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  • FIRST POST
    • rr68163
    • By rr68163 16th Jun 19, 5:29 PM
    • 14Posts
    • 1Thanks
    rr68163
    Credit Card V Exchanging Cash Abroad
    • #1
    • 16th Jun 19, 5:29 PM
    Credit Card V Exchanging Cash Abroad 16th Jun 19 at 5:29 PM
    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.
Page 1
    • fifeken
    • By fifeken 16th Jun 19, 5:48 PM
    • 2,368 Posts
    • 1,230 Thanks
    fifeken
    • #2
    • 16th Jun 19, 5:48 PM
    • #2
    • 16th Jun 19, 5:48 PM
    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.
    • eDicky
    • By eDicky 17th Jun 19, 1:22 AM
    • 4,717 Posts
    • 2,843 Thanks
    eDicky
    • #3
    • 17th Jun 19, 1:22 AM
    • #3
    • 17th Jun 19, 1:22 AM
    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.
    • 18cc
    • By 18cc 17th Jun 19, 9:27 AM
    • 1,556 Posts
    • 1,131 Thanks
    18cc
    • #4
    • 17th Jun 19, 9:27 AM
    • #4
    • 17th Jun 19, 9:27 AM
    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
    • Somerset La La La
    • By Somerset La La La 18th Jun 19, 12:59 PM
    • 740 Posts
    • 257 Thanks
    Somerset La La La
    • #5
    • 18th Jun 19, 12:59 PM
    • #5
    • 18th Jun 19, 12:59 PM
    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!
    Work in Underwriting (Mortgages) - posts are my opinion/experience etc, not official company policy/lending rules.

    Only the underwriter assigned to a case at full application stage can give a 100% definitive answer to queries
    • eDicky
    • By eDicky 18th Jun 19, 3:10 PM
    • 4,717 Posts
    • 2,843 Thanks
    eDicky
    • #6
    • 18th Jun 19, 3:10 PM
    • #6
    • 18th Jun 19, 3:10 PM
    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.
    Originally posted by Somerset La La La
    Yes, also other currencies as available. Select 'Without Conversion' when the screen displays the choice, to allow your card to convert from pounds.

    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.
    • adindas
    • By adindas 18th Jun 19, 3:42 PM
    • 4,000 Posts
    • 2,482 Thanks
    adindas
    • #7
    • 18th Jun 19, 3:42 PM
    • #7
    • 18th Jun 19, 3:42 PM
    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.
    Originally posted by Somerset La La La
    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.

    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).
    Originally posted by Somerset La La La
    Try A small amount, Choose without conversion on the screen and and report your finding here.


    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!
    Originally posted by Somerset La La La
    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.
    Last edited by adindas; 18-06-2019 at 4:14 PM.
    • fifeken
    • By fifeken 18th Jun 19, 4:11 PM
    • 2,368 Posts
    • 1,230 Thanks
    fifeken
    • #8
    • 18th Jun 19, 4:11 PM
    • #8
    • 18th Jun 19, 4:11 PM
    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
    Originally posted by 18cc

    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.
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