Getting money from cash machines in europe

[sailor girl]

We're planning to open a new bank account which we'll be accessing on our travels round Europe. If it's simply a case of using a cash machine with a Switch/Maestro card, does it make any difference which bank you're with?

 

I've seen something about people recommending Nationwide, but can anyone tell me if you have to use particular banks to draw your cash to benefit from the low charges or can you still get cash from any machine? And are the charges vastly different or are they all much of a muchness nowadays?

 

Thank you!

 

liz

[starvin marvin]

Nationwide do not make a direct charge for cash withdrawals which can I believe be made from any bank. Any charge made by Nationwide may be hidden in the exchange rate used for the calculation on the amount you withdraw.

If you ask them as I did (working on the principle that there is no such thing as a free lunch) where they recover their costs you'll probably get a blank and attempted innocent/surprised look.

Even so I still think they are cheaper than the other banks/bldg soc's

[rupert123]

sailor girl - 2008-06-19 9:37 AM

 

We're planning to open a new bank account which we'll be accessing on our travels round Europe. If it's simply a case of using a cash machine with a Switch/Maestro card, does it make any difference which bank you're with?

 

I've seen something about people recommending Nationwide, but can anyone tell me if you have to use particular banks to draw your cash to benefit from the low charges or can you still get cash from any machine? And are the charges vastly different or are they all much of a muchness nowadays?

 

Thank you!

 

liz

 

I have always used my HSBC account debit card which is Maestro, Switch no longer exists. They do make a charge for taking out cash but exchange rate is always a couple of Euro,s above the normal tourist rate, Maestro is also now accepted in most places including unmaned petrol pumps. The reality is that most banks are within a few cents of each other and unless you intend to spend many thousands of pounds it is not worth bothering about.

[handyman]

http://www.moneysavingexpert.com/cards/cheaper-spending-overseas

 

all the facts...........theres a big differance in the charges, and in some cases the exchange rate

[Brian Kirby]

As you're planning a longish trip, I would suggest making sure you do a couple of things. 

First: don't open credit card accounts where one of you is mererly a named card holder.  Make sure you each have individual credit card accounts in your own name.  Why?  'Cos if your card is lost/stolen the account is closed, meaning both cards are cancelled.  With individual accounts this will not happen and one account will remain usable.

Second: try to get one account each with VISA, and another with Mastercard.  Some countries (for example Austria, where VISA is unpopular) can present problems for one, or other, of the card issuers.  This will apply to charge cards as well as credit cards, although I believe most of the actual charge cards are individually numbered, so the comment regarding the need for individual accounts should not apply to these.

Credit cards with low credit limits are probably safest and easiest to hold.  If you prefer charge cards, do remember that if the card is stolen, cloned or skimmed, the (illicit) holder has access to the whole of your account funds! 

You'll need to do some research on which accounts will work best for you.  Nationwide probably offers the best terms, but you do have to make minimum payments in to benefit from these, which may mean you have to maintain more in the account than you might wish.

Also, check which countries will generally accept credit, or charge, cards.  Away from major cities and tourist hotspots, a number of the new EC member states are, basically, still cash economies, and plastic doesn't work - apart from getting cash from the "hole in the wall".

[rupert123]

handyman - 2008-06-19 10:49 AM

 

http://www.moneysavingexpert.com/cards/cheaper-spending-overseas

 

all the facts...........theres a big differance in the charges, and in some cases the exchange rate

 

This article is pretty useless because it does not take into account the exchange rate given only the various charges. As has been pointed out all banks have to make a profit and is is pretty well impossible to say who is best because exchange rates vary by the day.

 

 

[twooks]

starvin marvin - 2008-06-19 10:07 AM

 

Nationwide do not make a direct charge for cash withdrawals which can I believe be made from any bank. Any charge made by Nationwide may be hidden in the exchange rate used for the calculation on the amount you withdraw.

If you ask them as I did (working on the principle that there is no such thing as a free lunch) where they recover their costs you'll probably get a blank and attempted innocent/surprised look.

Even so I still think they are cheaper than the other banks/bldg soc's

 

They've always been best rate in my experience - their blanks looks were probably a polite version of 'what a plonker' following your questioning.

 

Nationwide are a 'proper building society' - still - despite many attempts to rip off the profits made over the years - perhaps that's why they can do better than 'banks'

 

B-)

[Guest JudgeMental]

Two weeks ago in France, Nationwide 1.26 which is business rate not tourist rate. while the Nat west mastercard charged 1.21 which was tourist rate at the time. Every bit helps at the moment and on all forums Nationwide is recommended, obviously have another card in reserve.....

[twooks]

JudgeMental - 2008-06-19 1:32 PM

 

obviously have another card in reserve.....

 

 

I do, it's the OHs :D :D :D :D :D

 

B-)

[handyman]

rupert

 

the artical may be pretty useless as you so kindly point out, but does come out with the same card as JM, me and most people.

 

Nationwide flex account card uses a good rate and doesnt charge. This appears to be the one to use

[handyman]

JudgeMental - 2008-06-19 1:32 PM

 

Two weeks ago in France, Nationwide 1.26 which is business rate not tourist rate. while the Nat west mastercard charged 1.21 which was tourist rate at the time.

 

 

 

 

JM, is that the difference in the 'load' rate they charge at? (as in the 'useless' artical) and is that not the same as the exchange rate?

[Tony Jones]

Someone pointed us to Nationwide for this some 7years ago, and we opened a "Flexaccount" with them.

But they don't have a branch near us for "everyday" banking purposes. So we still use our own local bank, and save up for the holiday in an interest-bearing account with them, but then shortly before we go (not too shortly - don't forget clearing times!) we transfer the holiday budget over to the Nationwide, and take their debit card with us.

As backup (lost, stolen or just overspent!) we always carry a couple of different credit cards too.

 

Tony

[rupert123]

handyman - 2008-06-19 2:46 PM

 

rupert

 

the artical may be pretty useless as you so kindly point out, but does come out with the same card as JM, me and most people.

 

Nationwide flex account card uses a good rate and doesnt charge. This appears to be the one to use

 

Rather abrupt of me sorry about that, but stand by what I say. No load rate is not the same as exchange rate however it will make exchange rate worse than it at first looks. Nationwide does look good but all I am really saying, rather badly, is that unless you are spending a lot of money it makes little differance.

[handyman]

Cheers rupert............

 

I normally get £500 out at a time, so with jm's rates he got, the difference is quite big.

 

 

About £20 plus £2 or so for bank charges would be the difference (I think)..........thats a few bottles of wine 8-)

[twooks]

Tony Jones - 2008-06-19 3:02 PM

 

Someone pointed us to Nationwide for this some 7years ago, and we opened a "Flexaccount" with them.

But they don't have a branch near us for "everyday" banking purposes. So we still use our own local bank, and save up for the holiday in an interest-bearing account with them, but then shortly before we go (not too shortly - don't forget clearing times!) we transfer the holiday budget over to the Nationwide, and take their debit card with us.

As backup (lost, stolen or just overspent!) we always carry a couple of different credit cards too.

 

Tony

 

I use their online banking / and postal service - never ever go near a bank unless I really really have to.

I banked with NatWest for years - my bank was in Blackburn - and for most of that time I was in Preston, Manchester, Chorley - last time I went in - reluctantly - they'd ruined a lovely old banking hall and put glass partions n stuff everywhere yuk!

 

 

B-)

[Brian Kirby]

handyman - 2008-06-19 3:56 PM Cheers rupert............ I normally get £500 out at a time, so with jm's rates he got, the difference is quite big. About £20 plus £2 or so for bank charges would be the difference (I think)..........thats a few bottles of wine 8-)

I shall now be shouted down but, in my opinion, drawing cash while abroad is a bit of a mug's game.  (Sorry mugs!)

You pay for the cash in two ways, first there is usually a direct charge for the service, often a minimum charge, and second there is usually a hidden charge via a prejudicial exchange rate.

In countries where plastic is readily accepted, it is generally preferable to use either a credit or debit/charge card to make the payment.  The Nationwide makes no charge for using their cards abroad (though you can still cop a charge from the bank/service point operator whose hole in the wall you use), and you generally get pretty close to the interbank exchange rate, rather than the tourist rate.  The difference may not buy you a new motorhome but, over the course of a holiday, it'll definately buy you a few bottles of wine! 

Same as in UK, don't use holes in the wall unless at a bank carrying the symbol for the card you have (VISA, Mastercard, Amex, Cirrus etc).  Most of the independent service point operators charge for using their outlets, some quite a bit.