Spending Overseas: The cheapest way to pay Article Discussion Area

IanP

One thing that is missing from the comparison of the cards for overseas use is the rate of exchange that is used – I’m guessing that this ought to have a bearing on which card is better ? Or do all cards use the same rates ?

swinstan

My daughter has opened a Nationwide flex account to use whilst studying abroad but seems to think that the exchange rate is rather high compared to what she was getting on Nat West card - although this was some months ago. The consensus on the MSE site seems to be that Nationwide flex account debit card is good for cash withdrawals abroad and the credit card for purchases but does this still give a favourable exchange rate compared with others? Or might a high rate be overing up the no fee policy?

MrsBartolozzi

IanP wrote: »

One thing that is missing from the comparison of the cards for overseas use is the rate of exchange that is used – I’m guessing that this ought to have a bearing on which card is better ? Or do all cards use the same rates ?

I tried phoning Abbey to ask what their exchange rate for the zero card was, but they were useless, the poor guy had no idea and even asked 4 of his managers, to no avail. I will nip in to a branch tomorrow and ask there. A friend mentioned that her bf's card gave a better exchange rate than her Nationwide one when used abroad, that this negated the fee he had to pay and overall he got a better deal. I know this is just hearsay and I wanted to see if I could find any proof of this as the exchange rate varies for Icelandic Kroner greatly among banks with some giving nearly 20% more ISK to the pound. Obviously that makes a big difference even with no added fee/loading.
Hopefully someone will know of a website to help?

Thanks, MrsB.

Born2Save_3

I've used the nationwide cards for withdrawals and purchases in several countries and never been aware of any inbuilt charges. I use to regularly compare Visas published rates, banks TT rates and actual withdrawal/purchase rates obtained and never noticed this. Nationwides rates for 2 currencies I monitored for nearly 1 year typically gave better rates than banks TT rates, which is the best of all rates a bank will offer. And typically the rate was slightly worse than the interbank rate.

The only charge I have been informed of is that some Banks ATMs may make a charge. But if you ask in advance, you can avoid those...

HTH

swinstan wrote: »

My daughter has opened a Nationwide flex account to use whilst studying abroad but seems to think that the exchange rate is rather high compared to what she was getting on Nat West card - although this was some months ago. The consensus on the MSE site seems to be that Nationwide flex account debit card is good for cash withdrawals abroad and the credit card for purchases but does this still give a favourable exchange rate compared with others? Or might a high rate be overing up the no fee policy?

Born2Save_3

The zero card is a mastercard and it will (likely) be mastercard that set the rate of exchange. Sadly, as far as i am aware, dont publish their current or historic exchange rates. All you can do, if you have the card, is to calculate/obtain the exchange rate for purchases/withdrawals you have done and compare them to other published exchange rates, such as interbank, banks TT rates and Visa's published rates. This will let you know how the zero card stands. The post office card is also a mastercard of for foreign currency transactions I have not been aware of a bad exchange rate compared to Visa (Nationwide).

It would be helpful if any users of the zero card could publish their transactions here and people could then see actual usage and rates.

I would suggest for testing that you start off with smaller amounts, if you are concerned that it may not offer a good rate or actually have some hidden charges.

HTH

MrsBartolozzi wrote: »

I tried phoning Abbey to ask what their exchange rate for the zero card was, but they were useless, the poor guy had no idea and even asked 4 of his managers, to no avail. I will nip in to a branch tomorrow and ask there. A friend mentioned that her bf's card gave a better exchange rate than her Nationwide one when used abroad, that this negated the fee he had to pay and overall he got a better deal. I know this is just hearsay and I wanted to see if I could find any proof of this as the exchange rate varies for Icelandic Kroner greatly among banks with some giving nearly 20% more ISK to the pound. Obviously that makes a big difference even with no added fee/loading.
Hopefully someone will know of a website to help?

Thanks, MrsB.

TooNice_2

What is referred to as 'Load' and 'Fees on spending'?

I am looking for a credit card for travel use, but also to make online purchases in other currencies. It is reasonably unlikely that I would need to withdraw money with a credit card. Is the Abbey Zero still the best shot?

Thanks.

jane22

hi, I hope someone can help me...

In 10 days time I leave for a couple of months travelling in the US and in Europe. I stupidly didn't even think to consider opening a new bank account just for these purposes. So, at this point, what would be the best thing for me to do? Between my husband and I, we have a few credit cards (visa and Mastercard with different providers) which we could use. I'm sure it'll be easy to use these in the states but I know I am looking at a 2.75% surcharge which is certainly going to add up.

We will take some cash with us and ensure we get the best possible exchange rate through this site, but with only 10 days to go, what would be the best way to manage our spending?

Thanks in advance.

helix_2

double post

helix_2

hi there,

I applied for the abbey zero card last Friday, however abbey say the application is still with their underwriters. Does anyone have experience of how long it takes to get the card? I am going away on the 12th July (approx 15 working days) so am concerned I will not get the card on time.

Would it be worth applying for the nationwide credit card as well? I applied for the current account, also last Friday, and have already received correspondence from them.

Thanks.

jane22

Hi there,

I've recently applied for a Nationwide account. My debit card has just arrived today. Any idea how long after this my PIN number should be with me?

If it doesn't arrive, can I still use it for POS things in the States? Obvously I can't withdraw cash, but will it still be good for point of sale? I seem to remember they don't use chip and pin, or at least they didn't when I was last there. Anyone else know?

thanks!