Spending Overseas: The cheapest way to pay Article Discussion Area

finktank1

Am going to work abroad for about three months to work, leaving next Thursday. Given the short time frame, I doubt i would have time to open any of the bank accounts/credit cards needed for free spending overseas.

Is it likely to be cheaper for me to open a bank account abroad and transfer fairly large sums each month across from my UK account?

I have barclays and alliance & leicester curret accounts, and no credit cards.

Kernow_Kid

We just got back from a 2 week holiday in Memphis, Tn, USA.
Every ATM there, either in a bank or standalone, will charge you to withdraw money.
I'm sure that they were all $2.50 per withdrawl, with a max of $200 per day.
There may have been one in a bank in Downtown that was $1.50, but I can't remember for sure, and as it was out of the way, it wasn't worth the £1 for the hassle.

We used a Nationwide Debit Card with no trouble, only using it as a debit card twice - signature only, no chip & pin - this was a bit strange as they called it credit not debit and said it would come out in a couple of days!
The rest of the time, we just drew out cash and spent that.:T

I haven't got the statement yet, but when I do, I'll update you as to the exchange rate.
At the time, the rate was about £1:$2.00, with a little up and down.
Including the $2,50 charge, this still works out as £1:$1.975, way above what you could get for cash here.:T

Our friends took a pre-paid Post Office Card, and filled it with cash before they went. Their best exchange rate was £1:$1.90.:eek:

More later, and a BIG thanks to Pin & Co for all your advice.:beer:

dzug

Kernow_Kid wrote: »

We just got back from a 2 week holiday in Memphis, Tn, USA.
Every ATM there, either in a bank or standalone, will charge you to withdraw money.
I'm sure that they were all $2.50 per withdrawl, with a max of $200 per day.

Yes Tennessee is one of 12 US states where state law allows ATMs to charge overseas visitors in defiance of Visa policy.

The others are
Alabama, Arkansas, Georgia, Idaho, Louisiana, Maine, Mississippi, Nevada, Texas, Utah and Wyoming.

andyni

Having read all the good things about the Nationwide debit card I am thinking of setting up a current account so I can have a Nationwide Debit Card for travelling to Australia.

The thing is I already have a current account with Another Bank which I do not want to change. ie the Nationwide one would be a secondary account which I would just put money in for travelling.

Do they expect you to fund the Nationwide Current account with a certain amount every month? Or can you just open one and put money in as and when you can?

Any help/info greatfully appreciated!

Flyingvet

I don't believe you need to make regular contributions BUT you need to have the account open for at least 7 months before they will give you a debit card - so plan ahead!

andyni

Thanks for the info flyingvet! That kinda scuppers that idea as I've only got a few months before I head off. How long do you think it would take for an application for a Nationwide Credit card?

Also does anyone have a A&L Visa debit card? Can anyone comment on how they fare when using abroad?

Thanks Again!

hollydays

Flyingvet wrote: »

I don't believe you need to make regular contributions BUT you need to have the account open for at least 7 months before they will give you a debit card - so plan ahead!

Not necessarily,it depends on your credit scoring.

moob_2

Flyingvet wrote: »

I don't believe you need to make regular contributions BUT you need to have the account open for at least 7 months before they will give you a debit card - so plan ahead!

Not in my case.

I got my account opened and the card issued within a couple of weeks. I then went to France on holiday and used the card to withdraw cash and for debit purchases with no fees and the interbank rate provided.

There does not seem to be a stipulation on how much you have to have in the account to keep it open. I use mine as a secondary account also, as many others do too, and have had no problems in that regard.

Get one, you won't regret it!

new_moneysaver

Has anyone seen/ got an opinion on this? You load in Euros before you travel and it's commission free. I know it's £1.50 to withdraw cash, but are there any other hidden charges just for using it like a debit card?:rolleyes:

moob_2

new_moneysaver wrote: »

Has anyone seen/ got an opinion on this? You load in Euros before you travel and it's commission free. I know it's £1.50 to withdraw cash, but are there any other hidden charges just for using it like a debit card?:rolleyes:

Like every other prepay travel card, they are not a good way to use your money abroad, in fact, they are one of the worst ways.

Read here and avoid it.

Card Purchases Fee
£7.50
Card Re-issue Fee* (upon card expiry)
£5
Emergency Card Re-issue Fee*
£50 (With a few exceptions, we can deliver to most countries)
Cancellation/Redemption Fee*
£5
ATM Withdrawal Fee*
£1.50
Currency Conversion Charge
2.75% of Transaction

* The fees marked with an * will be taken directly from the Card and therefore may be charged in the Euro or US Dollar equivalent, using the rate of exchange selected by Lloyds TSB on the date the fees are incurred.