[Finance] How do you pay for things abroad?

[Icy Gull]

Does anyone still take travellers cheques? Can’t even cash them in banks in the States without a US bank account I believe? I have given up on them and use a card now.

Taking cash is a mugs game as you get crucified on rip of rates buying here or exchanging abroad in my experience and you can pay for most things on a card so only need limited foreign currency anyway.

Most UK credit and debit cards add a foreign transaction fee which can add up

Personally found that Monzo (now with a non chargeable £200 a month limit for cash withdrawals I think?) or Caxton are the best for use abroad but am wondering if someone knows better?

Monzo seem to give a better rate than Caxton and I do have a Nationwide card that only charges for cash withdrawals and also give a good rate. Don’t think the charge free payments work outside of Europe on Nationwide.

Waits to hear of a better way to do it......

 

[dazzer6666]

I'm a bit lazy to be honest - not cost-efficient I know but I usually take a bit of currency with me, get some cash from an ATM locally for smaller purchases if I need more and use a credit card for the rest. Overall the charges rarely to add up to much compared with the overall cost of the holiday and it keeps things simple.

 

[Napper]

CASH

 

[happypig]

I have Revolut and Starling accounts.

Can manage them from the phone, pay and withdraw from ATM in local currency (ie without conversion so Revolut/Starling do the conversion at a better rate).

 

[Shropshire Seagull]

I got a Halifax VISA credit card a few years back - all exchange rates done at standard commercial [not tourist] rates - no transaction fees + best of all, you can make a cash withdrawal from an ATM abroad and first month is interest free. So used for a bit of pocket-cash, bought everything else on the card. Best rate / low cost option I could find - no idea if the same deal is still available - I think it was called the "Classic".

I have a Nationwide one as backup - that is also commercial, not tourist rate exchange but doesn't have the interest free cash option.

 

[Shropshire Seagull]

CASH

With a free tattoo on your forehead that says "Mug me"

 

[Bozza]

I'm a bit lazy to be honest - not cost-efficient I know but I usually take a bit of currency with me, get some cash from an ATM locally for smaller purchases if I need more and use a credit card for the rest. Overall the charges rarely to add up to much compared with the overall cost of the holiday and it keeps things simple.

I’ve always been the same, just using my regular day-to-day card as it’s the most convenient and had the same mindset as you re: charges.

However I totted up the forex charges after three weeks in California last Summer and even though quite a few holiday elements had been pre-booked and paid in advance, I still incurred £150 in extra charges.

I’m now using some form of MBNA card that has no foreign transaction charges. So I still use a card, just not my regular one which I use for rewards.

 

[TWOCHOICEStom]

Tranferwise is a fantastic way of using card abroad if you were to go to somewhere like Sweden where spending cash is very very VERY difficult.

Lets you hold money in different currencies, transfer and convert easily and the fees are lower than anything else I've tried.


Here's a referral link if anyone is interested
https://transferwise.com/u/thomasc430

 

[surrey jim]

Revolut account, someone on here recommended a while back, have used in Turkey and EU without issue. You load with funds then convert GBP to the local currency you wish, after that all payments made on card abroad debit your foreign currency balance.

 

[Bridcutt]

Starling or Monzo

 

[Gazwag]

I did use my Lloyds Amex Avios or MasterCard Avios both of which were free for foreign payments, they have just stopped though so lost my Amex and now have a normal MasterCard. I have therefore now got a post office mastercard which has no foreign charges, you can also get foreign cash on it at a post office with no charges.

 

[Bob!]

I got a Halifax VISA credit card a few years back - all exchange rates done at standard commercial [not tourist] rates - no transaction fees + best of all, you can make a cash withdrawal from an ATM abroad and first month is interest free. So used for a bit of pocket-cash, bought everything else on the card. Best rate / low cost option I could find - no idea if the same deal is still available - I think it was called the "Classic".

I have a Nationwide one as backup - that is also commercial, not tourist rate exchange but doesn't have the interest free cash option.

I have the Halifax Clarity card as above. Usually take a few euros for tips etc. after finding the best local rate.

 

[VAL1850]

Credit card for purchases, debit card for cash. Bank gives commercial rate so evens out somewhat. Always select local currency not pounds

 

[Napper]

With a free tattoo on your forehead that says "Mug me"

Sure can get over the fact I prob am £10-£20 out of pocket mate as not a tight *******

 

[Paulie Gualtieri]

Just back from Menorca, took a small amount of euros but mostly used my Starling bank card, it was 0.1p on the best exchange rates at the time, convenient and liveable


Sent from my iPhone using Tapatalk

 

[Peteinblack]

Caxton Card every time.

Top it up online direct from my bank account, and then either use it to pay-as-I-go like a normal Debit card, or make cash withdrawals in the local currency.

 

[BNthree]

Take some cash, use my Monzo card or use a FairFX card which is a prepaid debit card that normally has better exchange rate than high street/bank cards.

 

[Dave the OAP]

Halifax transaction charge free credit card.

No transaction fees
No currency conversion fees

Spot on!

 

[Hugo Rune]

Starling or Monzo

Another vote for Challenger Banks!

Can’t beat them.

Used to FairFX but could not spend balance in UK

 

[The_Viper]

Credit card get one with a fee free abroad deal and you're gold. Mainly because if shit was to hit the fan and someone was to get your details sorting out CC fraud is dead easy.