Are there any cards that don't charge interest on ATM withdrawals?

Gerry1

CreditCardChris said:

Gerry1 said:

https://www.barclaycard.co.uk/personal/credit-cards/barclaycard-rewards

No foreign loading, no foreign transaction fee, no foreign cash advance interest if paid in full.

Just make sure your friend asks to be billed in the local currency if the ATM offers a choice.

By billed do you mean when he uses his card to buy things or when the bill is paid at the end of the month?

As long as you pay the bill in full by the due date in the normal way, there's no interest payable on overseas cash advances.  That's extremely rare.

With other cards you can achieve much the same if you top them up before going (bit naughty, they don't like credit cards to be in credit) or make a payment immediately after withdrawing cash, so that no interest is charged, or charged only for a day or two.  This Barclaycard gets rid of all that hassle, you just set up a DD for full payment and use it for purchases and overseas cash advances from 'proper' ATMs without giving it a second thought.

From the Barclaycard website:-

"No fees abroad – you’ll be able to withdraw cash from an ATM or buy your souvenirs without any charges and benefit from Visa’s competitive exchange rate There is a 0.00% fee on all cash withdrawals."

It doesn't get much better than that.

sausage_time

Gerry1 said:

born_again said:

Just remember many overseas ATM's have a local charge. No way round that one.

Cashback at the supermarket till?  Not sure if that's limited to debit cards, but worth a try.

Does anyone know which countries and supermarkets offer this?

Gerry1

sausage_time said:

Gerry1 said:

born_again said:

Just remember many overseas ATM's have a local charge. No way round that one.

Cashback at the supermarket till?  Not sure if that's limited to debit cards, but worth a try.

Does anyone know which countries and supermarkets offer this?

It's common in the USA.  I imagine it's also common elsewhere, at least where cards are generally used for payment.  It means that supermarkets can minimise the amount of cash held on the premises and that needs to be transported, so the concept would be relevant in many places.

However, as long as your friend has a suitable card and access to 'proper' bank based ATMs then it should seldom be necessary except in out of the way places.

jet01

Starling Bank is rated above Monzo by MSE in their top picks for debit cards to use abroad because they do not have any monthly cap on amount you can withdraw abroad without charges. The same is also now true of the new Virgin Money current account (although their legacy accounts opened through CYBG do have pretty steep charges still). 

Curve also offer an allowance of £200 per month for foreign cash withdrawals before charges kick in, after which you will be charged a 2% fee or £2 whichever is the highest. The paid for product offers a higher free allowance I think. The convince of curve is it can be simply linked to your existing debit card without the need to open a new bank account. CCs can also be linked but you may be charged the cash withdrawal fees by your CC company if you use it to withdraw cash via Curve. 

jbrassy

In terms of debit cards, Starling Bank is the best as there are no fees and limits for overseas ATM withdrawals. The Barclaycard Rewards is also a good choice if you want a credit card. However, when you withdraw cash using a credit card, it will impact your credit score which may not be helpful if you're going to apply for a mortgage or loan soon.

Personally, I use the BC Rewards for general spending, then use my Starling for ATM withdrawals. It's also a good idea two have two cards so you have a back-up.

block10

Also to bare in mind, if you already have another Barclaycard, switiching to the reward card is currently a convoluted process.  Ive been trying all week to make the switch. You cant just apply for the reward card as an existing customer

Highland76

jbrassy said:

when you withdraw cash using a credit card, it will impact your credit score which may not be helpful if you're going to apply for a mortgage or loan soon.

That’s only true if you don’t pay off any CC cash withdrawals quickly. 

Cisco001

Have a look at Virgin money bank account.
Their debit card is free fee when withdrawn cash oversea.

SpreadableToast

Highland76 said:

jbrassy said:

when you withdraw cash using a credit card, it will impact your credit score which may not be helpful if you're going to apply for a mortgage or loan soon.

That’s only true if you don’t pay off any CC cash withdrawals quickly. 

Not really.  All that is reported is that you withdrew cash that month, how much the transactions were for, and how often you withdrew it, not how quickly you paid it off.  Generally, cash advances on your credit file are not a good idea if you're applying for a mortgage.  Doing it once a year when you go on holiday might be fine (although you might need to explain to a lender why you were withdrawing cash on the card) but doing it over an extended period of time is asking for trouble.

Malkytheheed

Travelling around europe, visiting lots of small villages and towns... Is that really very wise? Just thinking of potential risk.