South Africa Foreign Money and Cards

activist3

Hello,
I am going to South Africa for 4 weeks with my family on a charity trip and are trying to work out the cheapest way to work out travel money. I was going to order around £1500 worth of Rand but apparently i will get charged by LLoyds TSB if i order this online using my debit card. Any idea where the best place to buy it is in person where i can draw out the cash. Also as already mentioned we have Lloyds TSB debit cards and a lloyds tsb airmiles duo credit card and was wondering what the best way to draw out money or make purchases in Cape Town would be. Is it cheaper to use debit card or transfer the money to the Credit Card?

Would be really grateful for any help

signol

You can use your normal credit card to make purchases, the small loading on the exchange rate is not really noticable. Taking money out with a debit card from an ATM is usually the best way, just take care with ATMs, try to use one in a bank or shopping centre (for security) if you can. There is a relatively low daily withdrawal limit (~R1000 if I recall correctly) so bear that in mind.

signol

photome

Have you read

http://travelmoney.moneysavingexpert.com/

activist3

photome wrote: »

Have you read

http://travelmoney.moneysavingexpert.com/

Yes of course i have read that guide first. I just didnt come to a conclusion at the end of it. I appear to have a "debit card from hell" with the lloyds tsb debit card so it seems ill advised for me to use that. I havent got any of the credit cards listed as the best ideas and it would be too late for me to apply for another one now. The only one i have is a lloyds tsb duo airmiles and it is unclear how much i am going to get charged for that.

So i really dont know whether to walk into bank, withdraw cash and take them to the post office and buy rand or to buy one of these travel currency cards or to just withdraw money when i get out there.

I am also not completely sure what to do about withdrawing extra money half way through the trip and after payday :-)

stilltheone

activist3 wrote: »

Yes of course i have read that guide first. I just didnt come to a conclusion at the end of it. I appear to have a "debit card from hell" with the lloyds tsb debit card so it seems ill advised for me to use that. I havent got any of the credit cards listed as the best ideas and it would be too late for me to apply for another one now. The only one i have is a lloyds tsb duo airmiles and it is unclear how much i am going to get charged for that.

So i really dont know whether to walk into bank, withdraw cash and take them to the post office and buy rand or to buy one of these travel currency cards or to just withdraw money when i get out there.

I am also not completely sure what to do about withdrawing extra money half way through the trip and after payday :-)

Travelex Cash Passport Globe

You can topup online free of charge whilst you are out there .

activist3

stilltheone wrote: »

Travelex Cash Passport Globe

You can topup online free of charge whilst you are out there .

Thats excellent thanks, i have just been reading up on that. I think i will order one and then collect it at the airport.

Is there any negative points that i should be aware of using this?

stilltheone

activist3 wrote: »

Thats excellent thanks, i have just been reading up on that. I think i will order one and then collect it at the airport.

Is there any negative points that i should be aware of using this?

No, just be aware they the make no deduction from the wholesale exchange rate, nor do they charge for ATM withdrawals. They just take a 1.49% fee on top of your spending.

So don't put £100 on the account and expect to take £100 out, in that case you would need £101.49(In the UK; £100.99). Of course this is just an example, not especially relevant as you'll be using it abroad.
If you have Internet access, you can keep track of your spending online.

activist3

stilltheone wrote: »

No, just be aware they the make no deduction from the wholesale exchange rate, nor do they charge for ATM withdrawals. They just take a 1.49% fee on top of your spending.

So don't put £100 on the account and expect to take £100 out, in that case you would need £101.49(In the UK; £100.99). Of course this is just an example, not especially relevant as you'll be using it abroad.
If you have Internet access, you can keep track of your spending online.

Hi,
Where can i check the wholesale exchange rate that they are going to use?

Thanks

pelirocco

activist3 wrote: »

Yes of course i have read that guide first. I just didnt come to a conclusion at the end of it. I appear to have a "debit card from hell" with the lloyds tsb debit card so it seems ill advised for me to use that. I havent got any of the credit cards listed as the best ideas and it would be too late for me to apply for another one now. The only one i have is a lloyds tsb duo airmiles and it is unclear how much i am going to get charged for that.

So i really dont know whether to walk into bank, withdraw cash and take them to the post office and buy rand or to buy one of these travel currency cards or to just withdraw money when i get out there.

I am also not completely sure what to do about withdrawing extra money half way through the trip and after payday :-)

We just used our debit cards , Loads of atms , some places have security guards , most didnt , but tbh we found the South Africans to be very respectful of personal space and stood well back when people were using Atms's . ( as an aside we never once felt unsafe in SA )

stilltheone

activist3 wrote: »

Hi,
Where can i check the wholesale exchange rate that they are going to use?

Thanks

MasterCard's Currency Conversion Tool

activist3

stilltheone wrote: »

MasterCard's Currency Conversion Tool

So in this do i put the base rate as sterling and compare that to the rand? or visa versa?