Travel Credit Cards

Travel Credit Cards
www.moneysavingexpert.com /travel/travel-credit-cards
Helen S | Edited by Johanna
Updated Weekly
Going abroad or spending on foreign websites? There's one way to spend
that smashes most others. Get a specialist travel credit card and you can
spend overseas knowing you've got a near-perfect exchange rate
worldwide.
This step-by-step guide includes best-buy cards, as well as the cards to avoid,
and shows you how to check what your card's currently charging you when you
use it overseas.
Best buy cards overseas
In this guide
The nine need-to-knows when spending abroad

Before you go on holiday, there are some things you need to know about how
credit and debit cards work overseas. Get this wrong and it can cost you large,
so please read the following (even if you only have time to read and remember
the headlines, it should help protect your pocket).
Specialist travel cards are so good for spending abroad because they don't charge fees
for it
Use your everyday plastic while on holiday and you could be hit by a host of hidden charges (for full details,
read the hidden holiday spending charges note). These include:
Adding a non-sterling transaction fee onto the exchange rate, typically around 3%, so spending 100
of foreign currency costs 103
Cash withdrawal fees
Interest charges even if you pay off in full (on credit cards)
In some cases, charging a penalty each time you spend
But there are credit and debit cards that don't charge these fees, making them ideal to use when you're on
holiday or buying from overseas websites.
Use this checker to find out what you'll pay when using your existing cards. If you're paying huge fees every
time you use your card abroad, check out our best buy cards below to find cards that don't charge.
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How much does your card charge? Find how much you pay to use your card abroad
Please select an credit or debit card from the list.
Tool last updated: July 2016
Your Results - {{tc.priceResults.provider}} {{tc.priceResults.cardType}}

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Exchange Load ATM Charge Spending Charge
Cash Withdrawal Interest
(min )
If you think any cards should be added to the tool, please email us.
You can save 100s per holiday using a specialist card

Ultimately, when abroad, you want to pay for only what you buy, yet using any bog-standard card means
you're paying to pay, too. Here's how much spending 1,000 actually cost, in pounds, when we made
comparisons on 11 Oct 2016 using our Travel Money Comparison tool (we assumed five 100 cash
withdrawals and 20 transactions on the cards).
On a specialist credit card repaid in full: 906 (see cheapest credit cards)
Cash, via UK's cheapest bureau (pick up in London): 914
Cash from M&S (non-cardholder): 941
Using a debit card from hell: 966 (see debit cards from hell)
Change at airport (Heathrow T1 Travelex, not pre-ordered): 1,032
As you can see, paying the wrong way could cost you over 100 more than paying the cheapest way. But the
winner is simple: apply for a specialist overseas credit card, then use it every time you go.
If you're using a credit card, ALWAYS pay it off IN FULL every month
As mentioned above, specialist overseas credit cards can be the best way to spend when you're on holiday.
However, they can quickly turn into one of the worst ways if you're not disciplined enough to pay them off.
Watch out for the interest trap. Always follow the golden rule:
Set up a direct debit to repay in full every month, or the interest charges dwarf the cheap-currency gains.
See the travel credit card best buys section for our pick of the top credit cards.
Specialist overseas credit cards almost always beat their debit card counterparts
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Specialist overseas credit cards almost always beat their debit card counterparts
We believe credit cards almost always beat debit cards if you're looking for the best way to spend overseas.
Credit cards have the advantage that they're easier to get you can apply for it whomever you bank with,
whereas for debit cards you're likely to have to switch accounts or open a new account that you then have to
manage.
Credit cards also give you the powerful Section 75 protection a legal recourse for anything costing between
100 and 30,000 that you pay for directly on the credit card, meaning the credit card company's liable along
with the retailer if anything goes wrong important if you buy something on holiday when it's not so easy to
take items back if they're faulty.
There's also more choice of credit cards this guide features nine top cards you can apply for, whereas there
are only two bank accounts that are open to all.
However, there is one exception where credit cards don't usually win: if you mostly spend cash while you're
on holiday. Most of the credit cards charge either fees or interest, or both, when you take cash out abroad
(one of our top picks, Barclaycard is the rare exception it doesn't have any providing you repay in full).
But specialist overseas debit cards don't charge fees or interest for cash withdrawals, meaning they can often
be cheaper.
If they ask 'want to pay in pounds or euros?', say 'euros'

Many overseas hotels, shops & ATMs ask this when you pay by card, especially in Spanish tourist resorts. If
you choose pounds, the retailer does the currency conversion but rates can often be poor compared with
letting your card do it (choosing euros). For a great comparison of rates, see Martin's euro analysis.
If you've got a top overseas card, always choose the local currency, as your card does the exchange and it's
unbeatable.
If you're using a bog-standard credit or debit card, it's touch-and-go. Sometimes the card machine will show
you the 'non-sterling cash fee'. If this is under 2.5%, go with pounds. If it's over, pick the local currency.
To protect your credit score, use our eligibility calculator BEFORE applying to find
which cards you're most likely to get
If you're going for one of the credit cards in this guide, the lender will credit-check you before deciding
whether to give you the card. Usually the only way to know if you'll be accepted is to apply, but each
application marks your credit file.
So, before applying, use our Travel Credit Cards Eligibility Calculator, which shows your odds of getting
almost every top credit card in this guide.
Quick questions
How does the Eligibility Calculator work?
It uses a 'soft search', which you will see on your credit file but lenders won't, to give us an indication of your
credit score. We then match this against lenders' criteria for acceptance so we can show you the odds of
getting each card (however, we can't check you for Nationwide).
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Once you have this knowledge, it's easier for you to know which card to apply for. This means you're less
likely to be rejected and less likely to need to apply elsewhere, which would add another mark on your credit
file.
Will my credit score affect the deal I get and my credit limit?
When you apply for any credit card, the provider checks you to match you up against its wish list for what is a
profitable customer (full info on this and how to boost your chances in our Credit Scores guide). This doesn't
just dictate what products you'll be accepted for but also how good the ones you actually get are. With travel
credit cards, it has two main impacts:
They always give a variable APR depending on credit score. Every credit card APR (the annual
interest rate you pay on your card) is a 'representative' rate. This is defined in the rules as meaning
they only need to give the advertised rate to 51% of accepted applicants. The rest can be, and
sometimes are, charged more.
Having said that, the aim is to repay the card IN FULL every month, so if you do this it's less of an
issue, as you'll never be charged the APR.
Lower credit scores tend to mean you get a smaller credit limit. If this happens, don't
automatically jump to get another card instead; at least use what they've given you. See the Credit
Limit Too Low? guide.
Unfortunately, there's no system that can predict exactly how card firms will react. But, as a rough rule of
thumb, the higher the chance the eligibility calculator gives you, the closer to the rep APR and the higher
credit limit you should get.
Beware your debit card it could be the worst way to spend

While the right card is absolutely the best way to spend abroad, the wrong one is absolutely the worst way.
Let's make this plain do not use the following cards for spending overseas. Any of the methods in this guide
beat them.
Nine debit cards have nightmarish charges every time you use them overseas. With most debit cards, you
pay a non-sterling transaction fee for spending, typically around 3% of the transaction, and a charge if you
withdraw cash abroad.
But these cards have another sneaky charge: a spending fee of between 1 and 1.50 each time you use
your card in a shop overseas.
Imagine you buy something for 5 in a shop. With the worst of these cards, it can end up costing you 6.65
after the non-sterling transaction fee and charges are added on an entire third more than you'd spend if you
used a top card from this guide!
The cards from hell

Halifax Debit Card
Spending penalty: 1.50 | Load fee: 2.75% | Cash withdrawal fee: 1.50
IF Debit Card
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Spending penalty: 1.50 Load fee: 2.25% | Cash withdrawal fee: 1.50
Santander Debit Card

Spending penalty: 1.25 | Load fee: 2.75% | Cash withdrawal: 1.5% min 1.99
Bank of Scotland Debit Card

Spending penalty: 1 | Load fee: 2.99% | Cash withdrawal: 1.5% min 2 max 4.50
Lloyds Debit Card

TSB Debit Card

The cards below don't have a specific spending penalty, but instead charge a minimum exchange fee,
meaning these are hell for small spends. Without this, a 5 spend on these cards would cost 5.14, but this
minimum exchange fee bumps it up to 6 or 6.50...
Clydesdale/Yorkshire Debit Card

Spending penalty: none | Load fee: 2.75% (min 1.50) | Cash withdrawal: 3.75% min 1.50
RBS Debit Card

Spending penalty: none | Load fee: 2.75% (min 1) | Cash withdrawal: 2% min 2 max 5
NatWest Debit Card

Spending penalty: none | Load fee: 2.75% (min 1) | Cash withdrawal: 2% min 2 max 5
Full list of charges for major UK credit and debit cards.
Is spending or withdrawing cash cheaper when I'm on holiday?

This all depends on what card you have. If you've a top overseas credit card, spending is always cheaper.
Even on cards with no cash withdrawal fees, you'll usually still pay interest on the withdrawal until you pay it
off (the Barclaycard below is the rare exception to this).
This goes double for non-specialist credit cards. You'll pay the non-sterling transaction fee on all transactions
overseas, but you'll also pay a fee and interest on cash withdrawals.
On debit cards, perhaps counter-intuitively, spending is still cheaper. That's because while there's no interest
on a cash withdrawal, there's usually still a fee (as well as the non-sterling transaction fee) when you use a
cash machine. So, again, spending is cheaper.
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If you're looking for a new card to give the cheapest way to spend overseas, check out the best buy specialist
overseas cards.
Not all cards are equal check if the card you're applying for has the Mastercard, Visa
or Amex logo
When you spend abroad, your bank gets an almost perfect rate when it does the exchange for you. It
exchanges at Mastercard's, Visa's or Amex's wholesale rate, all of which are pretty close to the spot rate that
the currency markets suggest (the perfect rate) though Mastercard's rates tend to be slightly better than
Visa's and Amex's.
However, most banks then charge you for having them make the exchange for you, and this is where the upto-3% non-sterling exchange fee comes in.
But some banks and credit card providers waive these fees. They give you the near-perfect Mastercard, Visa
or Amex rate without any non-sterling transaction fee. It's these cards that are in this guide, as they allow you
to spend the right way overseas. And of these, cards using Mastercard's rate will usually give you the biggest
saving.
Best Buys: Top travel credit cards

These specialist cards have near-perfect spending rates but tend to charge fees or interest on cash withdrawals.
We've picked out the top credit cards that allow you to spend for free overseas here.
No fees to spend worldwide, and low cash withdrawal

charges
Creation Everyday Credit Card*
The Creation Everyday* has no fees on spending and its interest rate on
cash withdrawals is one of the lowest. It's also a Mastercard, which
pushes it ahead of cards from other issuers with lower interest rates.
Both this card and the Halifax Clarity card below are top picks, and
there's not actually much difference in the interest you'd be charged on cash withdrawals: 100 with the Creation
card would save just under 50p per month over Halifax. So, if you feel more confident banking with a well-known
brand, you might want to stick to Halifax anyway.
Need-to-knows
There's no fee for cash withdrawals, though you'll be charged interest at 12.9% representative APR until you
pay it off in full. So it works out at about 1/month for each 100 withdrawn (if you get this APR). You will
initially be charged a foreign exchange fee, but it will be refunded back to you automatically you'll see it on
your statement.
But there's a trick to minimise this cost. You're only charged interest until you've fully repaid the balance, so if
you pay off the withdrawal amount as soon as you can (via internet banking while abroad, or when you get
home) you can minimise interest.
You don't get charged interest on spending abroad, provided you pay this off in full by the date shown on your
statement.
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The rate you'll get is set by Mastercard, which you can check here it tends to be higher than Visa's or Amex's
rate, making this (along with the Clarity below) the joint top card for spending.
Some poorer credit scorers will get 17.9% or 21.9% APR, which will make cash withdrawal interest more
expensive.
ELIGIBILITY CHECK NOT AVAILABLE
APPLY*
(at lender site)
Stats box
Exchange rate fee: Europe: 0% | Worldwide: 0%
Cash withdrawal fee: None | Interest on cash withdrawals? Yes, until it's repaid in full
Representative APR on spending: 12.9% (see Official APR Examples)
Interest rate on ATM withdrawals: 12.9%
Card issuer: Mastercard
Key question
Are there any limits on cash withdrawals? If you're making a lot of ATM withdrawals, be aware that you can only
withdraw a total of 300 per day.
No fees to spend worldwide, but slightly higher interest

on cash than rivals
Halifax Clarity Mastercard*
The Halifax Clarity* has been one of our top picks for years due to its
great feedback, low rates and no fees on spending or withdrawing cash
abroad. Plus as it's a Mastercard, it's widely accepted overseas.
The interest you'll be charged for taking out cash is slightly higher than
the Creation card above, though it only amounts to a total of roughly 1.50 per month per 100 withdrawn. So if
you'd rather stick to a 'big name', this could be the card for you.
Need-to-knows
There's no fee for cash withdrawals, yet you'll be charged interest at 18.9% representative APR even if you
pay it off in full. So it works out at about 1.50/month for each 100 withdrawn (if you get this APR).
You can minimise this cost: you're only charged interest until you've fully repaid the balance, so if you pay off
the withdrawal amount as soon as you can (via internet banking while abroad, or when you get home) you
can minimise interest.
statement.
The rate you'll get is set by Mastercard, which you can check here it tends to be higher than Visa's & Amex's
rate, making this (along with Creation above) the joint top card for spending.
This rate is only for the Clarity credit card, not Halifax's own travel money bureau, which generally offers
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lower exchange rates.

Some poorer credit scorers will get 21.9% or 25.9% APR, which will make cash withdrawal interest more
expensive.
Eligibility Calculator
(MSE's free tool)
APPLY*
(at lender site)
Protect your credit score and check chances of getting card
Stats box
Key questions
withdraw a total of 50% of your credit limit as cash. So, if your credit limit is 1,000 on the card, you'll only be able to
withdraw the equivalent of 500 as cash. Therefore it's best to prioritise spending where you can.
No fees to spend worldwide, and no cash withdrawal

charges if you pay off in full
Barclaycard Platinum Travel Credit Card*
The Barclaycard* travel card offers no fees on spending or cash
withdrawals overseas. And, while it has a high interest rate on cash
withdrawals abroad, if you pay off your balance in full each month on or
before your statement date, you won't actually be charged any interest
so it could prove cheaper than the cards above if you prefer to withdraw
cash rather than spend.
But and this is a big one the card's only fee free overseas until September 2018 so after that you'll need to find a
new card.
Need-to-knows
There's no fees for spending or withdrawing cash abroad until 31 August 2018.
You don't get charged interest on spending or cash withdrawals abroad, provided you pay them off in full by
the date shown on your statement.
Any cash withdrawals in pounds will be charged interest from the day you make them at 27.9% representative
APR, so it's best to avoid.
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The rate you'll get is set by Visa, which you can check here it tends to be slightly lower than Mastercard's
rate.
Make sure you pay off any purchases IN FULL or you'll be charged 11.9% interest, which'll quickly wipe the
gain from this being fee free overseas.
ELIGIBILITY CHECK NOT AVAILABLE
APPLY*
(at lender site)
Stats box
Cash withdrawal fee: None | Interest on cash withdrawals? Only if not repaid in full
Card issuer: Visa
No fees to spend worldwide, but high interest on cash

withdrawals
Santander Zero*
The Santander Zero* has been relaunched following its withdrawal
several years ago and is once again one of our top-pick cards for
spending abroad. However, while it's similar to the Halifax and Creation
cards above, it has higher cash withdrawal interest, amounting to
2.20ish per month per 100 withdrawn.
The card does also come with cashback offers of up to 25% at selected retailers, often tailored to you, but which can
include Homebase and New Look. To get them, you'll need to turn on 'Retailer Offers' via online or mobile banking.
Need-to-knows
There's no fee for cash withdrawals, yet you'll be charged interest at 29.9% until you pay it off in full.
You can minimise this cost: you're only charged interest until you've fully repaid the balance, so if you pay off
the withdrawal amount as soon as you can (via internet banking while abroad, or when you get home) you
can reduce the interest.
statement.
The rate you'll get is set by Mastercard, which you can check here it tends to be slightly better than Visa's &
Amex's rate.
(MSE's free tool)
9/16
APPLY*
(at lender site)
Stats box
Key question
withdraw a total of 300 per day.
Easier-to-get card that's great for spending, but has high

cash fees
Aqua Reward Mastercard*
The Aqua Reward* card is designed for those with lower credit scores,
but it still gives unbeatable rates worldwide. As an added bonus, it gives
0.5% cashback on all spending even abroad.
However, primarily use this only to spend as its 39.9% rep APR is
charged on cash withdrawals even if you clear in full.
Need-to-knows
This card's designed for those with poor credit history and will accept those with past CCJs or defaults
providing they're a year old, or bankruptcies over 18 months old.
Credit limits are low, from 250 to 1,200.
The rate you'll get is set by Mastercard, which you can check here.
statement.
This card charges 39.9% rep APR on cash withdrawals from the date they're made, plus a 3% fee, so avoid if
you can.
Some poorer credit scorers will get higher APRs of up to 59.9%, which'll make cash withdrawal interest much
more expensive.
If you do withdraw cash, pay it off as soon as you can (via internet banking while abroad, or as soon as you
get home) so you minimise interest costs.
(MSE's free tool)
10/16
APPLY*
(at lender site)
Stats box
Cash withdrawal fee: 3% (min 3) | Interest: Yes, until it's repaid in full
Cashback: 0.5% on all spending in UK & abroad | Card issuer: Mastercard
Interest rate on ATM withdrawals: 39.9% to 59.9%
Best of the rest

There are a few other cards that don't charge non-sterling exchange fees when you use them to spend overseas. If
you're choosing a card, remember that Mastercard's exchange rate almost always beats Visa's rate, so factor this in
when making your decision.
We've included Halifax Clarity, MBNA Everyday Plus and Aqua at the top of the table for comparison, but if you
already have one of the cards below, it's usually not worth switching as the gains are small. Here are the 'best of the
rest' of the cheapest overseas spending cards.
Top travel credit cards that charge no fees on purchases
ATM
fee
Cash w/d
interest
Mastercard
None
12.9%21.9%
12.9%
N/A
Mastercard
None
18.9%25.9%
18.9%
Eligibility calculator
Mastercard
None
29.9%
18.9%
N/A
Visa
None
None
11.9% (Cash 27.9%

(2))
N/A
Amex
None
7.4%12.9%
7.4%
N/A
Mastercard
3 or
3%
39.9%59.9%
34.9%
Mastercard
3 or
2.5%
27.9%
17.8%
Mastercard
3 or
3%
39.9%59.9%
34.9%
Creation Everyday*
Halifax Clarity*
Santander Zero
Barclaycard Platinum Travel*
(1)
MBNA Everyday Plus
Aqua Reward*
Post Office Platinum*
Aqua Advance*
Rep APR (if not

repaid)
Check your
chances of getting
it
Card
issuer
11/16
Card
issuer
Check your
chances of getting
it
ATM
fee
Cash w/d
interest
Visa
2 or
2%
None
11.9% (Cash 19.6%

(4))
N/A
Lloyds Avios Rewards (24

annual fee) (5)
Amex/
Mastercard
3 or
3%
18.9%25.9%
23.7% incl fee

(18.9% on spending)
N/A
Nationwide Select* (current

account custs only)
Visa
3 or
2.5%
27.9%
15.9%
Saga Platinum (3)
Rep APR (if not

repaid)
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Best Buys: The top open-to-all travel card

Getting the right plastic is crucial to cutting your overseas spending bill. And this new kid on the block is available to
anyone. Here's what you need to know:
Top exchange rates in every country but 2.99% fee on

cash withdrawals
Supercard*
The Travelex Supercard* is a hybrid card anyone can get, as there's no
credit check. To use it you:
a) Link existing debit or credit cards (not Amex) to it.
b) Spend on it.
c) Then it charges your existing card in pounds, having done the conversion at the near-perfect Mastercard
wholesale rate, which is far better than you would've got spending directly on most cards.
Need-to-knows
Cash withdrawals overseas have a 2.99% fee (more than the cheapest specialist credit cards) so best to
spend on it, not withdraw cash and spend that.
To get it you need its Android* or Apple* app; once you've got that it'll send you a card.
If your linked cards pay cashback or rewards, you'll get those for your overseas spending.
Supercard converts at the 'Mastercard wholesale rate' this tends to be marginally better than Visa's see
Mastercard vs Visa vs Amex abroad .
Even if you link a credit card to it you still DON'T get the extra Section 75 protection you get by spending
directly on a credit card.
If you were a member of the pilot scheme last year, you'll need to re-register to get a new Supercard.
You're not credit-checked, but Supercard will do an ID check, which will be marked on your credit file.
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APPLY*
Stats box
Loading (exchange rate fee): Europe: 0% | Worldwide: 0%
Cash withdrawal fee: 2.99%
Interest on cash withdrawals? None they're charged to your linked card as spending
Best Buys: The top overseas debit cards

It's also possible to get non-sterling transaction fee-free debit cards, but to do that you'll need to genuinely shift bank
account. It's questionable whether it's worth it just for this (as you're forgoing other bank account perks see Best
Bank Accounts), which is why we favour just getting a credit card and using it right.
There are three current account providers offering debit cards without non-sterling transaction fees, although two of
them are restricted to certain areas or are only non-sterling transaction fee-free in Europe.
Free spending & withdrawals, but only in Europe

Metro Bank Mastercard
The Metro Bank current account charges no non-sterling transaction
fees or cash withdrawal fees when you use its debit card in Europe.
But to open the account, you need to go to a Metro Bank branch, all of
which are in London or southeast England, meaning not everyone will
be able to take advantage. More branches are opening, but in the same
areas.
Need-to-knows
The exchange rate you'll get is set by Mastercard, which you can check here.
Outside Europe, you'll pay a non-sterling transaction fee of 2.5%, and its ATM withdrawal fee is 1.50.
You need to pass a credit check to open the account.
You can apply for an overdraft if you want one you won't automatically be given one.
Metro Bank has the full 75,000 UK savings safety guarantee.
APPLY
Stats box
Exchange rate fee: Europe: 0% | Worldwide: 2.5%
Cash withdrawal fee: No fee in Europe, 1.50 in the rest of the world
Card type: Mastercard debit | In-credit interest: None
Minimum monthly pay in: N/A
Arranged overdraft cost: 15% EAR variable.
Unarranged overdraft cost: 15% EAR variable. 10 paid/unpaid item fees (max 6/mth).
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Key questions
Is this bank account any good? It's a bog-standard bank account, as there are no real perks apart from the free
spending & withdrawals in Europe.
If you're looking to switch, there are bank accounts that will pay you interest or give you introductory bonuses for
joining that could beat this. Read Best Bank Accounts to see what's on offer.
Fee-free spending & low ATM withdrawal fee worldwide

Virgin Money
The Virgin Money Essential current account has no fee for worldwide
spending, but charges a flat 1.50 per overseas ATM withdrawal so try
to keep these to a minimum.
It's also a good account for those with previous credit issues such as
serious defaults or CCJs as you'll be ID checked but not credit checked
in the same way you would with standard bank accounts, meaning it's open to all.
To open the account you need to go into a branch but after opening you can operate it online. As an added bonus,
this account pays 1% interest on balances but this can be beaten see Best Bank Accounts for more options (though
all of these are subject to a full credit check).
Need-to-knows
The exchange rate you'll get is set by Visa, which you can check here. This rate tends to be very slightly
lower than the Mastercard rate that many of the credit cards above use.
Spending on the card is fee-free, but cash withdrawals cost 1.50 regardless of amount withdrawn. Also
watch out for any extra fees charged by the ATM provider.
There is no overdraft facility as this is a basic bank account which means that anyone can get it, regardless
of past credit history.
You need to pass an ID check to open the account.
Virgin Money has the full 75,000 UK savings safety guarantee.
APPLY
Stats box
Exchange rate fee: Europe: 0% | Worldwide:0%
Cash withdrawal fee: 1.50 worldwide
Card type: Visa debit | In-credit interest: 1%
Minimum monthly pay in: N/A
Arranged overdraft cost: N/A
Unarranged overdraft cost: N/A
Key questions
Can I apply for this basic account with a good credit score? This account features in our Basic Bank Accounts
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guide. It's regarded as one of the easiest bank accounts to get, but there's nothing stopping good credit scorers
getting this account for overseas spending too.
We've found one other account that is useful if you travel a lot, though you'll have to live in the northwest of England
or southwest of Scotland to get it.
Cumberland Building Society: If you have a standard, Reward, Offset or Cumberland Plus current account
with Cumberland Building Society, it charges no foreign exchange fee or cash withdrawal fees on the debit
card that comes with the account. However, you need to live in its operating area it has branches in
Cumbria, Lancashire and Dumfries & Galloway.
Currency & credit cards Q&A

Do I get the rate on the day that I spend on the card?
No. On all of these cards, there is a processing time. So, you actually get the rate on the day the transaction
is processed by your card provider, which is usually a day or two after you used the card, but could be up to a
week later.
This is important, as if there are movements in the currency markets between you making the purchase and
your card provider processing it, then you could end up paying more (or less) for what you bought than you
thought you were going to.
Do the same rules apply when buying off overseas websites?
Absolutely. You'll tend to pay the same costs on foreign websites as if you were actually abroad and spending
there. If you're paying in a foreign currency, all the usual charges apply the same cheap cards are cheap, the
same expensive ones costly.
If I spend abroad and they let me pay in pounds, is it worth it?
This is called dynamic currency conversion and usually should be avoided. Often the rate you get will be
appalling and someone will be making big money out of it.
If you've got one of the specialist overseas cards, you'll get a much better rate paying in the foreign currency
rather than pounds.
Even if you're using a normal card, as you've no idea of the relative exchange rates, they could be playing
you for a fool, so it's usually best to stick with paying in the foreign currency. For a great example of this, read
Martin's euro exchange analysis .
If you're travelling to Spain, watch out for this when withdrawing money from cash machines too. You'll often
be asked if you want to have your money converted into sterling when withdrawing euros from ATMs. The
general rule is to say no, as you could get a worse rate than the one you'd be given by your own plastic
provider.
A few machines now tell you the commission/non-sterling transaction fee they add to the currency. If this is
less than your card's own non-sterling transaction fee (eg, it's 2.5% and your card is 2.75%), opt to pay in
pounds. But if you have one of the specialist cards featured here, they're always unbeatable, so select euros.
My card was blocked while I was abroad. Can I prevent this?
To prevent fraud, most card companies track unusual transactions, and if there's evidence of them, they slam
the brakes on and stop the card being accepted.
15/16
The best thing to do, unless you're a regular traveller who frequently spends overseas, is to call up the card
company to let it know you're going abroad. Usually, though sadly not always, this stops any problems. If it
happens to you while you're away, call the card company as soon as possible.
When's the best time to buy currency?
There's no right answer to this, which is why this guide focuses on how to get the best rate at any moment. If
the pound is strong and the euro or dollar weak, many people think, "I'm not going away for a few months, but
I'll grab my cash now." If the pound's weak, many want to hold off.
There's nothing wrong with doing this, but you need to understand it's currency speculation and you're
effectively gambling on exchange rate moves.
The fact the pound is strong at any time doesn't mean it won't get stronger, and therefore buying your
currency early can lose you money. Conversely, the fact it's weak doesn't mean it won't get weaker. Playing
the currency market is something highly paid traders can't always get right. Those who do make a fortune;
those who don't lose a fortune.
For more on this, read Martin's "Should I buy euros now?" blog.
Should I get my travel money out in the UK or overseas?
If you're going to get the cash out on a specialist overseas card, then it's better to wait until you're there.
However, if you're just planning to use a normal card or convert pounds when you're out there, there's no
guarantee you'll get a better rate and certainly changing in most hotels is normally a bad idea as they give
poor rates. Overall it's safer to use TravelMoneyMax and get the cheapest rate while you're here.
16/16

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The nine need-to-knows when spending abroad

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Cash Withdrawal Interest

You can save 100s per holiday using a specialist card

If they ask 'want to pay in pounds or euros?', say 'euros'

Beware your debit card it could be the worst way to spend

The cards from hell

Santander Debit Card

Bank of Scotland Debit Card

Lloyds Debit Card

TSB Debit Card

Clydesdale/Yorkshire Debit Card

RBS Debit Card

NatWest Debit Card

Is spending or withdrawing cash cheaper when I'm on holiday?

Best Buys: Top travel credit cards

No fees to spend worldwide, and low cash withdrawal

No fees to spend worldwide, but slightly higher interest

lower exchange rates.

No fees to spend worldwide, and no cash withdrawal

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Best of the rest

Top travel credit cards that charge no fees on purchases

11.9% (Cash 27.9%

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11.9% (Cash 19.6%

Lloyds Avios Rewards (24

23.7% incl fee

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Saga Platinum (3)

Rep APR (if not

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Best Buys: The top open-to-all travel card

Top exchange rates in every country but 2.99% fee on

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Free spending & withdrawals, but only in Europe

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Currency & credit cards Q&A

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