Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • benw2092
    • By benw2092 15th May 18, 4:15 PM
    • 8Posts
    • 2Thanks
    benw2092
    Advice
    • #1
    • 15th May 18, 4:15 PM
    Advice 15th May 18 at 4:15 PM
    Hi,

    I wonder if anyone can give me any advice on what to do here.

    I have a graduate account with a UK bank which is due to migrate to a normal current account.

    I am around -1600 (out of -2000) in my fee free overdraft. In July, when the account changes, I will be charged 1 for every day I am using the overdraft.

    I work abroad in Asia, but use a local bank over here. My salary is ok by UK standards and I am managing financially. I don't currently have enough money to pay off the entire balance.

    I found finding full time employment difficult due to a health issue, and asked in my branch about my overdraft last summer. I was told 'the overdraft reduces by 100 a year.. so you don't really need to worry about it provided you have an additional 100 in your account each year"

    I since found out the truth about the overdraft fees. Obviously I complained about this, but because it was just a quick question to branch staff - there's no record of it taking place so understandably there's not much Santander can do.

    Despite being abroad, my outgoings are around 80 on my UK account due to an insurance policy I have and a direct debit.

    The country I am in is very difficult to transfer money out of. The only way is direct bank transfer and every time I transfer from my local bank back to the UK I get a terrible exchange rate plus associated wire fees which can leave me maybe 25 out of pocket per 100 transferred.There are no currency exchange apps that are allowed here.

    Repaying gradually isn't really a problem because I can afford to pay off installments, but I don't want to be out of pocket due to the exchange rate, wire fees and overdraft fees. I asked Santander to freeze the overdraft fees - considering their poor advice in the branch - and they said they won't. I can understand their stance. I did want to freeze the fees and pay off a bigger chunk further down the line in December ideally.

    I wanted to know if anyone had any idea about potential ideas about options for me here..

    I could just transfer 200 a month to my UK account.. but it would probably only be 175 by the time it gets there and after 30 of overdraft fees + my outgoing costs (80) won't really make much of a dent in the balance..

    Would a balance transfer be an option for me? Something that pays off the overdraft and also funds my direct debits/insurance but with a low/frozen interest rate for a fixed period that I can eventually pay off in one go?

    Any ideas or suggestions would be appreciated
    Last edited by benw2092; 15-05-2018 at 4:20 PM.
Page 1
    • beanielou
    • By beanielou 15th May 18, 7:55 PM
    • 53,923 Posts
    • 213,411 Thanks
    beanielou
    • #2
    • 15th May 18, 7:55 PM
    • #2
    • 15th May 18, 7:55 PM
    The best solution may be a 0% credit card which does balance tranfers which you could use to pay off the OD.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • benw2092
    • By benw2092 16th May 18, 10:13 AM
    • 8 Posts
    • 2 Thanks
    benw2092
    • #3
    • 16th May 18, 10:13 AM
    • #3
    • 16th May 18, 10:13 AM
    Thanks for the reply.

    Would you recommend taking out a credit card where I'm based (Philippines) or a UK one? I've seen a few 0% options.

    I wouldn't want to have to pay a wire fee each time I pay the balance, are credit cards a bit more flexible than a normal bank transfer?
    • zx81
    • By zx81 16th May 18, 10:14 AM
    • 16,793 Posts
    • 17,805 Thanks
    zx81
    • #4
    • 16th May 18, 10:14 AM
    • #4
    • 16th May 18, 10:14 AM

    Would you recommend taking out a credit card where I'm based (Philippines) or a UK one? I've seen a few 0% options.
    Originally posted by benw2092
    You won't get a UK one, being resident overseas.
    • anna_1977
    • By anna_1977 16th May 18, 10:37 AM
    • 683 Posts
    • 937 Thanks
    anna_1977
    • #5
    • 16th May 18, 10:37 AM
    • #5
    • 16th May 18, 10:37 AM
    do you have any family in the UK that maybe you can do a paypal transfer to each month and them add the money into the UK account?

    My daughter lives in china and we do this regularly
    • benw2092
    • By benw2092 16th May 18, 11:47 AM
    • 8 Posts
    • 2 Thanks
    benw2092
    • #6
    • 16th May 18, 11:47 AM
    • #6
    • 16th May 18, 11:47 AM
    do you have any family in the UK that maybe you can do a paypal transfer to each month and them add the money into the UK account?

    My daughter lives in china and we do this regularly
    Originally posted by anna_1977
    Thanks, this is potentially an option but i'm in the Philippines and am paid in the local currency. The rate for converting local currency from Peso/Pound isn't great with PayPal but will have another look..
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

384Posts Today

4,836Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin