MSE News: Boost for Barclaycard holders on overseas cash

Pincher

2.99%? Dream on.

Going to Paris this summer, so I'll see what the Nationwide cards cost.

It's just too easy these days.

I used to have a Eurocheque cheque book, and a First Direct Eurocheque guarantee card. Can't remember exactly, but I seem to remember First Direct didn't make much money out of me: which is why I had it .

In terms of losing cards, you should always have backups.
Security paranoia means the card issuer blocks your card simply because you are using it overseas.:rotfl:

There was an even more bizarre scenario. This Australian walked into a camera shop in Hong Kong, haggled over an expensive camera, then paid for some film (probably £10 worth) with his ONLY credit card. Walked into a second shop, haggled, got a good price, and his ONLY credit card was DECLINED! The first shop had reserved a large chunk of credit. He rang Australia, and the bank cannot release the credit for two weeks!

chattychappy

Pincher wrote: »

Going to Paris this summer, so I'll see what the Nationwide cards cost.

Well, you wouldn't want to be using NW credit cards there. Debit perhaps.

Agree with your comment about backups. But I have many CCs, and only one debit card. So I would always prefer to use a CC for cash overseas, even if it cost a couple of quid more. (Santander Zero, in my case, doesn't cost anything except for a few days' interest.)

incesticde

what would the exchange rate be?

excellent / good / poor ?

zagfles

incesticde wrote: »

what would the exchange rate be?

excellent / good / poor ?

Credit cards use the VISA/MasterCard rates as the base, which are excellent (pretty close to interbank). But most then mark up that rate by around 3%, like BarclayCard, and some will charge extra for cash withdrawals and interest. But even then they're still usually cheaper than changing cash in the UK.

But a few cards don't mark the rate up at all, eg Halifax Clarity, MetroBank, so you get an excellent rate, about 5% cheaper than changing cash.

incesticde

zagfles wrote: »

Credit cards use the VISA/MasterCard rates as the base, which are excellent (pretty close to interbank). But most then mark up that rate by around 3%, like BarclayCard, and some will charge extra for cash withdrawals and interest. But even then they're still usually cheaper than changing cash in the UK.

But a few cards don't mark the rate up at all, eg Halifax Clarity, MetroBank, so you get an excellent rate, about 5% cheaper than changing cash.

Mint, thanks for the reply.

So as long as you're chnaging half decent amounts (two, three hundred) you should see a benefit to using the best FX in the uk.. sweet

DSA5

We use Sainsburys Gold credit card for cash and purchases in EU countries and absolutely no charges whatsoever and get full current exchange rate. There is a £5 per month charge for the card but great value for us considering the amount we use the card for.

glenbois

Going to the usa later in the year and was considering taking my Nationwide debit and credit cards with me. Preload my current account (debit card) and make purchases and cash withdrawals on my credit card. As the amounts are shown on my online account (in terms of available balance having been reduced - not the actual transction showing up immediately), I would then transfer money to cover the spending from my current account to the debt owed on the credit card.

Can anyone see any issues with this? btw Halifax and Post Office are not options as I already have those cards with no available balance as they are on 0% deals.

zagfles

glenbois wrote: »

Going to the usa later in the year and was considering taking my Nationwide debit and credit cards with me. Preload my current account (debit card) and make purchases and cash withdrawals on my credit card. As the amounts are shown on my online account (in terms of available balance having been reduced - not the actual transction showing up immediately), I would then transfer money to cover the spending from my current account to the debt owed on the credit card.

Can anyone see any issues with this? btw Halifax and Post Office are not options as I already have those cards with no available balance as they are on 0% deals.

Which Nationwide credit card? I think only the "Select" is 0% on foreign currency. The other one has some complicated scheme where you need to "earn" your 0%.

But even the Select card has cash withdrawal fees, think it's 2.5% plus immediate interest but check the T&C's. Probably be better off with the debit card for cash, and you don't need to mess around making a payment to avoid interest.

glenbois

zagfles wrote: »

Which Nationwide credit card? I think only the "Select" is 0% on foreign currency. The other one has some complicated scheme where you need to "earn" your 0%.

But even the Select card has cash withdrawal fees, think it's 2.5% plus immediate interest but check the T&C's. Probably be better off with the debit card for cash, and you don't need to mess around making a payment to avoid interest.

Thanks zagfles, It is a Select card and you're right about the charges, so it will be purchases on the credit card.

The t+c for the current account states this:

Foreign transaction charges
• Commission charge for non-sterling transactions (Note 1) (includes card payments and cash withdrawals) 2% of the transaction
• Non-UK cash withdrawal charge (Note 1) amount £1 per withdrawal

Note 1 - If we make a change to these charges we will notify you at least two months beforehand.

If I am reading this right cash withdrawal is 2% plus £1 each time plus whatever the ATM charges me on top?

e.g. a $500 withdrawal would be $10 plus £1 plus ATM machine charge?

So use the debit card for cash withdrawals.

Chezborg

Was wondering how Barclaycard stacked up against the FairFX card. Am off to Vietnam next month and dont want to carry loads of cash. I would essentially be using the card for cash ATM withdrawals rather than purchases. Are there other charges apart from the 2.99% plus local ATM charge for Barclaycard? FairFX apparently charge 1.4% plus GBP1 per transaction (plus local ATM fee) but I have heard they apply some sort of padding fee? Any suggestions or comments or should I just risk it and take cash? I also heard indirectly that if I purchased a FairFX Sterling card using my NatWest Visa Debit card I would be charged GBP4.50- can anybody confirm or deny this? Sounds crazy to me!