Euro Current Account for travel money

DebtKiller

So the situation is this -- I have my current account with NatWest, who have moved me to the VISA Debit card in the past year. I am planning on going to Spain in a few months, on holiday, and will need cash whilst there for eating out and whatnot. Next year I plan on another 2 or 3 journeys there. As I see it, my options are:

1. Use my card whilst there, to withdraw money from ATMs. Pointless, as per Martin's guide my card is double evil and I'll be charged 3 ways til Sunday for the "privilege". This used to be what I'd do.
2. Get some Euros or Travellers Cheques beforehand. Not keen on carrying too much cash or TCs (but possible if it came to it).
3. Take out a pre-loaded debit/credit card, as per Martin's guide. Not overly keen, and doesn't seem to be an online way of loading card should I exceed the balance. Possible though.
4. Open a Euro account with NatWest (or whoever) and use the debit card it supplies.

Now, it's item (4) I'm interested in. As I understand it, it's just a current account that is in Euros rather than Sterling, and you get a debit card but no chequebook and no direct debits allowed (although I could set one up to transfer money into it if I wished). Also, if I get a NatWest one, there is only the exchange rate to worry about when transferring money from a sterling account to the euro account.

I was thinking that this might be a good way of keeping my holiday spending money separate, but visible in my online banking. Also the money is available for transfer back, should any emergency require it. I'm not concerned with earning interest, so having it sat there doing nothing doesn't concern me.

Anyway, does anyone have experience with currency accounts, Euro or otherwise, and have any comments about this? It's all a bit new to me, and the information available out there is not that easy to understand!!

Thanks in advance!!

DK

DebtKiller

Umm, anyone got any comments!?

DK

NickAJ

Personally I'd look at getting a UK Debit Card that doesn't charge for cash withdrawals in Euro machines. Eg. A Nationwide Flex Account.

You can pre-load this in £ before you go with your travel money, withdraw Euros and then when you come back transfer any left over £'s into you regular account. You are at the mercy of currency changes, but the pound moves in a pretty narrow band against the Euro these days.

realaledrinker

Have a look at FairFX card

Served me well over the last couple of years in the States using a $ denominated card. I intend to get one in € this year for Spain.

Excellent exchange rate
Can reload on line
No initial fee if you wack a decent initial amount on
No chance of being ripped off with Dynamic Currency Exchange
Nominal charge for ATM withdrawal

glider3560

NickAJ wrote: »

Personally I'd look at getting a UK Debit Card that doesn't charge for cash withdrawals in Euro machines. Eg. A Nationwide Flex Account.

Completely agree with this suggestions. Nationwide don't charge anything for card transactions in the Visa Europe zone. You can see the exchange rate (which is pretty much a wholesale rate) here: http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp

dazza.mk

Another alternative if you are SOLELY looking at Spain, getting a Santander / Alliance and Leicester card would give you free withdrawals at Santander machines in Spain

scottishblondie

I'll second (or third!) Nationwide, I've been using them abroad for years now without any issues. I've got a FlexAccount and a credit card with them which I use solely when I'm away.

wr1ght

Another vote for nationwide take a fairfx as well they can be loaded on line and by text message

seven-day-weekend

Make sure you get the Debit Card with the Nationwide Flexaccount, not the cash card as these can no longer be used for drawing free foreign cash.