Travel credit cards

zagfles

Miles86 said:

zagfles said:

Miles86 said:

Also doesn't mention HSBC Global Money Account which also has the benefit of FSCS protection compared to others being mentioned.

Probably because they include an exchange rate markup, as they say in the FAQ "The Global Money Exchange Rate is made up of the cost to us plus a foreign currency conversion margin that we include.". What rates do you get and how do they compare with the VISA/MasterCard rates?

And what others don't you think have FSCS protection? Some pre-paid cards might not have, but normal bank accounts with fee free debit cards eg MetroBank, Chase, Starling etc will almost certainly have, check their sites. Credit cards don't need it as you don't deposit money with them.

Going by the examples in the thread in Budgeting and Bank Accounts https://forums.moneysavingexpert.com/discussion/6395813/hsbc-global-money-account-launched/p1 the rates are generally as good as VISA/Mastercard and in some cases better.

Of the typical competitors in this spare Wise, Revolut and Fineco don't have FSCS protection - in the past this was a type of product I ruled out on this basis, so there will no doubt be others thinking the same.

Yes its not necessarily going to be right for everyone, but for me the big benefit is being able to pay for an evening in the bar without being presented with Dynamic Currency Conversion...

Rates look good, though as mentioned in the thread a bit worrying they don't state the basis of the rate or their margin, so open to them to change it.

I think the competition is any card that'll let you spend/draw cash in a foreign country at a good rate, whether credit card, debit card or pre-paid card. Well for travellers anyway, some people might want an account where they can pay foreign currencies in, send foreign currency payments by bank transfer etc.

Re DCC, not sure how that works, AIUI the DCC provider just looks at the first 6 digits of the card to determine the country, they have no way of determining the account currency, and they'll offer payment in that country's currency regardless of the account's currency! There've been people here complaining that they have a Euro account with a UK bank/card, and DCC was "offered"/imposed when paying in Euros - resulting in 3 currency conversions!! (Once to convert GBP to EUR to load the card in the first place, then back to GBP due to DCC, then back to EUR by the bank when it gets a GBP transaction on a EUR account!!).

Does the HSBC GMA card have a number which doesn't identify it as a UK card?

Miles86

zagfles said:

Miles86 said:

zagfles said:

Miles86 said:

Also doesn't mention HSBC Global Money Account which also has the benefit of FSCS protection compared to others being mentioned.

Probably because they include an exchange rate markup, as they say in the FAQ "The Global Money Exchange Rate is made up of the cost to us plus a foreign currency conversion margin that we include.". What rates do you get and how do they compare with the VISA/MasterCard rates?

And what others don't you think have FSCS protection? Some pre-paid cards might not have, but normal bank accounts with fee free debit cards eg MetroBank, Chase, Starling etc will almost certainly have, check their sites. Credit cards don't need it as you don't deposit money with them.

Going by the examples in the thread in Budgeting and Bank Accounts https://forums.moneysavingexpert.com/discussion/6395813/hsbc-global-money-account-launched/p1 the rates are generally as good as VISA/Mastercard and in some cases better.

Of the typical competitors in this spare Wise, Revolut and Fineco don't have FSCS protection - in the past this was a type of product I ruled out on this basis, so there will no doubt be others thinking the same.

Yes its not necessarily going to be right for everyone, but for me the big benefit is being able to pay for an evening in the bar without being presented with Dynamic Currency Conversion...

Rates look good, though as mentioned in the thread a bit worrying they don't state the basis of the rate or their margin, so open to them to change it.

I think the competition is any card that'll let you spend/draw cash in a foreign country at a good rate, whether credit card, debit card or pre-paid card. Well for travellers anyway, some people might want an account where they can pay foreign currencies in, send foreign currency payments by bank transfer etc.

Re DCC, not sure how that works, AIUI the DCC provider just looks at the first 6 digits of the card to determine the country, they have no way of determining the account currency, and they'll offer payment in that country's currency regardless of the account's currency! There've been people here complaining that they have a Euro account with a UK bank/card, and DCC was "offered"/imposed when paying in Euros - resulting in 3 currency conversions!! (Once to convert GBP to EUR to load the card in the first place, then back to GBP due to DCC, then back to EUR by the bank when it gets a GBP transaction on a EUR account!!).

Does the HSBC GMA card have a number which doesn't identify it as a UK card?

I'm very puzzled by the DCC thing too, but the same retailer when paying with my Barclaycard Rewards card offered DCC but with my Global Money card didn't... 

The BIN of the Global Money card comes back as being from the USA, whether that's why I'm not sure!

zagfles

Miles86 said:

zagfles said:

Miles86 said:

zagfles said:

Miles86 said:

Also doesn't mention HSBC Global Money Account which also has the benefit of FSCS protection compared to others being mentioned.

Probably because they include an exchange rate markup, as they say in the FAQ "The Global Money Exchange Rate is made up of the cost to us plus a foreign currency conversion margin that we include.". What rates do you get and how do they compare with the VISA/MasterCard rates?

And what others don't you think have FSCS protection? Some pre-paid cards might not have, but normal bank accounts with fee free debit cards eg MetroBank, Chase, Starling etc will almost certainly have, check their sites. Credit cards don't need it as you don't deposit money with them.

Going by the examples in the thread in Budgeting and Bank Accounts https://forums.moneysavingexpert.com/discussion/6395813/hsbc-global-money-account-launched/p1 the rates are generally as good as VISA/Mastercard and in some cases better.

Of the typical competitors in this spare Wise, Revolut and Fineco don't have FSCS protection - in the past this was a type of product I ruled out on this basis, so there will no doubt be others thinking the same.

Yes its not necessarily going to be right for everyone, but for me the big benefit is being able to pay for an evening in the bar without being presented with Dynamic Currency Conversion...

Rates look good, though as mentioned in the thread a bit worrying they don't state the basis of the rate or their margin, so open to them to change it.

I think the competition is any card that'll let you spend/draw cash in a foreign country at a good rate, whether credit card, debit card or pre-paid card. Well for travellers anyway, some people might want an account where they can pay foreign currencies in, send foreign currency payments by bank transfer etc.

Re DCC, not sure how that works, AIUI the DCC provider just looks at the first 6 digits of the card to determine the country, they have no way of determining the account currency, and they'll offer payment in that country's currency regardless of the account's currency! There've been people here complaining that they have a Euro account with a UK bank/card, and DCC was "offered"/imposed when paying in Euros - resulting in 3 currency conversions!! (Once to convert GBP to EUR to load the card in the first place, then back to GBP due to DCC, then back to EUR by the bank when it gets a GBP transaction on a EUR account!!).

Does the HSBC GMA card have a number which doesn't identify it as a UK card?

I'm very puzzled by the DCC thing too, but the same retailer when paying with my Barclaycard Rewards card offered DCC but with my Global Money card didn't... 

The BIN of the Global Money card comes back as being from the USA, whether that's why I'm not sure!

Were you in the US (or paying online in USD)?

Miles86

zagfles said:

Miles86 said:

zagfles said:

Miles86 said:

zagfles said:

Miles86 said:

Also doesn't mention HSBC Global Money Account which also has the benefit of FSCS protection compared to others being mentioned.

Probably because they include an exchange rate markup, as they say in the FAQ "The Global Money Exchange Rate is made up of the cost to us plus a foreign currency conversion margin that we include.". What rates do you get and how do they compare with the VISA/MasterCard rates?

And what others don't you think have FSCS protection? Some pre-paid cards might not have, but normal bank accounts with fee free debit cards eg MetroBank, Chase, Starling etc will almost certainly have, check their sites. Credit cards don't need it as you don't deposit money with them.

Going by the examples in the thread in Budgeting and Bank Accounts https://forums.moneysavingexpert.com/discussion/6395813/hsbc-global-money-account-launched/p1 the rates are generally as good as VISA/Mastercard and in some cases better.

Of the typical competitors in this spare Wise, Revolut and Fineco don't have FSCS protection - in the past this was a type of product I ruled out on this basis, so there will no doubt be others thinking the same.

Yes its not necessarily going to be right for everyone, but for me the big benefit is being able to pay for an evening in the bar without being presented with Dynamic Currency Conversion...

Rates look good, though as mentioned in the thread a bit worrying they don't state the basis of the rate or their margin, so open to them to change it.

I think the competition is any card that'll let you spend/draw cash in a foreign country at a good rate, whether credit card, debit card or pre-paid card. Well for travellers anyway, some people might want an account where they can pay foreign currencies in, send foreign currency payments by bank transfer etc.

Re DCC, not sure how that works, AIUI the DCC provider just looks at the first 6 digits of the card to determine the country, they have no way of determining the account currency, and they'll offer payment in that country's currency regardless of the account's currency! There've been people here complaining that they have a Euro account with a UK bank/card, and DCC was "offered"/imposed when paying in Euros - resulting in 3 currency conversions!! (Once to convert GBP to EUR to load the card in the first place, then back to GBP due to DCC, then back to EUR by the bank when it gets a GBP transaction on a EUR account!!).

Does the HSBC GMA card have a number which doesn't identify it as a UK card?

I'm very puzzled by the DCC thing too, but the same retailer when paying with my Barclaycard Rewards card offered DCC but with my Global Money card didn't... 

The BIN of the Global Money card comes back as being from the USA, whether that's why I'm not sure!

Were you in the US (or paying online in USD)?

Nope

I was in Austria paying in Euro!

youth_leader

I'm a bit shocked, I've just done the credit card eligibility and would only be 100% approved for two.  I'm 65, widowed, own my house outright and have an overdraft with HSBC.  They've recently written to reduce my overdraft, could it be that?  I've just tried to log in to my credit report and got my password wrong so I'm locked out.  Happy new year!

bellascanny

Hi Re : Revolut : I notice that the Revolut card has been flagged up as a good alternative for using money abroad and which I used last time I went away - it was convenient and easy to use. Usually I keep this card for trips abroad but I was scammed into giving away the details of this card by someone who wanted to buy something from me on Gumtree. It was a sophisticated scam via a look-alike Dpd website (beware all) 

However it was my Revolut card that was used to get into other accounts, which were immediately blocked by my UK bank and I spent two very frustrating days trying to reclaim money that had been fraudulently spent on my Revolut card. Revolut were very reluctant to refund my account despite having proof that the purchase of petrol via my card was made in Ukraine while I was obviously in the UK and I had to threaten Revolut with the FCA. On top of that they finally agreed the purchase was illegal as it had been made on an android phone whereas I use apple, so all the stress and fuss should have been avoided.
Just to say I also spent the first two days of my holiday with my phone turned off because my phone number had been used for a further scam and I was being called by numbers from all over the uk.  

I asked around friends and colleagues to see whether anyone else had had problems. The general consensus was that Revolut was not robust or foolproof enough for general banking purposes and I have since closed my account with them. 

CrarftyCrikey

Hi 
I scanned through the whole article about the best cards to use and in particular read through the mentions of Starling and Santander as they are what apply to me. In particular with the ability to have a euro currency account with Starling I find it super easy to just transfer some GBP to Euros, paying for one lot of fees (which is cheaper than paying in GBP and a fee each time) and when I use my card in France, it automatically uses my euro account.

Also had a quick scan through the alternatives. I don't think I saw a mention of Utility Warehouse? The last couple of times I went to France this was my chosen method and I have to admit this is my preferred method now. Of course it's only good if you're with the Utility Warehouse for your electricity and gas bill. But if you are and therefore, you have a cashback card and use it for your purchases abroad, then the 3% foreign exchange fee that you are charged at the time of purchase, is subsequently refunded to your UW bill. So it's pretty much almost as good as not being charged a fee, since it is then deducted from your electricity and gas bill. 
I "saved" £85 last August on my bill. I do realise that it's not a real saving, but more like doing an advanced payment on my bill, but at the same time time, if it's not lining the bank's pocket then it is a saving 👍🏼😊 

Barkin

CrarftyCrikey said:

 In particular with the ability to have a euro currency account with Starling I find it super easy to just transfer some GBP to Euros, paying for one lot of fees (which is cheaper than paying in GBP and a fee each time) and when I use my card in France, it automatically uses my euro account.

Isn't it even cheaper to just use a Starling GBP account - pay in Euros, get the Mastercard exchange rate, and not pay the 0.4% fee? 

Doshwaster

Barkin said:

CrarftyCrikey said:

 In particular with the ability to have a euro currency account with Starling I find it super easy to just transfer some GBP to Euros, paying for one lot of fees (which is cheaper than paying in GBP and a fee each time) and when I use my card in France, it automatically uses my euro account.

Isn't it even cheaper to just use a Starling GBP account - pay in Euros, get the Mastercard exchange rate, and not pay the 0.4% fee? 

I think the Starling card is great  but I don't see much of an advantage of using the Euro account. It's just as easy to pay from the GBP account and do the conversion on the fly.

The one time when it may be better is sending/receiving money in Euros by a bank transfer as the Euro account has its own IBAN number so that should be cheaper than a standard international transfer.

eDicky

CrarftyCrikey said:

just transfer some GBP to Euros, paying for one lot of fees (which is cheaper than paying in GBP and a fee each time)

What 'fee each time' are you referring to?

Barkin said:

CrarftyCrikey said:

 In particular with the ability to have a euro currency account with Starling I find it super easy to just transfer some GBP to Euros, paying for one lot of fees (which is cheaper than paying in GBP and a fee each time) and when I use my card in France, it automatically uses my euro account.

Isn't it even cheaper to just use a Starling GBP account - pay in Euros, get the Mastercard exchange rate, and not pay the 0.4% fee? 

Correct. Unless you happen to have converted to euros at a rate better than the current MasterCard rate when using the card, or at least good enough to offset the 0.4% fee.