Best Credit Card for Preloading and Using Abroad - SE Asia

cormaclynch

Hi All,

I'm new to this forum so go easy if this has been posted before!

I'm going to SE asia for 6 weeks and am unsure what to do about getting cash while abroad. I've been told the best way to go about it is pre loading a credit card with money then withdraw the cash bit by bit.

I'm just wondering if anyone knows what is the best card for this purpose or if anyone has any experience in doing this? I have a virgin, halifax and first trust credit cards currently.

Thanks in advance for any advice.

Cheers

johno43

FairFX come out top in the Travel/ Motoring section on the website. Can't post the link as I am a newcomer here Worth a look. Just taken out the FairFX anywhere card myself. Can not say if this would be the best one for SE Asia.. I'm going to Australia.

cormaclynch

Cheers Johnno,

I have a prepaid mastercard used to get cheap ryanair flights but i just cant find on the website how much it costs to withdraw money from it.

johno43

Not looked at the card you mention. Went straight for the FairFX "anywhere" card. There is a good FAQ section on the FairFX website. The charge is 1.5% of the tranaction with no extra fee at the ATM. As I have not yet been abroad to try the card out I can't say how well it will serve me. First impressions of FairFX are good as to their service in providing the card and PIN and response when E.mailing them

chattychappy

A good alternative if you have access to internet banking whilst away is to use Santander ZERO. No forex loading or cash advance fee. Just use it for cash and then pay off from your current account. They charge interest from the day of withdrawal, but this is minimal if you pay within a few days.

I've used this in SE Asia without a problem. (Though SE Asia is a wide term!)

cormaclynch

chattychappy wrote: »

No forex loading of cash advance fee. Just use it for cash and then pay off from your current account. /QUOTE]


What do you mean when you say No forex?

Cheers

chattychappy

cormaclynch wrote: »

No forex loading of cash advance fee. Just use it for cash and then pay off from your current account.


What do you mean when you say No forex?

Cheers

There was a typo which didn't help!

Most credit cards would charge a forex (foreign exchange) loading of 2.75% and a cash advance fee of, say, 1.5%. Then they charge interest from the day of the transaction.

Zero don't load the exchange rate or charge a fee. So you get pretty much the interbank rate. But they do charge daily interest.

See https://forums.moneysavingexpert.com/discussion/2178549 where I give some figures for use in Asia.

cormaclynch

Thanks chattychappy,

I'm a Santander customer and so was pre authorized for a zero card. APplied for it today so should be here next week. I also got an answer from Fairfx who said they will charge a 1.5% fee for the amount withdrawn and nothing else.....except local ATM charges i'd assume.

So the zero card and Fairfx card as backup is the way forward I think

chattychappy

cormaclynch wrote: »

I'm a Santander customer and so was pre authorized for a zero card. APplied for it today so should be here next week. I also got an answer from Fairfx who said they will charge a 1.5% fee for the amount withdrawn and nothing else.....except local ATM charges i'd assume.

So the zero card and Fairfx card as backup is the way forward I think

Good plan. Do you have an introductory balance transfer/purchases offer on Zero? If so you're effectively prevented from taking it up because any payments you make to Zero will be applied to promotional balances before the cash withdrawals.

Also double check that you will indeed get fee-free ATM withdrawals in case they changed the rules!