Spending Overseas: The cheapest way to pay Article Discussion Area

moaninmick

Is it better to withdraw abroad using Nationwide or to buy euros here using Travelex who are showing as having a better return?

Thanks

dzug

???What do you mean by a better return? Sounds as though you are misunderstanding something.

Nationwide will give you near enough the interbank rate if you use their debit card to withdraw cash overseas.

Travelex charge you the interbank rate plus a commission to buy euros here. It's a smaller commission than most, but it still exists (3.5% on today's rates I reckon). You may also have to pay your card provider a fee - you have to pay by card when ordering.

Looks a no-brainer to me.

dzug

ABC wrote: »

I am going travelling for 5 months. Could anyone tell me if it would be better to get a couple of credit cards with 10 month interest free purchases on or whether a Nationwide/post office cc would be a better choice?

Well the other cards will charge you 2.75% on top of your purchases. Can you get 2.75% in interest on your money by saving it up for the 10 months(less the minimum monthly payments) and then paying them off? I'd guess yes, but without doing any actual sums.

DeepBlue_2

Withdrawing money from different banks abroad has differnt results -A few things to look at before going abroad:

Some British High Street Banks have links with foreign banks (Barclays and Deutsche Bank, for example - see Barclays "Global Alliance").

Others have sister banks under the same holding company (different name, often the same branding e.g. Abbey as part of Santander)

Occasionally there are British Banks abroad (found a few Barclays in Spain).

They still charge you something for taking your money out abroad but often certain charges are dropped... well worth looking at your own banks website before you travel to check the situation for the country you are visiting.

ailuro2

If you are going to be away from home for so long I'd suggest any cards you do take out can be controlled online.

pin

ailuro2 wrote: »

If you are going to be away from home for so long I'd suggest any cards you do take out can be controlled online.

I use Nationwide.

pamder

would I be correct in saying from what I've read that if you use the nationwide debit card at an ATM abroad as well as using it to pay like switch
1 you wont incur any charges
2 you get the best exchange rate to the £

TIA

dzug

pamder wrote: »

would I be correct in saying from what I've read that if you use the nationwide debit card at an ATM abroad as well as using it to pay like switch
1 you wont incur any charges
2 you get the best exchange rate to the £

TIA

Correct, almost 100%.

If the overseas machine charges you (like the ones in convenience stores, etc, at home) you will pay that fee. As will all the locals using it too.

anniesgranny

what about Egg Money? Free cash withdrawals in UK if card is loaded but does this also apply in Europe?

Kerr_Avon_2

I'm going to the US (New York) soon and have a Nationwide debit card which I intend to use to take out my day-to-day spending money (I also have a Nationwide credit card for store purchases).

From reading the MoneySavingExpert article on Spending Overseas, I know that NW don't charge any fees for ATM use abroad, but that the operators some ATM machines charge a transaction fee.

Can anyone tell me which machines are the best to use to avoid these fees.

Is it the case that, like over here, if you stick to the various banks' own machines, rather than third-party machines in shops and pubs etc, that they will be fee-free?

Or do the "official" bank ATMs also incur a fee - and if so, are some cheaper than others?

Cheers in advance for any info/advice.