The Cheapest Way to Spend Overseas Discussion Area

mystic_trev

In the past two years I've used this card for withdrawing cash in over 30 countries, without (of course) any charges. The only problem I've had is on a trip to India these past few weeks, several ATM's wouldn't accept the card.

jimhibee

May I mention a variant of the Liverpool Victoria card - from the CSMA (Civil Service Motoring Association)? OK, you have to join CSMA and there's a subscription but eligibility is surprisingly wide and there are other benefits. The card as well as the usual LV buying abroad benefits, gives a 1% discount on petrol purchases in UK and pays interest of 1.24% if you are in credit.

So I load the card before travelling and pay no interest on currency withdrawals. I realise this is not for everyone but I hope this is useful as the first time I have contributed. No specific thanks but I find the whole site very useful.

pin

One thing about pre loading your credit card is that you might not be entitled to any form of protection, for example if your credit card gets stolen. I think this is the policy Nationwide has taken.

d716ag

I think there needs to be a campaign to get all foreign currency transactions (including foreign currency purchases and use of debit/creditcard abroad, travellers cheques etc...) should all be based on a single exchange rate (wich could be the money market rate on the stock exchange). Then the providers will indicate their charges (in % and/or ££), this will make the process transparent making it easy to compare two providers and end the scandal of companies like the post office claiming that their foreign currency is "comission free".
(for currency transactions to be comission free the exchange rates in BOTH directions ($-->£ and £-->$) has to be identical i.e. £1 buys $1.5 and at the same time $1.5 buys £1).

Any thoughts?

Money_Man_Steve

benoz2000 wrote:

It would appear from the article that Nationwide provide the best credit card for overseas transactions, but where they fall down is the interest charges even if the balance is repaid in full immediately.

If I pay a large amount onto my credit card before leaving the country, and then spend this, (like charging my credit card before use). Would this avoid there high interest rates?

Thanks for any help

This is only true for cash withdrawals on the Nationwide credit card. You get an interest-free period with purchases, the same as you would with most other credit cards. I haven't tried pre-loading mine for cash withdrawals, so I'm not sure if that works, but technically it should. You'd still pay the 2%, min £2 (from May 4th) fee to Nationwide for each withdrawal though. I also have a Nationwide debit card, so I don't need to as I use that for drawing cash out instead as it does not charge a fee for cash withdrawals overseas...

sd8974

pin wrote:

When I went to Oz, I never got charged using Nationwide for ATMs money taking. I think you should be fine there.

Did you use a load of different banks ATMs, or mainly just the one?

pin

sd8974 wrote:

Did you use a load of different banks ATMs, or mainly just the one?

Used a completer range of ATMs.

In general I have travelled to over 50 countries and never once had a problem using my Nationwide debit card in an ATM. Only once have I been charged, and that was in a casino in Las Vegas and I was told about the charge before the money came out.

morosebill

Which is best for Thailand, exchange currency in uk before travelling and take cash, or exchange when arriving in thailand?
I usually get currency from the Post Office here beffore I travel.

pin

morosebill wrote:

Which is best for Thailand, exchange currency in uk before travelling and take cash, or exchange when arriving in thailand?
I usually get currency from the Post Office here beffore I travel.

Same as always:

Nationwide Debit card for ATM (lots of ATMs in Bangkok and most tourist places, including ATMs at Bangkok airport);
Thomas Exchange Global in London
Travelex Online
Marks and Sparks
Post Office

Victors_Bruvver

I am surprised that Citibank has, as far as I know, never been mentioned in this thread.

We have been half way around the world (well as far as Thailand!) and we have never bought foreign currency here in the UK but just use our Citibank card not just for purchases but to get cash from ATM's. Each time, the days spot exchange rate (or very near to it) and more importantly, no fees for using it abroad. As I said, I am surprised they do not get a lot of publicity as we changed a long time ago after being a long standing Barclays customer when service levels were starting to get awful.

I must point out that it is the Citibank Debit card I am referring to, not the Credit card which I do not know anything about