Question about using CC and/or debit cards abroad

UnsureAboutthis

I'm know aware that you often get a better exchange rate when compared buy from the post office online, bank etc whilst still in the UK.

I'm with a major bank in the UK and I'm aware that there is often a commison charge but my bank does a card which has zero commission/etc

My question is—and to you, the answer may be obvious, but not to me—how do you ascertain your bank's current exchange rate when paying vendors via cc/debit card, etc.?

FYI - We are with Barclays Bank and yesterday the exchange rate minus commission was about 1.10 euros when buying currency from them in the uk. Is there a different rate when paying vendors and not cash.

If you can help, thanking you in advance.

la531983

The Visa and Mastercard websites will show you. Trust me it will be better than 1.1!

Ballard

Presuming that you get the Mastercard/visa rate with no added fees, the cc/dc rate will beat what you’re offered for cash conversion. 

There is always a chance that the rate that you get for cash before your trip turns out to be excellent because of market movement whilst you’re away, but I wouldn’t personally get too hung up on that.

You can’t ascertain the exchange rate at point of sale, at least not to my knowledge. It will be based on the market, though, and some people will be buying whilst others are selling, so as long as the margin is small you won’t be being ripped off. 

UnsureAboutthis

Ballard said:

Presuming that you get the Mastercard/visa rate with no added fees, the cc/dc rate will beat what you’re offered for cash conversion. 

There is always a chance that the rate that you get for cash before your trip turns out to be excellent because of market movement whilst you’re away, but I wouldn’t personally get too hung up on that.

You can’t ascertain the exchange rate at point of sale, at least not to my knowledge. It will be based on the market, though, and some people will be buying whilst others are selling, so as long as the margin is small you won’t be being ripped off. 

Thanks to you and are you able to post a link to the Visa site. I've looked but keep on coming up with the Barclays exchange rate offered in the uk and that is low.
All I am getting is my Barclays exchange rates for cash to be delivered.
We got well over 2k in pounds sterling from the post office the other day via their free delivery - we bought on Sunday and the rate was 1.1285

We will be paying a charge, commission on our premier cc and or Barclays debit card when we use it abroad.
I just want an approximate idea on the day and I'm aware rates can tumble or shoot up is there are problems around the world.

Though we have been abroad many times, I always let our children deal with the finances; they pay for almost everything and give us the bill in pounds sterling when back home
I have learned via one of our children that their Barclays Reward card is commission-free but I'm not able to get that, and I did ring them today, and they said there is "nothing negative whatsoever on your account and it is just one of those things. "

DullGreyGuy

UnsureAboutthis said:

Ballard said:

Presuming that you get the Mastercard/visa rate with no added fees, the cc/dc rate will beat what you’re offered for cash conversion. 

There is always a chance that the rate that you get for cash before your trip turns out to be excellent because of market movement whilst you’re away, but I wouldn’t personally get too hung up on that.

You can’t ascertain the exchange rate at point of sale, at least not to my knowledge. It will be based on the market, though, and some people will be buying whilst others are selling, so as long as the margin is small you won’t be being ripped off. 

Thanks to you and are you able to post a link to the Visa site. I've looked but keep on coming up with the Barclays exchange rate offered in the uk and that is low.
All I am getting is my Barclays exchange rates for cash to be delivered.
We got well over 2k in pounds sterling from the post office the other day via their free delivery - we bought on Sunday and the rate was 1.1285

We will be paying a charge, commission on our premier cc and or Barclays debit card when we use it abroad.
I just want an approximate idea on the day and I'm aware rates can tumble or shoot up is there are problems around the world.

Though we have been abroad many times, I always let our children deal with the finances; they pay for almost everything and give us the bill in pounds sterling when back home
I have learned via one of our children that their Barclays Reward card is commission-free but I'm not able to get that, and I did ring them today, and they said there is "nothing negative whatsoever on your account and it is just one of those things. "

https://www.visa.co.uk/support/consumer/travel-support/exchange-rate-calculator.html it defaults to your bank charging a 2% fee but if you say yours is zero just remember to change it. 

Banks use different rates depending on what you are doing... making a card transaction will be based on the card network plus a fee from your bank. If you have having non-stirring deposited into your account it will be their own FX rate. If you are buying foreign currency from them then it is potentially a 3rd rate. 

Neil49

I've just checked my Starling account and on 4th April I used my card in Tenerife and got a rate of 1.1842 when travelling on the bus. 

mda99das

My credit card gives me pretty much the spot rate. However there has been some times where I need cash. what you must do is pay off the CC and put it in CREDIT. Then go to the ATM am make your withdrawal. That way you dont get charged cash advance fees and get the spot rate.

jbrassy

mda99das said:

My credit card gives me pretty much the spot rate. However there has been some times where I need cash. what you must do is pay off the CC and put it in CREDIT. Then go to the ATM am make your withdrawal. That way you dont get charged cash advance fees and get the spot rate.

This is rubbish advice as most credit card providers will not allow you to put your account 'in credit'. If you want to withdraw cash, it's best to use a debit card which does not charge fees for withdrawals. First Direct and Starling would be my picks for this purpose. 

J_B

jbrassy said:

 If you want to withdraw cash, it's best to use a debit card which does not charge fees for withdrawals. First Direct and Starling would be my picks for this purpose. 

Or maybe Chase ..... but if the OP has a Barclaycard *Rewards* credit card, they could withdraw cash 'fee free'

jbrassy

J_B said:

jbrassy said:

 If you want to withdraw cash, it's best to use a debit card which does not charge fees for withdrawals. First Direct and Starling would be my picks for this purpose. 

Or maybe Chase ..... but if the OP has a Barclaycard *Rewards* credit card, they could withdraw cash 'fee free'

Chase is ok, but it only allows you to withdraw £1500 a month fee free abroad. On the other hand, Starling allow you to withdraw £300 a day fee free and First Direct allow you to withdraw £500 a day fee free.

You can withdraw cash on Barclaycard Rewards fee free, but because it's a credit card, it will have an impact on your credit history. I would hate to be declined for a mortgage because I withdrew money using a credit card on holiday, hence I avoid to be prudent.

J_B

jbrassy said:

You can withdraw cash on Barclaycard Rewards fee free, but because it's a credit card, it will have an impact on your credit history. I would hate to be declined for a mortgage because I withdrew money using a credit card on holiday, hence I avoid to be prudent.

My days of needing a mortgage are long gone!