[Finance] How do you pay for things abroad?

[thedonkeycentrehalf]

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.

Same for me - had one for a few years now. App makes it very easy to check your balance and top up when you are away.

 

[Super Steve Earle]

Natwest credit card for purchases. No annual fee. No transaction fees. Decent exchange rates. Full MasterCard protection.

Not sure why people don't just stick to safe, mainstream options. Usually take a bit of currency from Debenhams just in case. Fee free, buy it When they give you a five quid gift card and either keep the leftovers for next time or stick them on their card with any extra 20% to spend in store. Buy on the Debenhams credit card and pay with no interest on return from trip.

 

[Raleigh Chopper]

25% cash, 75% one of those debit cards that have no fee whatsoever unless you draw cash out of an ATM abroad.
On my first holiday this year in May I got both from the post office because I couldn't be bothered to shop around, any money still on the card on your return can be withdrawn or kept on there for whatever you need it for, maybe your next holiday.

 

[Beanstalk]

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......

Have been abroad (NZ) for a few months now and can say that Monzo has changed the game. Just use my card as a top up for spending etc supplemented from my main Natwest. Works out that I've saved around £200 in what would have been charges had I not opened the Monzo account.
The only downside is that it is still a foreign card which means that it is seen as a credit card over here, despite it actually being a debit. Quite a few places refuse to accept credit/international cards still. However, the non-chargeable £200 cash withdrawals means that it isn't a real issue as it is of no extra charge to always have a little cash on you.

 

[HastingsSeagull]

Cash though have a debit card for emergancies. Not needed it yet though on any trip.

 

[colonies man]

Cash always it is hard to bribe using a credit card.I find cash saves me a lot of money,you just got to know how to use it.

 

[Muzzy]

Haven’t read the whole thread so if someone else hasn’t suggested the Halifax Clarity card then I recommend that one. No transaction fees and 0% if you clear it within a month.
We used it this year and had no issues at all in the US.

 

[trueblue]

Take a small amount of cash. Otherwise, Santander Zero credit card which charges no foreign transaction fees and a Barclaycard Platinum (the same, and free cash withdrawals while away as part of a long term introductory offer). Never had a problem with either and been doing that for several years.

 

[brightn'ove]

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

Oof, that has gone up!

 

[mylesfdo]

As others have said Revolut I think is the best option. Saved me a fortune when in USA and now I use to take cash from ATM in Thailand all the time, just take a big chunk out at a time as no daily limit so to avoid the ATM fee I just withdraw £500-1k at a time and keep in the safe! There is a monthly free limit on the free card but tbh I just wear the % charge for going over this as Im saving so much anyway on other fees and getting spot rate!

Oh and you also get free FX transfers and other benefits too and ca use online to pay for anything in foreign currency as well!

 

[GingerBeerMan]

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

How often do you get cash out these days though? It's pretty rare. I have both Monzo and Starling and move money between the two on my phone should needs be.

 

[B-right-on]

FX pre pay credit card. Got one in dollars and one in Euro. Load up via app, decent exchange rates and then spend in local currency.

 

[Arthur]

Interesting thread.....

I travel quite a bit for work so most if not everything is expensed but I only ever can claim for the amount in the local currency. This thread has prompted me to look at what I've paid both Amex and Barclays ~3% for both cases.

Had a look into Revolut off the back of this and it looks like a decent option. Sadly one of my off shore teams are in Manila and the Piso isn't yet a supported currency but the exchange rates look very good so may go for it.

Quick question if I go for the freebie option is it the first £200 spend that is free or cash withdrawal?

 

[Hamilton]

Monzo!

Practically fee free and gives an immediate notification on what you’ve spent in the local currency and GBP.


Sent from my iPhone using Tapatalk

 

[Zamora 25]

Is the post office travel money card any good??

 

[Boroseagull]

Interesting thread.....

I travel quite a bit for work so most if not everything is expensed but I only ever can claim for the amount in the local currency. This thread has prompted me to look at what I've paid both Amex and Barclays ~3% for both cases.

Had a look into Revolut off the back of this and it looks like a decent option. Sadly one of my off shore teams are in Manila and the Piso isn't yet a supported currency but the exchange rates look very good so may go for it.

Quick question if I go for the freebie option is it the first £200 spend that is free or cash withdrawal?

£200 or euros in my case, as a cash withdrawal every recurring 30 days from start of card. Any amount of card use as a debit card providing funds back it.

 

[Arthritic Toe]

Natwest credit card for purchases. No annual fee. No transaction fees. Decent exchange rates. Full MasterCard protection.

Not sure why people don't just stick to safe, mainstream options. Usually take a bit of currency from Debenhams just in case. Fee free, buy it When they give you a five quid gift card and either keep the leftovers for next time or stick them on their card with any extra 20% to spend in store. Buy on the Debenhams credit card and pay with no interest on return from trip.

That's a good deal on the Natwest credit card, i.e. no foreign transaction fees. Most mainstream banks own cards don't offer that though. Maybe its the start of a shift as they have noticed people have wised up about these foreign transaction fees and are using the 'specialist' cards.

 

[Gatiore]

I travel not very often but I figured out that Revolut or Monzo are one of the best in checking what you've paid for. Plus in my case when I go my Athens property here I prefer to withdraw from ATM with Revolut as they give me €200 a month in international ATM withdrawals for free. Which is what I need in case I pay for lunches/diners in small taverns where they don't use card machines. In general I prefer to use cards and cash mostly.

 

[mylesfdo]

Interesting thread.....

I travel quite a bit for work so most if not everything is expensed but I only ever can claim for the amount in the local currency. This thread has prompted me to look at what I've paid both Amex and Barclays ~3% for both cases.

Had a look into Revolut off the back of this and it looks like a decent option. Sadly one of my off shore teams are in Manila and the Piso isn't yet a supported currency but the exchange rates look very good so may go for it.

Quick question if I go for the freebie option is it the first £200 spend that is free or cash withdrawal?

Would you need to send them Piso though? Look into it but if you can put any of the supported currencies onto the card i.e sterling/euro/usd they will still be able to use in any country Im pretty sure. The supported currencies are just for what you can hold money in their actual accounts with I think i.e Ive got sterling, usd, euro & thai baht accounts with them and I can send or receive money from and to those accounts if Ineed. So basically unless they are needing to transfer Piso with the card they should be fine.

The free £200 is for cash withdrawals, no limit on debit card spend. You can also waive the ATM exchange rate for withdrawals and have Revolut calculate for you which is obv a way better rate!

 

[Arthur]

Would you need to send them Piso though? Look into it but if you can put any of the supported currencies onto the card i.e sterling/euro/usd they will still be able to use in any country Im pretty sure. The supported currencies are just for what you can hold money in their actual accounts with I think i.e Ive got sterling, usd, euro & thai baht accounts with them and I can send or receive money from and to those accounts if Ineed. So basically unless they are needing to transfer Piso with the card they should be fine.

The free £200 is for cash withdrawals, no limit on debit card spend. You can also waive the ATM exchange rate for withdrawals and have Revolut calculate for you which is obv a way better rate!

Well no but am I missing the point here?

I thought the idea was you stick GBP in exchange it to whatever currency getting their decent rates and then spend money in the local currency therefore not encountering the fees your bank/card provider charges?