Cheapest way to spend overseas discussion

brian57

I've just been done on the same DCC scam in two restaurants in Spain and by Hertz-Italia. I would have thought this deserves more prominence on these boards (for instance I missed this mention, otherwise I would have been better prepared).
Waiting for Visa to help is a long wait, the individual issuing companies don't seem to have much influence with Visa (Nationwide knew about the problem but have not told their clients and have little in the way of useful advice).
Incidentally, on each occasion I was given no choice as to the option of choosing the currency. Since this abuse can only increase, and since it substantially dilutes the value of the Nationwide card for foreign purchases, should this not be an important caveat published by Martin?

khalilb

I have had a lloyds TSB platinum credit card for around 4 years now and i have used it regularly abroad in europe, the middle east asia and the US and i have never been charge any kind of 'load' fee and the exchange rate has always been very favourable on the purchases - ive spoken to LLoyds some time ago and they confirmed that they dont charge a load fee. I only recently got back from the US and again there are no extra charges and the exchange rate was around $1.88-$1.9 per £ - better than anywahere else i found!

the table on this site says LLoyds do charge a load fee of around 2% - have they simply messed up or am i missing something does anyone know?

student100

"Non-sterling transactions (including the purchase of foreign currency and travellers cheques): 2.75% of the amount of the transaction"

http://www.lloydstsb.com/credit_cards/platinum_card.asp and look at the summary box...


The 2.75% load won't show up on your statement, it's included in the exchange rate. Use a Nationwide card and you'd get a more favourable rate.

grumbler

khalilb wrote:

... lloyds TSB platinum credit card ... they confirmed that they dont charge a load fee. I only recently got back from the US and again there are no extra charges and the exchange rate was around $1.88-$1.9 per £ - better than anywahere else i found!...the table on this site says LLoyds do charge a load fee of around 2% - have they simply messed up or am i missing something does anyone know?

I think you are missing something...

SUMMARY BOX - PLATINUM
Charges

Cash Withdrawals, Cheques & Balance Transfers* 2% or minimum £2.50

Non-sterling transactions (including the purchase of foreign currency and
travellers cheques) 2.75% of the amount of the transaction

Also have a read of these threads:
Don't Travel overseas /Shop Overseas with Lloyds TSB
and
Exchange Rate for Euro's (lump sum) (posts #20+) :rotfl:

Galstonian

The loading is never explicitly shown on any statements, it is incorporated into the exchange rate used.

Diane_MacRae

Anon wrote:

I have set up a Nationwide Flex account purely for when travelling overseas - cannot recall the specifics but you get the same preferential exchange rate (non-loaded) as their credit card and also do not get charged extra for taking cash out (cashpoint etc) therefore works out much cheaper than travellers cheques or credit card and you only withdraw as and when required.

The obvious caution is to ensure that you have money in the account before you travel.

Anon

I agree with you. In Martin's article he says that the NW debit card may not be the best way to withdraw cash for most people, just because you have to open a NW FlexAccount to get it.
Sorry Martin - I disagree! Opening a FlexAccount is perfectly easy, you can then leave it dormant when you're not abroad and just feed it with cash before you go away. This is really no different than buying travellers cheques before a trip - except that you will get a better rate of exchange and won't be charged any fee to get your hands on any leftover cash when you get back. Can't understand why everyone doesn't do this, really.

Baggieman

I have had a Nationwide Flexaccount Debit card for a long time now and have never had any loading on foreign transactions until the last 2 times that I have visited Spain. On 2 occasions I have had the transaction converted at the point of sale into Sterling at a rate almost equivelent to the 'tourist' rate. On neither occasion was I offered a choice of the currency to be debited in, which from previous posts on this site, I should have had, yet on the debit card receipt it states 'I accept that I have been offered a choice of currencies for payment, I accept the conversion rate & final ammount'. Now, what I don't know is whether the retailer should offer you this or that there is sometheing on the receipt you sign and the retailers submits. Also, I doubt that many foreign retailers would even know that they have to offer you the choice when they submit your payment for approval.
No such problems getting cash from an ATM though, given the full 'wholesale' rate

grumbler

Baggieman wrote:

...On 2 occasions I have had the transaction converted at the point of sale into Sterling at a rate almost equivelent to the 'tourist' rate. On neither occasion was I offered a choice of the currency to be debited in...

You are not the first one... Read post #21 (page 3) in this thread and discussion in the 'credit card exchange rate in Spain' thread.

GJH_3

I have used a Citibank Debit Card (issued on the spot when I applied 2 years ago) which can be linked to whichever currency account you have set up (for free) &wish to use (Euro, US Dollar etc etc).

There are no fees associated with it that i am aware of. The exact amount comes out of my relative account as the bill or ATM transaction I made.

As I travel to different destinations, I call the 24hr toll free number from the UK and ask for my card to be linked to the desired account. It's done immediately.

Obviously this means you have to have money in each currency sitting in an account at Citibank.....but i'd rather do that than exchange my cash after each trip and lose on the exchange rate at that stage.

No, there is no interest on non Sterling currency accounts.

dave123_2

In terms of withdrawing cash from an ATM whilst abroad, would a Nationwide InvestDirect account, which is a Nationwide Postal account with Debit card, have all the advantages that a Nationwide FlexAccount has.
This account is currently paying 4.1%.