The Cheapest Way to Spend Overseas Discussion Area

alfa145

Just received my euros in cash via onlinfex, I found a link that was offering free delivery. The exchange rate was much more beneficial than the PO was offering (cost me a tenner less, bargain).
Now, onto the credit/debit card - I wasn't planning on buying too much, most of the small stuff I'll pay cash for anyway. I have a Nationwide DD & credit card - is it best to use the credit card for all shop purchases?

jago25_98

A consideration for all interested in the Nationwide account is whether having an extra current account has any negative impacts such as on your credit rating?

(I have a current account from Cahoot for the webcard and online transactions, my original current account purely because I've memorized the details, and now I could have a nationwide account just for overseas spending!)

ceejayblue

Ihave a First Direct current and savings account but I also have a Nationwide Flex Account and credit card which I only use on holiday. I find it works very well for me.

moob_2

jago25_98 wrote: »

A consideration for all interested in the Nationwide account is whether having an extra current account has any negative impacts such as on your credit rating?

(I have a current account from Cahoot for the webcard and online transactions, my original current account purely because I've memorized the details, and now I could have a nationwide account just for overseas spending!)

I can't see why I 2nd current account would have a negative effect on your credit rating, especially if you manage both properly.

jago25_98

moob wrote: »

I can't see why I 2nd current account would have a negative effect on your credit rating, especially if you manage both properly.

Doesn't have to be logical. There are central agencies for credit ratings, yes. But lenders put their own decisions on this. We should be able to tell if >1 current account effects this.

Most current accounts come with an overdraft. I know that when I opened my last account I was approved for a high rate £2000 overdraft. Although I didn't use that facility the search comes up on the credit rating all the same. This may have been the reason why I only got £2000 from EGG when I would have expected £4000.

In addition, lenders might just be cautious of people with more than one account. But I'm only guessing and the decision comes down to each individual lender of course. Maybe they've done some research that shows that people with more than one account are actually wiser with their money and this is a good thing
- or perhaps they would rather lend to someone who is more likely to get into a spiral of debt and be a good earner for them, who knows.


Is there an insider out there who can give an example insight?

ailuro2

I asked this elsewhere but didn't yet get an answer- as we leave in four weeks I'm a bit impatient to get organised-

would it be cheaper to apply for and use the Capital One 4% cashback card and pay the 2.75% foreign transaction fee than it would be to use our Nationwide Credit Card with no fees?

We are travelling to Western Canada, and either way I'd phone in advance and let them know we are travelling abroad to prevent any security shut-dwon mishaps;)

Former_MSE_Dan

The article on Spending overseas has been updated, to go with the launch of the Travel Money Maximiser.

A new discussion has been started here

http://forums.moneysavingexpert.com/showthread.html?p=5563281#post5563281

Please carry on this discussion there

Dan