Landlords using credit cards abroad

Landlords using credit cards abroad

9:54 AM, 23rd August 2021, About a month ago 6

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The latest analysis from Moneyfacts.co.uk reveals the best debit and credit cards available to avoid any surprise charges and what consumers could end up paying with a standard credit card or debit card.

A typical debit card charges £11.88* when consumers withdraw £250 in cash abroad, while some credit cards can charge £14.95** before interest is applied. Purchases can be costly too, for just a £50 spend a typical debit card can charge £1.38* and a credit card can charge £1.50**.

Several banks are offering fee-free current accounts that do not charge for using a debit card in Europe including Starling Bank, Metro Bank and Virgin Money.

Customers who don’t want to move their bank account and prefer using a credit card can find a few fee-free options, including a deal from Halifax Clarity Credit Card Mastercard.

Top debit cards for use abroad selection
Debit card (account fee) Cash Conversion Europe / Worldwide Cash Transaction Europe / Worldwide Retail Conversion
Europe / Worldwide
Retail Transaction
Europe / Worldwide
Starling Bank Current Account 0.00% 0.00% 0.00% 0.00%
Metro Bank Current Account 0% / 2.99% 0% / £1.50 0% / 2.99% 0.00%
Virgin Money M Plus Account 0.00% 0.00% 0.00% 0.00%
TSB Spend & Save Plus (£3 pm) 0.00% 0.00% 0.00% 0.00%
Nationwide FlexPlus (£13 pm) 0.00% 0.00% 0.00% 0.00%
Monzo Plus (£5 pm) £0.01 to £400 – 0.00% (per 30 day rolling period) 0.00% 0.00% 0.00%
Scenario used – Withdrawing £250 in cash in Europe and a £50 retail purchase in Europe.
Source: Moneyfacts.co.uk
Top credit cards for use abroad selection
Credit card (account fee) Cash withdrawal fee Min % / £ (per withdrawal) Foreign usage Europe / Worldwide transaction fee Purchase APR Cash PA
Halifax Clarity Credit Card Mastercard 0.00% / 0.00% 0.00% / £0.00 19.9% 19.9%
Barclaycard Rewards Visa 0.00% / 0.00% 0.00% / £0.00 22.9% 22.9%
118 118 Money Guaranteed Rate Card Mastercard 0.00% / 0.00% 0.00% / £0.00 34.9% 34.9%
Zopa Credit Card Visa 0.00% / £3.00 0.00% / £0.00 34.9% 34.9%
Virgin Money Travel Credit Card Mastercard 3.00% / £0.00 0.00% / 0.00% 21.9% 27.9%
Santander All in One Credit Card Mastercard (£3 pm) 3.00% / £3.00 0.00% / 0.00% 23.7% 29.9%
Scenario used – Withdrawing £250 in cash in Europe and a £50 retail purchase in Europe.
Source: Moneyfacts.co.uk

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said: “ Using a credit card or debit card abroad may be the easiest way to pay or withdraw cash, but it’s a convenience that can cost depending on the fees charged for each transaction.

“If consumers plan to travel more frequently in the months to come, either for work or leisure, choosing a current account that will not charge for using their debit card abroad could be a wise choice. Starling Bank, Metro Bank and Virgin Money all offer fee-free current accounts which do not charge in Europe for using a debit card, either for a cash withdrawal or retail transaction. However, a typical debit card charges £11.88 when consumers withdraw £250 in cash abroad and £1.38 for an in-store purchase of £50.

“Consumers may prefer to use a credit card for spending abroad, which is understandable as they can easily be cancelled if lost or stolen and spenders are protected under Section 75 of the Consumer Credit Act on purchases between £100 and £30,000 if a service or goods are not provided or damaged.”

*Typical debit card example is the HSBC Bank Account, on cash withdrawals, it charges a transaction fee of 2.00% (min £1.75, max £5) and a conversion fee of 2.75% and on purchases, this card charges a conversion fee of 2.75%. **Typical credit card example is the HSBC Rewards Credit Card Mastercard, on cash withdrawals it charges a 2.99% usage fee and a 2.99% / £3.00 cash withdrawal fee and on purchases this card charges a usage fee of 2.99%.



Comments

by james pearce

11:35 AM, 23rd August 2021, About a month ago

Just used Halifax Clarity and JAJA (formerly Post Office) outside UK for three weeks.
Both fee free cards that work well.

by Vistaro

13:28 PM, 23rd August 2021, About a month ago

Revolut works well for me

by Adrian Jones

14:06 PM, 23rd August 2021, About a month ago

I've been using the Halifax Clarity card for years and the exchange rate is always better than I could get changing money in UK.

by Mick Roberts

7:10 AM, 24th August 2021, About a month ago

Starling fantastic.
Withdraw your 10 Euro to make sure u understood the card machine, get the notification on the app instantly, tells u u did at 1.18 Euro & no conversion charge etc. And then u good to go. When the average shop or conversion rate is 1.12, it's a no brainer.

Can now open Euro account within the app too/.

by JB

8:50 AM, 27th August 2021, About a month ago

Starling Account is super quick and easy to open. Their tech seems to be light years ahead of the high street banks

by Mick Roberts

9:06 AM, 28th August 2021, About 4 weeks ago

Reply to the comment left by JB at 27/08/2021 - 08:50
Yes, We had one lad open his account in bar in Austria after skiing.


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