Help on cards abroad

Dangerweasel

Hi all,
I'm going on holiday in the next few weeks to Malaysia and I need advice about the best way to take care of my money while abroad. I currently don't have a credit card, only one of the debit cards from "hell" according to this site, so I'm not intending to use it for withdrawals or paying for things while I'm abroad. I've looked at the prepaid cards recommended, particularly the Global card from Caxton - do you think that's the best way for me to go? Maybe some spending money in local currency and then some loaded onto a prepaid card which I can use for paying for some meals and the rest for emergencies? What do you think? I don't go abroad much so wouldn't use the card more than once or twice per year. What would you do?
Thanks.

chattychappy

Could you get a Nationwide account and get their debit card? Their normal one will cost about 1% in Malaysia. I've never been to Malaysia but I've been to most parts of SE Asia and their card has worked fine.

Could you get a credit card - eg Santander Zero or Post Office? - these don't charge any fee for foreign purchases. For drawing cash, a credit card is always going to be expensive - usually an interest plus fee, though Zero charges interest only. It's not too bad if you pay back quickly.

If you want to take cash, generally I've found it much better to take GBP and change to local currency on arrival, but I have no direct experience of Malaysia. I also have no experience of the "pre-pay" cards - but check the kind of protection you get if they are lost. Else you might as well chance taking a handful of £50 notes and change these or go "retro" and take travellers cheques where you're supposedly protected against loss.

Dangerweasel

Thanks, Chatty, that's helpful. The global Caxton pre-pay card recommended on here doesn't charge at ATMs or for paying for things, and you get all the protection of a Mastercard ie you can block it instantly and get a replacement quickly. You can also transfer cash into it online. I'll look into the Post Office option as well and I haven't checked them out.

chattychappy

Just googled the Caxton card ... http://www.caxtonfxcard.com/feesncharges.asp?dist=CAXTGENL

I think you'll pay a fee whichever you use. £1.50 per transaction on the global card looks like the best deal. It will work out expensive if you use it for "normal" purchases of a few quid here and there, but for the odd more substantial withdrawal (eg £100 from a machine) it compares well.

Dangerweasel

No, it says no charge outside the UK for the global card. I've applied for it now so I hope it was the right thing to do!!

chattychappy

Dangerweasel wrote: »

No, it says no charge outside the UK for the global card. I've applied for it now so I hope it was the right thing to do!!

Sorry, yes I misread it.

But I did note this on the "Which card is for me" page: "The exchange rate applied is fixed at 2.5% from the prevailing interbank rate."

I've found that with Nationwide (prior to the introduction of their fee) I got very close to the Interbank rate...

RicemanDan

2.5% isn't bad from the interbank rate though is it? When you bear in mind that conventional means of changing money is way below that rate?

I'm going to the US for 3 months after 5-6 months in Oz, NZ and Canada and wondered if it was worth getting the global traveller and the dollar caxton one, or just get the global traveller. Suppose the only difference is that 2.5% rate?

I don't know which is better between Caxton and Santander zero though, not much in it?

RicemanDan

Actually, thinking about it - with the dollar and euro cards, you can load up the card when the exchange rate is favourable, whereas the global traveller is based on the date a transaction takes place. Probably best to have both options, though I see caxton charge £5 for a secondary card.