Banks charging for non-Sterling debit card transactions?

[bitchstewie]

Just noticed on my latest statement that my bank charge 3% on any non-sterling transactions plus a 50p per transaction fee for non-sterling transactions.

It's a bit of a first world problem as it's amounted to a tenner over the course of a year.

But I have a couple of overseas trips lined up and it would be nice to not have to think too much about 3% on top of everything if I want to use my card.

Do I have any practical options other than getting a full on credit card or additional bank account?

If that's the case it's simpler just to pay the tenner or whatever

[tomtom]

Get a Revolut or Monzo account.

[Shnozz]

Not sure how getting a credit card will help you escape these charges - they are pretty commonplace when using a STerling account of any sort for a non-Sterling transaction.

You can look at the Santander 123 account that proclaims to have a 0% fee for foreign transactions - https://www.santander.co.uk/uk/account-changes/123...

I believe Natwest also offer this with one of their accounts (might only be the Natwest black account) - https://personal.natwest.com/personal/life-moments...

Looks like it is limited to premium accounts.

You can try something like Monzo or Starling - https://monzo.com/

Or you can load a "pre-paid" card like Caxton and then withdraw/spend with 0% then in the local currency.

One thing you have to be careful of is the exchange rate with any of the above. Its all well and good incurring no 0% charge to use a card but if the rate is appalling then its 6 of one and half a dozen of another.

[bitchstewie]

Shnozz said:

Not sure how getting a credit card will help you escape these charges - they are pretty commonplace when using a STerling account of any sort for a non-Sterling transaction.

It might not that was the reason for the question I value my time enough not to spend ages just to save £20 over a year if that's the case.

[Shnozz]

Unless you spend half the year away or are about to drop £100k on something abroad I wouldn't be arsed then. Just get a Monzo or Revolut card as Tom says.

[Jimmy Recard]

Starling Bank. No fees - you just get MasterCard's exchange rate (it's a MasterCard debit card)
You can check this on MasterCard's website as often as you want (for instance directly before making a payment you'll see what it'll cost you)

[RizzoTheRat]

Halifax Clarity is the usual card that gets recommended in these situations, not tried it myself though.

Revolut is free and easy to set up, and uses the interbank exchange rate, but be aware the cash withdrawal limits are a pretty low.

[James_B]

I use the Halifax clarity card. I get the MasterCard I ternational rate (very close to mid) and no processing or FX charges.

I only use it for foreign travel, but it’s really good for that.

[peter tdci]

James_B said:

I use the Halifax clarity card. I get the MasterCard I ternational rate (very close to mid) and no processing or FX charges.

I only use it for foreign travel, but it’s really good for that.

Me too. I was away for 2 months earlier this year in SE Asia and beyond and used it exclusively for payments and cash withdrawals. By paying off the full amount each month and transferring money into the account after every cash withdrawal, I got those good exchange rates and paid just 79p in interest for the cash withdrawals.

[bad company]

I’ve been using Lloyds bank Amex and MasterCard. Decent exchange rates, no forex fees and AVIOS points but it’s no longer available to new applicants so I wonder if it’s going to be withdrawn soon.

Don’t know what I’ll replace it with.

[orangesrule]

I use a nationwide flex plus card for cash (£13/ month, with various insurances)

Or a nationwide select credit card for purchases.

Both 0% world wide.

[eybic]

I've used my Revolut card for about 4 years no, you can load it up pretty much instantly using the app and it has some good security features that you can turn on/ off. The best bit for me is that I get a text whenever it's used.

[gazza5]

Another one for Halifax clarity - only use it when abroad.

[mikeiow]

I've used Monzo for some time now - great card, find for debit transactions, but they limit the free cash withdrawals now to £200pcm.
Metro is pretty good (has branches in London and a few dotted elsewhere!) - free for cash out in Europe
Starling is the latest new kid on the FinTech block - similar to Monzo but no limit to foreign withdrawals.
The finance world is awash with change....TransferWise is the cheapest way to transfer money (so they say...until someone else pops up!), &I have used that for some US to UK transactions, pretty painless...can't say I have proven beyond reasonable doubt it was cheaper than direct to Santander, but I believe it is.
A few credit card options as others have said. I think the Post Office card was pretty good at one stage.

Ultimately, https://www.moneysavingexpert.com/credit-cards/tra... is the place you want to spend some quality time to check the latest

[Beetnik]

I use -
Credit card: Halifax Clarity
Debit card: Starling

Great rates, no fees and never had a problem.

[RizzoTheRat]

mikeiow said:

ITransferWise is the cheapest way to transfer money (so they say...until someone else pops up!), &I have used that for some US to UK transactions, pretty painless...can't say I have proven beyond reasonable doubt it was cheaper than direct to Santander, but I believe it is.

I'm using Revolut to do international transfers for free, but it is limited to 5K/month