Right, I'm going away on 20th May for 3 months, visiting the USA, Canada, Tahiti, NZ, Oz and Hong Kong, and I'm trying to figure out the best way to access my money abroad (I'm from the UK).
First of all, 'Never' change cash for foreign currency in the UK. It has the worst exchange rates in the world.
Yes - you're right about the Nationwide and it's charges, although they've only just come in. All their debit card overseas transactions used to be free - not anymore though.
I must just add that their exchange rates aren't that good, but as I've already said - get your money abroad.
Halifax do a thing called 'Clarity Card' which is interest free for 30 days and has no fee for overseas transactions cleared within the same period.
Don't really agree about UK exchange rates being the worst anymore - have had a couple of wake up calls on that one in the past couple of years! You usually find the worst rates right when you desperately need to change some money and none of the places with good rates are open!
In the UK use the post office or M&S - commission free, they do good deals on changing it back and they are consistently rated highly in Which consumer tests.
Also consider what support the bank you choose can give you if your cards get nicked - how quick can they get you a replacement, what is the process, do they want you to take out extra insurance (unlikely but with banks you never know!) etc. If they can't support you for all of your trip you might find it more comforting to go with a bank that might charge more but will pull out all the stops to help you if something goes wrong.
Just to add more queries to your decision making process
M&S, like all other exchange posts in the UK - charge commission. If you believe that 'No commission' logo - then fine.
How do you think they make their money?
The Post Office has one of the worst exchange rates of all FOREX outlets in the UK.
I'd like your information on just where there are worse FOREX rates than in the UK, around the world please, - so I can make a note of them.... Thanks.
Just to add more queries to your decision making process
Yeah, thanks for that!!
I'm definately going to get a certain amount changed here, just to be on the safe side. At least I know where I stand then. Like you said, I don't want to be caught cold and end up paying crazy rates, or not being able to get it changed at all (particularly in somewhere like Tahiti).
I think I'm going to spend a day trawling through banks trying to figure out the pros and cons of each. I'd agree with what you saying about possibly paying more, but having better security and peace of mind.
Halifax do a thing called 'Clarity Card' which is interest free for 30 days and has no fee for overseas transactions cleared within the same period
That sounds interesting, I'll have a look in to that. Obviously depends what their fees are outside of the 30 day period.
Appreciate the advice though people, gives me food for thought!
Just a short one but No.1 Currency undercut all - M&S, post office, bank - even google them and pop in your figures, they always come up tops for me.
Just a short one but No.1 Currency undercut all - M&S, post office, bank - even google them and pop in your figures, they always come up tops for me.
Useful to know, you've used them before I take it? Never heard of them, but anything that saves me a bit of dosh is a winner
Hey Daniel
Yes I always use them. I'm from Ireland living in Edinburgh and anytime I need euros or other foreign currency I use them-google them though and you'll see I'm sure they have shops all over.
Quoting Cazzyhugs
Just a short one but No.1 Currency undercut all - M&S, post office, bank - even google them and pop in your figures, they always come up tops for me
Sounds like you're just talking about UK for-ex's. I'll leave it with you then.
Yes just the UK that I am certain about.
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