee. So I guess I should switch to either using the NW debit for foreign currency purchases too, or better still get a NW credit card with 0.5% rebate. Is that right?

Also, does anyone know if the Amex exchange rates are similar to Visa/Mastercard?

Thanks

issy59

Hi

Even after reading all the articles in the card comparison guide I'm still a bit confused ???. I going to the USA in about 4 weeks so don't have enough time to get a Nationwide credit card. However I do have a RBS debit card, a Tesco visa card a Barclay visa card and a Mint visa card. Are any of these cards better value than buying currency or travellers cheques? Any advice would be greatfully received.

Thanks in advance
Issy

8184727

I'm going to New York on holiday shortly and need advice on spending as I plan to do a lot of it.I don't have a credit card but was thinking of getting one along with some cash for small purchases.I do have a Visa debit card but have never owned a credit card.
Any ideas?

Galstonian

Nationwide offer a card with no loading on foreign purchases, this is by far and away the best value for overseas spending and you can get 0% on purchases too.

alison74

??? My head is sore after wading through the original article and all the forum messages.

I think I am correct in making the following statement:


If you use a Nationwide [glow=red,2,300]DEBIT[/glow] card (i.e flex account) for all your cash withdrawls abroad, you wont pay any % or fee. (You must have money in your account at home though since it is a DEBIT card)

If you use your Nationwide [glow=red,2,300]CREDIT[/glow] card for paying for things like hotel rooms, dinner, nice souvenir etc, you dont pay any fee. (because this is a credit card, you can spend up to your limit, dont have to have a credit balance)


Best way to pay for hotels etc = credit card

Best way to withdraw cash = debit card



Can someone confirm what I am trying to say ?

You need both Nationwide credit and debit cards to get the best deal when abroad.

Unless you go to Africa for 6 months like me, off the beaten track, then ANY kind of card is about as much use as a chocolate teapot !