[Finance] How do you pay for things abroad?

[Arthritic Toe]

Yep - just make sure to get one of the specialist credit cards that don't impose a foreign currency charge. Be careful of using your usual bank debit card in the ATM's as most of them apply a large surcharge. In fact its usually better to use one of the aforementioned credit cards in preference to the debit card in the ATM's. You will typically be charged interest from the day of the withdrawal, but its generally much lower than the debit card fee. You can also avoid the cash interest altogether if you preload the credit card (some don't allow that), or settle the balance via internet banking on the same day.

 

[Quinney]

The wife sorted out a Halifax card this morning for up coming holidays abroad. Recommended by Martin’s Money Tips, so should be decent enough.


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[brightn'ove]

Monzo & withdraw, beats the rate given by exchanges even with the charge.

 

[Rugrat]

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).

I'd agree these are the best. Revolut if you want to try and anticipate swings in exchange rates so if you think Euro will strengthen hold you money in €'s or indeed any currency ... dead easy. Starling gives you free cash withdrawals at spot rate too

Beware others that say no fx fees but whack you with a crap rate or vice versa, ok rates but an overseas charge applied

 

[mr sheen]

Another one for Starling

 

[Weststander]

By Nationwide credit card, who don’t take a margin on purchases in a foreign currency. This make the difference of say €1.13 to the pound, compared to €1.05 by other cards or from buying currency in the UK. Makes a big difference in paying for hotels, meals etc.

That card was taken out in the 90’s, before I think Nationwide stopped the following benefit for new cardholders? The Post Office may offer a similar card benefit?

 

[Arthritic Toe]

Beware others that say no fx fees but whack you with a crap rate or vice versa, ...

The individual card issuers don't get to set the rates - the rates will always be Mastercard or Visa's standard FX rates (which are very competitive).

 

[Herr Tubthumper]

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

You mean physical cash. Spending huge amounts of money in Sweden is quite easy and only takes a couple of rounds in a bar or a meal.

 

[Arthritic Toe]

Monzo & withdraw, beats the rate given by exchanges even with the charge.

For ATM's the 3% charge after the first £200 is expensive.

 

[Herr Tubthumper]

Another one for Starling

Where do you change your starling though?

 

[Icy Gull]

The wife sorted out a Halifax card this morning for up coming holidays abroad. Recommended by Martin’s Money Tips, so should be decent enough.


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Yes forgot about them. We use them for any foreign payments made in our business. Good roe and no charges at all. We don’t draw cash on it though. I think they charge for cash withdrawals?

 

[Rambo]

I travel regularly and use Revolut for all my transactions.

 

[ridda]

Mix of cash Easyfx card, and credit card for emergencies .

 

[CheeseRolls]

Just signed up for weSwap.com. They provide you with a pre-pay mastercard, that you then add currency to. If you can wait 7 days for the currency exchange, the rate is competitive. I will report back in a few weeks time, as to how well this works. I used to bank with Nationwide who sadly messed me about on credit cards. A real shame as they are very good for foreign exchange. I now use HSBC, who have been excellent apart from biting your arm off on foreign currency transactions.

 

[tubby]

I am currently in USA and have been using Revolut here and in Canada. It gives a higher exchange rate and debits the local currency so no transaction charges. You can also transfer unused currency back to sterling at the exchange rate at that time and are not stung for charges. I also use my phone to turn off the ATM and shop/online transactions so that if the card is stolen it cannot be used. I then turn it on when I am about to use it.

 

[Boroseagull]

Living permanently in Spain I wonder how I survived without my Revolut card! Well I did before by using a Santander Zero card but that didn't give free bank transfers, easy cash withdrawals. But since starting with a Revolut (Mrs BS has one too) it's been a godsend as travel has included recently, Japan, Canada, USA & India.
Another great feature of the card is the medical travel insurance, that includes cruising (not all travel ins does), charged on a daily basis when the phone 'App' leaves your country of residence. Unbelievable that the daily rate covers persons up to 82 years, or the yearly one (lump sum) up to 72.

 

[studio150]

At least take the right currency unlike the 2 French idiots in front of me, in the queue for gaining Tanzania entry visas, on my recent trip.

We knew before travelling that these were $50 each (or $100 if your are American) so the French muppets get to the front of the queue with the required forms completed and hand over €100 expecting this to be acceptable. Lots of trying to explain that was not accepted currency at the visa office, with the queue going nowhere. Finally someone turned up and took the husband away presumably to change the money, but he was never seen again.

Really depends where I'm going, but I do usually take some local currency for tips and small purchases, otherwise use c/card

 

[Codner pharmaceuticals]

You are BRITISH.

There is no need to pay for things when abroad. It is your right to take everything you want and those dirty foreign scoundrels should be grateful.

 

[albion534]

Get a Monzo card


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[Sirnormangall]

Revolut has worked well for me too.