card payment in Local Currency

Money, investing, mutuals etc

Re: card payment in Local Currency

Postby macliam » Sat Aug 19, 2017 6:02 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'd recommend a Metro current account - transfer money in when you're going and back out if there's any left (if its worth it at today's interest rates). I keep about £6-800 in the account and they don't complain. If the balance runs low when I'm abroad, I can top it up from my maiun account by transfer and off we go again. Online transactions, no charges, debit card and free euro transactions including ATM withdrawals. What's not to like?

Pre-pay cards are OK, but you still end up paying one way or another. Personally, the combination of Metro debit and a Saga credit card sees me OK when in Portugal, with no conversion fees. Portuguese ATMs are amongst the best in the world too - long established and comprehensive ..... you can even pay bills and taxes through them!
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Re: card payment in Local Currency

Postby pabenny » Sat Aug 19, 2017 8:44 pm

If you're thinking of opening a bank account in another country - or indeed a Euro account in the UK, be sure that you understand the charging structure.. Free current account banking is a peculiarity of the UK - elsewhere you may find a monthly fee of EUR 5-10, which can swiftly eliminate any benefit from having another account. As macliam has said, options like Metro may offer better value.
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Re: card payment in Local Currency

Postby 1960mackem » Sat Aug 19, 2017 8:50 pm

One of the Nationwide credit cards allows you to build up a commission free amount - I think about 10% of your monthly balance is converted into a commission free allowance but I'd have to check that out
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Re: card payment in Local Currency

Postby 1960mackem » Sat Aug 19, 2017 9:00 pm

1960mackem wrote:One of the Nationwide credit cards allows you to build up a commission free amount - I think about 10% of your monthly balance is converted into a commission free allowance but I'd have to check that out


http://www.nationwide.co.uk/support/tra ... -to-note-1

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Re: card payment in Local Currency

Postby pabenny » Sun Aug 20, 2017 8:27 am

That's an interesting loyalty bonus from Nationwide. I can't imagine choosing a Nationwide credit card because of it - there are better value cards for GBP spend (and, for that matter, for foreign spend). But if you are already a Nationwide card-holder, it does reward your loyalty.
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Re: card payment in Local Currency

Postby Sarah » Sun Aug 20, 2017 9:56 am

Nationwide Select Credit Card fx transactions are commission free without having to build up an allowance. It pays 0.5% cashback too (on £ transactions; not sure if applicable to fx transactions). Not a bad card to choose and just one of several available with no loading for fx transactions.

The original article, however, is a warning about being charged in £ when abroad, since retailers might use terrible exchange rates if you agree to that and (according to the article) might do so without asking you, contrary to your wishes or even by changing the currency after you've entered your PIN number. So regardless of which card you use, chances are local currency will be the best option, ensure that you notify the business that you want to pay that way and always check the receipt. If they get it wrong, insist that the transaction is voided (not refunded) ASAP and try again.
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Re: card payment in Local Currency

Postby Chadwick » Mon Aug 21, 2017 7:52 am

anthonyh wrote:Take a look at the Monzo card. It is a pre-pay Mastercard providing commission free spending and worldwide fee free ATM withdrawals (ATM may incur usage charge). Has a great app providing immediate transaction notification.

http://monza.com/


A well-travelled friend speaks highly of Monzo too. You can get fast-track applications if you are invited by a current cardholder.

I use a Halifax Clarity MasterCard. Like Monzo, no fx fees or commission, no fees for cash withdrawals abroad, uses bank's internal fx rate.
They do charge a minimal amount of interest on cash withdrawals, but it is still considerably cheaper than changing your money in the UK before you go.

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Re: card payment in Local Currency

Postby Chadwick » Mon Aug 21, 2017 8:01 am

planteria wrote: 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.

Is it really worth it for just a couple of trips. If you're paying utility bills or need evidence of a Euro account, then I could see a reason.
But if you're only making transient purchases (meals, petrol, accommodation), it seems a bit overkill to tie your money up in another account.
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Re: card payment in Local Currency

Postby planteria » Mon Aug 21, 2017 6:43 pm

fair points. might be useful to me in that i work with companies that trade in Euros.
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Re: card payment in Local Currency

Postby macliam » Mon Aug 21, 2017 9:07 pm

planteria wrote:fair points. might be useful to me in that i work with companies that trade in Euros.

If you're prepared to pay for your account (as previously said) then some european banks have no residency rules - you can also look at an Irish bank as their system is closer to the UKs and they all speak english.

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.
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