Money abroad

[RoundRedRobin]

Hi, I’m not well travelled but going abroad this year (Spain).

whats the best way to carry money?

thinking of exchanging money before we go and carrying cash on us but not sure if that’s the wisest action 🤔

any advice is appreciated 😊

I use revolut.

We use our nationwide bank cards as they don't have extra fees for foreign purchases

What cards do you have - credit or debit? Check the terms: there will be an exchange rate and some (most?) banks charge a fee for every transaction in a foreign currency, usually a small percentage of the transaction value but check it isn't a fixed cost, eg £1.50 every time. I think Nationwide doesn't charge a transaction fee but I don't know how common that is.

If withdrawing cash from an ATM abroad there might be a fee too, but check with your bank in advance as they might have reciprocal arrangements with some local banks that don't charge the fee if you use their ATMs.

Monzo card

https://www.moneysavingexpert.com/destinations/

It depends where you’re going and how ubiquitous card payments are. You could do a lot of Europe and the US with no cash.

I always take credit card with no foreign exchange charges - Halifax clarity is one

And remember if given the choice when using your card ALWAYS pay in local currency and not pounds

Halifax clarity card

I don’t take any money at all, just my Halifax Clarity Credit Card. If I need cash, I’ll take it out from an ATM there using that card, as they don’t charge fees on cash advances (only interest, but that is pennies if you pay it off quickly).

If I’ve lost cash, that’s gone. If I lose my card, that’s the banks money.

Almost everywhere takes contactless these days. I opened a Starling account for the purpose of this, they don't add fees or charges to the payments, and you have a real time balance of how much spending money you have left. I use Apple Pay so no lost cards or cash.

I do take a few euros for the odd vender that doesn't take cards, but they are rare.

I have about 50-100 euros in cash but mainly use my Barclays Rewards credit card which doesn't charge overseas transaction fees.

We've all got Starling accounts just for trips abroad and take some euros for coffees and tips.

Get a Wise account and load € on to it. I live in Spain and have to transfer £-€ a lot. Wise is incredibly simple to use, safe and much easier than revolut imo

I set up a Revolut account for going to France last year, it was very easy and no fees. In fact we’re planning to go back to Europe this summer so I’ve been transferring £100 over to my euro account every so often when the exchange rates looked good, and have built up a nice pot of euros for spending money in the summer. I usually take a small amount of cash too in case it’s needed.

We have Santander Zero credit cards with no transaction fee. Just use them as we would at home. Pay the bill in full on return.

Because we go to the Euro zone three or four times a year we always have a float of Euro notes and coin. In fact I keep thirty Euro in notes in my wallet all the time. Use a cash machine maybe once a year, usually in France using by debit card. There's a fee for that but hey ho.

We struggled to find a cash machine on Gran Canaria without exorbitant fees but maybe I didn't cast the net wide enough - like a Santander branch!!

We use our Starling debit card. Excellent exchange rate and you see instantly how much you have spent in Euros and £. We have a small amount of Euris for tips and buses, but otherwise everything goes on the card, electing to pay in Euros.

Only use cash for odd small things like beer in a snack bar overlooking Madeira Airport that was around 2 euro and the shop opposite our hotel that was cash only.

I have a Currensea debit card. It is linked directly to my normal current account, but works like a debit card overseas. You don’t have to put any money onto it (or ‘top up’) as whatever you spend is then refunded straight from your current account. It’s very efficient and free!

Just use your card like you would at home. Check your bank doesn't charge fees. Mine does so have a revolute card for when I travel. I just ping money over with apple pay as I need it. If you need cash for any reason draw it out from an atm as you would at home.

I use my nationwide card or my Monzo card.

Monzo and €50 euros cash that never gets spent because everywhere accepts Monzo.

Excellent app and customer service. Free cash withdrawals. Always choose to pay in euros when asked at the till.

I take the €30 euro had in my wallet for years and never use and pay by card for literally everything.

Thanks all, I’ll look into these and see which will suit us best 😁

Monzo, Wise or Starling ... my preference is Starling, I should have got an account years ago