Letting the bank know?

AppleMatt

After working so, so hard, we are off on our first holiday in 4 years tomorrow :beer::j

I'm wondering if it's still the done thing to let your bank know you're going away, in case you use your card?

Ta!

victor2

Been discussed before, but most people seem to agree there's no harm in letting your bank/credit card company know when and where you'll be away so that cards don't get blocked.

balletshoes

yep, I do.

AppleMatt

Thanks to both of you!

Just rang them and he thought I was silly for letting them know

Thanks anyway!

chattychappy

Probably best to look or post in http://forums.moneysavingexpert.com/forumdisplay.php?f=11 where this often gets asked in respect of credit cards.

Most of my spend is foreign as I travel alot.

In summary: it won't do (hasn't done) any harm, but it might make no difference. It is certainly no guarantee that a card won't get blocked.

Tips:
1) Take backups (because of the blockage problem).

2) Know how much you will be charged. 2.75% is a typical loading for foreign transactions. For cash, you will typically also pay a cash advance fee and interest on top. But some cards are better value: if you have Halifax Clarity, Nationwide Select (or Gold), Post Office credit card, Santander Zero, then these are better.

3) Look out for Dynamic Currency Conversion (DCC). This is where the merchant offers you a GBP amount on the terminal, or you are asked to sign a receipt showing a GBP amount instead of being charged in local currency and the CC converting. However DCC enables the transaction to be converted on the spot and you pay a fixed amount in GBP. This can be loaded by as much as 7 or 8%. The merchant gets a cut of the fee. Visa/Mastercard rules require the merchants to off you a choice. You should always be able to select/be offered the original amount in local currency. If offered a GBP amount, insist they re-run the transaction in the local currency before you authorise. (I realise that might not be easy on the spot, but retailers do try it on.)

Have a good trip!

gasmanmartin

I would definitely let them know. Had a card blocked in Australia once and it took a few days to unblock again, nightmare

bazster

I used to do this but I got bored with it, haven't bothered for years, never had any problems.

Still go belt-and-braces though in case of loss or theft: me and the missus take at least 2 cards each, and she carries one of mine and vice versa.

Get a Post Office card to actually use, take others as backup only, and, as chattychappy says, never get suckered into paying in sterling, always do local currency and let your card company do the conversion.

And don't mess about with Traveller's Cheques and such nonsense, take just a small amount of currency and use cash machines when you arrive (make sure you are clear on the charges for doing this, there is usually a maximum charge, so it's cheaper to take out a large amount and divvy it up between your party).

newcook

I’ve always let my bank know when and where Im going on holiday – Its rarely I use my card abroad but I like to know it wont get blocked should I need to use it because Im in a different country and they think it’s a cloned card!