Euros - ATM use and making Purchases

ICHAPMAN

Hi,

Now I realise there are numerous threads on this subject, and I've read numerous, but have still ended up confused as to whether it's really worth changing what I've already got.

Previously when dealing in Euro's I've taken my Nationwide Debit Card to use in the ATM's , and their Credit Card for a backup.

As Nationwide changed it's scheme, charging for European ATM usage etc, I then had (following recommendations from this forum) a FairFX Anywhere card.

I'm due to return to France in August, and I'm wondering how best to deal with Euro's this time around. I understand that the FairFX Anywhere card terms have changed, with them now charging for withdrawls.

I don't want to apply for a credit card, so that rules out the Halifax Calrity. I also don't live anywhere near London so Metro Bank is out of the question and I don't qualify for the Santander Debit card. I've considered the N&P accounts, and I've seen recommendations for the Travelex Globe card.

What I really want to do is be able to put money into an account whilst in the UK and then whilst in France make withdrawals at an ATM. I'm not talking about a daily withdrawal, perhaps other the course of 2 weeks I'm talking about 4 ATM transactions. Perhaps also using the card to make payments.

So, given that both Nationwide and the Fairfx cards now make charges, am I going to be better of with something different to use at ATM's etc, or is there little difference in it these days?.

Thank you for your time and assistance.

Iain.

stilltheone

Travelex Cash Passport Globe. There isn't a huge amount in it. You'll save the £1 on the withdrawals.

benjus

stilltheone wrote: »

I think the minimum initial load for the Travelex Cash Passport Globe is £250. There isn't a huge amount in it. You'll save the £1 on the withdrawals.

I just ordered one on behalf of a friend with £100 on it. That was the minimum load for home delivery... you could go lower if you wanted to pick it up at a TravelEx branch.

stilltheone

benjus wrote: »

I just ordered one on behalf of a friend with £100 on it. That was the minimum load for home delivery... you could go lower if you wanted to pick it up at a TravelEx branch.

Good. It is written in the T&Cs that £250 is the minimum. But then the T&Cs still state that the card fee is £29.99, so perhaps both need to be updated.
I'll amend my post.

S*munchkin

Hi there...

I'm in sort of the same position as ICHAPMAN, but I have got a student debit card with santander and a nationwide flex account+credit card. I'm going for my erasmus year this september and really don't want to be charged for buying groceries/ clothes etc.. while I'm out in Granada (or anywhere in Spain) but I really can't understand when I'll be charged! The percentages are really confusing me.. could anyone advice me on how to handle these 3 cards for my time abroad please??? I'd really appreciate it, I was thinking on buying groceries etc on my nationwide credit card and then doing an online direct debit to pay it off in the same week, do you reckon that'll work?

Thanks

x

ICHAPMAN

Thank you all for your replies.

I wonder if someone could just confirm these figures for me please?

Nationwide Flex Account:
ATM Withdrawals: 2% of the amount + £1 charge / Purchases: 2% of the amount

FairFX Anywhere:
ATM Withdrawals: 1.4% of the amount + £1 charge / Purchases: 1.4% of the amount

Travelex Globe:
ATM Withdrawals: 1.49% of the amount / Purchases: 1.49% of the amount

Thus, if I was making a ATM withdrawal of €250, the actually costs would be:

Nationwide Flex Account:
Withdrawal: €250
Charge: €5 (2% of €250) / Total €: €255
Fee: £1
Actual £ Cost = £227.92

FairFX Anywhere:
Amount: €250
Charge: €3.5 (1.4% of €250) / Total €: €253.5
Fee: £1
Actual £ Cost = £226.59

Travelex Globe:
Amount: €250
Charge: €3.725 (1.49% of €250) / Total €: €253.725
Fee: N/A
Actual £ Cost = £225.79

Note: £ value converted using Mastercard.com + fee
1 EUR = 0.889881 GBP

If these calcuations are correct then I'd save £2.13 (based on the above rates used by Mastercard at the time of writing) per €250 by using the Globe over the Nationwide Debit card. Using the Globe over the FairFX card would save £0.80p

Does this seem correct?

Thanks

Iain

Thanks to stilltheone for some corrections/improvements.

stilltheone

Travelex Globe:
Amount: €250
Charge: €3.5 (1.4% of €250)
Fee: N/A
Actual £ Cost = £225.46

That is supposed to be 1.49%.

Use this for conversion.

ICHAPMAN

stilltheone wrote: »

That is supposed to be 1.49%..

Ah, yes thank you. I'd copied and pasted from the FairFx section and then forgot to update the Globe figures. This has been corrected, and I've also used the Mastercard rate for the calculations now.

The premise of the figures are correct, yes?

Thanks

Iain

stilltheone

Yes, around 80 pence between Anywhere and Globe for 250 euros.

ICHAPMAN

Ignoring the figures, from a practicality side I think a nice benefit with regards to the FairFX card is that it can easily be topped up by SMS message.

The Globe appears to need Internet access or a Telephone call. Although Travelex suggest this a a free of charge call, I suspect that from a roaming mobile this isn't really a case.

I like the idea that I could top up the FairFX with an inital amount, and leave the remaining money on the Nationwide. This allows me a backup card should I have an issue with the FairFX card, and yet I can still easily top off the FairFX from the backup source.

Make sense?

Debbie_A_3

S*munchkin wrote: »

Hi there...

I'm in sort of the same position as ICHAPMAN, but I have got a student debit card with santander and a nationwide flex account+credit card. I'm going for my erasmus year this september and really don't want to be charged for buying groceries/ clothes etc.. while I'm out in Granada (or anywhere in Spain) but I really can't understand when I'll be charged! The percentages are really confusing me.. could anyone advice me on how to handle these 3 cards for my time abroad please??? I'd really appreciate it, I was thinking on buying groceries etc on my nationwide credit card and then doing an online direct debit to pay it off in the same week, do you reckon that'll work?

Thanks
x

Hi Munchkin. If you're going to be there for a year, you might find it worthwhile to open an account in Spain. Might be essential if you were planning to earn any money from part time employment.

The Nationwide debit card isn't the worst around, but it is nowhere near as good as it used to be.

Have a great time!
Debbie