Best way to use money abroad

Nirvana9

First of all, I'm sorry if this has been asked lots of times before, and I have been reading this:

http://www.moneysavingexpert.com/travel/cheap-travel-money#hell

But it's sooo confusing.

Can anyone make everything a little clearer and just tell me what the best way is?

I'll be going to New York if this helps. I'm with Barclay's (standard debit account) at the moment, and I'm unlikely to be accepted for a decent credit card.

Help!!!

mcfisco

I've no idea what the Barclays debit card is like for rates abroad

The FairFX $ card worked flawlessly for me in the States, good rates/fees too

Nirvana9

Thanks mcfisco;

Sounds good until I read this:

'The $ and € cards incur fees for ATM withdrawals at $2.00 and €1.50 respectively. The £ card incurs 1.4% cost on all transactions and an additional £1 for overseas ATM withdrawals. UK ATM withdrawals for the £ card incur a £1.50 charge but do not incur 1.4% on top of this. Please refer to our terms and conditions for detailed information regarding fees.'

So which of these is it? $2.00 each time I withdraw money? Or 1.4% plus £1?

Gloomendoom

Actually, the Barclays debit card isn't too bad if you use it in Bank of America ATMs

Barclays debit card abroad

I think you get charged 3% per transaction.

Nirvana9

This is from the Barclay's website:

'2. If you use your debit card abroad, you'll be charged a 2.99% foreign exchange charge. On top of this, if you're getting cash over the counter at a bank (including Barclays), or using an ATM other than a Barclays ATM or those within the Global Alliance, you'll also be charged 2% of the transaction (minimum charge £1.50, maximum £4.50) and there may be other charges. See which banks are in our Global Alliance . The 2.99% foreign exchange charge is included in the exchange rate used by the card scheme to convert the currency amount into sterling on the day it processes the transaction.'

So if I'm reading this right, so long as I can find a Global Alliance cashpoint (bank of America I think this would be) I'll just be charged 2.99%?

Does anyone think this might work out better since I wouldn't be charged the initial exchange fee that FairFX and friends charge....?

Nirvana9

Thanks gloomendoom; looks like I'd be charged £9 then if I was to withdraw the maximum daily amount (£300)... any idea how this compares to other options?

Gloomendoom

Nirvana9 wrote: »

Thanks gloomendoom; looks like I'd be charged £9 then if I was to withdraw the maximum daily amount (£300)... any idea how this compares to other options?

No, sorry. I used mine for three weeks after my wife's zero everything, all singing, all dancing card got eaten by an ATM on the second day of our trip. When viewed against the overall cost of the holiday, I thought Barclay's charges were pretty reasonable.

mcfisco

So which of these is it? $2.00 each time I withdraw money? Or 1.4% plus £1?

it's $2, the other figures are for the £ card
There's isn't any charges using it to pay for things

Worth factoring in what rate you'll get with other methods, FairFX is pretty good

Nirvana9

mcfisco wrote: »

it's $2, the other figures are for the £ card
There's isn't any charges using it to pay for things

Worth factoring in what rate you'll get with other methods, FairFX is pretty good

So it wouldn't cost me to pay for things in a restaurant or bar?

Did you find there were any limitations in terms of where you were able to use it?

mcfisco

Nirvana9 wrote: »

So it wouldn't cost me to pay for things in a restaurant or bar?

Correct

Did you find there were any limitations in terms of where you were able to use it?

No restrictions at all, it's treated the same as any other Mastercard debit card
The Americans are often keen to take a swipe of a major credit card before allowing you to book into hotels or hire cars
So if you're thinking of paying for those sorts of things whilst there, it may be worth getting a CC - you don't have to use it, just have it available when you check in etc. you can still settle the bill with the debit card.

TakeThis

Travelex Cash Passport Globe offers better value, as there are no cash withdrawal charges(other than the that levied by the US ATM independently) though you need to check as to whether your bank will charge for topping up a Prepaid card.

If you live within the M25 or are planning to visit London, get a Metro Bank debit card. You won't get better.