Traveller bank account

Jez123

Hi all,

I'm off travelling around Asia in June for a year. Do you have any advice to offer about which accounts to use so that I can access money abroad? Im so confused about bank charges/conversion rates.

Thanks in advance!

Jez

grumbler

MSE article: Your Card's Overseas Charges

SnowTiger

grumbler wrote: »

MSE article: Your Card's Overseas Charges

The Kalixa prepaid card seems to be missing from that article.

No loading fees and no commission or fees on purchases abroad. Apparently they set their own exchange rate, but is appears to be in-line with Mastercard's rate. There is a £2.25 fee for withdrawing cash from machines abroad though.

http://www.kalixa.com/Pay/CurrencyConverter

Perhaps useful with an N&P card if you can't get a Halifax Clarity card.

It's wise to have at least two cards and some local currency at hand.

grumbler

Creation Everyday Credit Card used to be missing too.
I guess both don't pay enough to affiliates.

Jez123

Thank you for your help, but I'm really dense when it comes to things like this, so was hoping you would be able to help me out a bit further as the rates are mind boggling for me!

From what I have read, it seems as if I would be better off to use a credit card whilst abroad to both spend and withdraw local currency, and then set up an automatic direct debit to repay the amount in full each month from my UK account (although interest rates mean it may work out more expensive depending on the amount I withdraw?). Are you able to suggest which credit card would be best considering my circumstances please?

I'm not particularly keen on using a credit card as I won't necessarily always be in areas where I can check it has been paid off/charges etc. Are there any other solutions? My main bank account is a graduate account with Natwest, which I gather is pricey when withdrawing money abroad. Are there any other bank accounts you can suggest? (Sorry, but I'm just so confused by the interest rates etc!)

I will be travelling Southeast Asia for a year, withdrawing money in different countries and (I assume) not using the card much for direct transactions.

Confused...

Thanks for all your help!

Jez

10pence

One piece of advice from an ex-bank worker; add someone you trust to your UK based accounts either as 3rd party or power of attorney so they can deal with any unforeseen events.
The amount of times worried parents would come to the bank to try an unlock their children's accounts and couldn't was truly amazing.

Oh, and get proper travel insurance too.

grumbler

Jez123 wrote: »

From what I have read, it seems as if I would be better off to use a credit card whilst abroad to both spend and withdraw local currency,

Generally, a CC is not better than a debit card, especially for withdrawals.
There are very few 'special' cards - debit and credit.

and then set up an automatic direct debit to repay the amount in full each month from my UK account (although interest rates mean it may work out more expensive depending on the amount I withdraw?).

Yes, for the majority of CCs withdrawals are very expensive.

Are you able to suggest which credit card would be best considering my circumstances please?

Did you read the article? Halifax Clarity is the best from CCs and better than most debit cards. So is, possibly, Creation CC.
For a first CC Clarity can be challenging.
TBH, I have nothing to add, except Creation CC, to the information you can find in the article.

I'm not particularly keen on using a credit card as I won't necessarily always be in areas where I can check it has been paid off/charges etc. Are there any other solutions?

Cash? Prepaid cards? However, I don't see much difference between a credit/debit card and a prepaid card in terms of 'checking'.

My main bank account is a graduate account with Natwest, which I gather is pricey when withdrawing money abroad. Are there any other bank accounts you can suggest? (Sorry, but I'm just so confused by the interest rates etc!)

What *interest* rate if you don't use overdraft? I can't believe that a 'graduate' is saying this.

I will be travelling Southeast Asia for a year, withdrawing money in different countries and (I assume) not using the card much for direct transactions.

What's wrong with 'direct' transactions?

10pence wrote: »

One piece of advice from an ex-bank worker; add someone you trust to your UK based accounts either as 3rd party or power of attorney so they can deal with any unforeseen events.
The amount of times worried parents would come to the bank to try an unlock their children's accounts and couldn't was truly amazing.

IMO a joint account or a second cardholder on a parent's CC can be a simpler option that a POA.

Yorkshire_Pud

Whichever card you use for cash withdrawals NEVER also use it for direct transactions, especially in SE Asia. Use one card for cash and another credit card for direct transactions. Fraud is a possibilty and it would be tragic to lose access to cash because you paid for something in a dodgy restaurant, shop etc. that skimmed your card, only takes one incident and your card is blocked etc.

Taking some British Pound notes in very good condition are a good option, 20 and 50 notes best, money changers won't take ragged damaged notes although what they give YOU in return may well be!

There is SO MUCH info about this on the Internet or even Lonely Planet unless you have ADHD just sit down for half an hour and have a read up :cool:

10pence

grumbler wrote: »

IMO a joint account or a second cardholder on a parent's CC can be a simpler option that a POA.

Joint and 2nd card holder cannot deal with the other person's side of the account due to data protection, hence 3rd party or POA.

grumbler

Main cardholder certainly can deal with everything.

Jaguar_Skills

I have just returned from travelling for 8 months including 4 in South East Asia.

I used Halifax clarity card to make purchases such as booking hotels/hostels etc online

Then I used the card to make withdrawals of cash from cashpoints but made sure I paid off the amount instantly. I am assuming you have online banking? Wifi is so good and freely available in Asia, every rstaurant pub cafe has it, that as soon as you have withdrawn your money just jump into one of the places to pay it off so you get no interest charges.

Even so the interest charges on Halifax Clarity are minimal anyway. PM me if you need any further help.