ADVICE - Best/Cheapest way of withdrawing cash abroad ?

stylus360

Hi All

Going to Andorra in a few weeks and wondered what is the best way to pay for items/hire gear etc.

Also what is the best way to withdraw Euro's ?

I have a Nationwide Flex account, would a credit be better ??

Or one of those preloaded cards ???

Anyone help ???

Thanks

grumbler

• Cheap Travel Credit Cards

For withdrawals see Halifax Clarity (credit) and MetroBank, N&P (debit).
Nationwide Flex is no good anymore, although it's not the worst.

stylus360

I got refused for the Halifax Clarity ????? Never been refused a card in my life although i do have about 5 cards in use at the moment.

I then applied for the Nationwide CC, as i already have an account with them i was accepted straight away with £7k limit, 6 months 0% interest.

Will it make a difference if i 'pre-load' the card with cash or am i wasting my time ?

Also does it mean i will not be charged ANY interest at end of the month (for 6 months) even if i pay the mininum ??

Cheers

Also it just seems wrong withdrawing cash/Euro's from cashpoint....

grumbler

By preloading you do save on the interest, but can't avoid ATM fees.
However, it's usually against the T&C to preload a CC.

stylus360

grumbler wrote: »

By preloading you do save on the interest, but can't avoid ATM fees.
However, it's usually against the T&C to preload a CC.

Confused again now...lol

I thought it was interest free ?

It states here -

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

Loading (exchange rate fee). Europe: 0% | Worldwide: 0% ??

So what does this actually mean ?

Cheers

stylus360

Or would i be better with a FairFX preload card ? -

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

I could 'overload' it and then just transfer back what i do not use.

Will probably be spending around 1200 Euros.

NiftyDigits

stylus360 wrote: »

Or would i be better with a FairFX preload card ? -

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

I could 'overload' it and then just transfer back what i do not use.

Will probably be spending around 1200 Euros.

Kalixa Card loaded via Bank Transfer is better value.

guesswho2000

stylus360 wrote: »

I got refused for the Halifax Clarity ????? Never been refused a card in my life although i do have about 5 cards in use at the moment.

I then applied for the Nationwide CC, as i already have an account with them i was accepted straight away with £7k limit, 6 months 0% interest.

Will it make a difference if i 'pre-load' the card with cash or am i wasting my time ?

Also does it mean i will not be charged ANY interest at end of the month (for 6 months) even if i pay the mininum ??

Cheers

Also it just seems wrong withdrawing cash/Euro's from cashpoint....

6 months 0% indicates you've gone for the standard NW card, not the Select? This doesn't have unlimited commission free purchases, you have to earn the commission free allowance.

But yes, you won't pay any interest for six months at all, as long as you make the minimum payment (at least) on time.

Withdrawing cash from an ATM is the cheapest way to obtain it abroad by far, with the correct card (N&P/Metro Bank/Cumberland BS debit, Halifax Clarity, Santander Zero (no longer available to new customers) or Sainsbury's Gold (£5 monthly fee)).

I'm sure Chattychappy will be along soon to add to this thread

gglaze

stylus360 wrote: »

Confused again now...lol

I thought it was interest free ?

It states here -

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

Loading (exchange rate fee). Europe: 0% | Worldwide: 0% ??

So what does this actually mean ?

Cheers

I would guess what is being referred to here is the ATM fees - i.e. fees charged by the provider of the Cashpoint/ATM machine, which are separate from fees charged by your own bank/card provider. Depending on what country you are in and what ATM machine you use, you may be charged a fee for using the machine. (Not so common in the UK, but much more common in other places)..

grumbler

stylus360 wrote: »

Confused again now...lol

I thought it was interest free ?

It states here -

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

Loading (exchange rate fee). Europe: 0% | Worldwide: 0% ??

So what does this actually mean ?

Loading is what you get charged for currency conversion.
Normally CC providers charge for ATM withdrawals regardless of the conversion. And, unlike for purchases, there is no interest-free period for ATM withdrawals.

IMO, the article you quote says this pretty clearly:

• Adding a 'load' on the exchange rate so £100 of foreign currency actually costs you £103
• Cash withdrawal fees on both credit and debit cards
• Interest charges even if you pay off in full

Philip208

I have just used a Caxton FX card in Russia. The amount withdrawn was 13000 rubles (£285.21 at 45.58 rubles). The fees and add-ons took that to £307.04 - a cost of £21.83 of which £7.94 was a load fee charged by Caxton and the rest blamed on the Russian bank!! Is there any way of avoiding such crippling fees I wonder?