The Cheapest Way to Spend Overseas Discussion Area

Jim28

pin wrote:

Sorry, list updated again:

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, the Audi credit card or the Post Office 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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One thing you do not mention is that when buying foreign currency you should never use your creditcard because the 'purchase' is treated as a cash advance with up to 3% transaction fee.

In addition MOST debit card will charge you as well, but most Switch won't.

So when buying from say Travelex you need to take these cost into consideration as well.

Good article about this is here:

click here

Quoting from this article: "A hidden charge, as much as 2 per cent of the cash you are exchanging, is levied on current accounts by several high-street banks if they are part of the Visa debit card payment system. This is added to the commission you may have already been charged for the transaction.

Banks offering Switch cards - including NatWest, Royal Bank of Scotland, HSBC, Halifax and Bank of Scotland - tend to absorb the fee charged by the Switch network on behalf of their customers. But Lloyds TSB, Barclays, Abbey, Alliance & Leicester and the Co-op pass on the fee levied by Visa."

philippahunt

Can anyone advise what is the best and cheapest way to change currency for a world-wide trip. We are visiting the US, New Zealand, Australia and Thailand and don't have an account with Nationwide or CityBank. We usually order currency with the Post Office, but thought that we would get a better exchange rate if we took US Dollar Travellers cheques to Thailand and Sterling Cheques to NZ and Oz to pay for hotels that don't accept visa.
We'll use our visa card for major hotels, meals etc, but don't want to use it for shopping or Atm's in Thailand as we had the details copied during our last trip there, and had a horrendous time trying to re-claim for a fraudulent transaction.

Aiadi

Could someone please be kind enough and guide me with links to the T&C for the Nationwide Debit Card and the PostOffice Credit Card relating to their overseas charges (or not)? I can't seem to find them although I could never find anything to do with T&Cs about anything easily.;)

hot_chick_2

Nationwide Debit card has no charges for use overseas.

The Post office Credit card will charge for cash withdrawels.

Jonah1156

Just returned from Cabo Roig (near Alicante) area and used my NW debit card with no problem except for the last night when eating out BUT there was a cash machine a mere 20 metres so not much fuss there.

Am not surprised why many more people do not go down this route and take the card instead of using TCs and cash which will make it nigh on difficult to exchange once back in Rip off UK!! Will not hesitate to use my NW DC next time I seek the sun!

Aiadi

hot_chick wrote:

Nationwide Debit card has no charges for use overseas.

The Post office Credit card will charge for cash withdrawels.

Thanks but where can I find the official confirmation of these charges???

GeorgeS_2

I'd like to connect this thread to the illegal bank charges thread. When I use my Lloyds TSB Debit Card to order foreign currency from Travelex, then I get charged £4.50 because Lloyds TSB class this as a cash withdrawal.

But it isn't. I'm not abroad withdrawing cash from a machine, which might create transaction costs. I'm in the UK doing another transaction like I would in any other shop or online, charged in UK currency, which would otherwise be free.

So this charge is, in fact, a fine for not using Lloyds TSB for getting foreign currency. Has anybody challenged the legality of this charge?

Aiadi

GeorgeS wrote:

I'd like to connect this thread to the illegal bank charges thread. When I use my Lloyds TSB Debit Card to order foreign currency from Travelex, then I get charged £4.50 because Lloyds TSB class this as a cash withdrawal.

But it isn't. I'm not abroad withdrawing cash from a machine, which might create transaction costs. I'm in the UK doing another transaction like I would in any other shop or online, charged in UK currency, which would otherwise be free.

So this charge is, in fact, a fine for not using Lloyds TSB for getting foreign currency. Has anybody challenged the legality of this charge?

But you can not really challenge this as you can easily exchange a massive account on your CC and then deposit the money in a bank account and earn interest on it. That is why these charges are there I guess.

What I can't understand is the justification for charging us interest on money spent abroad even is the statement's balance is paid in full and would be grateful if someone could explain.

GeorgeS_2

Aiadi. I'm using my debit card, not credit card, so any withdrawal is immediately debitted from my account.

I've done some more research, and apparently this only happens for certain banks with Visa debit cards. My partner's Maestro debit card with First Direct does not have this charge. The banks blame Visa, and vice versa.

I still think this is a fine, and fines are illegal, no?

Aiadi

GeorgeS wrote:

I still think this is a fine, and fines are illegal, no?

Sorry George as I can't explain the Debit card one unless VISA considers their debit card a money gift from them to us. Rip off always comes to mind and could be the answer.