The Cheapest Way to Spend Overseas Discussion Area

mleonard79

Hi everyone,

I'm going to Cyprus on Wednesday and am just trying to work out the cheapest way to spend while I'm over there. I know that simply spending on your debit card seems to be the cheapest but from reading Martin's article it seems there will be a 2.75% charge loaded on to my cards (I now know about the great fee free Nationwide card but it's too late for this time round to get one of them :mad: I have an A&L visa debit card, Barclays visa debit Card and RBS Switch card. I take it I should avoid using the switch card as RBS charge a fee for every transaction so it's between using the other 2 cards or just getting comission free cash before I go, using that and ditching the cards altogether.

So does anyone know if the better rate you get from paying with your card while abroad is so much better that it's still cheaper to use my card even with the 2.75% charge on top?? Or should I just order cash from somewhere like travelex (and do the price match to get the best rate)?? I will definitely get some cash before going but I was going to keep that to a minimum and just use my card but after reading about this 2.75% charge I'm a bit confused as to the best course of action. Any help gratefully received.

Regards

Michelle

$am1965

PiratePete wrote:

I have recently retuned from Spain ( Alcosebre ) and was charged 2.5% commission at two separate banks ATM’s locally, to withdraw cash.
I have used this method before and have never been charged this commission.
I contacted nationwide about it but their reply was that they have no control over foreign bank charges. Fair enough I suppose.
Has anyone else been charged commission ?

I can vouch for this, it happened at 2 seperate banks in Alcossebre Spain.
I used my Nationwide Debit card in Moraira in May and was not charged, and it was the same banks Servi Red being one of them.
Is this across all Spain or just this particular area ?

fairywishes

I love you I love you I love you :0)

Been watching the Euro go up against the pound all week long and being fed up as i lost 15 euro's in the process :0( I missed out on 1.44 rate with travelex due to the drop and it looks from what they say its going to keep dropping as Europes shares are at an all time 5 year high hence pushing th Euro's worth up against the pound.

So Today i have in having had my face pressed up against the screen of Bloomberg money on sky watching the exchange rates and bought my currency at 1.427 from Travelex collecting from Edinburgh airport.
As advised by MONEY SAVING EXPERT i did a price promise with TEG who are offering 1.45 but being in Edinburgh not much chance i can get there to get it ;o)
Anyway just got confirmation back from Travelex they are sending me a chq for £10.68 the 15 euro's with their price promise... yipeeeeeeeeee :0)

THANKS SO MUCH MARTIN AND GANG THE PRICE PROMISE WORKS!!

Fairwinds

Is it easy for someone to quantify (approx) what the savings would be using a Nationwide Debit card over something like the post office on a spend of around £1200. I realise that depends on exchange rates at the time of using the debit card, but assuming they remained constant.

I am trying to see if it is worth while getting a card quickly before we go on holiday.

How much could we expect to save?

pin

GordonD wrote:

Is it easy for someone to quantify (approx) what the savings would be using a Nationwide Debit card over something like the post office on a spend of around £1200. I realise that depends on exchange rates at the time of using the debit card, but assuming they remained constant.

I am trying to see if it is worth while getting a card quickly before we go on holiday.

How much could we expect to save?

You can work out the PO rate by going on their website. You can also work out the rough Nationwide rate by going to the Visa exchange rate section.

From there its an easy one to do the math.

pin

Hi, have updated the list to include info from Visa:

Hi, Here is my list of top places on how to get money to spend abroad:

1. Nationwide Debit Card for ATM withdrawals from destination country (no foreign loading) / Nationwide Credit Card or the Audi credit card for purchases in destination country (but watch out for Dynamic Currency Conversion) (no foreign loading for purchases, BUT watch charges for cash withdrawals).
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2. SAGA credit card (if you are over 50) for purchases in destination country (no foreign loading for European purchases, 1% for rest of the world, no cash withdrawal interest if balance repaid in full BUT 1.5%/£1.50 cash withdrawal fee).

3. Any other debit card for ATM withdrawals from destination country / any other credit card for purchases in destination country (but for both CHECK T&C's to see exact charges).

4. Thomas Exchange Global ("TEG") in central London - pay and pick up at store.

5. Travelex online (remember Travelex will price match any other exchange service, i.e. the one above) -pay online, pick up at airport.

For price matching: order through Travelex online as you would do normally, then call up TEG (02072401214 or 02078281880) and get a quote re their exchange rate. Email Travelex: [EMAIL="customerservices@travelex.com"]customerservices@travelex.com[/EMAIL] (must be done on the same day) stating the following: your Travelex reference number, your currency quote from TEG (and the fact you got it from TEG) and your address (Travelex will send you a cheque refunding the difference). Also Travelex normally acknowledge receipt of your email. Full terms and conditions of the Travelex Price Promise are on the Travelex website.

6. Marks and Spencer - pay online or pay and pick up instore.

7. Online FX (using this link ensures free deliver) - pay online, delivery to home.

8. Thomson Travel (they seem to use Amex as their travel money provider) - pay online, delivery to home.

9. Co-op Travel (they use Currency Express / Exchange and offer free delivery for orders over £300) - pay online, delivery to home.

10. Post Office (while probably not the best rate, there are many of them around, so may be convenient) - pay online, pick up at PO or pay and pick up at PO.

11. Haggle with High Street travel agent (which may ensure better rates than 5 to 9 above) - pay and pick up instore.

With 4 - 11, if you are paying with debit / credit card check your T&C's as many providers charge for the privilege of using money exchange services.

Here are links to ATM locators: VISA and MasterCard

Here are various information links to VISA: Foreign Exhcnage Rate FAQ and Visa Exchange Rates

Also please read Martin's article: Spending Overseas and Loading Technicals

Also look at the these forum threads: Travel Money: The List & The Cheapest Way to Spend Overseas Discussion Area and How to buy TCs and foreign currency

Hope this all helps!!
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pattayalob

Last year I used a Nationwide debit card and not only do they not charge for the service but I also got a better rate of exchange than the banks were currently quoting amounting to an extra 1.2 Thb to the pound

mikaj

i think im right in saying this i just spoke to abbey on the phone, as a business user of there cash card/debit card, if you use this card in atm`s of the santandar bank (think thats how you spell it) you dont get charged for withdrawls and they give you 2% back, i could not belive it, so i had it confirmed from abbey its true.
just wonder how many of these atm`s are in spain??

knithappens

thanks for the info, just got accepted for a flexi account with nationwide. Going to use it solely for the purpose of travelling as i am a frequent visitor to the states, hubby is a Marine over there. Mow i dont have to carry wads of cash with me. You guys are great
One other question.

Does any one know which ATM's in the states dont charge. ok 2 questions lol.

When using the ATM in the states is it just the same as here
Thanks
Sharon

pin

lilmrsmullen wrote:

thanks for the info, just got accepted for a flexi account with nationwide. Going to use it solely for the purpose of travelling as i am a frequent visitor to the states, hubby is a Marine over there. Mow i dont have to carry wads of cash with me. You guys are great
One other question.

Does any one know which ATM's in the states dont charge. ok 2 questions lol.

When using the ATM in the states is it just the same as here
Thanks
Sharon

Most US ATMs don't charge foreign visitors, however if they do, they will say so before any cash comes out.

However I've used Washington Mutual, Well Fargo, HSBC and Citibank, to name a few in the States and have not been charged.

Yep, pretty much the same as here. However when asked where do you want your money to come out from, press the button that says "checking account".