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  • iereboy
    • #2
    • 8th Jul 08, 9:32 PM
    • #2
    • 8th Jul 08, 9:32 PM
    Post office credit card is free to use abroad. No charges!
  • rfburke
    • #3
    • 9th Jul 08, 7:38 AM
    More than 1000
    • #3
    • 9th Jul 08, 7:38 AM
    I'm getting married abroad this year and to help pay for things in Euros I set up a HSBC Euro account which gives you a cheque book in Euros. The problem is when you transfer money to the account from the current account (also at HSBC) they nail you on the exchange rate. Plus they have a fee on simply having the account. Does anyone now of a better way of doing it? Taking cash, travellers cheques or credit cards isn't practical (its a bit more expensive then your regular holiday).
    Also is there a bank which gives the best exchange rate for International money transfers or are they pretty much the same?
    • kelty
    • By kelty 9th Jul 08, 8:08 AM
    • 27 Posts
    • 8 Thanks
    kelty
    • #4
    • 9th Jul 08, 8:08 AM
    euros or dollars
    • #4
    • 9th Jul 08, 8:08 AM
    hi, i am planning to go to tunisia in august and rather than carry cash i am thinking of getting either the caxton fx or a post office pre paid card. what i need to know is what would be the best currency to load the cards, euros, dollars or sterling(postoffice).:confused:
    • scarlet macaw
    • By scarlet macaw 9th Jul 08, 8:14 AM
    • 51 Posts
    • 57 Thanks
    scarlet macaw
    • #5
    • 9th Jul 08, 8:14 AM
    • #5
    • 9th Jul 08, 8:14 AM
    As a regular traveller, I have always thought the cheapest way to fund overseas travelling would be to get a foreign currency account with debit card facilities and fund it using "wholesale rate" transfers. The only problem is finding the banks that will offer this service as the main UK provider, Citibank, requires high minimum balances.

    Does anyone know which foreign banks will provide a full banking service to non residents (possibly an idea for an article here). At present I am particularly intersted in the Eurozone, US Dollar and NZ Dollar accounts.
    • The Living Coin
    • By The Living Coin 9th Jul 08, 9:42 AM
    • 27 Posts
    • 5 Thanks
    The Living Coin
    • #6
    • 9th Jul 08, 9:42 AM
    Round the World
    • #6
    • 9th Jul 08, 9:42 AM
    Hi - I am going round the world for a year. My plan was simply to leave my money in my current account and from time to time transfer some of it to my Nationwide account online and withdraw it for free in the various countries I visit along the way...and bring a credit card for back up/larger purchases. Can anyone tell me why this is or is not a good plan or make any suggestions?
    Thanks
    • dzug1
    • By dzug1 9th Jul 08, 9:57 AM
    • 13,359 Posts
    • 6,125 Thanks
    dzug1
    • #7
    • 9th Jul 08, 9:57 AM
    • #7
    • 9th Jul 08, 9:57 AM
    It's a good plan - but a better one:

    Nationwide have an e-savings account. Put the money there and transfer it online to the Nationwide current account when you need it rather than leaving it festering in a non/low interest account.

    Or any on-line savings account will achieve the same with a little more work.
    • Mat_Lock
    • By Mat_Lock 9th Jul 08, 9:57 AM
    • 2,053 Posts
    • 5,565 Thanks
    Mat_Lock
    • #8
    • 9th Jul 08, 9:57 AM
    • #8
    • 9th Jul 08, 9:57 AM
    Hi - I am going round the world for a year. My plan was simply to leave my money in my current account and from time to time transfer some of it to my Nationwide account online and withdraw it for free in the various countries I visit along the way...and bring a credit card for back up/larger purchases. Can anyone tell me why this is or is not a good plan or make any suggestions?
    Thanks
    Originally posted by The Living Coin
    No that is a perfectly fine idea. I just wish Nationwide would hurry up and open my account. I only have 54 days left and I have been reading some of the horror stories of them taking months to sort out accounts.
    • MKB
    • By MKB 9th Jul 08, 10:09 AM
    • 63 Posts
    • 18 Thanks
    MKB
    • #9
    • 9th Jul 08, 10:09 AM
    • #9
    • 9th Jul 08, 10:09 AM
    I think the article at http://www.moneysavingexpert.com/cards/cheaper-spending-overseas may have a few errors.

    - The table labelled "Battle of the top 'overseas use' cards" says that typical debit card loads in Europe and Worldwide are "None". This is contrary to the information shown here: http://www.moneysavingexpert.com/travel/overseas-card-charges

    - The report says "Then again, there is one other reason to stick with a credit card rather than debit card overseas, thanks to Section 75 consumer protection." I understood that the "Visa Scheme Rules" mean that similar protection is afforded on Visa debit cards. Perhaps MSE can confirm/refute?

    - This may be out of date, but last time I checked with Nationwide, they confirmed that although they don't load the exchange rate, Visa International apply a 1% loading to non-EU transactions. Has that changed?
    • sinbinjack
    • By sinbinjack 9th Jul 08, 12:33 PM
    • 26 Posts
    • 13 Thanks
    sinbinjack
    Cheap money
    Hi All, I would remind all travellers that getting cash from a bank or change place in yourown country is not always a very good idea .I am not a very well travelled individual but I do know that a few years ago it was much better to change your sterling in Turkey as you got a much better rate there than in the UK,as much as 5 %better.This may no longer be the case in Turkey as I have not been there in 5 years and their currency has changed ,but I am at the moment in Thailand,and have been for the last 3 months aint I lucky,but the difference between what you get in the uk and what the Thai bank will give you for your Pound ,cash or travellers cheque,is very much more than you will get from even the best bank in the UK. You shoulsd always investigate the rates in the country to which you are going as I am sure these two examples are not the only ones out there.
    Happy travelling, Jack.
  • spambot
    Barclays - card from hell new contender
    I think Barclays should be added to the list of cards from hell. Went to Borneo recently and was charged 34 for 4 transactions on my debit card. That's almost 9 a transaction. Might as well have drawn cash on a credit card.
    • MSE Martin
    • By MSE Martin 9th Jul 08, 3:37 PM
    • 8,116 Posts
    • 42,310 Thanks
    MSE Martin
    I think the article at http://www.moneysavingexpert.com/cards/cheaper-spending-overseas may have a few errors.

    - The table labelled "Battle of the top 'overseas use' cards" says that typical debit card loads in Europe and Worldwide are "None". This is contrary to the information shown here: http://www.moneysavingexpert.com/travel/overseas-card-charges

    - The report says "Then again, there is one other reason to stick with a credit card rather than debit card overseas, thanks to Section 75 consumer protection." I understood that the "Visa Scheme Rules" mean that similar protection is afforded on Visa debit cards. Perhaps MSE can confirm/refute?

    - This may be out of date, but last time I checked with Nationwide, they confirmed that although they don't load the exchange rate, Visa International apply a 1% loading to non-EU transactions. Has that changed?
    Originally posted by MKB
    I can't see where it says debit cards are typically zero load - can you say exactly where - as that's wrong.

    Section 75 ONLY applies to credit card transactions. There is a Visa Debit chargeback disputes system which is a method of last resort you can try sometimes, but it is nothing close to your legal rights under section 75.

    As for the 1% non-EU loading on Nationwide... actually this is a Visa fee that allc ard companies are charged, and Nationwide liek the other specialists absorbs it.

    Martin
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.

    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.

    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
  • oranger
    The article is wrong - CaxtonFX minimum load isn't £500 it's €150!
  • Liz Shephard
    Holiday money in New Zealand
    My daughter lives in New Zealand. Would it be cheaper to transfer cash to her UK HSBC account and get her to withdraw it when we need it there? Anyone have any ideas please?
  • manolo
    Beware - ABBEY ZERO - abbey zero transactions!

    I tried to use my Abbey zero card recently in Venice (taken out specifically for use abroad) - it was declined at the ATM machine and again at a restaurant. When I contacted Abbey to complain when I got back to England they said it was my responsibility to inform them I was going abroad - never had this problem before with ANY credit card
  • fishergill
    prepaid foreign currency cards
    [
    Just wondering why the FairFX card isn't mentioned, as they also provide the card free over 500. Also their exchange rate today (1.245 euros) is better than Caxton (1.24 euros)
    • Cloudane
    • By Cloudane 9th Jul 08, 6:46 PM
    • 509 Posts
    • 360 Thanks
    Cloudane
    Beware - ABBEY ZERO - abbey zero transactions!
    Originally posted by manolo
    I wondered that about warning the card company beforehand. In my case I'd be looking to get the Abbey Zero card now, and use it on holiday in September... my experience of credit cards is some of them (Capital One at least) raise a suspicion flag if you've not used the card for a couple of months and then suddenly put a few hundred quid on it.

    Definitely worth knowing that you do have to call them beforehand though, thanks.


    Now for my question!

    I'd probably be spending £400-500, but the thing is a lot of this will be in restaurants and bars so in other words a lot of cash rather than plastic transactions.

    Would I be better off getting the Abbey Zero card and withdrawing cash as needed over there (so it'd cost what, up to £10 for the month, which is not bad for the convenience of not carrying a wad of cash around), or just getting cash converted over here from one of the top deals and then taking that over?

    The reason I ask is there's nothing on that page that says what the exchange rate is like on the specialist cards, and yet it says in the cash section, zero commission (basically the same as 'load'?) doesn't necessarily mean a good deal if the exchange rate they use is a poor one.

    Thanks!
    Last edited by Cloudane; 09-07-2008 at 6:55 PM.
    • dzug1
    • By dzug1 9th Jul 08, 7:27 PM
    • 13,359 Posts
    • 6,125 Thanks
    dzug1
    The base exchange rate on all debit and credit cards (before loading and fees, if any) is near enough the same. Set by Visa and Mastercard.

    Doesn't necessarily apply to pre-loaded cards though
  • miss.appropriate
    I am going to Turkey in august and i don't know what the best currency is to take.Can anyone advise me plz.
    • MKB
    • By MKB 10th Jul 08, 12:41 AM
    • 63 Posts
    • 18 Thanks
    MKB
    I can't see where it says debit cards are typically zero load - can you say exactly where - as that's wrong.

    Martin
    Originally posted by MSE Martin
    Looks like someone fixed it between my post and yours.
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