TopGun Posted 7 May, 2013 Posted 7 May, 2013 (edited) I'm wondering whether there is a UK visa (or similar) debit/credit card that you can use in the Euro zone for electronic transactions that doesn't charge a hidden currency swap fee for purchases made abroad? Does anyone know if there is one or, failing that, is there one that has low rates that people can recommend? Edited 7 May, 2013 by TopGun
TopGun Posted 7 May, 2013 Author Posted 7 May, 2013 I should have said Euro zone rather than EU zone of course!!
buctootim Posted 7 May, 2013 Posted 7 May, 2013 These prepaid currency cards are supposed to be very good (the Daily Mail recommend them!) though I havent personal experience. http://www.caxtonfx.com/currency-cards/
trousers Posted 7 May, 2013 Posted 7 May, 2013 I opened an N&P current account earlier this year for this very purpose. No charges abroad whatsoever. Decent website and customer service to boot. http://www.nandp.co.uk/
anothersaintinsouthsea Posted 7 May, 2013 Posted 7 May, 2013 These prepaid currency cards are supposed to be very good (the Daily Mail recommend them!) though I havent personal experience. http://www.caxtonfx.com/currency-cards/ I use a fairfx prepaid mastercard. You load it up on the web and the rate for all your purchases is fixed at the rate when it was uploaded. Cash withdrawals are transacted at the same rate but attract a one-off fee of €1.50.
TopGun Posted 7 May, 2013 Author Posted 7 May, 2013 I opened an N&P current account earlier this year for this very purpose. No charges abroad whatsoever. Decent website and customer service to boot. http://www.nandp.co.uk/ Thanks Trousers. I'll check the small print of course!!
TopGun Posted 7 May, 2013 Author Posted 7 May, 2013 I use a fairfx prepaid mastercard. You load it up on the web and the rate for all your purchases is fixed at the rate when it was uploaded. Cash withdrawals are transacted at the same rate but attract a one-off fee of €1.50. I'll check that also. I wouldn't expect to withdraw cash from an ATM but at least knowing it is €1.5 is good news.
Katalinic Posted 7 May, 2013 Posted 7 May, 2013 I use a fairfx prepaid mastercard. You load it up on the web and the rate for all your purchases is fixed at the rate when it was uploaded. Cash withdrawals are transacted at the same rate but attract a one-off fee of €1.50. I use fairfx too - good service and easy to manage online.
trousers Posted 7 May, 2013 Posted 7 May, 2013 Thanks Trousers. I'll check the small print of course!! The only 'catch' I could see was that you have to have 5 payments into the account per month. As I didn't want it as my main current account I set up 5 monthly standing orders for 1 penny each. They haven't pulled me up for it yet...
Pugwash Posted 7 May, 2013 Posted 7 May, 2013 They haven't pulled me up for it yet... I see what you did there Trousers. I've got a Saga credit card which charges no interest or fees on transactions in the Euro zone. Of course you have to be an old git to get one.
TopGun Posted 7 May, 2013 Author Posted 7 May, 2013 (edited) I see what you did there Trousers. I've got a Saga credit card which charges no interest or fees on transactions in the Euro zone. Of course you have to be an old git to get one. Presumably the Saga one you have (not quite old enough yet) and Trousers' N&P card must swap your £/€ at a slightly higher floating rate than the official one. The same must apply to a pre-paid fixed exchange rate card. But I would expect that is still better than paying hidden fees per Euro transaction or even swapping currency back and forth at the post office. I wonder whether there is some comparison site that shows these things. Edited 7 May, 2013 by TopGun
stu0x Posted 7 May, 2013 Posted 7 May, 2013 Halifax do a 'simplicity' card that is 0% abroad, not just EU but worldwide. Just load it up with a positive balance before you go to offset any interest charges
Pugwash Posted 7 May, 2013 Posted 7 May, 2013 Presumably the Saga one you have (not quite old enough yet) and Trousers' N&P card must swap your £/€ at a slightly higher floating rate than the official one. The same must apply to a pre-paid fixed exchange rate card. But I would expect that is still better than paying hidden fees per Euro transaction or even swapping currency back and forth at the post office. I wonder whether there is some comparison site that shows these things. The exchange rates vary of course, but they don't seem to be any worse than other transactions.
Jonnyboy Posted 7 May, 2013 Posted 7 May, 2013 Check out moneysavingexpert.com there is a big bit about this.
Essruu Posted 8 May, 2013 Posted 8 May, 2013 Another FairFX user here. Just one tip though - make sure you select the correct card for your intended travel zone. There is a Euro Card, a US Card and an Anywhere Card. We have one of each. The exchange rate is more beneficial for the Euro Card than the Anywhere Card if you use them in the Euro Zone. We never travel anywhere without a FairFX Card.
stevegrant Posted 8 May, 2013 Posted 8 May, 2013 Metro Bank (mainly in London but starting to branch out elsewhere as well) don't charge fees on overseas withdrawals and payments
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