Cards for Abroad

jinkster

Investec have an account and do not charge for currency withdrawals or ATM use abroad however they do charge £10/month for there service.

Saga_plc

Pincher wrote: »

It's the same as you taking £100 out in London.
Interest starts right away.
Taking US$150 in New York is still a cash advance.


The good overseas credit card will not scr=w you on exchange rate.


In terms of service fee, the credit card issuer may not charge you, but the ATM operator might.


Getting charged in sterling is BAD
=====================


For some reason, I always get scr=wed when I whip out my Saga Platinum. On the ski bus to Courchevel, the ski rep said they sell the skipass for 10% off. The rep used the old fashioned manual swipe machine to take the credit card. The amount was in Sterling, not EUROs. I thought the exchange rate was not right, but there was no way to check.
Having checked, the EURO full price was reduced by 10%, but they made it back by using a really bad exchange rate. If I had simply gone to the ski sales office next day at the gondola, and paid full price in EUROs, I would have been maybe £2 better off. Adding insult to injury, they forgot to activate the card they did sell me, so I had to go to the sales office to sort it out any way.


The same thing happened in Shiga Kogen, near Nagano Japan.
Again, I whipped out the Saga Platinum, and the kiosk girl charged me in sterling, using a bad exchange rate. It was for a one day skipass, so the difference was only about £1, so I let it pass. If I was bothered, I could have paid using cash YEN, which I took out using the Halifax Clarity card: at a much better exchange rate.


Saga Platinum: universal language for "Scr=w me, I'm old and stupid."

When paying abroad using the Saga Platinum Credit Card customers have the choice to pay in local currency or sterling.

We would recommend that a customer pays in local currency as this is usually cheaper than paying in e.g. Sterling, as the exchange rate is set by the merchant/acquirer

If you would like any further assistance please don't hesitate to contact me on david.knockton@saga.co.uk where we will be happy to help you further .

eDicky

Saga_plc wrote: »

We would recommend that a customer pays in local currency as this is usually cheaper than paying in e.g. Sterling, as the exchange rate is set by the merchant/acquirer

This is not very clear. I think you are trying to say that the merchant/aquirer sets an unfavourable exchange rate when paying in sterling, whereas choosing to pay in the local currency gives you the ideal Visa exchange rate through Saga.

In cases where the merchant deliberately or in ignorance fails to give the choice, and charges the Saga Platinum card in sterling, will Saga endeavor to rectify the issue and/or refund the difference if it is brought to their attention?

Canukywife

Sorry to jump in on this thread but new to the forum and haven't quite worked out the site navigation.

Would the travel credit cards allow you to upload money upfront, effectively loading the card with cash to then withdrawn whilst abroad?

i.e. make a payment of £1,000 to card (assuming it already has a nil balance) 2 days before flying to France and then withdrawing the £1,000 in Euros as an when required during holiday.

Would this negate all charges that the card would make? Also, would the credit card company allow it?

DCFC79

Canukywife wrote: »

Sorry to jump in on this thread but new to the forum and haven't quite worked out the site navigation.

Would the travel credit cards allow you to upload money upfront, effectively loading the card with cash to then withdrawn whilst abroad?

i.e. make a payment of £1,000 to card (assuming it already has a nil balance) 2 days before flying to France and then withdrawing the £1,000 in Euros as an when required during holiday.

Would this negate all charges that the card would make? Also, would the credit card company allow it?

Why not get a pre pay card or 2 and load each 1 with an amount and get yourself a suitable credit card eg 1 that wont charge transaction fees when abroad eg in shops and use the pre paid for with drawing cash.

grumbler

Canukywife wrote: »

Would the travel credit cards allow you to upload money upfront, effectively loading the card with cash to then withdrawn whilst abroad?

You can get away with this, but normally T&C don't allow this.

chattychappy

Canukywife wrote: »

Would this negate all charges that the card would make? Also, would the credit card company allow it?

grumbler wrote: »

You can get away with this, but normally T&C don't allow this.

Agree. Also, it would only avoid the interest, not "all charges".

Most cards load the exchange rate by 3% and will charge a cash advance fee. These would be applied even if the account is in credit. Of course Halifax Clarity is known for not applying either of these.

dggar

eDicky wrote: »

This is not very clear. I think you are trying to say that the merchant/aquirer sets an unfavourable exchange rate when paying in sterling, whereas choosing to pay in the local currency gives you the ideal Visa exchange rate through Saga.

In cases where the merchant deliberately or in ignorance fails to give the choice, and charges the Saga Platinum card in sterling, will Saga endeavor to rectify the issue and/or refund the difference if it is brought to their attention?

Surely it is down to the person paying to state that they want to pay in local currency. If the merchant refuses go elsewhere.

eDicky

dggar wrote: »

Surely it is down to the person paying to state that they want to pay in local currency. If the merchant refuses go elsewhere.

Of course, but to do so they need to be given the chance to make the choice, either verbally or by the card terminal giving the two options before pin entry. Although it's supposedly a requirement, this opportunity to choose the currency of transaction is not always given and the sale proceeds in GBP, to the customer's detriment. Even if they state at the beginning that they want to pay in (eg) euros, not in pounds, this is sometimes ignored or misunderstood.

Note that 'Saga plc' did not respond to my question (four months ago) about whether Saga give any recourse to their cardholders who are mistreated in this way by a merchant. Most card companies do seem to compensate the difference and/or take action.

chattychappy

dggar wrote: »

Surely it is down to the person paying to state that they want to pay in local currency. If the merchant refuses go elsewhere.

Not easy if you have just eaten a meal or are checking out of a hotel. Also, in Spain I've had an experience where the machine shows the local currency against which you enter your PIN. The seller takes back the machine and can then choose the currency.

As Saga were promoting use of their card on the basis you "have the choice":

Saga_plc wrote: »

When paying abroad using the Saga Platinum Credit Card customers have the choice to pay in local currency or sterling.

I think the below was reasonable given he didn't get an answer:

eDicky wrote: »

Note that 'Saga plc' did not respond to my question (four months ago) about whether Saga give any recourse to their cardholders who are mistreated in this way by a merchant. Most card companies do seem to compensate the difference and/or take action.