The Cheapest Way to Spend Overseas Discussion Area

Adrian1000

I am beginning to wonder whether these new cards that allow you to pre-pay and use as a credit/debit card abroad instead of buying travellers cheques are really of any help. I've seen them from American Express, The Post Office and now Lloyds TSB. The costs of setting up and use for cash withdrawals seem on the high side. Any comments?

mcfisco

Apologies if this info is already here [I'm pretty sure it will be] but there's so much detail it's dificult to weed out.

Anyway - can anyone tell me if the card that comes with a Nationwide Regular Saver account is as good a deal for foreign ATMs as the Flex-Account jobbie?

TIA

mrsbudget

HI, is there any credit card offers or nectar offers that I can apply/use to pay for our holidays. Im just thinking the cost of our holiday is more than £2K and Im hoping I can get some points or gift or anything for paying that amount..

Thanks

codger

A leaflet we've received from our bank (Royal Bank of Scotland) re changes to terms of debit card usage when abroad. Quote:

"From 10 May 2007, we are changing the transaction charges when you use your card abroad, and for transactions in currencies other than sterling, as follows:

"When the bank debits a transaction in a foreign currency either at cash machines or a Point of Sale, the amount is converted into sterling (using the Bank's prevailing exchange rate) and a transaction fee of 2.75% is added. This is known as the Exchange Rate Transaction Fee (ERTF) that covers Bank processing fees.

"The following charges are also payable for the two different types of transaction carried out in a foreign currency:

"For cash machine withdrawals, 2% of the sterling transaction amount (minimum £2, maximum £5)

"For Point of Sale transactions, there is a flat fee of £1.25."

Apart from the fact that the leaflet's illiterate with its confusing jumble of future and present tenses, are we correct in thinking that when we do our shopping on holiday, using our Maestro / Cirrus RBS debit card, the bank is going to:

(a) work out the exchange rate at a level biased towards its own profits and then:

(b) add 2.75% on top and

(c) add £1.25p on top of all that?????


This RBS leaflet makes much of the convenience of using Maestro / Cirrus on holiday. But the word 'cheapness' figures nowhere at all.

Should we now forget about using our debit card at all???

Donnie

Get a Nationwide Flexaccount.

The_stingemeister

How is the Nationwide credit/debit card free to use in cash machines abroad?
If anyone reads the paragraph below (from the NW website) it clearly states there is a withdrawal charge! At present I pay £3 for a foreign cash withdrawal with my cr card, so its hardly worth the trouble of applying for a NW one!

You can withdraw cash abroad with your Nationwide cards in the same way as you can in UK, with access to over half a million cash machines world-wide. Other major lenders apply a commission charge of up to 2.75% onto cash withdrawals made abroad, on top of the cash advance fee. There is a cash withdrawal fee of just 2% (min £2.00) and NO COMMISSION CHARGES

Donnie

Hmmmm..... It was you who wrote "credit/debit card". There is no such thing.
The Flexaccount comes with a Debit card. There are no withdrawals charges levied on the Debit card.

There are always charges levied on cash withdrawals with credit cards.

The_stingemeister

Donnie wrote: »

Hmmmm..... It was you who wrote "credit/debit card". There is no such thing.
The Flexaccount comes with a Debit card. There are no withdrawals charges levied on the Debit card.

There are always charges levied on cash withdrawals with credit cards.

Thanks, thats clear now.

pin

[FONT=tahoma, new york, times, serif][FONT=arial, helvetica, sans-serif]Hi, Here is my list of top places on how to get money to spend abroad:[/FONT] [FONT=tahoma, new york, times, 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=tahoma, new york, times, 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).[/FONT]

[FONT=tahoma, new york, times, serif]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).[/FONT]
[FONT=tahoma, new york, times, 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][FONT=arial, helvetica, sans-serif][FONT=times new roman, new york, times, serif]
[FONT=tahoma, new york, times, serif]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).[/FONT]

[FONT=tahoma, new york, times, serif]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).[/FONT]

[FONT=tahoma, new york, times, serif]5. Thomas Exchange Global ("TEG") in central London - pay and pick up at store (they also offer a delivery service, but charge £5).[/FONT]

[FONT=tahoma, new york, times, serif]6. Link Foreign Exchange ("LinkFX") in Victoria Station, central London - pay and pick up at store.[/FONT]

[FONT=tahoma, new york, times, serif]7. Travelex online (remember Travelex will price match any other exchange service, i.e. the one above) -pay online, pick up at airport. [/FONT]

[FONT=tahoma, new york, times, serif]For price matching: order through Travelex online as you would do normally, then call up TEG (02072401214 or 02078281880) or LinkFX (02072338822) 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 or LinkFX (and the fact you got it from TEG or LinkFX) 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.[/FONT]

[FONT=tahoma, new york, times, serif]8. Marks and Spencer - pay online or pay and pick up instore.[/FONT]

[FONT=tahoma, new york, times, serif]9. Online FX (using this link ensures free deliver) - pay online, delivery to home.[/FONT]

[FONT=tahoma, new york, times, serif]10. HSBC (they seem to use Amex as their travel money provider and offer free delivery for orders over £350) - pay online, deliver to home or pick up from branch (and avoid any delivery charge).[/FONT]

[FONT=tahoma, new york, times, serif]11. Thomson Travel (they seem to use Amex as their travel money provider) - pay online, delivery to home.[/FONT]

[FONT=tahoma, new york, times, serif]12. Co-op Travel (they use Currency Express / Exchange and offer free delivery for orders over £300) - pay online, delivery to home. [/FONT]

[FONT=tahoma, new york, times, serif]13. 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.[/FONT]

[FONT=tahoma, new york, times, serif]14. Haggle with High Street travel agent (which may ensure better rates than 5 to 9 above) - pay and pick up instore.[/FONT]

[FONT=tahoma, new york, times, serif]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.[/FONT]

[FONT=tahoma, new york, times, serif]With 5 - 14, 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.[/FONT]

[FONT=tahoma, new york, times, serif]Here are links to ATM locators: VISA and MasterCard[/FONT]

[FONT=tahoma, new york, times, serif]Here are various information links to VISA: Foreign Exchange Rate FAQ and Visa Exchange Rates[/FONT]

[FONT=tahoma, new york, times, serif]Also please read Martin's article: Spending Overseas and Loading Technicals[/FONT]

[FONT=tahoma, new york, times, serif]Also look at the these forum threads: The Cheapest Way to Spend Overseas Discussion Area and How to buy TCs and foreign currency[/FONT]

[FONT=tahoma, new york, times, serif]Hope this all helps[/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT]

justustwo19

hi all ,finally got a Post Office credit card (Mastercard)thru the post today for a long trip (6months+)to South Africa but want to find out what rate they will use for currency conversion .
Have found the Visa exchange currency rate thru link on this post (which is very good at 14.39RAND /£1 ,Post office counter service was @13.3RAND/£1 ) but anyone know where i can find out what rate Mastercard will use,so i can compere i would imagine it will be same or similar yes?
Any help ?