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Round the world...money??

Travel Forums General Talk Round the world...money??

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1. Posted by summers357 (Budding Member 5 posts) 7y

Hi, I am from the UK and about to set off on my travels to Asia, Oz and South America for 6 months....i'm after some advise on how to carry money. Travellers Cheques seem to be the most popular (i have never used these before), however i'd really like to take a debit/credit cards with me to just withdraw cash from ATM's etc. My bank (Lloyds) charge £1 for every overseas transaction which over the course of 6 months could add up to quite a bit! Are there any accounts out there that are more flexible??

Thanks in advance!
Rosie

2. Posted by Aaron2009 (Budding Member 3 posts) 7y

nationwide used to do free withdrawals abroad, dunno if they still do. Can you let me know because im off again in september and want to know aswell. last time i used nationwide and a few travellers cheques and some cash but just using atm's is much easier!

3. Posted by s96024 (Full Member 106 posts) 7y

I am pretty sure nationwide charge 1% now but I think this is still alot cheaper than everyone else.

4. Posted by UK2Asia (Budding Member 3 posts) 7y

It used to be free but I think it changed/changes in June sometime to 1-3 % which is still hell loads cheaper than HSBC, they charged me £5 per transaction ! Percentages are better anyway so you don't have to get max per time.

Depends where you are but not everywhere accepts travellers cheques, when I used them in the USA I found I had to buy something somewhere I didn't want to, to get the cash!

Withdrawing from a UK bank account with nationwide imo is best and safest. This is what I'm doing.

5. Posted by s96024 (Full Member 106 posts) 7y

It depends how much you are going to withdraw. if you will withdraw £10000 over a year then its £100 if the rate is 1%. From what I have read nationwide have added the charge because visa increased the cost they charge the banks for transactions.

6. Posted by Hien (Moderator 3906 posts) 7y

Quoting UK2Asia

It used to be free but I think it changed/changes in June sometime to 1-3 % which is still hell loads cheaper than HSBC, they charged me £5 per transaction ! Percentages are better anyway so you don't have to get max per time.

HSBC is percentage-based too. (see here) It's 2% per transaction, but has a minimum charge of £1.75, and the charge is capped at £5. This charge is waived if you have a Plus or Premier account. There's also an ERA (exchange rate adjustment) of 2.75%, and I'm sure all banks have this charge at similar rates.

[ Edit: Edited on 31-May-2009, at 14:07 by Hien ]

7. Posted by trainrider (Full Member 95 posts) 7y

I changed from Lloyds to Nationwide as they dont charge for foreign transactions. Just checked Nationwide website, seems that they are charging from the 1st of June. I've copy and pasted this from their website....

Nationwide continues to offer commission-free foreign transactions. By commission-free we mean not adding any additional charge for the service of exchanging currency that generates profit for the Society.

When you use a Nationwide Visa debit card or credit card to make a transaction in certain currencies other than sterling, Visa charge a fee for each transaction and Nationwide currently pays that fee on your behalf.

We will start to pass this fee onto you from 6 May 2009 on credit card and from 1 June 2009 on debit card and it will be included in the sterling amount shown on your statement.

The fee is currently 0.84%. From 1 July 2009 this fee will increase to 1%.

The list below provides details of the countries for which Visa charge a fee. To check if you will be charged, please search for the country you are visiting by using the A-Z list. Unless stated otherwise a fee will be charged.

If you have any other questions regarding these charges, please phone 08457 30 20 10 or talk to an advisor at one of our branches.

Check out....http://nationwide.co.uk/current_account/foreigntransactions.htm......to check if the countries you're visiting will charge. There are no charges in Estonia, Latvia & Lithuania, for instance.

8. Posted by s96024 (Full Member 106 posts) 7y

If they were paying the the 0.84% they could have just charged the extra!

9. Posted by loubylou (Travel Guru 664 posts) 7y

Quoting s96024

If they were paying the the 0.84% they could have just charged the extra!

I spoke to Nationwide on the phone a while ago and they said they would only be charging the 0.16% extra rather than the whole 1%...I have just checked our account online and for a withdrawal today (outside the EU in SE Asia) there is no charge showing or even a difference in the exchange rate which is showing on xe.com.

Even if it is a charge of 1% it's really nothing compared to the other banks charges highlighted above.

10. Posted by UK2Asia (Budding Member 3 posts) 7y

Quoting Hien

HSBC is percentage-based too. (see here) It's 2% per transaction, but has a minimum charge of £1.75, and the charge is capped at £5. This charge is waived if you have a Plus or Premier account. There's also an ERA (exchange rate adjustment) of 2.75%, and I'm sure all banks have this charge at similar rates.

Yeah I remember it being £1.75 about 2-3 years ago so I used to withdraw maximum everytime. When I used it this year (same account, same country at HSBC ATMs) it charged me £5 each time (4 times!) so imagine my surprise when I looked at my statements!

I've been using Nationwide abroad for 2 months now and so far I've not been charged anything at all.

[ Edit: Fixed quote ]