Using Current account abroad

C_Ronaldo

i went away the other week and i used my debit card to buy stuff, ive looked at my statements and im not sure what the ERTF is,

PINK ELEPHANT , SORRENTO ITA , EUR 17.90, RATE 1.4672, ERTF 0.32, CHARGE 0.75

the 75p is the charge for using the card i know that,

pin

You are wondering what the ERTF is? It is probably your banks currency conversion charge (which is on top of your banks foreign usage charge).

For spending abroad, look at getting a Nationwide current account, as they don't have these charges.

C_Ronaldo

i have a nationwide card, i didnt take it as there isnt much in there, i dont mind using my rbs card,

thanks though pin

Gordon_the_Moron

Next time put some money into the Nationwide account before you go and you can save on charges. If it is a credit card, pay off what you can off the bill from RBS before you go to have the funds available on it instead of the RBS card. Otherwise the fees are a simple waste of money.

YorkshireBoy

ERTF = Exchange Rate Transaction Fee

A quick google has returned NatWest's explanation (RBS will probably be the same)...

Point of sale (overseas)

Exchange Rate Transaction Fee (ERTF) of 2.65% ***

Plus a further £0.75 flat fee for each transaction.

***When the bank debits a transaction in a foreign currency either at cash machines or through a Point of Sale (POS), the amount is converted into Sterling (using the Bank's prevailing exchange rate) and an Exchange Rate Transaction Fee (ERTF) of 2.65% is added.

http://www.natwestinternational.com/international02.asp?id=INTERNATIONAL/DAY_TO_DAY/CURRENT_ACCOUNTS/RATES

0.32 = 17.90 / 1.4672 x 2.65%

So, your £12.20 purchase has cost you an additional £1.07 (or 8.8% of the purchase price).