OT: Foreign currency - where to buy, here or there?

[Roland Perry]

In message , at 10:01:42 on Sun, 2 Mar 2014, Mike Lane remarked:

My comfort zone is to have enough cash to at least get a taxi back to the airport, from wherever I happen to be at the time.

[cl]

Multiple cards is the answer to that one, we have two main current accounts (Nationwide and HSBC), with both credit and debit cards for both which gives us four choices.

In general when they have stopped working for any reason it's the bank's security checks stopping payment rather than anything more sinister but it's still good to have the alternatives.

[cl]

That again depends on the bank/account, some want to be notified, others don't.

[F]

The only time we've ever had a problem was when we landed in Buenos Aires a few years ago and the ATMs there didn't like my card. I just got the taxi driver to stop off at an ATM on the way to the hotel in central Buenos Aires. Apart from that, I always carry an emergency US$100 that has remained intact for years.

[Nightjar]

On 01/03/2014 19:26, Steve wrote: ...

The only caveat about cards is, if you are not in the habit of using them abroad, inform your card company that you will be doing so. You don't want them stopping your card because of a suspicious transaction or, as I once had in Italy, the restaurant staff not knowing how to handle a security check request.

Colin Bignell

[F]

That really isn't a good idea.

Even if you get your money, it may well be counterfeit. Try explaining that when the hotel/shop/restaurant calls the police.

[harryagain]

You definitely need to take some cash in the pocket with you. It's important to have several cash sources when abroad so if one goes t*ts up, you have an alternative.

[Roger Mills]

You can't officially do that. *But*, if you have internet access while abroad, you can transfer money into your CC account as soon as the transaction appears, and avoid interest charges. [Or, I suppose, get someone back at home to do it for you.]

I agree. With zero loading, no transaction fee *and* a more favourable exchange rate, you'll get a much better deal with a Clarity card than you'll ever get from a bank or bureau de change - even if you do end up paying a small amount of interest.

For some reason, there don't seem to be any debit cards offering a similar deal. That would be better because you *could* then pre-load the account. Nationwide used to do it, but they stopped a few years ago.

[Dave Liquorice]

That's what I did for my 3 month, back packing, round the world trip in the early 90's. Worked well.

I think I saw that when looking at the various credit cards offered by Barclaycard the other day. They also seemed to only charge a "cash fee" on sterling cash withdrawals, non-sterling didn't *BUT* as I'm not likely to leave these shores in the foreseable future I didn't pay that much attention.

[DerbyBorn]

Notification is a GOOD Thing. It ensures that they know that the card is being used legitimately. Cooperate on this one!

[Nightjar]

There is no need to go overboard about it though. In more than half a century of foreign travel, I have had problems exactly once - when a restaurant in Italy got a request to telephone the card issuer and answer a couple of security questions and the staff didn't know how to do that. A second card was the answer and a visit to the local AmEx office sorted the problem out next day. It could just as easily have happened in the UK.

Colin Bignell

[Davey]

Even then, the information can fail to get through to the right department, and your card can be suspended, and since you are now miles away, it's really hard to get through to somebody to sort it out. And I once had a hotel in Sydney put my whole bill through to my card company one night, instead of updating it, and the card was then halted. Definitely take more than one card.

[harryagain]

The money is often not worth counterfeiting. And even if it is, nobody gives a toss. Some places around half the money in circulation is fake. I'm told.

I have done this on many occasions, no problems. You just have to make sure you have your money (counted) before (s)he gets his/hers. Some places there is a horde of moneychangers offering competing rates around the banks. Police watch on. (Bribed?)

[Rick Hughes]

Don't buy at airport ... in my area local travel shop gives better rates than main banks ...

In most countries you get a better rate 'in country' ... Now if you are carrying cash that is great ... the comments above for Credit Cards are fine if this is business ... if this is personal ... BEWARE Although you are getting a good 'rate' many cards also add a forex fee on top.

In the various money comparison sites & Which the ONE single card that comes out as best value is Post Office Credit Card ..... I have one and use this when overseas.

I carry other cards as backup.

[F]

No, it's the Halifax Clarity card. No overseas load fee, no ATM fee,

12.9% cash withdrawal interest.

Post Office has a £3 or 2.5% ATM fee and 27.9% cash withdrawal interest.

Santander Zero also beats the Post Office with no ATM fee.

[F]

If you really have done this 'on many occasions' then you are either reckless or very foolish.

[Tim Streater]

harry's a fool. If the cops are that bent, they won't be above a little shaking down of tourists.

[Mike Lane]

On Mar 2, 2014, [e-mail] wrote (in article ):

Yes, multiple cards are a good idea when travelling but even that doesn't always work in my experience - I've had all of mine rejected by an ATM. I think what sometimes happens is when networks fail, the ATM simply rejects all foreign cards as it can't check their details.

As I said before - an emergency supply of cash is the only safe way IMO.

[Mike Lane]

On Mar 2, 2014, Nightjar wrote (in article ):

That's not been my experience at all.

I've very often had problems trying to pay by card when travelling around Europe. Only last summer we tried to pay for an overnight stay at a small hotel in Austria with a card but their machine rejected all of the cards we offered. I'm sure the problem could have been solved eventually by phone calls and so on, but far the easiest solution was to use our emergency supply of cash and be on our way

[Nightjar]

I assume you didn't have Diner's Club? For some reason that seems to be very popular in Austria.

Colin Bignell