card payment in Local Currency

Money, investing, mutuals etc

Re: card payment in Local Currency

Postby Bruce » Fri Sep 01, 2017 8:20 pm

planteria wrote:
macliam wrote:.. my bank in Portugal offers me a deal in sterling when I take out money ..


that's another thought. i have wondered about opening a Euro account with BNPP, CA or SG, or maybe Rabobank. i think i'd rather have a completely different account which i can use when i am, maybe 2 or 3 times/yr, in Holland/Belgium/France/Italy.

I have a Euro account (well, just a normal current account) with KBC in Ireland. The fact they speak English helps massively, compared to opening an account in any other Euro country. They offer a fee-free basic bank account, provided you pay in less than a certain amount per month averaged over a (I think) one year period. As I travel to Euro-land quite often, this card saves the hassle of dealing with Dynamic Currency Conversion and allows me to lock in a specific exchange rate for the whole trip.

Transfer money into/out of the account either using Revolut, or my multi-currency account in Luxembourg*, but the latter charges a fee. Revolut is much easier to use and almost instant.

* = This is a credit union open only to current and former "international civil servants", which I was, until very recently. Their debit card offering is poor, IMO, hence the KBC account.

Outside Europe, I use a Nationwide Select credit card. I prefer to use a single card for UK and overseas, so this card offers a happy compromise. Previously used Halifax Clarity, but the limit they offered me is tiny compared to Nationwide.

macliam wrote:it's a case of "horses for courses", but all banks make their money one way or another, you just choose what's best for you. For me, an Irish bank is a bit pointless as I spend time in Portugal and have bills to pay there ..... but my account costs me €4 a month and transfers from the UK take a couple of days. For general spend, I use the Saga card and Metro acount to access UK funds directly, as previously stated.
In theory, direct debits can be set up against any Euro denominated account in any SEPA country. Same with sending payments, you should be able to send payments to any SEPA country for the same fee as a domestic payment.

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