Hello Fellow Travellers!
One thing I'm not sure on about spending money around the world (as I have never done it before) is; what is the safest way? Who is the best company to bank with and have a card with that isnt going to charge me obscene amounts of money for spending in a different currency to the £!?
I have my money in an english bank and want to be able to transfer that money onto the 'international account' as and when I need it!
Any help would be great
The method I use is 'caching of the credit card'.
I use it for a local currency in ATM
It is paid my account of the bank by own country currency later.
I pay interest. But interest is a little than an exchange fee.
I think best way
Open up an account with Metro Bank they don't charge a conversion rate or bank fee. The only fee you might get is from the bank you actually withdraw from i.e £2.50 like some banks do in England. They pretty much give an account to anyone and open the account that day in the branch.
[ Edit: Edited on 31-Aug-2013, at 01:53 by Sylvester1 ]
You need to shop around for the best current and credit cards in the UK, some banks charge an enormous amount for withdrawing at the ATM machines. Check out Nationwide debit and credit card for one bank there will be a difference for purchases and cash withdrawal.
We use Saga which is the best on the market for credit cards but it is for the over 55s so I guess it won't apply.
Pay off credit cards monthly to avoid interest charges by setting up a direct debit and drip feed current accounts monthly from savings accounts which earn interest.
DON'T us Internet cafes for Internet banking you can never be sure the lines are secure, use a business section of a good hotel or use libraries in some countries they are free to use.
Do your homework banking charges change, I always check out the charges when we travel each time and it's every years for at least 3 months.
If you are traveling for months the charges can mount up.
Best of luck and keep sage out there.