UK Credit Card Exchange Rates

[ruscopico]

Hi all.......

I herd on the radio that when going to the US and paying for everything once you are there, the best exchange rate you can get on a credit card is Nationwide Credit Card. The guy on the radio said it used the same rate as the exchange rate (not the tourist rate which you get in banks etc). Obviously there will be interest charges (probably at a very high rate) if you dont pay off the balance in full when you get the bill!!!

You can also open a current account with them, dump all your spends in it and then use the debit card to get $$ from the hole in the wall when you get there - rather than carrying a barrow load of cash - I believe that they dont charge commission and again the rate is in line with the currency markets not the tourist rate!

I've just paid for Discovery cove on my Marks & Spencer '&More' card and got 1.84 $ to the £ - not bad I thought but they were quoting 1.88 on the radio!!!!

Thanks

Abi

[Mermaid]

We have the Nationwide Cash Reward Credit Card, they don't charge any handling fees or commission charges unlike some cc companies......sorry I didn't there was a difference between a tourist rate and a standard exchange rate...which one is better???

[ruscopico]

The tourist rate is the rate used in the travel agents, banks and post office etc. The other rate is that used on the international exchange markets when compaines or countries are trading money. TV/Radio etc often quote the market rate and not the tourist rate.

Travel agents, banks, post office have to make money out of you, so offer a lower (worse)exchange rate to you to that used when traders deal in currency on the currency markets.

I've found the web page that details the best and worst credit cards for travellers:

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1106765397,71685,

[mickeyk]

i emailed barclaycard to ask about the charges for my upcoming trip, i think they made a mistake as they told me that there would be a 1% charge on each transaction, i have kept the email so that when they try and charge me more i can fight it!!
while im here does anyone no if i charge purchases to my room(staying on site) then clear it with credit card is that classed as 1 transaction? also is it poss to clear the account using cash?

[highlander447]

the NW rate at moment for cc is $1.91 pretty good

[AlecK]

while im here does anyone no if i charge purchases to my room(staying on site) then clear it with credit card is that classed as 1 transaction? also is it poss to clear the account using cash?

Yes, if you let your room account build up to the end of your stay then the amount outstanding is taken as one transaction as you check out(unless you reach the hotels credit limit before then). It is also possible to clear your room account using cash or travelers cheque at any point during your stay by asking at the front desk. :)