The Cheapest Way to Spend Overseas Discussion Area

falc_2

moob wrote: »

I digged about a bit and found out that they use the wholesale exchange rate - which I believe is the best you can get. Correct me if I'm wrong?

That's what they said to me. Look, this discussion is going on and on. As far as I can see the summary of what has been said is that at the moment if you want to spend money overseas you need a Nationwide credit card and post office account, or you could get a Nationwide current account. That's all you need to know. Is that fair?

moob_2

falc wrote: »

That's what they said to me. Look, this discussion is going on and on. As far as I can see the summary of what has been said is that at the moment if you want to spend money overseas you need a Nationwide credit card and post office account, or you could get a Nationwide current account. That's all you need to know. Is that fair?

I don't think your tone is fair, no.

People attempting to gain information on the intricacies of a deal involving money is hardly a new concept, given the way some financial institutions hide their costs. I'm really sorry it has burdened you so.

Saban

Hi could anyone give me some advice?

Im going to Tenerife in a few weeks and will be spending about £600s worth of Euros. After reading this article it seems to be better to use plastic. I have a Lloyds debit card which is obviously out of the question, a HSBC Solo card and also a Capital One Platinum card with a high balance (4.4k).

Would it be cheaper to use either the Capital One or Solo card for purchases and withdrawals? Or would it better to stick to good old fashioned paper money!

Thanks for taking the time to read this!:D

Victors_Bruvver

moob wrote: »

I don't think your tone is fair, no.

People attempting to gain information on the intricacies of a deal involving money is hardly a new concept, given the way some financial institutions hide their costs. I'm really sorry it has burdened you so.

Does it really matter what the intricacies of how the deal is done and if it is wholesale rate or something else?

The bottom line of this thread is to open a Nationwide banking account and use that Nationwide card for all purchases and cash from ATMs. Just watch out that the ATM you go to is a national bank ie Credit Acrigole, Societe Generale or whatever. Also watch out for onscreen information (most have the option to have the them in English now) and don’t do what I did in Madrid two weeks ago and “ignore” the warning that BBVA bank I was using were going to charge a 3.5% handling fee.

Don’t go to what I think are just building society or savings banks. I have been caught out at one of these a few years ago where it did not recognise my card and swallowed it up never been seen again.

When purchasing anything, hotel, retailer, travel whatever, if asked do not allow that transaction to be charged back in Sterling say no. I do not know the intricacies of it (read Martin’s original article) but always pay for the transaction (even if you are in a Calais supermarket or wine warehouse) in Euros and let the Nationwide do the calculation.

For your interest the exchange rate I was given by Nationwide for two transactions in Paris earlier this month were; 1.47 at a ATM and 1.46 at a large department store. The BBVA Madrid transaction for 300 Euros was charged back to my account at £209 which I think is £204 for the Euros at 1.47 plus the service fee of £5.

By the way, came back on a cross channel ferry yesterday and I noticed that they whilst they offered commission free exchange, the Euro/Sterling rate was sell at 1.30 and buy at 1.61, I think! I did not look at the cash exchange machines and shudder to think what they are charging, but then the ferry companies have got to get their revenue from somewhere, yes?

Sorry but I have waffled, but I hope this all helps, don’t forget, it is all in the original article and this thread.

falc_2

Sorry Moobs... didn't mean to offend you. Just thought people might be getting a bit bored and want to get on with their lives?? Anyway, I'm thinking might just spend the money on my Co-op credit card and get cash back, and then I'll know it's all going to an ethical cause anyway! Life is just too short.

moob_2

No worries.

Just felt that it is very important to know what exchange rate is being used when you take money out of the ATM.

I've noticed that some cards will use a poor exchange rate when converting, which would then make it pointless using this method, as you can often get a better rate when you exchange over here for travellers cheques etc.

The fact that Nationwide use the wholesale exchange rate is good news, but initially I wasn't sure what that actually was, hence my questions...

golightly

can you get a balance statement at spanish atm with a debit card

Victors_Bruvver

golightly wrote: »

can you get a balance statement at spanish atm with a debit card

I cannot answer your question re Spanish ATMs as when I used the one mentioned above, BBVA, it failed to give me a print out of the transaction and I also didn't take the the time to notice if there was an onscreen option.
I think you will find that most of the bigger banks in all of Europe have the facilty to show your balance. It did for me at Credit Agricole in Paris but probably depends on a lot on your bank also.

Saban

Saban wrote: »

Hi could anyone give me some advice?

Im going to Tenerife in a few weeks and will be spending about £600s worth of Euros. After reading this article it seems to be better to use plastic. I have a Lloyds debit card which is obviously out of the question, a HSBC Solo card and also a Capital One Platinum card with a high balance (4.4k).

Would it be cheaper to use either the Capital One or Solo card for purchases and withdrawals? Or would it better to stick to good old fashioned paper money!

Thanks for taking the time to read this!:D

Would anyone be able to help me with this? Unfortuntely i cannot open a Nationwide account to get the Debit Card or get a Post Office credit card due to a poor credit rating, so i have to stick to what i have!

Any advice?:D

dzug

Saban wrote: »

Would anyone be able to help me with this? Unfortuntely i cannot open a Nationwide account to get the Debit Card or get a Post Office credit card due to a poor credit rating, so i have to stick to what i have!

Any advice?:D

Not sure why you say the Lloyds debit card is out of the question - it will despite the charges be cheaper than changing cash, even if only slightly.

General rule is credit card for purchases, debit card for cash. Nationwide for preference, but others are still normally better than changing money.