Banking & currency (1 Viewer)

[Alistair33]

I’m wonder what you think of the various options for travel monies for medium to long term travel ?

Option 1 – UK bank account and cards, incurring exchange rates / charges at the whim of the card companies


Option 2 – Prepaid card such as Thomas Cook Money Card . This gives you a known exchange rate and the ability to time your exchanges along with having your card funds in the same currency as you are spending (lets assume € for payment & currency)


Option 3 – A foreign bank account in Euros .............there are no UK banks that I can find that issue a debit card in Euros however the Bank of Ireland do allow online application along with document uploads. Similar to Option 2 however this would allow you to make currency purchases using a service such as The Times Currency Service which should give access to better rates than any of the other options

Alistair

 

[El-Nido]

I use a combination of Options 1 and 2:

Halifax Clarity Card for purchases - no foreign transaction fee and they use the exchange rate of the day
CaxtonFX for pre-loading Euros to withdraw cash at ATMs

I also have another credit card available in case of emergencies.

Paul

 

[JJ]

Revolut


JJ

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[GeriatricWanderer]

Same as El-Nido.

Not only for Euros, works just as well for most currencies.

 

[Alistair33]

Revolut .... interesting, I've not come across that.
I guess that they make their money through the exchange rate given?

 

[Khizzie]

I use a combination of Options 1 and 2:

Halifax Clarity Card for purchases - no foreign transaction fee and they use the exchange rate of the day
CaxtonFX for pre-loading Euros to withdraw cash at ATMs

I also have another credit card available in case of emergencies.

Paul

Same as @El-Nido for me works well .

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[EX51SSS]

Another for @El-Nido

 

[Emmit]

Get Clarity Card.
Buy amount of 'Stuff' on card.
Go online. Pay off more than they want for the stuff you have bought.
Go abroad.
Go to ATM and withdraw less than you are in credit.
Repeat, as and when necessary.
Perfect rate for Purchases. Perfect rate for Cash Withdrawals. No Charges for Cash Withdrawals. No Currency Charges.

 

[GeriatricWanderer]

Get Clarity Card.
Buy amount of 'Stuff' on card.
Go online. Pay off more than they want for the stuff you have bought.
Go abroad.
Go to ATM and withdraw less than you are in credit.
Repeat, as and when necessary.
Perfect rate for Purchases. Perfect rate for Cash Withdrawals. No Charges for Cash Withdrawals. No Currency Charges.

I've intentionally put a credit card into credit as you describe but apparently it's against banking regulations to do so and twice, two different banks, they've threatened to cancel my card unless I desisted from the practice.

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[Lenny HB]

Revolut .... interesting, I've not come across that.
I guess that they make their money through the exchange rate given?

They give the interbank rate, they make their money on what's in your account as they don't pay you any interest.
I've always been against pre-loaded cards but just taken out a Revolut card as next month I have to pay €10,00 to change vans and as they give the interbank rate works out better than using companies like EasyFX as with them you don't get such a good rate on such a small amount.

You are limited to £12,000 a year over £5000 you pay 0.5% but both of you can have a card so that is £10,000 without charges. You can use it like a bank account and make payments in any currency.

 

[TJBi]

I’m wonder what you think of the various options for travel monies for medium to long term travel ?

Option 1 – UK bank account and cards, incurring exchange rates / charges at the whim of the card companies


Option 2 – Prepaid card such as Thomas Cook Money Card . This gives you a known exchange rate and the ability to time your exchanges along with having your card funds in the same currency as you are spending (lets assume € for payment & currency)


Option 3 – A foreign bank account in Euros .............there are no UK banks that I can find that issue a debit card in Euros however the Bank of Ireland do allow online application along with document uploads. Similar to Option 2 however this would allow you to make currency purchases using a service such as The Times Currency Service which should give access to better rates than any of the other options

Alistair

I use option 3, but a French account as most travel is in France, and with an ATM card only as there is a considerable charge for debit cards at most French banks. On the other hand, cheques are widely accepted.

I take it you've fully investigated the BoI fees structure.

 

[Bognor Saint]

I read somewhere last year that there a ruling ( Brussels I think) that allowed retailers to refuse to accept pre paid cards. Saying that I have had no trouble with my Caxton fx card.

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[mitzimad]

we use a weswapcard which works well everywhere weve been. on tolls and in most petrol stations

 

[Mikeco]

We have a UK Santander bank account so while in Spain draw money out from any Santander machine without any charges.

 

[Moodybrook]

Santander Zero credit card, no transaction charges on purchases, pay for whatever it is , IN the LOCAL currency, sometimes they will ask which currency ? ie. £ or euros.
Set up a d/debit to pay off the amount/s within the month in full. Do that when you apply for the credit card, I did it in the branch, no problems.

No charge for drawing cash at ATM 's unless it is one of those that everyone pays a charge for(avoid) but you accrue interest on the amount until paid off in full.

Download the santander mobile banking app, pay the ATM cash withdrawal off by bank transfer from your Santander 123 account from your phone as soon as you can. The lassie in the branch recommended to do this, I asked if she wanted to come for lunch,
she declined ! You will get the best as per interbank currency rate on the day no fees.

Approved as "good !! card" by Martin Lewis, (Money expert laddie that is on TV just now) I believe him I can't see a snag.

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[gus-lopez]

Living here I use my Spanish cards in Europe & UK cards in the UK. Having said that I'll use the revolut mainly these days.

Revolut


JJ

 

[iandsm]

I've intentionally put a credit card into credit as you describe but apparently it's against banking regulations to do so and twice, two different banks, they've threatened to cancel my card unless I desisted from the practice.

Halifax Clarity expressly forbids this in their term and conditions.

 

[magicsurfbus]

Another vote here for the Santander Zero credit card. The 'Zero' refers to no foreign exchange fees.

Link it to a 123 current account which pays 1.5% interest monthly on the balance plus cashback on utility bills.

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[Clarky]

Santander Zero credit card, no transaction charges on purchases, pay for whatever it is , IN the LOCAL currency, sometimes they will ask which currency ? ie. £ or euros.
Set up a d/debit to pay off the amount/s within the month in full. Do that when you apply for the credit card, I did it in the branch, no problems.

No charge for drawing cash at ATM 's unless it is one of those that everyone pays a charge for(avoid) but you accrue interest on the amount until paid off in full.

Download the santander mobile banking app, pay the ATM cash withdrawal off by bank transfer from your Santander 123 account from your phone as soon as you can. The lassie in the branch recommended to do this, I asked if she wanted to come for lunch,
she declined ! You will get the best as per interbank currency rate on the day no fees.

Approved as "good !! card" by Martin Lewis, (Money expert laddie that is on TV just now) I believe him I can't see a snag.

Sadly, as we have one and it's excellent, I don't think the Zero card is available to new applicants now.
They stopped issuing them a year or two ago.

Richard.

 

[Camdoon]

We have a UK Santander bank account so while in Spain draw money out from any Santander machine without any charges.

How good is the exchange rate? The only reason I ask is that this feature is never mentioned on Martin Lewis's web site as a good value option. Would be happy to use Santander account in Spain if this could be confirmed.
At present I use the Halifax Clarity (Mastercard) for cash -pay off same day via Internet. Santander Zero Mastercard) for non cash spending and Nationwide card (Visa) (cannot remember which one but tied to account) just in case MasterCard not acceptable (happened in a Spanish Marathon last year).

 

[JJ]

Revolut

JJ

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[maxi77]

Halifax Clarity expressly forbids this in their term and conditions.

Coop do not seem to mind.I have kept my card in credit since 2010 without any problems. I use FairFX for my euro requirements fromday to day cash to transfers into accounts for big bills,always good rates and good service.

 

[Camdoon]

Sadly, as we have one and it's excellent, I don't think the Zero card is available to new applicants now.
They stopped issuing them a year or two ago.

Richard.

http://www.santander.co.uk/uk/credit-cards/zero-credit-card Available again - but note it is foreign purchases rather than cash which gets the good rate.

 

[2657]

As far as I can see all the Santander 123 current accounts incur a monthly charge.

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[Emmit]

I've intentionally put a credit card into credit as you describe but apparently it's against banking regulations to do so and twice, two different banks, they've threatened to cancel my card unless I desisted from the practice.

Hi GW,
I do it EVERY time I go on the Continent and never received anything from the Bank. Must have done it five or six times on our last trip.
It may be against their rules but they are only that, Their rules. No law has been broken. No offence has been committed.
The credit isn't measured in Thousands and it's not for any significant time. When one measures that against the sheer volume of transactions per day, would they employ someone to check, I doubt it.

 

[Mikeco]

How good is the exchange rate? The only reason I ask is that this feature is never mentioned on Martin Lewis's web site as a good value option. Would be happy to use Santander account in Spain if this could be confirmed.
At present I use the Halifax Clarity (Mastercard) for cash -pay off same day via Internet. Santander Zero Mastercard) for non cash spending and Nationwide card (Visa) (cannot remember which one but tied to account) just in case MasterCard not acceptable (happened in a Spanish Marathon last year).

The exchange rate is whatever the rate is on the day, today it is 1.175 euro to the £ so if I went to the cash machine and drew money out then that is what you get.
If you use the card direct to buy anything you get charged £1.25 for each transaction so it's better to pay in cash.

 

[Alistair33]

I use option 3, but a French account as most travel is in France, and with an ATM card only as there is a considerable charge for debit cards at most French banks. On the other hand, cheques are widely accepted.

I take it you've fully investigated the BoI fees structure.

Yes the BOI account has limited to no fees when paying in or withdrawing Euros and very attractive account fees.

For your French account, do you have on line banking in English?

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[Clarky]

http://www.santander.co.uk/uk/credit-cards/zero-credit-card Available again - but note it is foreign purchases rather than cash which gets the good rate.

http://www.santander.co.uk/uk/credit-cards/zero-credit-card Available again - but note it is foreign purchases rather than cash which gets the good rate.

By Jove Sir, you're right.
In that case I fully endorse the Zero card.
We use it all the time outside of the UK and because we get an excellent exchange rate everything possible goes on it, fuel, food, tolls( rarely) and camp site fees (also rarely).

Richard.

 

[Clarky]

As far as I can see all the Santander 123 current accounts incur a monthly charge.

Yes, £6 per month.
But, they also pay a very good rate of interest on balances up to £20k plus cash back on many bills paid by D/D.
As long as you can keep a good balance in the a/c you make money.

Every little helps.

Richard.

 

[2657]

Yes, £6 per month.
But, they also pay a very good rate of interest on balances up to £20k plus cash back on many bills paid by D/D.
As long as you can keep a good balance in the a/c you make money.

Every little helps.

Richard.

Revolut card is free and it is not necessary to preload as transactions are immediate via the app and therefore no need to have money tied up.

I also believe it is possible to convert and transfer to a Euro account fee free.

Not got a smartphone yet but it will be Revolut for me especially now that N&P are closing their current accounts soon.

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