Spending money abroad (6 Viewers)

[ovduk78]

My son is going to Florida with his girlfriend in August, when I have been I have just used my UK credit/debit card to buy things but he will get hammered by charges by his bank. He doesn't want to take US dollars with him. I have seen these payment cards, eg Monzo or Starling, but I don't know if they are any good & how do you transfer money to these cards? Is there a better alternative?

 

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[Robinshio]

Many credit cards do not charge extra - Debit cards do (not all on some paid accounts) - so do a check and get a credit card without charges and just pay the balance when you get home -

 

[SBAndy]

I use a Chase account. Same theory as Monzo, etc in that you are charged currency conversion at Mastercard’s nominal rate for the day, but also get 1% cash back on all spending. Martin Lewis recognises this as the best account to have for spending abroad. I now use it as my UK account as well.

 

[ovduk78]

I use a Chase account. Same theory as Monzo, etc in that you are charged currency conversion at Mastercard’s nominal rate for the day, but also get 1% cash back on all spending. Martin Lewis recognises this as the best account to have for spending abroad. I now use it as my UK account as well

Do you transfer money into it or settle the account when you get back?

 

[Nick]

I use Monzo as a bank account and it's fine. He could open an account and put money into it.

 

[Frank Sidebottom]

I've used Revolut for about 8 years now. Works fine all over Europe and I've used it in Sri Lanka and Mexico too with no issues. Just download the app and top up via a bank account. Can either transfer it into USD on the app or leave it in GBP and it'll convert it as you go.
You can order a physical card and withdraw about £200 cash per calendar month without fees on the basic (free) platform.
The physical cards used to be free.... but they might be £5 now.
Account can be linked to apple/Google pay so you can just tap your phone if you prefer.
The app uses biometrics or a 6 digit PIN to access it.
I've used it as my everyday card since CBS swapped my debit card to a cash card several years back.... makes it easy to keep a track of spending as notifications flash up on my phone everytime it is used.

 

[SAJ]

If you don’t want the Chase card which is a debit card he can get a Halifax Clarity credit card no charge to use abroad and he will get £20 cash back if he uses it within 90 days. Or get a Barclaycard no charge to use abroad and get 0.25% cash back on everything he spends. Like all credit cards though make sure he pays the full amount off when the bill comes through as the interest is crippling.

 

[SBAndy]

Do you transfer money into it or settle the account when you get back?

Transfer in . It’s just a standard bank account.

 

[clint van damme]

My son is going to Florida with his girlfriend in August, when I have been I have just used my UK credit/debit card to buy things but he will get hammered by charges by his bank. He doesn't want to take US dollars with him. I have seen these payment cards, eg Monzo or Starling, but I don't know if they are any good & how do you transfer money to these cards? Is there a better alternative?

Spent 3 months in Asia at the start of the year and used Starling, though I think it's very similar to Revolut, Monzo etc.
I'd recommend one of them and there are tutorials on them.
Think @LastGarrison and @Earlsdon_Skyblue1 are our resident Alan Whickers so might be worth getting their opinion.

 

[Earlsdon_Skyblue1]

Spent 3 months in Asia at the start of the year and used Starling, though I think it's very similar to Revolut, Monzo etc.
I'd recommend one of them and there are tutorials on them.
Think @LastGarrison and @Earlsdon_Skyblue1 are our resident Alan Whickers so might be worth getting their opinion.

@ovduk78 - Looks like you have some solid advice here already about Revolut and such. I have two bank accounts (one English, one Dutch), so always have that to fall back on if there's any problem with one or the other. I just go with that, and it is my hard and fast rule after learning the hard way a few years ago when Natwest decided to play games leaving me absolutely stranded. As it is the USA, I would definitely recommend having some cash though. The tipping culture is insane and I find it much easier to just leave a few dollars on the table.

 

[Mild-Mannered Janitor]

Agree on the cash for tipping and chase best as debit card but if you want credit card protection then halifax clarity doesn’t charge, it does if you take out cash so don’t do that or if you do, pay off the same day and no charges.

 

[fernandopartridge]

I use Revolut abroad

 

[Sick Boy]

I have a Wise account and just open new accounts when going to new countries.

 

[Sky_Blue_Dreamer]

I have a Wise account and just open new accounts when going to new countries.

I hope they have a branch in Morecambe.

 

[CCFCSteve]

My son is going to Florida with his girlfriend in August, when I have been I have just used my UK credit/debit card to buy things but he will get hammered by charges by his bank. He doesn't want to take US dollars with him. I have seen these payment cards, eg Monzo or Starling, but I don't know if they are any good & how do you transfer money to these cards? Is there a better alternative?

Previously used revolut but hsbc now do a global money card for customers (not sure if other banks do this). Decent spot rates, no charges and looser free withdrawal limits

ps worth nothing that a lot of ATM/cash machines charge for withdrawals in US - this is in addition to any charges from your own bank/provider

 

[Sbarcher]

No charges with a Santander cc.

 

[stay_up_skyblues]

We’re going out there in august and I have been considering this issue. Our joint account for bills is with First Direct and they emailed the other day to say no overseas charges if using debit card. So probably going to put all the spends in there and use that.

This might be a daft question but whilst we’re in the US will our bank balance show in the banking app and at ATMs in USD or sterling ?

 

[Robinshio]

We’re going out there in august and I have been considering this issue. Our joint account for bills is with First Direct and they emailed the other day to say no overseas charges if using debit card. So probably going to put all the spends in there and use that.

This might be a daft question but whilst we’re in the US will our bank balance show in the banking app and at ATMs in USD or sterling ?

ATMs in USD banking app in home currency

 

[stay_up_skyblues]

ATMs in USD banking app in home currency

Nice one. Ideally we’d wanna see the holiday spending money in USD in the bank. Which is how I believe the pre paid debit cards work (the original plan).

 

[ovduk78]

My wife has found out that my son can pay £6 per week to use his bank card abroad with no charges so long as everything he spends is in dollars. Probably not the cheapest option but definitely the easiest

 

[Earlsdon_Skyblue1]

My wife has found out that my son can pay £6 per week to use his bank card abroad with no charges so long as everything he spends is in dollars. Probably not the cheapest option but definitely the easiest

That still sounds a bit off to me to be honest. What bank is he with?

In this day and age charges to use your card abroad are a bit village. obviously for simplicity I can understand the desire to go with it.

 

[ovduk78]

That still sounds a bit off to me to be honest. What bank is he with?

In this day and age charges to use your card abroad are a bit village. obviously for simplicity I can understand the desire to go with it.

He is with the awful Bank of Scotland, their charges for spending money/using ATMs abroad are scandalous, £1.50 for ATMs & 50p for spending plus exchange rates. Our son is always leaving things until the last minute so if I ask him to sort out Revolut or Chase etc he'll always say he'll do it later, really does my head in.

 

[Earlsdon_Skyblue1]

He is with the awful Bank of Scotland, their charges for spending money/using ATMs abroad are scandalous, £1.50 for ATMs & 50p for spending plus exchange rates. Our son is always leaving things until the last minute so if I ask him to sort out Revolut or Chase etc he'll always say he'll do it later, really does my head in.

Sometimes you just got to let them figure it out on their own mate!

 

[SBAndy]

He is with the awful Bank of Scotland, their charges for spending money/using ATMs abroad are scandalous, £1.50 for ATMs & 50p for spending plus exchange rates. Our son is always leaving things until the last minute so if I ask him to sort out Revolut or Chase etc he'll always say he'll do it later, really does my head in.

The good news is if he applied today he’d probably have it set up within 2 hours.

 

[napolimp]

Barclaycard Rewards. Free to use abroad, and one of the best CC's for every day spending in terms of cashback.

 

[robbiekeane]

Revolut or Wise best overall for managing money abroad and sending/receiving overseas.

Monzo/starling and any other fintech neobank generally offer the market exchange rate abroad too.

 

[Sick Boy]

With Wise you essentially have an account in that local country. It’s the only GB account I have these days and I also have a permanent USD account for online payments and spending/taking out cash there.