Using Cards Abroad/bank accounts

chattychappy

lisyloo wrote: »

So pretty much the same as Halifax Clarity then but about twice the interest?

Yep, I wouldn't recommend you use it for borrowing cash.

I spend long periods overseas and have just found Zero to be reliable - never had any declines and their online system is fine too.

I usually pay off on the next day or so from Nationwide using Faster Payments. So interest on a typical 50 quid withdrawal is under 10p - not an issue.

Whatever the OP goes for, she should have backups. Paying a couple of quid and/or 2.75% loading is still better than emergency transfers using Western Union/Moneygram, costs of taxis to embassies/banks/friend's house etc.

Also I've found that some ATMs can be a bit random about local fees they levy - even varying according to what kind of card you push in.

I don't have Clarity, but it often gets recommended here.

lisyloo

ok, I see where you are coming from.
If you can pay off immediately then the interest doesn't really matter.

I used Clarity on holiday recently.
I did have internet access sometimes either via restaurants or hotels, but we are IT professionals and felt it sensible not to access banking sites via these channels.
I would guess you have office/home internet that you can trust.

lad22

Hello,

Is Santander Zero card only good for purchases abroad? What about ATM withdrawals?

I don't have time to apply for any new card as I'm going abroad (outside Europe) for a month this weekend. I have a Lloyds, Barclaycard, Santander Zero and Nationwide flex. As I understand it, I will get fleeced using ATMs no matter what card I use.

Problem is I can't pay off the Zero card until I get home. In the UK it's OK to pay off when I get the bill and pay it off in full, and I don't get charged interest. But from what I'm reading, it seems that abroad I get charged from the time I withdraw the cash. Am I right? If so, which of these cards are best to use in an ATM (I have never used my Barclaycard for ATMs)?

Many thanks.

xchangecash

The best way to save money while abroad is by using a prepaid currency card. They are generally available in GBP, Euro or USD and also have comparatively lower fees than your bank cards. With ATM fees pegged between £1-£2, these cards are much cheaper to use overseas.

I’ve used the My Travel Cash GBP card during my holiday in the Far East last month. It has a 1.5% foreign exchange fee (much better than Lloyds 2.95%) and £1 cash withdrawals. My prepaid card saved me hundreds. I had bought the card at currencyexchange-uk which also helped me compare all the other cards. Check them out to know more.

lisyloo

With ATM fees pegged between £1-£2, these cards are much cheaper to use overseas

Not universally true.
I've jsut used my Halifax clarity on holilday, paid it off when I get back home.
The interest is less than your ATM fees.
Be careful folks and do the maths for your scenario.

lisyloo

As I understand it, I will get fleeced using ATMs no matter what card I use.

You will have to pay some fees/charges/interest for the foreign currency facility yes, as the machines have to be maintained, filled etc.
But I don't see why you consider you are being "fleeced".

I took out £1200 in Egypt in local currency and paid it off when I got back. The interest charge is about £5 which I consider a very reasonable fee for using the ATM 6 times and borrowing the money.

chattychappy

lad22 wrote: »

Problem is I can't pay off the Zero card until I get home. In the UK it's OK to pay off when I get the bill and pay it off in full, and I don't get charged interest. But from what I'm reading, it seems that abroad I get charged from the time I withdraw the cash. Am I right?

Not quite.

No real distinction between UK and overseas when it comes to interest. Cash - interest from date of transaction and always applied. Purchases - interest calculated from date of transaction, but not applied if balance paid in full by due by date.

Zero doesn't load the forex exchange rate and doesn't charge a fee for ATM withdrawals (whether UK or overseas).

FRESTER

Norwich and peterborough building society have a debit card with there current account which has a zero charge on all transactions abroad.
No charge for taking cash or using in shops etc.This begins from 1st Jan when they change there terms and conditions:j

knighterrant

xchangecash wrote: »

The best way to save money while abroad is by using a prepaid currency card. They are generally available in GBP, Euro or USD and also have comparatively lower fees than your bank cards. With ATM fees pegged between £1-£2, these cards are much cheaper to use overseas.

I’ve used the My Travel Cash GBP card during my holiday in the Far East last month. It has a 1.5% foreign exchange fee (much better than Lloyds 2.95%) and £1 cash withdrawals. My prepaid card saved me hundreds. I had bought the card at currencyexchange-uk which also helped me compare all the other cards. Check them out to know more.

I bought a pre-paid money card from First Choice to use on holiday in Florida last month because my credit card was stolen just before we left the UK. They told me that it worked just like a credit card, but it was rejected by every ATM that I tried it in and by every retailer that needed my PIN. The First Choice website always rejected my password when I tried to log in so I had to request reactivation and wait for an email from them before I could check my balance. (They said I could check the balance by text or phone call, but that would have been expensive from the USA to the UK so I didn't try.) When I eventually managed to get into my account online it seems to have given the wrong details about my balance. So with the card still not working I decided to phone the UK (at £1.50 a minute!) and got through to a very slow customer services rep who eventually said he couldn't help! After spending over £50 on fruitless phone call and Internet usage, and waiting a few more days, the card finally worked again, but only where my PIN wasn't required!

My letter of complaint when I arrived back in the UK was treated with contempt. First Choice didn't even apologise for all the inconvenience and grief. They also said they wouldn't compensate me for the excess costs I'd incurred. They just didn't care.

With a useless money card and cash rapidly running out, I used my Debit card for major purchases. I was reluctant to do this because Alliance & Leicester charge £1.50 for every overseas transaction. But I wish that I'd used it more and not bothered with the money card in the first place. My statement shows that I got a much better exchange rate with my debit card than I did buying cash and money card from First Choice, so even with the £1.50 "handling fee" and other charges, the Alliance & Leicester debit card worked out to be cheaper.

So my advice based on my experience is DON'T get a prepaid money card. They're not as good as the sellers tell you and can lead to loads of frustration and grief. You'll be best off shopping around for cash at the best rate near where you live (not at the airport) and then using a credit or debit card whilst away.

Mikhail

borobabe88 wrote: »

Hi there

Im new to this and just thought this looked the best place to ask this question..

But does anyone know any bank account/card that you can use abroad that does not cost to do this?
I work abroad for 6months at a time and so this is costing me a fortune!
I have a nationwide account which didnt used to charge me but couldnt use it as a debit card and now they charge me. So iv been using my lloyds account which is a debit card and it costs me between £1-£4 every time i use it.
Any help would be much appreciated!
Thanks all!!
Gem:)

Option 1: Norwich and Peterborough Building Society current account (they are very choosy)

Option 2: Citibank international currency account, I use it as a prepaid card, but no fees for cash withdrawals (in Euro from Euro ATMs if you open Euro account) and no exchange commission.

Option 3: Halifax clarity credit card, but taking cash from a credit card won't look nice on your credit report and will also cost on average 1%.