Long-term Overseas Travel

continuity

Hi all,

I'm planning on travelling the world for a year in the not-too-distant future. I've already sorted out my Santander Zero and my Halifax Clarity cards for my day-to-day credit card spending (one is a back-up just in case). However, I'll also need to get money out as I go along, and I'm expecting some places credit cards won't be accepted. I have a Nationwide FlexAccount but given they've just upped their fees considerably is there a better option? I know it looks like Metro Bank won't charge fees, but they don't have online banking yet so I wouldn't be able to manage my finances while I'm away - to my mind this makes then untenable.

Any suggestions?

Also, it's a bit off topic, but does anyone have any advice on planning finances for a long-term trip? It's not a subject that's often covered on travel sites. I'm specifically thinking about things like credit card expiry dates, etc, that might catch you out while you're half-way around the world.

Thanks in advance.

dzug1

You are probably looking at a Caxton fx or Fairfx card - depending on the currencies you are likely to need maybe more than one.

Bob_the_Saver

dzug1 wrote: »

You are probably looking at a Caxton fx or Fairfx card - depending on the currencies you are likely to need maybe more than one.

Seconded,

I also keep 1 pre-paid card just for use in internet cafes with a very small balance just for booking train tickets etc online.

continuity

Thanks, I'd not really looked in to FX cards before as I assumed they were just specialist credit cards.

Looking at Caxton FX it looks like they apply a 2.5% exchange fee against the interbank rate on their Global Card, and FairFX use their own exchange rate but with a €1.50/$2 fee per ATM withdrawal. There's not really enough information on the FairFX exchange rates on their website for a proper comparison, but it looks like they're about 1.5% lower than the interbank rate (plus the withdrawal fee).

It looks like a good idea to get the Caxton card then use the Nationwide card as a backup as there's not too much in it.

Cheers!

Traveller11

Hi, As you have a Halifax card I was advised yesterday that you can transfer Cash onto your Clarity Credit Card Account say £1000 then use your Clarity CC at an ATM to get Cash out in the currency of the country you are in with NO Fees.
When the £1000 gets 'low' you can top up with Internet Banking from another account and that could be with the same bank. Hope that makes sense?
I also seem to think that the 'FX' cards only deal in Euros or Dollars.

continuity

So you can be in credit on the Clarity card? That's interesting, so there're no charges then? I used to use my Egg Money card that way but they started charging for cash withdrawals earlier this year. Sounds like a brilliant way of avoiding fees if that works.

Both Caxton and FairFX have a card for 'global' use which is basically in GBP and then charges you when you take money out rather than when you add money in. I get the impression they're maybe slightly more competitive if you're only travelling in the Euro or USD zones.

Traveller11

Also forgot to say on your other 'bits' regarding CC Expiry Dates.
If your current Expiry Date runs out while you are away, then get in touch with the CC Company say 3 weeks before you go and advise them that the CC has split along the Mag Stripe, they will send you a new card but when you call them ask about the start and expiry date for the replacement card to make sure it covers your time away!

Traveller11

The FX Cards set the Exchange Rate on the day you put the money on the card, however 1 tip worth noting and I don't know why: If you need CASH then plan to use the ATM on a FRIDAY. I have always found the best rate is given on that day, but still don't know why!

Traveller11

continuity wrote: »

So you can be in credit on the Clarity card? That's interesting, so there're no charges then? I used to use my Egg Money card that way but they started charging for cash withdrawals earlier this year. Sounds like a brilliant way of avoiding fees if that works.

Both Caxton and FairFX have a card for 'global' use which is basically in GBP and then charges you when you take money out rather than when you add money in. I get the impression they're maybe slightly more competitive if you're only travelling in the Euro or USD zones.

According to the guy in Halifax it does work. Halifax don't like doing it but cannot stop it.
Also on the question of FX Cards there is an application fee of £9.95 so that needs to be considered as well!

continuity

I phoned Santander to ask whether I could overpay on my credit card and then withdraw fee-free from ATMs overseas. The person I spoke to said I'd be money-laundering! I doubt that's true, but any ideas on how I get a more informed answer?

dzug1

Traveller11 wrote: »

Hi, As you have a Halifax card I was advised yesterday that you can transfer Cash onto your Clarity Credit Card Account say £1000 then use your Clarity CC at an ATM to get Cash out in the currency of the country you are in with NO Fees.
When the £1000 gets 'low' you can top up with Internet Banking from another account and that could be with the same bank. Hope that makes sense?
I also seem to think that the 'FX' cards only deal in Euros or Dollars.

The Clarity card's T&C say that you should not preload the card and that they may return the payment if you do so.

What happens in reality - who knows?