Spending Overseas: The cheapest way to pay Article Discussion Area

hollydays

Have loaded up My Nationwide visa debit card for our forthcoming holiday.Today i purchased a flight,as the payment was in euros,i used my debit card to pay(as per Martins notes i think). To keep my spending money straight i intended to transfer the money back into my account . I asked Nationwide what the amount would be in pounds when my statement arrived-couldnt tell me.After being given the run around visa told me it was 1.42.
Now this has confused me,because The top currency rate today through Thomas Exchange Global is 1.43.

I thought card was supposed to be cheaper-have i missed something?

dzug

hollydays wrote: »

Have loaded up My Nationwide visa debit card for our forthcoming holiday.Today i purchased a flight,as the payment was in euros,i used my debit card to pay(as per Martins notes i think). To keep my spending money straight i intended to transfer the money back into my account . I asked Nationwide what the amount would be in pounds when my statement arrived-couldnt tell me.After being given the run around visa told me it was 1.42.
Now this has confused me,because The top currency rate today through Thomas Exchange Global is 1.43.

I thought card was supposed to be cheaper-have i missed something?

Yes - you are confusing cash rates with card rates. The card rate is in the region of 1.46 or 1.47. Visa have either quoted you a cash rate or the cost for a card that charges the standard 2.75%.

When you are using a card you cannot find out the EXACT exchange rate until it appears on your statement (or on your online banking). It's a waste of time trying, you will only confuse yourself and the people you ask. You know how it is calculated, not how much it is.

Crabman

Actually, it is possible to find out the VISA card exchange rate:

http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp

Select the relevant currencies and enter "0" as the "Bank Fee"

dzug

Crabman wrote: »

Actually, it is possible to find out the VISA card exchange rate:

http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp

Select the relevant currencies and enter "0" as the "Bank Fee"

Useful link - it gives 1.46 as the answer to hollydays query.

urgurinder

Hello there

I have just purchased Euros worth £750 from travelex online paying with my HSBC Credit card.... Travelex said that cardholder might charge some cash advance fee and MSE says that figure is £3 or 2.5% of the whole amount (i hope whichever is lower).......... is there anyway of avoiding these cash back charges.... transferring money online perhaps?

i have a hsbc debit card, natwest debit card and another visa credit card.............

I fly out on Sunday. so any help asap would be gr8..

Cheerio

dzug

urgurinder wrote: »

Hello there

I have just purchased Euros worth £750 from travelex online paying with my HSBC Credit card.... Travelex said that cardholder might charge some cash advance fee and MSE says that figure is £3 or 2.5% of the whole amount (i hope whichever is lower).......... is there anyway of avoiding these cash back charges.... transferring money online perhaps?

i have a hsbc debit card, natwest debit card and another visa credit card.............

I fly out on Sunday. so any help asap would be gr8..

Cheerio

Get yourself a card that doesn't charge - somewhere on this site there is a list.

Not before Sunday though....

Daisy16178

I've just booked a holiday to Dubai where the currency is the Dirham. I know I can purchase it from a travel agent, but should I get them here or transfer cash onto my Nationwide Flex Debit Card and withdraw in Dubai? I've never done this in the past so assume that's it's the same as withdrawing cash in England - same PIN etc.

Also wanted to know (if anybody out there has already been to Dubai) whether any credit card can be used to pay for meals etc or does it have to be a specific one. Was thinking of using my Nationwide Credit Card and then paying it off in full when I got back.

sammyboy999

I have just got off the phone with Capitalone.
They say that they charge a 2.75% conversion fee, but the cashback still applies (4% in the first 3 months). Therefore you earn 1.25% cashback on all overseas spending.
Surely this is the best card for overseas spending!!

Gino_Ginelli_3

If all is well I will be going to Cape Town in February 2008. I already have the Post Office Credit Card. Not particularly bothered about the 2% cash ATM withdrawal fee i accept that as a service charge and it makes me think twice before succumbing to holiday mode and going mad, spending loads.

However I am bothered about the interest rate on cash ATM withdrawls and the fact that even if you pay off your bill in full you still get charged interest on the withdrawals. So does anyone know if i can pre-load the Credit Card?? If I can then surely I shouldndt be charged interest because I am not borrowing the money that I get from the ATM?

Thanks in advance.
G

svm_2

I have a query - we are going to America in the new year. I have a Nationwide debit card that I was going to use for spending but with the dollar rate so high is it worth getting a Post Office Travel Money card and loading that now or risking the rate going down in the next couple of months? I don't want to carry too much cash around.