Working Abroad but needing Cash withdrawals

jaffy60

My daughter has accepted a job abroad but will be paid into her English bank account each month as her employer is based here. What would be the best way to access her money without incurring charges for every withdrawal over there from cash machines. I had thought of loading her travel card up each month as she gets paid from this end - but even so she would still want some cash in her hand for the odd expenses rather than use the pre-paid travel card every time she buys something. Any ideas/suggestions gratefully received. Thank You

martindow

Somewhere on the site there is an article about the best cards to use abroad. Will she be in the EU or elsewhere? Some cards like Metrobank, for instance, are good in Europe but not elsewhere.

NiftyDigits

You might be old fashioned, but there is more than one country "abroad". perhaps you can be more specific as to her location now and intended location.

eDicky

Also, what is the 'prepaid travel card' that she already has?

knightstyle

Simplest way is to get a Halifax Clarity credit card, set it up to be paid off in full each month from the current account. Use it for everything, shopping, cash withdrawals etc. If she can, pay an amount into it a day after making a cash withdrawal, this amount should be slightly more than the cash withdrawn.
We do this a lot in France, Spain and New Zealand.

sillygoose

A simple Caxton card will do (pre-paid currency card), no foreign cash machine fees or transaction charges, decent exchange rates. Using their app on her phone and any wifi or mobile data connection it makes seconds to transfer money from her bank to the card as and when needed and then withdraw it straight away.

jaffy60

Sorry I should have been more specific - first timer on here so apologies.....her destination is yet to be advised but will be Europe presently in the UK. The travel card she has from a previous trip (but doesn't have to necessarily use this one as can get a different one) is the Post Office Travel Card. Thanks for all the tips and advice lots of info I wasn't aware of so really helpful.

zagfles

If you're in the SE open a Metrobank account, their debit card is fee free in Europe.

Clarity also a good idea but more complicated to avoid interest if she uses it for cash (not that it will be much anyway compared to other cards which mark up the exchange rate)

NiftyDigits

jaffy60 wrote: »

Sorry I should have been more specific - first timer on here so apologies.....her destination is yet to be advised but will be Europe presently in the UK. The travel card she has from a previous trip (but doesn't have to necessarily use this one as can get a different one) is the Post Office Travel Card. Thanks for all the tips and advice lots of info I wasn't aware of so really helpful.

As aforementioned, if in London, she can pop into a Metro bank in order to pick up their debit card on the spot.
If not in London, then perhaps Monzo

Also a Halifax Clarity or a Creation Everyday credit card as a back up.

All these options offer the full exchange rate without deductions and no ATM withdrawal fees.

eDicky

The Post Office card is bad value and should be ditched. A Metro Bank account and card will be ideal, as mentioned, branches in SE England. The Virgin Money Essential account is also fee-free overseas apart from £1.50 per ATM withdrawal. Her salary could be paid into such accounts for simplicity.

A suitable credit card for travel such as those mentioned, and/or Monzo prepaid card (sign up from the article link to jump the queue). Revolut may be useful - although fee-free withdrawals are now limited to £200 per month and the physical card now costs £5.

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

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

In some northern European countries these UK cards are not accepted by most or many shops, apart from department stores and tourist outlets. So if she will be there for some time it would be useful to open a local bank account with a payment card such as Maestro that all merchants accept. Then Revolut can be useful for transferring funds over from her UK bank account at the interbank rate without fees.

In any case she should arrange to have several of the above solutions, all free except where mentioned, to avoid problems if any fail or are lost etc.

slinga

I guess she's got any Income Tax sorted?