Euros - ATM use and making Purchases

dzug1

The Nationwide credit card (if you have the right one) is still free for purchases in Europe, so £222.47 on your example

ICHAPMAN

Yes.

As I've my CC with Nationwide for sometime it's an 'old' card, which is (now) known as the Standard Classic.

Naf

Santander Zero Credit Card has no foreign usage fees, no cash advance fees, no currency conversion fees and no commission (just watch out for interest on cash withdrawals - as with any other CC it'll charge interest from day 1). You save most by setting up internet banking and as soon as (or before as it'll usually take 2-4 working days for payment to clear across) you take any cash off the card send it right back from your bank account. The small amount of interest you might accrue over 4 days will be much less than the usual fees for usage abroad.
But getting an account wherever you're going if its longer term is likely to be a better idea. Look into PayPal if you're wanting to move money from UK account overseas or vice versa: most banks charge quite a fee to send money abroad.

gardner1

ICHAPMAN wrote: »

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.

only nationwide use visa/mastercard rate fairfx and travelex use their own rates
naitionwide 1.121343
fairfx 1.1050
travelex 1.08070

n/wide wil cost 228.40
fairfx 230.41
travelex 234,77

using todays rates

ICHAPMAN

So....this is sooo darn complex for my little brain.

If I'm understanding this new information correctly, then it actually my fictional €250 withdrawal would be cheaper via the Nationwide card, even with its 2% charge and £1 fee.

Naf

Santander Zero; 0% for withdrawing the money, 0% on currency conversion, 0% commission, and less than 0.1% daily interest until you pay it off.
So assuming you send the money from your bank account on the day you make the withdrawal, and assuming worse case 10 days (4 working to transfer; 2 working to process; 2 weekends) then you'd get charged less than 30p
Plus there's no additional fees whatsoever for paying for things by card while away; its just like doing it while you're home.

And, if you have both purchases and cash on there, but only want to pay off the cash; payments are applied to highest interest bearing element first.

Toe-Jam

gardner1 wrote: »

only nationwide use visa/mastercard rate fairfx and travelex use their own rates
naitionwide 1.121343
fairfx 1.1050
travelex 1.08070

n/wide wil cost 228.40
fairfx 230.41
travelex 234,77

using todays rates

Wrong, the fairfx anywhere card uses mastercards rate. Only the euro and dollar cards use a set rate. The OP's calculations are correct.

nationwide will be the cheapest, but there is very little difference between it and the fairfx card, your talking a few pence per £100

You might want to look at the Kalixa prepaid mastercard there are no fx charges at all for purchases abroad.

stilltheone

gardner1 wrote: »

only nationwide use visa/mastercard rate fairfx and travelex use their own rates
naitionwide 1.121343
fairfx 1.1050
travelex 1.08070

n/wide wil cost 228.40
fairfx 230.41
travelex 234,77

using todays rates

Completely wrong. Enough said.

stilltheone

Toe-Jam wrote: »

Wrong, the fairfx anywhere card uses mastercards rate. Only the euro and dollar cards use a set rate. The OP's calculations are correct.

nationwide will be the cheapest, but there is very little difference between it and the fairfx card, your talking a few pence per £100

You might want to look at the Kalixa prepaid mastercard there are no fx charges at all for purchases abroad.

This is completely wrong too.

The OP has already clearly demonstrated that Travelex Cash Passport Globe is the cheapest.

Whilst the Kalixa currently has commission free purchases, you have to pay £4.95 for the card. That is equal to £330 of free spending on the TCPG, plus the Kalixa has an ATM withdrawal charge of £2.25.

I know that you are trying to be helpful, but you too are just muddying the waters.

gardner1

stilltheone wrote: »

Completely wrong. Enough said.

2 out of 3 isnt that bad