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finance questions

Travel Forums Round the World Travel finance questions

1. Posted by ontheedge (Full Member 90 posts) 9y

what is the best way to access funds while on a rtw trip?, do i take a credit card?, or debit card?, i got told the post office do a good card, also i should maybe take advantage of 0% apr on the card so if i do use it abroad then i wont pay interest

2. Posted by aharrold45 (Travel Guru 1281 posts) 9y

Open up a Nationwide Flex account in UK. From what I have read on various travel forums that is the best card for people going overseas that live in the UK. Have a supply of US Cash like say $300US (preferably in smaller denominations) stashed in your money belt (one that is worn in your pants). That is kept for emergencies such as your card getting eaten or your wallet being stolen etc. If you did venture to places like Cambodia, $US is the preferred currency for most things that tourists buy. It is also good incase you go somewhere and they don't have an ATM, but you shouldn't find that very often

I haven't seen the card you are talking about, but I would be very wary of that type of thing because in the fine print they'll probably have something to bite you with. For example it might be 0% interest on purchases in the UK, but full interest on overseas purchases, or it may be 0% interest on purchases but if you withdrawn cash you'll get charged the full interest rate from the moment you withdraw the cash. That later one happens on most credit cards if you do not withdraw your own money. If you loaded the card up with your own money and then withdrew your money and not the banks, then you wouldn't get charged obscene interest, but the moment you take a bit of the banks money by way of cash you will get charged big interest in most cases plus on top of that interest usually you'd get charged a cash advance fee which is either a percentage of the amount withdrawn or a set fee+a % of the amount. I have an Australian based card which has no cash advance fees as long as I withdraw my own money and it also has no overseas purchase charges. Basically all other credit cards in Australia have both those types of charges.

If you don't plan on getting yourself in to serious debt, firstly apply for the post office card (if it is a affiliate with visa or Mastercard) if it is an American Express then forget about it as they are not able to be used in a lot of places. Be sure to read and understand the fine print especially the hidden charges. After you have done that, then apply for a Nationwide Flex account (the main account you'll use). If it is possible get two cards for this account because if one should get swallowed by a machine the night before a flight or at an airport just as you are leaving etc and you can't be there for it to be retrieved, you could be in some trouble. So at least if you had two cards then if one should get eaten and not be able to be retrieved then you wont need to panic (obviously if it did get eaten you'd try to get it retrieved if at all possible). That would allow you two ways of getting money as well as your emergency cash. I'd only use the creditcard if you really had the need to because of running out of money not just because you want to use the banks money. Travellers Cheques are not really worth taking I've not used them in any of my travels, a lot of places don't even accept them and if they do, they usually take a large amount of commission out.

3. Posted by ontheedge (Full Member 90 posts) 9y

hey, you know a hell of alot of information, thank you very much. all the best dave