taking out local currency abroad

kreid · 17 June 2018 at 12:39PM

I will be in Germany ( EU) and Switzerland ( nn eu and they still use swiss francs) and want to know how best to access cash in local currency) through a cash machine. My cardss are a bank of Scotland current and reward account cards. I also have a credit card (Tesco)….what are my best options? Should I switch cards or are they as good an option as any? Many thanks in advance.

EveryWhere · 17 June 2018 at 2:12PM

https://www.starlingbank.com/travel/

Guessing that you are in Scotland, so an 'on the spot' issue of a Metro Bank debit card won't be available to you.

NoodleDoodleMan · 17 June 2018 at 2:27PM

When are you travelling ? Time may be against you.

BoS cards are not "user friendly" in terms of foreign ATM usage.

You can apply for a Metrobank debit card account online now - Starling is also a very good choice.

https://www.metrobankonline.co.uk/?gclid=CjwKCAjwjZjZBRAZEiwAPeLSK72QxYATAmHjw6CQ7SI_duWbDigxmosjfgj10JDiTXN7xxRK-gwQ5hoC7KgQAvD_BwE

The former is only ATM fee free in SEPA countries, (mostly where Euros are currency) but it includes Switzerland.

The latter is world wide AFAIK.

This credit card is absolutely the best deal for foreign currency right now. I have one, worked fine on three separate trips abroad since issue.

https://www.barclaycard.co.uk/personal/credit-cards/platinum-travel-credit-card

eDicky · 17 June 2018 at 2:40PM

https://www.moneysavingexpert.com/credit-cards/travel-credit-cards#checker

Tesco CC not quite as bad as BoS cards. To avoid all fees open an additional account with Starling Bank or Metro Bank, there's also Monzo and Loot.io

Reject any attempt by the ATM to convert your pounds at its own lousy rate by selecting 'Without Conversion' or similar.

NoodleDoodleMan · 18 June 2018 at 8:41AM

Beware - Monzo has a fee free 30 day allowance of up to £200 equivalent for ATM withdrawals - thereafter it charges 3% until the next monthly cycle kicks in.

That's roughly 225 Euros before that fee is applied.

Metrobank and Starling have no such restriction.

poggersthegreat · 18 June 2018 at 12:35PM

I have recently returned from Lisbon where I withdrew cash twice from a local ATM in Euros. I had specifically obtained the Barclaycard Platinum because I thought it charged no interest or fees whilst using abroad. This is not the case. I have today received my first statement showing interest charged for each cash withdrawal. I telephoned Barclaycard to check on this and they confirmed that yes interest is payable on cash withdrawn outside of the UK.

Neil49 · 18 June 2018 at 4:08PM

poggersthegreat wrote: »

I have recently returned from Lisbon where I withdrew cash twice from a local ATM in Euros. I had specifically obtained the Barclaycard Platinum because I thought it charged no interest or fees whilst using abroad. This is not the case. I have today received my first statement showing interest charged for each cash withdrawal. I telephoned Barclaycard to check on this and they confirmed that yes interest is payable on cash withdrawn outside of the UK.

I've copied this from the Barclaycard website today and it states that interest isn't charged for up to 56 days.

Quote

Interest-free purchases and withdrawals for up to 56 days
Enjoy a little breather once you get home, with no interest to pay for up to 56 days, provided you pay each monthly statement balance in full, on:
Purchases you make when you use your credit card abroad, like paying for your hotel room in the local currency
Any non-sterling cash withdrawals you make while you're away

Unquote

https://www.barclaycard.co.uk/personal/help-and-support/spending-abroad

What option did you select when withdrawing the cash with regard to currency conversion?

poggersthegreat · 18 June 2018 at 4:45PM

Hi Neil - yes that's what I read. At the ATM I wasn't sure which option to choose, so I selected to take the rate quoted in Euros. Was this a mistake?

eDicky · 18 June 2018 at 5:04PM

poggersthegreat wrote: »

Hi Neil - yes that's what I read. At the ATM I wasn't sure which option to choose, so I selected to take the rate quoted in Euros. Was this a mistake?

Yes, you must reject the 'Conversion' option, which allows the ATM to exchange your pounds at their terrible rate, instead of your card converting at the ideal Visa rate. Having your card charged in pounds in that way, instead of euros, could be the reason that interest was incurred, I'm not sure. Is your card the Platinum Travel?

NoodleDoodleMan · 18 June 2018 at 6:32PM

The Barclaycard Platinum Travel Card does not attract any charges at foreign ATMs for withdrawing cash, unless the ATM owner bank imposes these, and that would apply to all cards.

It's usually easy enough to find holes in the wall that have no such parent bank fee.

However, as explained , if you allow the ATM owner bank to set the conversion rate it will not be favourable to the cardholder.

Always select "Without Conversion" as advised above.

Barclays are Not Guilty in this case.

We've all learned this lesson the hard way - once bitten etc. etc.

poggersthegreat · 18 June 2018 at 7:09PM

Yes, I have the Barclaycard Platinum Travel card. Thanks for the advice - will know in future which option to choose!

taking out local currency abroad

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free