We pretty much live in a cashless society today what with the surge of online shopping and self checkout tills at the supermarkets. The majority of us are now used to using our debit cards or credit cards to pay for everyday things which is fine when we are at home.
However, going abroad for our holidays or business travel we can often incur hefty bank charges when we use our debit cards or credit cards whilst on holiday overseas which means we are no longer getting a good deal for our money and card transactions.
Andrew Hagger from Money Comms recently put together a useful comparison table for the best debit card to use abroad which was featured in a Guardian travel money article. Please see as follows the table which shows you what is the best debit card to use abroad as of the 2nd June 2014:
As you will see above the majority of the big high street banking brands are towards the bottom of the table which shows they are not the best value debit cards to be using whilst overseas on holiday for your travel money requirements.
In fact only this month I purchased some travel money from the compareholidaymoney.com website and when I compared this to my own bank which is the Co-operative bank the debit card comparison table showed me that I would have been much worse off what with all the extra purchasing fees and withdrawal fees that they add on for overseas transactions.
The best debit card to use abroad comparison table is very useful, however, one area which it does not cover is what exchange rates your bank might be adding on top of these purchasing fees and withdrawal fees. Depending on what bank card you use you will either have a Visa debit card or Mastercard and to see what exchange rates they are using you can check the Visa exchange rates or the Mastercard currency conversion tool to see what your bank will use to convert your overseas transactions.
If you are lucky enough to be with either the Metro Bank or the Norwich and Peterborough building society they will not add any extra purchasing fees or withdrawal fees to your overseas transactions and then all you have to worry about is whether you are getting a good deal on your exchange rates. However, be careful of the Metro Bank debit card as you can only use it in Europe and not outside of Europe as some recent backpackers who went to Australia found out.
If your bank is on the best debit card to use abroad comparison table you may like to double check the information with your bank to make sure it hasn’t recently been updated and then compare the rates with our currency comparison table to see if you can get a better deal by taking cash with you instead. Just remember the more currency you buy the better deal you will get or you can opt to take some cash and pay for some holiday costs via your debit card depending on how you would prefer to manage your money whilst on holiday.
If you come back from your holiday with left over currency we have a buy back currency comparison table with compares all of the top UK currency suppliers to ensure you can find the best deal for selling your old unused travel money back.