Withdrawing Cash on Your Credit Card Abroad

idegroote

Thanks chattyhappy! That's what I will do then. Just pay it in straight after the withdrawal to reduce the interest.

Fluffy2

Hi there,
Daughter is going to Belgium for 6 months to study at Uni. Please can someone advise me on how she should access her bank account; pay for everyday things and bills. I have read The overseas spending guide but it mainly applies to holidays. I also read ref Credit card spending and it suggests this will negatively impact her score (should she rely on a credit card) as it is a 6 month placement not an identifiable 2 week holiday. I would be grateful if someone could offer advice. Thank you .

[Deleted User]

A credit card with no forex fees is generally the easiest way. Overseas cash usage won't worry the provider (unlike significant domestic usage).

However, with a thin credit file, her options may be more limited.

eDicky

Fluffy2 wrote: »

Hi there,
Daughter is going to Belgium for 6 months to study at Uni. Please can someone advise me on how she should access her bank account; pay for everyday things and bills. I have read The overseas spending guide but it mainly applies to holidays. I also read ref Credit card spending and it suggests this will negatively impact her score (should she rely on a credit card) as it is a 6 month placement not an identifiable 2 week holiday. I would be grateful if someone could offer advice. Thank you .

The MSE advice for overseas holiday spending applies equally to your daughter's six month period abroad. Using a suitable credit card overseas for an extended period will have no negative impact on her credit file, regular travellers are using them continuously.

However, if it's not so easy or convenient for her to get a credit card, she can just use a prepaid travel card (assuming she's 18+), topping it up with her bank debit card as required. The best fee-free ones are currently Revolut and Monzo:

http://www.moneysavingexpert.com/credit-cards/prepaid-travel-cards

zagfles

Fluffy2 wrote: »

Hi there,
Daughter is going to Belgium for 6 months to study at Uni. Please can someone advise me on how she should access her bank account; pay for everyday things and bills. I have read The overseas spending guide but it mainly applies to holidays. I also read ref Credit card spending and it suggests this will negatively impact her score (should she rely on a credit card) as it is a 6 month placement not an identifiable 2 week holiday. I would be grateful if someone could offer advice. Thank you .

I wouldn't be so sure about cash on a credit card affecting credit rating, especially for someone without much of a credit history. If you're in the London area or can get there easily, look at Metrobank, they have zero fee debit card in Europe.

Fluffy2

Thanks for all the advice guys, I will look at the options you mention. Wondering also if its worth opening a Belgium bank account? I found a bank called BNP parabas fortis, on an expats site. It has a young persons account, which seems to be foc whilst she is there.

Fluffy2

Just rang Metro bank and they said she can open an account and use her debit card and get cash out for free in Belgium ! Great.

eDicky

Fluffy2 wrote: »

Wondering also if its worth opening a Belgium bank account? I found a bank called BNP parabas fortis, on an expats site. It has a young persons account, which seems to be foc whilst she is there.

Their Hello4You account is likely to be very useful for her. The debit card should be accepted everywhere, whereas any UK card will be useful mainly for cash withdrawals - apart from tourist outlets and department stores they are not often accepted because of the relatively high fees to merchants (supporting the culture of rewards, cashbacks etc, so entrenched in the UK).

A Metro Bank account will be an excellent choice, and Revolut will be useful even without their £5 plastic card, for transferring between currencies fee free at the interbank rate (weekdays).

She should have a range of these cost free solutions, in case any are lost or fail etc.

redux

eDicky wrote: »

... and Revolut will be useful even without their £5 plastic card ...

Is that a recent change? I didn't see or experience any fee for the plastic card about 2 months ago.

eDicky

redux wrote: »

Is that a recent change? I didn't see or experience any fee for the plastic card about 2 months ago.

It's been a couple of months or so, you must be one of the last to get a free Revolut card.