Money abroad

[oppy]

Hi folks, at the risk of yet again being a pain, I'd like to know how is best to cope with money whilst abroad. Bear with me. Over the last couple of years we have planned to spend the cold and soggy months somewhere warm, but for various health problems it didn't happen. We did try, but had to get back to the UK in a hurry. We took a shed load of Euro's with us( the exchange rate was good) but we still have quite a lot left. I have a (what i'm told is) final set of blood thingies in mid December so Sue and I are hoping to pursue our dream and be snowbirds. Because we save for things and the wonderful prize that we won from WC together with the balance from our last foray we do a have reasonable lump of dosh to enable this indulgence. So here's the question :- How best to access the money ? Without using the B word we are hoping to go out mid Januaryish, but rather than turn everything into euro's prior to the trip, how is the best way to access and use our funds whilst travelling. I realise that this has been mentioned here before, but I cannot find a definitive answer, so my friends-----------------------------------------HELPPPPPPPPPPPPPPPPPP

 

[Stanski]

Hi young Oppy, here is my method. Hope I'm not teaching you to suck eggs here but to be clear in how I function I have described the basics.

BANK ACCOUNT
Have a bank account that will allow a significant overdraft - I suggest minimum £500, a grand if they will let you. Most banks will allow this for an agreed period of time if you have never used the facility. This will give you some piece of mind because you have a buffer to work with as a back up.

For every month away - try to have £1000 for each month in the current account you will use to pay back the credit card below.

CREDIT CARD
Get a credit card that is free to use when paying for goods in Europe - as long as you pay it back every month. I have a Halifax Clarity - another is Revolute. I recall reading another recently starting this - cannpot recall who it was.
Make sure you set up a direct debit using the current account above so the credit card gets fully paid every month.

I use the card to pay for all fuel and tolls and ferries.
These cards use the bank exchange rate which is usually (99% of the time) better than the tourist exchange rate.

CASH
I take Euros with me to buy food and occassionally a gift or entry into a museum/castle/church if the entry fee is below 10 Euro. I work on using 10Euro a day - so for every day you intend to travel multiply by 10 and bingo a starting cash requirement.

For good measure have another 200 Euros as a backup in case of unseen circumstances.

LUXURY ITEMS
If you wish to purchase special gifts then I would still use the Clarity card as the exchange rate is so much better.

We are also off to Iberia in January - probably Jan 10th, once we get Xmas and New Year over. May see you en-route.
Trying to get to Morrocco if the insurances will allow.

Any other Q's please ask.
Enjoy

 

[Canalsman]

The only thing I use is a Halifax Clarity credit card.

No fees for foreign transactions, no fee for cash withdrawals other than interest that accrues till statement date.

The exchange rate used for conversion is the commercial rate on the day so it's the best possible.

Read more here:

Travel Credit Cards

Going abroad, or spending on foreign websites? You can save £100s by using specialist travel cards for near-perfect exchange rates.

www.moneysavingexpert.com

So set up a direct debit to pay off the balance on each statement and leave your cash safe and warm in your bank account ...

There is absolutely no advantage in buying euros to take with you in my view. It's a risk from theft or loss, and no amount of crystal ball gazing will allow you to come out ahead.

 

[Fisherman]

Halifax clarity, I can highly recommend it.
Its what’s called an unloaded card.
most cards are loaded and you pay 3% each time you use it outwith the uk or if you pay for something outwith the uk online from home. You can even withdraw cash and pay only 1/12th of the annual rate about 1% when you pay at end of month.

 

[Linda]

We use a clarity card for pretty much everything and the bill is automatically paid in full each month. We also have a preloaded travelex card which is mainly used for cash withdrawals. We can top it up on line whilst away.

 

[Stanski]

....
There is absolutely no advantage in buying euros to take with you in my view. It's a risk from theft or loss, and no amount of crystal ball gazing will allow you to come out ahead.

Hi Chris (Think I'm correct with name),
Do not disagree but cannot endorse your sentiment - it is always useful to have some euros, paying for parking meters, local food from houses and local shops in a village.
As Oppy has Euros anyway it would be prudent for him to take them - I divvy mine into envelopes of approx 200Euros and store them in uniqe locations around the MH and work on using 1 envelope every 2 weeks at worst. The headache with this is trying to remember where they all are placed - ho ho (much to the enjoyment of SWMBO when she finds one some 2 months after we returned).

DEBIT CARDS - BEWARE
A costly mistake is to take cash out abroad using debit cards - typical charges are 3% of what you draw out and a secondary charge for doing it. So 300 euro withdrawal wil end up as 311 which although does not seem much but its another £10 at recent rates. Learnt this in August as ran out of Euros in Holland and needed to pay cash entry for the camping at a motor-racing event we went to.

TRAVEL CARDS
These are similar to credit cards but before you use them you have to previously transfer money into them. Useful if you think the exchange rate will fall as you can populate them using the exchange rate offered at time of crediting them - but a gamble.
I have never used one so others need to offer advantages/disadvantages.

 

[TeamRienza]

You need to look at the Starling bank online current account. It has all of capabilities of a standard account but includes the following features (in no particular order)
1. Preload the card with sterling at no cost.
2. Lock the card when not in use.
3. no fees for atm or purchases here or abroad. Instant notification to phone or tablet of transaction.
4. Perfect exchange rate ( I moved some from my sterling account to the euro account at 1.166 today. Cost 40p per £100)
5. same rate applies to atm and purchases.
6. No limit to withdrawals, Max£300 per go. Same as home.
7. Interest paid on credit balance.
8. Euro account using Same card and pin. Select on your phone which account to pay from, so load euros when rate is good.
9. No issues at fuel stations etc as a proper debit account.
10. Has all the features of a proper current account, so direct debits etc can be set up.
12. Lodge cash at post offices.

I also have a post office credit card which can be used abroad with no fees and a reasonable exchange rate. This is the back up card.
I also have my Ulster Bank debit card but hidden in the van as it is a very expensive tool. A card of last resort.

We also carry euros. Normally to the tune of €200. ie, enough for a fill of diesel and a decent amount of shopping if for technical reasons any or all cards fail. However France is well into debit and credit card usage including contactless, so cash usually not used much.

Davy

 

[saxonborg]

Only thing I would add is that it is useful to have the the ability to withdraw a decent amount of cash, we had a breakdown in Belgium and the repair was effected by a Ford garage however they would only take cash or a credit card registered in Belgium, fortunately we had a couple of cards that we drew the max allowed using an ATM a couple of hundred yards away so that we could pay the bill. It was quite a unique method of cash payment, the cashier sent the bill to what was like a reverse ATM (it took money) and you fed it with enough cash to clear your bill.

 

[Fisherman]

Only thing I would add is that it is useful to have the the ability to withdraw a decent amount of cash, we had a breakdown in Belgium and the repair was effected by a Ford garage however they would only take cash or a credit card registered in Belgium, fortunately we had a couple of cards that we drew the max allowed using an ATM a couple of hundred yards away so that we could pay the bill. It was quite a unique method of cash payment, the cashier sent the bill to what was like a reverse ATM (it took money) and you fed it with enough cash to clear your bill.

The Halifax clarity card lets you take out cash for 1/12th of the annual rate about 1%, so long as you pay it off next payment.


We won't charge you a fee for getting money from a cash machine, however some ATM Providers may charge a fee for taking cash out. Interest chargesapply to cash you take out, from the day the cash is withdrawn. Accepted wherever you see the Mastercard® sign at over 43 million locations worldwide.

 

[spigot]

The only thing I use is a Halifax Clarity credit card.

No fees for foreign transactions, no fee for cash withdrawals other than interest that accrues till statement date.

The exchange rate used for conversion is the commercial rate on the day so it's the best possible.

Read more here:

Travel Credit Cards

Going abroad, or spending on foreign websites? You can save £100s by using specialist travel cards for near-perfect exchange rates.

www.moneysavingexpert.com

So set up a direct debit to pay off the balance on each statement and leave your cash safe and warm in your bank account ...

There is absolutely no advantage in buying euros to take with you in my view. It's a risk from theft or loss, and no amount of crystal ball gazing will allow you to come out ahead.

 

[spigot]

I always take loads of cash, I have a customer in Germany who likes to unload readdies & I also try to buy a load when the exchange rate is high.
I have no worry of theft as the dosh is hidden under trim, the only way to access this is to open a door & every door has a professionally fitted deadbolt, if they got in through a window they might find up to 200euros.
This year we took 4000euros which lasted us 5 months, I reckon they worked at 1.30e to the £1.
Another reason for taking cash is Mucho Descuentos, it's amazing the deals that can be done when you offer the folding & don't ask for a bill!

 

[Minisorella]

I use a Halifax Clarity card for everything too... no transaction fees at all for cash or purchases and they always give the best exchange rates of any card. I have the app on my phone so that I can keep an eye on what's building up and I quickly pay off any cash withdrawals via bank transfer online because that's the one thing Halifax add interest to after a day or so. Just for info, always choose to pay in Euros rather than pounds when you use the card... that way you get the good Clarity exchange rate rather than the the one imposed by the shop's bank.

 

[Fisherman]

I always take loads of cash, I have a customer in Germany who likes to unload readdies & I also try to buy a load when the exchange rate is high.
I have no worry of theft as the dosh is hidden under trim, the only way to access this is to open a door & every door has a professionally fitted deadbolt, if they got in through a window they might find up to 200euros.
This year we took 4000euros which lasted us 5 months, I reckon they worked at 1.30e to the £1.
Another reason for taking cash is Mucho Descuentos, it's amazing the deals that can be done when you offer the folding & don't ask for a bill!

Spigot you can get cash for free if you pay it off straight away with a Halifax clarity card, then do all you say without carrying thousands of euros in cash. Or you can use it as a credit card for free again with no charge so long as you pay it in full each month. There is no reason whatsoever to carry so much cash with you abroad.

 

[Clunegapyears]

We use a lot more cash than folk on here ... coffees, drinks, ice creams, some restaurants, markets etc.
We have a Metro Bank account as no charges in Europe when using at ATM and good exchange rate. But just opened a Starling account as free to use worldwide. You can open this one online and card comes super quick.
Halifax clarity for large expenditure.

 

[Deleted member 9237]

Hi folks, at the risk of yet again being a pain, I'd like to know how is best to cope with money whilst abroad. Bear with me. Over the last couple of years we have planned to spend the cold and soggy months somewhere warm, but for various health problems it didn't happen. We did try, but had to get back to the UK in a hurry. We took a shed load of Euro's with us( the exchange rate was good) but we still have quite a lot left. I have a (what i'm told is) final set of blood thingies in mid December so Sue and I are hoping to pursue our dream and be snowbirds. Because we save for things and the wonderful prize that we won from WC together with the balance from our last foray we do a have reasonable lump of dosh to enable this indulgence. So here's the question :- How best to access the money ? Without using the B word we are hoping to go out mid Januaryish, but rather than turn everything into euro's prior to the trip, how is the best way to access and use our funds whilst travelling. I realise that this has been mentioned here before, but I cannot find a definitive answer, so my friends-----------------------------------------HELPPPPPPPPPPPPPPPPPP

Check your euros notes with a bank we are now getting new notes and they are calling in the old 50. 100, notes if your have the old notes many places will not except them they will tell you to take them to a bank to get them changed .

 

[Stanski]

STARLING BANK - Is only a mobile/digital online bank so not for those who use older techniques.
Have heard this bank is very good for many reasons so agree with those who suggest it - worth a look for those who are comfortable with modern tech.

 

[delicagirl]

The Halifax clarity card lets you take out cash for 1/12th of the annual rate about 1%, so long as you pay it off next payment.


We won't charge you a fee for getting money from a cash machine, however some ATM Providers may charge a fee for taking cash out. Interest chargesapply to cash you take out, from the day the cash is withdrawn. Accepted wherever you see the Mastercard® sign at over 43 million locations worldwide.

i used my Halifax clarity card to buy euros on line which then arrived by post. i didn't order a vast amount of euros... but it cost me £11.70p to do so. when i complained they said "its in the small print" that cash purchases are not included...... so if i had gone into their branch drawn out cash bought euros there and then it would have cost me nothing.

 

[Minisorella]

The Halifax clarity card lets you take out cash for 1/12th of the annual rate about 1%, so long as you pay it off next payment.


We won't charge you a fee for getting money from a cash machine, however some ATM Providers may charge a fee for taking cash out. Interest chargesapply to cash you take out, from the day the cash is withdrawn. Accepted wherever you see the Mastercard® sign at over 43 million locations worldwide.

We got caught out in Spain a few times this year... seemed to be lots of ATMs that charge for withdrawal in certain regions/cities for some reason, all in the west.

I phoned Halifax last year to clarify the situation with cash withdrawals. When you send a payment, it generally offsets against cash withdrawals first, so if you pay off that amount within a day or so, you won't be charged any interest at all. I overlooked one once but they still only charged 49p at the end of month... which is less than most cards would have charged on a transaction fee alone! Normal interest would apply on purchases of course if you didn't pay off the balance by the due date, as with any credit card.

 

[Minisorella]

i used my Halifax clarity card to buy euros on line which then arrived by post. i didn't order a vast amount of euros... but it cost me £11.70p to do so. when i complained they said "its in the small print" that cash purchases are not included...... so if i had gone into their branch drawn out cash bought euros there and then it would have cost me nothing.

Sadly most providers charge a fee for delivery to home, on top of the transaction fee. I've got a little Travelex-affiliated desk in both my local Tesco and Sainsbury, so I can either order online for collection or just pop in. Their rates are almost always at or near the top of the lists on Money Saving Expert. With Tesco, I even get lots of loyalty points if I pay with my Tesco credit card... which I then I save up to pay for the next Eurostar trip. Marvellous!

 

[Fisherman]

i used my Halifax clarity card to buy euros on line which then arrived by post. i didn't order a vast amount of euros... but it cost me £11.70p to do so. when i complained they said "its in the small print" that cash purchases are not included...... so if i had gone into their branch drawn out cash bought euros there and then it would have cost me nothing.

You could have simply went to an atm made a cash withdrawal then took the cash and bought your euros. You would then have only been charged roughly 1% of the total in interest if you paid in full the following month. I used a debit card years ago to buy £1000 in US dollars I was charged £30 for using money in my own account.
The Halifax clarity card is recommended by Martins saving money .com. I cannot see how a card could be any better. The only thing is you don’t get any money back as you do with some credit cards.