Credit Card for South America?

ThaBigBoss

Hi All,

Next week I'm going away to South America (Argentina & Brazil) for 6 weeks and I'm unsure about what is the best way to carry my money.

I do plan to take some cash with me which should last for at least a few days but I will also need to take some form of card. I know that debit cards are notoriously bad to use aboard so I'm considering a credit card.

I've never had a credit card before and I've just quit my job to go on this trip so I don't even know if I'll be able to get one? I do have one pay check left to come in at the end of the month but I suppose I'm technically unemployed now, although I do have a considerable amount of savings.

I know that MSE recommends a few specific credit cards that are best for using abroad but I don't know if they are specific to my situation?

If anyone could offer any suggests as what the best approach would be that would be very much appreciated.

Thanks in advance!

Tixy

You are unlikely to get a credit card with no income, and even if accepted it would be unlikely you would get it within a week

You could either look at debit cards or prepaid credit cards. Some debit cards are not too bad - what bank account(s) do you have? This link allows you to compare your existing debit cards - and has infor on prepaid cards to use abroad (obviously you need to select one that has the currency you require).
http://www.moneysavingexpert.com/travel/cheap-travel-money

Biggles

Absolutely no chance of getting one in a week.

Not all debit cards are bad, and in any event can be a lot better than bureaux de change. As asked above, what cards do you have?

ThaBigBoss

Thanks for the heads up about the credit cards.

I currently have a Halifax, Barclays & HSBC account.

I'm aware that the Halifax debit card it is noted as an 'account from hell' in regards to using abroad.

I'm considering using a pre-paid card. I have used these before in Europe but not sure how good they will be in Argentina and Brazil or what other options are available?

PeacefulWaters

ThaBigBoss wrote: »

Next week I'm going away to South America (Argentina & Brazil) for 6 weeks and I'm unsure about what is the best way to carry my money ... I'm considering a credit card ... I've just quit my job

I don't think you've planned this very well at all.

BlondBoy

I've just come back from a year in South and Central America (including Brazil and Argentina).

For what it's worth, I used the FairFX 'Any Currency' card. Gives a reasonable exchange rate when you use it, although you do pay a small transaction fee each time you use it. Worked well for me, though.

Couple of extra points:

1. ATMs in Brazil particularly can be picky. You'll likely find your withdrawals declined a few time. Don't panic - just go to a different bank (and remember the ones you're successful with!)

2. Have you considered the 'Blue Market' in Argentina? Not sure what the score is with it now, but when i was there last year, I was changing US dollars at around 8.80 when the official rate was 5.85. Bit risky of course, but if funds are tight...

Good luck and enjoy your trip!

guesswho2000

I was in Brazil and Peru last October, I used Halifax Clarity and Nationwide FlexPlus for cash, Nationwide Select and Aqua Reward for purchases. All this is irrelevant since you have a week until you leave, as none of them are likely to arrive in time, but for next time it may be worth planning ahead!

The above selection ensured I had a visa and a MasterCard for both purchases and cash. I also took an Amex as a backup (didn't use it, but I was in New York for a while, and there are some places there which apparently only take Amex).

You mention you have a Barclays account - do you have a Barclaycard? They're not a bad backup for foreign cash, only charging a 2.99% one off fee with no minimum! and it's interest free if the statement is paid in full.

Biggles

ThaBigBoss wrote: »

I currently have a Halifax, Barclays & HSBC account.

As far as I can see, if you have debit cards on those accounts:-

Halifax will charge you 2.75% plus £1.50 for each cash withdrawal or purchase.

Barclays will charge you 2.99% of any cash withdrawal or purchase.

HSBC will charge you 2.75% of any cash withdrawal or purchase (plus a cash fee of 2% (min £1.75, max £5) if it's a current account other than the Premier or Advance.

So Barclays probably wins by a short head. But they're all better than anything on the High Street, and far better than anything at airports. And take all three cards in case one is blocked, and tell all three card providers where you're going.

guesswho2000 wrote: »

You mention you have a Barclays account - do you have a Barclaycard?

He does say he's never had a credit card.

bonjan

I travel to Brazil every now and then and I always use the Halifax Clarify over there.

- No "Non-Sterling Transaction fee", just Mastercard's exchange rate (Google for "MasterCard Currency Conversion Tool") without adding an additional 2.75% - 3% on top.

- No "Cash withdrawal fee", just the interest (at the standard APR) for cash withdrawals.

Pay as much as you can with the card (where cards are accepted) and withdraw cash to pay where cards are not accepted only, thus minimising the balance you'll pay interest on.

So for example if you end up withdrawing a total of 1,000 BRL (~ £266.99) in 5 separate withdrawals during your stay and you repay your balance 30 days later:
- with Halifax Clarity you'd end up paying £2.72 of interest on those cash withdrawals which is not bad.
- most other cards will set you back £3 per individual withdrawal (£15) and will add an extra 2.75% - 3% on top (£8) with a total cost of £23.

Agreed with BlondBoy, some ATM networks struggle with foreign cards, if an ATM fails to give you money just try a different one instead.

Also I'd consider having an additional non Mastercard credit card with you (e.g. Visa) since over there Amex, Mastercard and Visa networks are run separately and any of them can be patchy during serious weather storms, so you'd have a backup if you rent a car, fill the tank and Mastercard network is temporarily down.

Edit: Sorry I just realised I missed the "Next week" part of the post.