MSE News: Boost for Barclaycard holders on overseas cash

Former_MSE_Helen

This is the discussion thread for the following MSE News Story:

"The UK's largest credit card firm will slash the cost of withdrawing cash abroad in time for summer"

Read the full story:
Boost for Barclaycard holders on overseas cash

CG19a

https://forums.moneysavingexpert.com/discussion/3833411

I highlighted this over a month ago.

zagfles

Still pretty poor value - the Clarity is 6 times cheaper (for my usage at least) and Nationwide Debit card is better value, so it comes in third place out of the 5 cards I've got! Maybe even fourth as the Nationwide Select credit card could be better if paid off quickly.

chattychappy

zagfles wrote: »

Still pretty poor value - the Clarity is 6 times cheaper (for my usage at least) and Nationwide Debit card is better value, so it comes in third place out of the 5 cards I've got! Maybe even fourth as the Nationwide Select credit card could be better if paid off quickly.

Well, I think it isn't bad value when you consider you are getting up to 56 days credit and the convenience of pulling out cash from a foreign ATM. All that for 2.99% sir!

I thought NW debit outside Europe was 2%+£1. So not a great difference for typical amounts. Plus no credit.

But as you say, better value can be had elsewhere. I've been using Santander Zero. No loading/charges, just interest from the date of withdrawal. They just hiked my interest to 2.5% (APR 34.5%), but that still makes it cheaper provided unless I don't pay back promptly.

Barclaycard Plat would work out cheapest if I needed, say, 6 weeks credit and could time the withdrawal to benefit from the statement timing.

lifemagic

I'm writing this from a cybercafe in Malacca in Malaysia. I am using my MetroBank debit card to get local cash from the atm and there are no charges whatsoever, and I get the Mastercard rate.

I just used the Metrobank credit card to buy a local air ticket in Malaysia Ringett, and there were also no charges what so ever.

I got the cards in the Tottenham Court Road branch, in about an hour (issued on the spot) before I started travelling.

zagfles

chattychappy wrote: »

Well, I think it isn't bad value when you consider you are getting up to 56 days credit and the convenience of pulling out cash from a foreign ATM. All that for 2.99% sir!

I thought NW debit outside Europe was 2%+£1. So not a great difference for typical amounts. Plus no credit.

But as you say, better value can be had elsewhere. I've been using Santander Zero. No loading/charges, just interest from the date of withdrawal. They just hiked my interest to 2.5% (APR 34.5%), but that still makes it cheaper provided unless I don't pay back promptly.

Barclaycard Plat would work out cheapest if I needed, say, 6 weeks credit and could time the withdrawal to benefit from the statement timing.

It's not bad if you need the credit, but if you have the money you're not going to earn much in interest by delaying the payment.

I guess people will need to be careful they don't get stung by DCC at cashpoints - if they select the GBP option then Barclays will charge them a 2.99% fee as well as the ATM bank fee for converting the currency - so maybe 6% or more in total!

chattychappy

Personally I'm paraonoid about putting my debit card into an ATM. CCs, no problem. Not my money and I have a number of them. But if my NW debit card gets swallowed, I lose access to my current account (needed in a card reader to do payments). If it got skimmed (or I simply get it snatched or whatever) it is similarly catastrophic. Normally it says at home in the UK/in my foreign flat/in a hotel whatever, locked up.

Actually come to think of it, I'd be jolly happy if NW just issued me with a card for use in the card reader for accessing online banking and didn't issue a debit card at all (or issued it separately).

zagfles

chattychappy wrote: »

Personally I'm paraonoid about putting my debit card into an ATM. CCs, no problem. Not my money and I have a number of them. But if my NW debit card gets swallowed, I lose access to my current account (needed in a card reader to do payments). If it got skimmed (or I simply get it snatched or whatever) it is similarly catastrophic. Normally it says at home in the UK/in my foreign flat/in a hotel whatever, locked up.

Actually come to think of it, I'd be jolly happy if NW just issued me with a card for use in the card reader for accessing online banking and didn't issue a debit card at all (or issued it separately).

Not a problem for us as we have a joint account so have a debit card each. Would NW issue a spare card if you asked, I think some banks do?

The card reader rule is silly - I can understand extra security for setting up new payments, but making a payment using details you've already set up isn't going to be any use to phishers.

YorkshireBoy

zagfles wrote: »

The card reader rule is silly - I can understand extra security for setting up new payments, but making a payment using details you've already set up isn't going to be any use to phishers.

There must be a trigger point for the card reader being necessary for payments to existing payees because I regularly transfer 'small' amounts out of my Nationwide account without needing the card reader?

zagfles

YorkshireBoy wrote: »

There must be a trigger point for the card reader being necessary for payments to existing payees because I regularly transfer 'small' amounts out of my Nationwide account without needing the card reader?

ISTR it wanting card details for a £30 transfer to an existing payee, but that was probably a year or 2 ago, maybe it's changed?

chattychappy

Yep, for about a year every transaction required the card reader. But recently many have gone through without needing it.

Perhaps they would issue a spare card. I really should ask, next time I'm in the UK for long enough to receive delivery.