The Cheapest Way to Spend Overseas Discussion Area

DISCO_DAVE_5

Why pay extra fees / charges on currency?
Pre Paid Cards are a new way to avoid fees: AMEX, Post Office, Travelex, Going Places all have them. Travelex is generally best VFM - free card, 24 hour phone line; though I believe that lastminute.com have an even better card - not checked it out tho'.

DISCO_DAVE_5

Sorry, I should have said it is Visa, so no charge for restaurants etc., tho' does cost to draw cash from ATM's.

Good in USA & Europe.

bpyoung

pin wrote:

2. Nationwide Credit Card (due to Nationwides policy re forced use of Chip and Pin in foreign countries)

Can anyone fill me in on this? I've searched but not been able to find anything specific on this and the link provided doesn't work. Can I assume it means that you can only use your NW credit for spending abroad if they have Chip and Pin?

We're about to move to Canada and we were planning on using UK funds to cover a lot of our start-up costs - are we likely to run into problems trying to use the NW credit card to pay for things? I've also opened up a FlexAccount so if it comes to it, I can just draw lots of cash out.

pin

bpyoung wrote:

Can anyone fill me in on this? I've searched but not been able to find anything specific on this and the link provided doesn't work. Can I assume it means that you can only use your NW credit for spending abroad if they have Chip and Pin?

We're about to move to Canada and we were planning on using UK funds to cover a lot of our start-up costs - are we likely to run into problems trying to use the NW credit card to pay for things? I've also opened up a FlexAccount so if it comes to it, I can just draw lots of cash out.

Hi there, yes, sorry about that link not working, have a look here: http://www.flyertalk.com/forum/showthread.php?t=614646&highlight=Nationwide

ag359

Just wondering what is the cheapest way for me to get hold of $US.

We have A+L, Barclays and HSBC accounts (and have recently applied for M+S credit card, but this might not be through in time). Struggling to find information on the various banks' websites regarding charges/commissions/rates etc...

Will need cash to take with us, and can spend either cash or card when out there...

Any advice much appreciated.

pin

ag359 wrote:

Just wondering what is the cheapest way for me to get hold of $US.

We have A+L, Barclays and HSBC accounts (and have recently applied for M+S credit card, but this might not be through in time). Struggling to find information on the various banks' websites regarding charges/commissions/rates etc...

Will need cash to take with us, and can spend either cash or card when out there...

Any advice much appreciated.

Hi, Here is my list of top places on how to get money to spend abroad: [FONT=arial,helvetica,sans-serif][FONT=times new roman,new york,times,serif][FONT=arial,helvetica,sans-serif]
[FONT=arial,helvetica,sans-serif] [FONT=times new roman,new york,times,serif] [FONT=arial,helvetica,sans-serif] [FONT=arial,helvetica,sans-serif] [FONT=times new roman,new york,times,serif] [FONT=arial,helvetica,sans-serif] [FONT=arial,helvetica,sans-serif] [FONT=times new roman,new york,times,serif] [FONT=arial,helvetica,sans-serif] 1. Nationwide Debit Card for ATM withdrawals from destination country (no foreign loading) / 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).

2. Nationwide Credit Card (please note Nationwide's policy re chip and pin in foreign countries: see this thread from FlyerTalk) (no foreign loading for purchases, BUT watch charges for cash withdrawals).
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3. 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).

4. 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).

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

6. 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.

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

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

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

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

11. 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.

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

With 1 - 4 make sure you tell your card provider you are going abroad, where you are going and for how long, so they can put a note on your account.

With 5 - 12, 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 Exchange Rate FAQ and Visa Exchange Rates

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

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

Hope this all helps!!
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ag359

Pin - thanks, that's very helpful. Are the various options in order of value for money? If so, does having an M+S credit card (which gives zero commission) bump M+S further up the list? Also, is there any other reason why TEG come above travelex if the latter will match the TEG rate?

Also, anyone have any idea on the rates charged by A+L, Barclays, and/or HSBC for making foriegn currency withdrawals and debit card payments abroad?

pin

ag359 wrote:

Pin - thanks, that's very helpful. Are the various options in order of value for money? If so, does having an M+S credit card (which gives zero commission) bump M+S further up the list? Also, is there any other reason why TEG come above travelex if the latter will match the TEG rate?

Also, anyone have any idea on the rates charged by A+L, Barclays, and/or HSBC for making foriegn currency withdrawals and debit card payments abroad?

Yes, the list is in order of value for money.

No I don't think having the M&S card would bump M&S up, as the rates still say the same.

TEG is better than Travelex by default. You have to do something extra to get Travelex to to price match.

Re the rates, go on the bank websites.

ernie-money

Hi, I have looked at the table in the article and I think I have worked out that the best way of spending on a card in Portugal should be by using my post office credit card, but as you pay interest on cash withdrawals, on top of the cash withdrawal fee, would I be better off using my debit card to withdraw cash?
The debit cards I have available are Halifax & Alliance & Leicester (both Visa debit cards) & my other half has a Lloyds TSB debit card.
I'm sure the answer is in here somewhere, but I feel like I'm going blind starring at it all & I just don't have a clue - somebody help please!!!

pin

ernie-money wrote:

Hi, I have looked at the table in the article and I think I have worked out that the best way of spending on a card in Portugal should be by using my post office credit card, but as you pay interest on cash withdrawals, on top of the cash withdrawal fee, would I be better off using my debit card to withdraw cash?
The debit cards I have available are Halifax & Alliance & Leicester (both Visa debit cards) & my other half has a Lloyds TSB debit card.
I'm sure the answer is in here somewhere, but I feel like I'm going blind starring at it all & I just don't have a clue - somebody help please!!!

The majority of the information will be on the company websites.

Halifax: http://www.halifax.co.uk/bankaccounts/commonbankingquestions.shtml

Lloyds TSB: http://www.lloydstsb.com/rates_and_charges/current_account_charges.asp#cashpoint

A&L: http://www.alliance-leicester.co.uk/currentaccounts/index.asp?page=all-rates&RateTable=curracc&ct=curraccrates#l4

Took me less than five minutes to get all that information.