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The best way of paying for goods and withdrawing money in Thailand, Cambodia, Australia, New Zealand & Canada?

by nickb4 21 January 2010 |

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I am going travelling for 5months in Vietnam, Cambodia, Laos, Australia, New Zealand & Canada. I have been looking around the forum and seen that the Abbey Zero card and Nationwide FlexAccount are both recommended and well used solutions. I applied for the Zero card but was declined so settled for a very similar Credit Card from the Post Office to use in emergencies and for purchases. My main question is "Do I still get the good "bank exchange rate" when using the FlexAccount outside the EU"? And if no, would you be able to offer any solution? Any advice is much appreciated. Cheers!

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879

MikeGG1 posted
Nationwide have introduced charges for transactions and cash withdrawals that take place anywhere outside the VISA Europe zone. This is a wider area than the EU but does not include where you need.
The Post Office card should cover where you are going. Stick to that, but make sure that you settle the monthly bill. At least the minimum must be paid, so set up a Direct Debit from wherever your money is housed.
If your money is in the FlexAccount then use that to fund the PO Card.
Mike
Posted on 21 January 2010 | Love 0 loves Report
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eric99 posted
I use my Nationwide Flex card in Thailand after I've used up the cash (GBP) that I take. Even though they charge now, it's still a much better exchange rate than changing cash up in the UK before travelling.
Sorry, don't know about the other countries you mention.
Posted on 21 January 2010 | Love 0 loves Report
879

MikeGG1 posted
Credit cards convert currency at a mid-market rate specified by the umbrella organisation. Nationwide is VISA and PO & Santander are MasterCard. Their rates are very slightly different.
Most UK cards then add 2.75%. Nationwide add 1% so it is still a cheap rate. The PO & Santander add 0% so are the cheapest.
A 1% loading is equivalent to a 2% spread between buying and selling currency. It is possible to get lower than that, even after commission, but only for large amounts, so the Nationwide card is still a cheap option.
However, the PO or Santander cards are cheaper, especially if you settle the bill in full each month.
Mike
Posted on 22 January 2010 | Love 0 loves Report
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nickb4 posted
Thanks for the responses guys, really appreciated. I have just had a look at the STA Travel master card which is a Debit Mastercard. Would this have the better rate of exchange like the PO and Santander cards? I was thinking about having it as my withdrawal card while I'm away as it would be easier to set up thank the FlexAccount (which I've been told must be used as your main account). It has a flat abroad withdrawal fee of £2.25 which isn't so bad if you can withdraw large amounts at a time (more than £225). Has anyone got any experience or views on the card? cheers
Posted on 22 January 2010 | Love 0 loves Report
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MikeGG1 posted
First of all, that flat charge is still £2.25 more than The PO or Santander.
Secondly, YOU have to keep topping it up yourself in advance and that costs if YOU don't do a bank transfer. With the PO or Santander cards, they don't charge you and if you give them a direct debit, they will keep getting the funds for you in arrears.
Mike
Posted on 22 January 2010 | Love 0 loves Report

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