credit card abroad?

meme86

i have a tsb platinum creditcard and haven't spent anything.

I am going to Australia in Jan for 9 or 10 months and getting a working visa and will be setting up a bank account over there.

but in the meantime, before i get work there, would it work out cheaper to add some funds from my Credit Card to my current account and withdraw the money in the UK to avoid the charges of using cards (credit card and debit) over there, and have the money (or travellers cheques) just in case i need it?

credit card money is for back up, but i am sure i will use a bit, but want to keep fees to a minimum.
i did a mistake of using a card in egypt last year and was supprised with the charges.

I am setting up a direct debit to repay them min amount off the credit card each month, so don't need to worry about that. I will have enough money in my account anyway just pay bills ect whist i am away.


sorry if it sounds a bit confussing

skyrider007

It's not recommended (as it is against most credit cards' T's&C's) to deliberately have a positive balance on a credit card account.

Travelers cheuqes and a prepaid card such as FairFX (http://www.fairfx.com) are better options for you.

Dick_Turpin99

I have been using fairfx-Mastercard now for around 3 months instead of VISA for cash withdrawls of USD. It works very well and represents a good saving!!!
Load the card now and within 5 mins it can be withdrawn.
They have also been very helpful sorting out any problems (like the internet page freezing during transactions and it showing as a debt from the bank account but not actually coming to the card)

If you load the card from a Maestro card instead of VISA you will also save some charges.....however I am not entirely sure if they have a AUS-D card.

So a big thumbs up fo Fair-FX from me :beer:

flutterbyuk25

Have a read through this http://www.moneysavingexpert.com/travel/cheap-travel-money to see if you could get a better card that doesn't card or charges very little for overseas transactions.

I worked in US for 4 months and used the Nationwide one - which was fee free at that time) so I didn't pay any fees to spend on it. But there would have been cash withdrawal fees.

HTH

x

Dick_Turpin99

I think the key savings with fairfx are the more favourable exchange rates and you don't pay the 2.5% VISA cash handling fee which is charged on Nationwide Gold.
From what I can see it's just a $2 ATM fee and local bank charges of 3%

td_007

!!!!!!_Turpin99 wrote: »

I think the key savings with fairfx are the more favourable exchange rates and you don't pay the 2.5% VISA cash handling fee which is charged on Nationwide Gold.
From what I can see it's just a $2 ATM fee and local bank charges of 3%

I feel the above post refers to the Nationwide debit card - which attracts 1% VISA fees and nothing else for cash withdrawals or purchases outside EU. And in all fairness the Fx rates need to be compared to the debit card and in this case it works out cheaper with the Nationwide debit card.

Nationwide gold credit card has 1% fees outside the EU and a cash advance fee of 2.5% i.e. a total of 3.5% and do not forget that interest is applicable from the date cash is withdrawn.

Dick_Turpin99

td_007 wrote: »

I feel the above post refers to the Nationwide debit card - which attracts 1% VISA fees and nothing else for cash withdrawals or purchases outside EU. And in all fairness the Fx rates need to be compared to the debit card and in this case it works out cheaper with the Nationwide debit card.

ahh...ok...thanks for the clarification

miketee_2

I have just come back from 4 weeks in Brazil. I took Martin's advice and took out the Santander Zero card before going. It has no overseas use charges (provided you use the right cash machine whilst overseas!) but does charge interest on the money. Although I opened the account with a direct debit to repay in full it occurred to me that, with internet banking on my current account and the Zero account, I could just pay off withdrawals as I made them by bank transfer to reduce the interest payments to just one day. Virtually no cost at all!!

callum9999

I'm doing exactly the same thing as you. I used FairFX in America (their dollar card) and it worked great. They didn't do one for Australia though so I went into Thomas Cook and got a Cash Passport in Australian Dollars. It works in the same sort of way (but its a visa electron, not a pre-paid mastercard). I can't remember exactly how, but when I researched it I found it worked out cheaper to get it in a Thomas Cook store than elsewhere.

EDIT: I seem to have made a mistake there. If you buy it directly from travelex you don't pay a cash withdrawal fee when you use it in ATM's - don't know how I concluded Thomas Cook was best then! I should have double checked before the purchase really!

andyproc

I've just used the Zero card in argentina and chile and have been charged at evry ATM used, even though they were all Santander ones. I've complained to them but they said there is nothing they can do as they don't control santander machines abroad.

Colinwr5

I have both Santander Zero and Nationwide credit cards which I use in South Africa. Supposedly the Nationwide should give a worse exchange rate as it says it charges 1% wheras Santander claim no charges. Interestingly the exchange rate I actually get on both, when used on the same day, is exactly the same. Santander appear to have hidden undeclared charges!