Cheapest way to spend overseas discussion

goindoin

grumbler wrote:

'Amex Travellers Cheque Card ' thread...
Why cannot your daughter apply for a Nationwide account with a basic cash card? For withdrawals there is no difference between their debit card and cash card.

I have the basic Nationwide account with cash card. I was told I won't be charged fees for using abroad but have now read that one still gets charged by the local banks for using their machines. Is that correct?

grumbler

goindoin wrote:

I have the basic Nationwide account with cash card. I was told I won't be charged fees for using abroad but have now read that one still gets charged by the local banks for using their machines. Is that correct?

Even here in UK some ATMs charge you for withdrawing cash with any debit card. I used my Nationwide debit and cash cards abroad many times and was always lucky.

P.S. 'Nationwide CashCard + local charges' thread

goindoin

Thanks for the thread... another question: I was thinking of applying for the NW credit card and want an additional user on my account. Would this person be subjected to a credit check as well? The application form asks for address and income of additional user. I've never had to supply this before on other credit cards, only requested it and it was done.

grumbler

I don't think that credit search will take place, but some checks of ID will certainly be done. This is what they need address for. I don't know why they ask about income.

djw_2

I don't have time to get the correct plastic, but if I spend abroad on my Amex Plat credit card, they have told me I'll still get my 2% cashback. I think they will use the wholesale rate (XE says 1.5 euro today), and charge me 2.75%.
So a £102.75 spend will get E150 worth, but I'll get 2% of that back, making it a £100.70 spend, equalling an exchange rate of 1.49. M&S are selling euro at 1.455 today, and the post office at about 1.44.
It seems a good second best to the totally charge-free cards (I'll get sorted in time next year). So, should I use Amex plat card when possible, or have I made some vital mistake?

pin

Amex set their own rate, however this should be similar to the wholesale rate.

Also the Amex charge is 2.73%.

Also what Amex do will convert the Euros into US$ and then convert into £, so you will be dealing with an extra charge. Full terms as follows:

FOREIGN CHARGES
12.1 If you make a Charge in a currency other than in Pound Sterling, that Charge will be converted into Pound Sterling. The conversion will take place on the date the Charge is processed by American Express, which may not be the same date on which you made your Charge as it depends on when the Charge was submitted to American Express. If the Charge is not in U.S. dollars, the conversion will be made through U.S. dollars, by converting the Charge amount into U.S. dollars and then by converting the U.S. dollar amount into Pound Sterling. If the Charge is in U.S. dollars, it will be converted directly into Pound Sterling.

12.2 Unless a specific rate is required by applicable law, you understand and agree that the American Express treasury system will use conversion rates based on interbank rates that it selects from customary industry sources on the business day prior to the processing date, increased by a single conversion commission of 2.73%. If Charges are converted by third parties prior to being submitted to us, any conversions made by those third parties will be at rates selected by them.

djw_2

Thanks. What is the extra charge? Does Amex charge 2.73% for euro to dollar, then 2.73% again for dollar to £?

pin

djw wrote:

Thanks. What is the extra charge? Does Amex charge 2.73% for euro to dollar, then 2.73% again for dollar to £?

Clause 12.2 seems to suggest it will only be one 2.73% charge.

A1ia5

Just called the co-op and was told that there clear card does not have any loading or currency conversion charges - this is not stated on the online t&c's and i have asked to be sent the details

anyone else go experience of this ?

Also would anyone be able to confirm that lombard direct do not charge for overseas use or non GBP purchases ? I've had a card for a few months but never used it - only reason i got it was for overseas use. Only prob with Lombard is that they dont have online access !

A1ia5

Another way of getting v cheap purchase abroad i came across a few years ago was to use a card thats cheap for overseas purchases (maybe even with cash back) then go to a bureaux de change and ask to buy currency on your credit card - not a cash advance. Overall this will give rates better than interbank rate.

The only cards i've hard do this are american paypal and nationwide, but now they dont do cashback on non GBP purchases !!