The Cheapest Way to Spend Overseas Discussion Area

lon_don

Hi all. Going to Dubai next week, I currently have only HSBC Debit Card (Maestro), and HSBC and Morgan Stanley Credit Cards (Mastercard), probably too late now to get NW DC and/or CC. After reading thru the posts here, am I right to think that my best choices are
- for cash withdrawal: HSBC DC with load=2.75% and fee=1.50%
- for purchase: MS CC with load 3% minus cashback 0.5% i.e. net load=2.5% which would still be slightly better than HSBC DC/CC with load 2.75% (AER is irrelevant as I always pay off my full balance)

...Or would I be better off to buy foreign currency (which one for Dubai? AED Dirham ?) from TEG /LinkFX etc...? (Must still factor in the time & effort & cost of transportation into Central London though).

Thanks for the posts and for any advice.

falc_2

(also we no longer have $2 to the quid, is the rate likely to go up/down between now and July)?

[/QUOTE]

I think it's going to go down. I was talking to a very talented City fund manager the other day who felt the pound was overvalued. But that's just speculation.

jinkssick

Currently its 1.00 GBP = 1.97988 USD

1.98 is incredibly rich.

riccardo_2

offered an hsbc plus account for going to Canada for a year,
with ability to open an hsbc account there. The plus account gives withdrawals for 0 but costs £12 a month.
Is it worth it? or what eelse is the best way?

jinkssick

i think they take off the 0% fee but they will still charge £1.75 aprox, for transaction fee. smart tactics by HSBC. nationwide flexaccount cash/debit card is free. so forget that plus crap.

mattersdorff

I've got a good question:

WHAT SHOULD I DO IF NATIONWIDE WON'T ACCEPT ME AS A CUSTOMER???

I am Australian and am living and working here in a visa - they won't accept me as a customer because I don't have 'permanent residency' status...

I've been living here for over 4 years and have all sorts of accounts, credit cards mainly with HSBC and Halifax and in all that time, I've paid probably hundreds of pounds worth of fees for making international cash withdrawals when my wife and I travel.

I really am sick of these appalling fees, especially when a bank like Nationwide can obviously see a way of doing it fee free.:mad: :mad:

Are you all sure Nationwide don't apply currency loading for international cash withdrawals?

Is there any other bank out there that offers fee free international cash withdrawals???

please help

dzug

Paul_J wrote: »

Abbey charge (not sure if I understand their fee structure here http://www.abbey.com/csgs/Satellite?c=GSDetalleProducto&cid=1127562793287&idParent=1127562791480&pagename=Abbey%2FGSDetalleProducto%2FGS_DetProducto ) 2.75% AND a further 1.5% of the amount withdrawn. Is that correct? If so, this makes it very uncompetitive, doesn't it?
I'm not an expert on these things, I rarely travel abroad, so your answers are really appreciated.
Thank you.

It doesn't actually make them uncompetitive compared to cash.

With cash you pay around 5% - hidden in the exchange rate - even on a 'no commission' deal. Abbey are 4.25%. Not a lot in it but they have the edge.

dzug

mattersdorff wrote: »

Are you all sure Nationwide don't apply currency loading for international cash withdrawals?


please help

Yes 120% certain

jinkssick

mattersdorff wrote: »

I've got a good question:

WHAT SHOULD I DO IF NATIONWIDE WON'T ACCEPT ME AS A CUSTOMER???

I am Australian and am living and working here in a visa - they won't accept me as a customer because I don't have 'permanent residency' status...

I've been living here for over 4 years and have all sorts of accounts, credit cards mainly with HSBC and Halifax and in all that time, I've paid probably hundreds of pounds worth of fees for making international cash withdrawals when my wife and I travel.

I really am sick of these appalling fees, especially when a bank like Nationwide can obviously see a way of doing it fee free.:mad: :mad:

Are you all sure Nationwide don't apply currency loading for international cash withdrawals?

Is there any other bank out there that offers fee free international cash withdrawals???

please help

yeah for example, say you wanted your girlfriend to have £300. shes there, your here. you gave her the card before hand, you put money into the natiowide at a branch, she takes it out in australia. its that simple. or i guess you could get a joint acc. which will allow you to get a card each.

and i say £300 for a reason, as this is the total limit allowed in one working day, but itll be free of fees of course.

ceejayblue

I use my Nationwide flex account and credit card in Spain and obviously get the transactions free, but sometimes when I am using an ATM it comes up with a very long winded question about charges being made in euros or sterling. I'm never sure which one to pick and usually go for sterling. Is this right? I know the charges are those that the local bank maybe charging but I've not actually ever noticed any charges on my account!