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Credit Card V Exchanging Cash Abroad
rr68163
Posts: 23 Forumite
in Credit cards
Hi All,
I was wondering what the best thing to do, use a credit card with the details below, or Sterling and exchange it locally?
Barclaycard Platinum Cashback Plus has no cash withdrawal fee, charges no interest on overseas withdrawals if you pay IN FULL every month and pays 0.25% cashback on all spending until August 2023. It's 21.9% rep APR on spending if you don't pay in full.
I havent checked the exchange rate, but I'm guessing exchange it abroad locally is better than exchanging it here.
Thanks in advance.
I was wondering what the best thing to do, use a credit card with the details below, or Sterling and exchange it locally?
Barclaycard Platinum Cashback Plus has no cash withdrawal fee, charges no interest on overseas withdrawals if you pay IN FULL every month and pays 0.25% cashback on all spending until August 2023. It's 21.9% rep APR on spending if you don't pay in full.
I havent checked the exchange rate, but I'm guessing exchange it abroad locally is better than exchanging it here.
Thanks in advance.
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Comments
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You can do comparisons via articles on this site, but in general your credit card will be number one.
Always have a backup though and get one of the other cards also mentioned.0 -
It depends on the country, which you don't mention.
On any particular day that CC will give you a better rate than exchanging cash, but in some countries ATMs charge for a withdrawal. And in a country where card payment is more widely accepted, obtaining cash is less necessary.
The worst value will be exchanging cash in UK or using the 'cash passport' type prepaid card.Evolution, not revolution0 -
I think youwould be well advised to check the exchange rate and see if they use the visa wholesale rate
if they don't you could end up paying indirectly quite lot of money because of the Poor exchange rate
you might be much better off getting a tandem credit card which does use good exchange rates and will give you 0.5% back
Alternatively you could get a starling card which gives you very good exchange rates when withdrawing cash from ATMs abroad0 -
Don't know if it's common knowledge - but I was surprised to find the MoneyCorp cash machine at Stansted would let you withdraw Euros from it, at the Underlying Card's rate.
I wanted to have a try but thought it would insist it converted for you, for the 'privilege' of getting the Euros before you fly (no faffing about at the airport the other end/finding a free ATM etc).
It did 'offer' to convert 200 euros for something silly like £270. Lovely big signs up saying no commission. Such a con!
Read the option very very carefully (it's not greatest wording!) and opted out, Monzo charged about £180!0 -
Yes, also other currencies as available. Select 'Without Conversion' when the screen displays the choice, to allow your card to convert from pounds.Somerset_La_La_La wrote: »Don't know if it's common knowledge - but I was surprised to find the MoneyCorp cash machine at Stansted would let you withdraw Euros from it, at the Underlying Card's rate.
It works with Monzo, Starling and with credit card, but not with 'regular' bank debit cards, for which no option to decline conversion is given. I'm not sure about Metro Bank, I think I tried but I forget the result. Tandem CC will charge you for a domestic cash advance, others don't.
MoneyCorp ATMs are also at Gatwick and Southend airports, not elsewhere, and no other brand of multi-currency ATMs let you opt out of conversion.Evolution, not revolution0 -
Somerset_La_La_La wrote: »Don't know if it's common knowledge - but I was surprised to find the MoneyCorp cash machine at Stansted would let you withdraw Euros from it, at the Underlying Card's rate.
I would not say a common knowledge but this have been discussed here a few times back a few years ago. In the past, Yes you could withdraw it using fee free credit card such as Halifax Clarity Card. It seems that it only work with credit card, not debit card.Somerset_La_La_La wrote: »I wanted to have a try but thought it would insist it converted for you, for the 'privilege' of getting the Euros before you fly (no faffing about at the airport the other end/finding a free ATM etc).
Try A small amount, Choose without conversion on the screen and and report your finding here.Somerset_La_La_La wrote: »It did 'offer' to convert 200 euros for something silly like £270. Lovely big signs up saying no commission. Such a con!
Read the option very very carefully (it's not greatest wording!) and opted out, Monzo charged about £180!
This is indeed a con. Would you please name that cash machine or money changer ?? People will need to be warned with such a con. Also this company will need to be named and shamed.0 -
I think youwould be well advised to check the exchange rate and see if they use the visa wholesale rate
if they don't you could end up paying indirectly quite lot of money because of the Poor exchange rate
you might be much better off getting a tandem credit card which does use good exchange rates and will give you 0.5% back
Alternatively you could get a starling card which gives you very good exchange rates when withdrawing cash from ATMs abroad
It gives the Visa rate, 0.5% cashback for 3 months and unlike the Tandem card has no interest on overseas cash withdrawals if paid in full each month.
Starling is a debit card.0
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