Hi Everyone, so i have been told that the Nationwide flexi account and debit card is the best to get to withdraw and cash and spend it while away, however they took 6 weeks to tell me they wouldn't give me an account and wouldn't tell me why and i can not apply again for a year and so thats that option out the window. I had also considered one of these travel top cards like the post office and Amex and others like Tuxedo, although im not sure if these are better than your own banks debit card as they have transaction fees and it would appear other fees. I have a Lloyds TSB debit card and from reading internet blurb it seems cheaper to get money out with my debit card as appose to buying stuff with my debit card, I have a credit card but this is also with Lloyds TSB and i know cash withdrawl on a credit card wouldn't be a good idea, but should i even use my credit card unless its an emergency. I have been on short trips before and this is my first RTW trip and help you guys can provide would be appreciated as every penny counts when i am traveling.
Thx Mike😊
Reply to this I have a friend who used to take trips lasting 4 to 6 months, and he gave me this advice... Preload the credit card with money and then withdrawal the money when needed. Because the money is yours and not a loan, there will be no interests charged to you.
Like a debit card, if you use a bank machine to withdrawal the money, there will be a transaction fee. However, if you withdrawal the money through a bank, that bank will charged a small percentage of the amount, which is about 2-3%. Here are a few benefits of using a credit card over a debit card:
- it is accepted almost everywhere;
- if lost/stolen, you can easily get a replacement, usually within one or two business day, and you can pick up the new card at a local bank (This happened to me three years ago);
- the exchange rate is better than non-bank operated currency exchange outlets;
- you can borrow money (similar to overdraft protection feature that is available to bank accounts);
While not required, I would recommend carrying two credit cards (one for purchases and one for cash withdrawals) to keep your transactions separate. If you decide to have two, I think you should have no trouble getting a second credit card account from Lloyds TSB because you are already a customer. I am not with familiar with this bank, but I know many other banks now offer credit cards that have no annual fees. So, these are definitely better than those prepaid cards that usually will charge a set up fee and monthly/annual "maintenance" fee.
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