Drawing Cash
Got a letter from Lloyds saying that you can now withdraw cash overseas using their top debit cards with no transaction costs; NOTE cash withdrawals only not paying for things. Great help with security by reducing the need to take much cash with you. Appreciate there are other means for withdrawing cash with no fees but a step in the right direction. So it's paying meals site fees etc with a free transaction card (Nationwide, PO etc) and withdrawing cash with Lloyds Debit Cared. All helps whenever we can get about again.
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Nationwide have been doing this for years. I've never had to pay for withdrawals in Europe - the USA of course is a different matter where you always have to pay, and sometimes a hefty amount.
I use the Nationwide credit card for purchases which again is fee-free. I also have Halifax Clarity and Santander Zero, both of which are fee-free for purchases and the Clarity is free for cash withdrawals although does cost a small amount in interest if not paid off immediately.
Normally you get the Visa / Mastercard rate which is as near as dammit the interbank rate - ie as good as you can get.
It does surprise me that anyone uses anything else especially as this topic has been done to death here and elsewhere.
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We noticed in Lanzarote this Feb/March that almost all the ATM's were charging to withdraw money, anything from €2,50 to a whopping €7.50 with Santander bank. However if you go to an actual bank ATM there was no fee.
We have Nationwide Debit account and Credit card which we use while overseas, we also have a Caxton FX prepaid card linked to the Nationwide account. We load money onto the Caxton and then can withdraw that with no fee charges we can also use it to pay for goods in shops etc. The one note of caution with prepaid cards is that IF you use them for fuel, they can take up to €100 (amount may have changed) even if you only put in €50 worth of fuel, it takes some days for this to clear your account.
We also have different accounts and credit card accounts so if anything should happen we are not left without the means to draw money or pay for goods.
Last year OH's credit card was cancelled by Nationwide because they thought there was unusual activity on it. They sent a letter to the house informing us of what they had done and why. It was of little use when we were only 3 weeks into an 8 week trip of France. Thankfully I have different accounts to him so we were not inconvenienced in anyway. Nationwide now have instructions not to send mail but to contact OH directly using his mobile phone.
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Martin Lewis tells me what I should do, and in this particular case I do as I am told .
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On the face of it seems a good thing but the only problem i can see is that countries like Spain when it returns to some normality will only allow transactions by card as they are doing now, went into a shop (Consum) on Friday and only wanted a bottle of wine and they let me pay 2.75e on card so no lower limit.
Phil
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Are you paying in sterling?
This what Barclays say on their website:-
We'll charge you a 2.75% Non-Sterling Transaction Fee for using your debit card abroad when making purchases, withdrawing cash or when you are being refunded. This fee will also apply whenever you don't pay in sterling (either abroad or in the UK) – eg, when you shop online on a non-UK website.
On top of this, if you’re getting cash over the counter at a bank abroad (including Barclays), or using an cash machine other than one of ours or one that belongs to a Global Alliance member bank, you’ll also be charged a £1.50 Non-Sterling Cash Fee and the cash machine owner may apply other charges.
When using your debit card abroad, some merchant terminals or cash machines may offer you the choice of paying for your transaction in sterling. If you choose to pay in sterling, the 2.75% Non-Sterling Transaction Fee will not apply, but you should always try to find out what the merchant or cash machine owner’s commission charges are and what exchange rate they are using because, overall, it may be more expensive to pay in sterling.
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If you pay in sterling you avoid the charges, but you do get a very poor exchange rate.
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I always pay in what ever the currency is in the country i am in and i can assure you that i have never been charged. The only charge i may get is if the cash machine issues a charge and i wouldn't use it in this case. I have no interest in what the website says as i have my terms in writing and i'm fully aware of them. The exchange rate is the bank of England rate at time of purchase as per my terms
You would have to be pretty bored to go searching in the hope of being right and trying to prove somebody wrong. I guess during the lock down a lot of people are bored
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Starling charges no fees at all for debit card transactions abroad, payment or ATM withdrawals, and gives MasterCard rate instead of making up a silly exchange rate like other banks. I opened an account to get the card and transfer money before travelling. You can always transfer more using online banking while you're away of needed.
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We were in the Algarve at the beginning of March and withdrew cash from a EURONET ATM with a Santander Zero debit card, There was a 3.95 charge and when we looked at the receipt it said I was given a choice of currencies for payment, which I don't remember seeing.
When I used a MULTIBANCO ATM outside a Santander bank there was no charge but a worse exchange rate. Again it said I was given a choice of currencies which I wasn't.
Payment for meals and shopping was no problem.
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Very strange that because it takes about 10 seconds on Google to confirm that, yes, Barclays charge 2.75% on non-sterling transactions. For me it was worth the 10 seconds as I have had a Barclays account for about 40 years and have never heard of a favourable overseas transaction rate on the debit card unless maybe you have the premier account? Perhaps you are a favoured customer but it does sound strange. Perhaps I will check with them when things get back to normal.
Anyway, I have used Halifax all over the world (US, Far East, Middle East, Africa, Australia, Europe) and have never been charged a transaction fee for purchases although a handful of times I have been caught out with an ATM charge for cash withdrawals. Last time was last year in Singapore. You get a message on the ATM saying that there is a charge, cancel the transaction, go to another ATM and the same thing happens so you have no choice. Seems like certain regions/countries where they gang up and make a charge. That apart, the rate is inter-bank for purchase and cash withdrawals but there is an interest charge for cash withdrawals as you would expect but you can transfer the sterling amount from your bank to Halifax shortly after the transaction and avoid charges. Simple even on the move assuming you have smart phone banking apps.
Where there is an ATM charge this is often fixed per transaction so when in Europe I will often get several hundred Euros in one go.0 -
Have to say that my preference is to take a wad of cash out there in the first place.
You are sure of the exchange rate, the commission and do not get ripped of by non bank privateers with their ATMs..
Granted security of the actual notes may be a slight problem and when the euros run out you then have to use the machines.
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I've never had any difficulty finding a bank ATM which didn't make a charge within the EU. Maybe I'm just lucky. I would never use one of those you find in shops, travel bureaus etc as they're far less reliable.
With regard to choice if currency, never ever choose sterling - always opt for the local currency. This is when you get hit by poor exchange rates.
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Drawing cash? My artistic skills are not up to such complex reproduction.
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I have always tried to opt for simplicity when it comes to obtaining money whilst abroad. I have found the likes of the Halifax Clarity type card the easiest option. Interbank rate and no transaction charges. Obviously being a credit card there will be an interest charge if you don't pay any money into your account until the statement date if withdrawing cash. However even then I have found the amount of interest quite modest. Usually I pay money into my Clarity card account a few days after withdrawing money. So I end up being charged .03P in interest for the month!!! Despite many conversations on various forums I have never been convinced of the use or need for a prepaid card like a Caxton. The reality it that even without being careful what cards or methods you use to withdraw cash abroad any charges will pale in to insugnificance compare to the total cost of the holiday!!!
David
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I used an Fx prepay card for a couple of years but then they started charging for cash withdrawals; maybe Caxton don’t. Also, the exchange rate with Fx was not as good as Clarity.
I used to get dollars or Euros at small bureaux in London at reasonable exchange rates and still do occasionally but airports and ferry terminals offer truly terrible rates and should be avoided at all costs. Haven’t Travelex just gone bust? They deserve to.
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I rather liked the "wad of cash" suggestion. I could put it on the worktop by the window overnight with my Rolex watch, the two latest I- phones and her ladyship's diamond tiara. Lockdown has stopped all the good "We were gassed" stories. It's time for another.
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We are fortunate to have a safe in the motorhome so I can withdraw a lot of cash and keep most in the safe until needed. My iPhone stays with me!
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Unfortunately, everyone else with an AS knows where the safe is. I wonder if all the keys are different🤔
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The advice regarding eggs and baskets is appropriate when stashing the cash in diverse hidey holes around your van.
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Hi rich, I am a Barclays customer, since 1978, and all current accounts including premier, will incur a charge of 2.75% when used abroad.
I checked this when offered a premier account last year and its the reason that I use a Nationwide card which has no charges for cash or payments.
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I have never been convinced of the use or need for a prepaid card like a Caxton. The reality it that even without being careful what cards or methods you use to withdraw cash abroad any charges will pale in to insugnificance compare to the total cost of the holiday!!!
Hi David, For us the need was due to not having, or wanting a credit card.
We used a Caxton for a few years, during which we had the issue that TG mentioned with a French filling station taking €150 pre payment, but after looking into the Flex Plus account, after being quoted an increase on our travel insurance of 250% due to age and health factors, chose that.
When we got it cash withdrawals were free and there was a 3% charge for purchases but that has been dropped.
So far as you last sentence agree 100%!
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Hitch, Caxton don't have any charges.
We like it as we can load it with US dollars or Euros in fact most currency can be loaded onto the card.
If you don't use it all you can easily change it back to another currency. When we did a cruise a few years back we had about 4 different currencies on the card at the same time, all loaded before leaving home no problem with having to find banks or exchange places to change money.
Haven't had a problem with it not being accepted anywhere other than Germany but that was about 8 years ago.
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Hi David, For us the need was due to not having, or wanting a credit card.
AllanandJean
I am sure you have your own reasons for making that decision. However the way I look at it is I look for the tools that will do the job in the simplest and at least cost and it if that just happens to be a credit card so be it. I just see prepaid cards as an extra complication. There are many other advantages of using a credit card not least the protection they offer in law.
David
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Credit card-section 75. . .Bosh, extra layer of protection foc👍🏻
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