Spending Overseas: The cheapest way to pay Article Discussion Area

dzug

meadowcat wrote: »

I've recently read about a new card for travel use. www.caxtonfxcard.com

Could someone better versed than me have a look and see if it is worth having?

It looks better than most - the charges are on the low side. I think your bank may charge you for loading it - depends on your debit card.

Main disadvantage is that there is a minimum initial loading of £500 and a £4.99 charge to get any money back when you have finished with it.

It would appear to be designed for use with euros - not sure how it works with other currencies.

The Guardian's Money section to day says that it's the best (pre-paid card) on the market.

Marandy

Loads of fabulous info about best deals on cards but is it possible to set up a direct debit payment from an e-savings account for the hefty expected credit card bills. We will be travelling for a year so need to get this facility in place and not rely on internet banking.
Would appreciate your help, thanks.

dzug

Marandy wrote: »

Loads of fabulous info about best deals on cards but is it possible to set up a direct debit payment from an e-savings account for the hefty expected credit card bills. We will be travelling for a year so need to get this facility in place and not rely on internet banking.
Would appreciate your help, thanks.

You need to ask the provider of your account.

On the ones I know about it isn't possible - but that's only a few of the many available.

theogeorgio

I read a thread that it matters from which bank you withdraw money abroad? Is this correct?If so how can i find out which is the best place to withdaraw money with a nationwide debit card?

2nd question How can i know the exchange rate i will get before i withdraw monety?I think once i withdrew money with my card and i got a lower exchnage rate the exhange rate i saw at at a local shop f i was to change GBP

So is it better withdrawing cash with a card which doesnt charge or taking GBP with me and converting them there?

Thanks

dzug

theogeorgio wrote: »

I read a thread that it matters from which bank you withdraw money abroad? Is this correct?If so how can i find out which is the best place to withdaraw money with a nationwide debit card?

2nd question How can i know the exchange rate i will get before i withdraw monety?I think once i withdrew money with my card and i got a lower exchnage rate the exhange rate i saw at at a local shop f i was to change GBP

So is it better withdrawing cash with a card which doesnt charge or taking GBP with me and converting them there?

Thanks

If you have a Nationwide debit card it doesn't really matter which overseas bank you use - you will only get charged, as you would here, if you use one in a convenience store or similar, or in a few parts of the world that don't obey the 'rules'.

You won't know the exchange rate until the transaction has been processed and you either look on line or see it on your statement.

You won't get a better exchange rate at a local shop than with the Nationwide card unless you are in a country with high inflation (shopkeeper wants your ££ to keep, not change) or a black market currency exchange.

cgcockcroft

Does anybody have a website address where I can find the current 'Visa/Mastercard Wholesale Rate' refered to in Martins article.

If not your thoughts on this..I am going to USA in 2 weeks & plan to spend £1500. Nationwide really screwed up my application for Debit & Credit card so I cannot get them in time. Is it better to
1. Buy £1500 worth of cash/travellers checks (travelex have the best rate I can find)
2. Spend £1500 using my Barclays Debit Card (No purchase fee or cash withdrawl fee from Bank of America, but 2.75% load fee)

??? Without knowing the 'Visa/Mastercard Wholesale Rate' that Martin talks about I can't work out which is best.

Thanks for any help you can give

ailuro2

http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp?src=ex_rez

It normally works out that even if you have to incur a foreign transaction charge it will be around the same as the rate you paid for foreign currency- although obviously it's better to pay or withdraw cash with a fee free card if you can:D

cgcockcroft

Thanks ailuro2, this is just what I wanted, Fantastic!

prgirl_cesca

http://www.postoffice.co.uk/portal/po/jump1?mediaId=26800661&catId=19300207

Does anyone know if this is good?

I'm going to America for 2 weeks in September and I don't really want to be using a credit card (I want to keep track of my spending and not have a scary bill). I have a barclays current account (and a barclaycard) and I'm not planning any major purchases. I'll only be taking about £600 with me, but I know travellers cheques are outdated and don't really want to be taking that much cash with me. I am saving about £200 a month so want to 'upload' it onto a card as I'm saving, but I suppose I could do that with another account too.

Help! Any advice appreciated!

Ella_Minnow_2

I have just spoken to a helpful chap in the PO Credit Card Call Centre who advised me that there is a cross border handling fee on purchases when using my PO credit card abroad. Did you know about this - doesn't it constitute "loading"?