Spending money abroad - Im confused!!

eDicky

zagfles wrote: »

So it's best to tell them to charge you in Euros when you hand over the card.

An important point. Sometimes there's a choice given on the card terminal before or after entering your PIN.

The same applies to ATM withdrawals - avoid letting the machine convert your pounds at a terrible rate, by selecting 'Without Conversion' (or something similar that bills your card in euros) if a choice is displayed on-screen. Don't worry, your UK card will be recognised and English used by the ATM.

macman

I'd imagine that most bars in Paphos would expect to be paid in cash for small drinks orders-not by card. The same with many restaurants. So you should take some Euros in cash.

PeacefulWaters

macman wrote: »

I'd imagine that most bars in Paphos would expect to be paid in cash for small drinks orders-not by card. The same with many restaurants. So you should take some Euros in cash.

Bette value to withdraw from an ATM on arrival, using a card with no currency loading fee.

angel549

zagfles wrote: »

No, your credit card (assuming VISA or MasterCard) will use the VISA/Mastercard rates which are very close to interbank rates. See here:

https://www.visaeurope.com/making-payments/exchange-rates

https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html

Now most banks will add their own charge of around 3%, but a few cards don't, see the link quoted earlier for zero fee cards. Looks like you already have one.

But you need to watch out for Dynamic Currency Conversion (DCC). This is where the retailer converts the currency for you and charges you in GBP. The rate will be much worse than the VISA/Mastercard rate. The retailer is supposed to ask you before using DCC but some don't because they get a cut of the profit in ripping you off on the exchange rate.

So it's best to tell them to charge you in Euros when you hand over the card.

HUGELY helpful answer! Thank you loads!

My Santander 123 credit card says 0% fee on purchases, so from what I think you're saying, this will offer competitive rates so I should use that wherever possible rather than take tonnes of cash out, but just make sure they charge me in Euros not pounds.

And then based on last persons comment, I should still also take some physical Euros cash out there with me too for when making small purchases (will generally be getting rounds in so guessing if over 10 euros i can use credit card). I will use the usual MSE advice to get best rate for the cash.

Thanks all for the advice. This forum is always fab for it :T

Doshwaster

Ganga wrote: »

Suspect wrong
Legal Tender- " The National currency is Legal Tender in practically every country"

"Legal Tender" is a very misunderstood phrase. It doesn't relate to what you can (or can't) use in shops but simply what cannot be refused for a court ordered debt.

http://www.moneysavingexpert.com/news/banking/2010/05/true-or-false-scottish-notes-arent-legal-tender

http://www.royalmint.com/aboutus/policies-and-guidelines/legal-tender-guidelines

zagfles

angel549 wrote: »

HUGELY helpful answer! Thank you loads!

My Santander 123 credit card says 0% fee on purchases, so from what I think you're saying, this will offer competitive rates so I should use that wherever possible rather than take tonnes of cash out, but just make sure they charge me in Euros not pounds.

And then based on last persons comment, I should still also take some physical Euros cash out there with me too for when making small purchases (will generally be getting rounds in so guessing if over 10 euros i can use credit card). I will use the usual MSE advice to get best rate for the cash.

Thanks all for the advice. This forum is always fab for it :T

You're welcome. Not been to Cyprus for 20 years, but generally abroad credit cards aren't as widely accepted as here, don't assume bars and restaurants will take them.

But your card is pretty good for cash withdrawals too - the interest rate is high but the trick is to pay it off as soon as you get back, don't wait for the statement, then you'll only be paying a few days interest.

For instance at 29.9% APR, the interest will be about 7p per day per £100 withdrawn. So withdraw £200 when you arrive and pay it off 10 days later as soon as you get back you'll pay about £1.45 in interest. Compared to typically paying £10 in exchange rate markup (ie the difference between "tourist rates" and interbank rates) if you change cash in the UK.

Note that you need to clear any existing statement balance before being able to pay off cash advances since your last statement. But to make it simple - check your blalance online and just pay the whole lot off when you get back.

It's always worth getting a spare card in case your card gets blocked, something like the Halifax Clarity.

angel549

zagfles wrote: »

the trick is to pay it off as soon as you get back, don't wait for the statement, then you'll only be paying a few days interest.

It's always worth getting a spare card in case your card gets blocked, something like the Halifax Clarity.

My interest free on the 123 credit card runs out the month before the holiday, so by holiday, the direct debit will be set to pay off the whole balance each month, so no interest charges.

If i need to withdraw cash, I will use my Barclaycard credit card which is on 0% interest at mo and doesn't have ATM charge or cash withdrawal fees. But ideally, I will take enough cash that i wont have to do this.

Good to know many bars in cyprus wont take card! I will make sure i take plenty in cash and get a good deal using the Travel Max website recommended by MSE.

Halifax Clarity - have had awful experience with this! On two separate occassions, two years apart, I applied for this and then took my supporting ID documents in to the branch to be sent off, and never heard anything at all back! Awful service from them so would never use them now.

Doshwaster

angel549 wrote: »

If i need to withdraw cash, I will use my Barclaycard credit card which is on 0% interest at mo and doesn't have ATM charge or cash withdrawal fees. But ideally, I will take enough cash that i wont have to do this..

I would check the T&Cs on this as I doubt that the 0% interest period covers cash withdrawals especially overseas ones.

angel549

Doshwaster wrote: »

I would check the T&Cs on this as I doubt that the 0% interest period covers cash withdrawals especially overseas ones.

Very good point, i didnt think a bout that!! Thank you! Will definitely just take a lot of physical cash to ensure i will have plenty. Whatever i dont use, I can keep for another holiday.

eDicky

angel549 wrote: »

Halifax Clarity - have had awful experience with this! On two separate occassions, two years apart, I applied for this and then took my supporting ID documents in to the branch to be sent off, and never heard anything at all back! Awful service from them so would never use them now.

Halifax did the same to me actually, but I persisted and found them always helpful once I had the card.

I doubt your Barclaycard will have no fees for ATM withdrawals unless it's the Platinum Travel Card.

The simplest solution for backup and cash withdrawals up to £250/day £1000/month (equ.) is Monzo prepaid - no fees, no interest, MasterCard rates and if you sign up via the link in the MSE article and load £100 your card arrives in a day or two. Buying cash euros in UK will cost you more.