Euros or dollars??

[amelia3171]

I agree Keith, I use Amex as it gets me British Airways Avios points, 90% of retailers is about right, Pizza Express today surprised me when they didn’t accept it. All the major supermarkets. Amazon accept it.

[Shawnino]

Always, always pay in the local currency when using your credit card, it’s always best for you as the customer.

 

When a shop or restaurant asks if you want to pay in the local or your own currency it is what the credit card companies call dynamic currency conversion. Basically if you pick your own currency it benifits the shop / restaurant at your expense. To be fair most establishments are not aware of the consequences so are not trying to scam you.

 

But always always say you want to pay in the local currency.

 

Two slightly different issues

--Which currency to pay in

--Using a CC with or without a conversion fee

 

In general, you're correct, pay in the local currency...

but...

the only way to make sure you don't pay the 2.5% conversion fee (neither at point of sale nor later) is to use a no-currency-conversion-fee card.

[Markj]

I agree Keith, I use Amex as it gets me British Airways Avios points, 90% of retailers is about right, Pizza Express today surprised me when they didn’t accept it. All the major supermarkets. Amazon accept it.

 

Me too -its how I rack up my Avios points - its rare now to find anywhere in the UK in the cities that doesn't take AMEX

 

And yes - agree above - get a CC that doesn't charge foreign transaction fees and then I use that in local currency and if I should need cash in the ATM's

[old nutter]

Me too -its how I rack up my Avios points - its rare now to find anywhere in the UK in the cities that doesn't take AMEX

 

And yes - agree above - get a CC that doesn't charge foreign transaction fees and then I use that in local currency and if I should need cash in the ATM's

 

Yet more complexity and cost - use your CC to get cash at a foreign ATM and you will be charged a cash withrawal fee. Just for example, for UK customers, Amex charge either £3 or 3% whichever is greater and if it is not in your home currency they normally charge a currency exchange conversion charge of 2.99%. Other UK CCs also charge if you more or less the same to withdraw cash using the card. If you have a zero conversion charge Debit Card and use that, you will not be charged anything to draw cash from your account and the conversion back to your home currrrency will be done at the commercial conversion rate. UK banks tend to charge around 2-3% to withdraw foreign currency from an ATM abroad.

 

The best thing all round is to use the CC for the purchase assuming the trader acccepts CCs (most do now, including taxis these days). We just get a bit of foreign cash to buy the odd drink or snack.

[Paul S]

We are in London and also have Amex cards to collect Avios, which we use whenever possible. Though major stores and supermarkets will usually accept Amex, most small retailers and many larger ones as well as many restaurants do not accept Amex. We have a Mastercard which gives Avios (though fewer per pound of spend) as a backup for those occasions.

[Markj]

Yet more complexity and cost - use your CC to get cash at a foreign ATM and you will be charged a cash withrawal fee. Just for example, for UK customers, Amex charge either £3 or 3% whichever is greater and if it is not in your home currency they normally charge a currency exchange conversion charge of 2.99%. Other UK CCs also charge if you more or less the same to withdraw cash using the card. If you have a zero conversion charge Debit Card and use that, you will not be charged anything to draw cash from your account and the conversion back to your home currrrency will be done at the commercial conversion rate. UK banks tend to charge around 2-3% to withdraw foreign currency from an ATM abroad.

 

The best thing all round is to use the CC for the purchase assuming the trader acccepts CCs (most do now, including taxis these days). We just get a bit of foreign cash to buy the odd drink or snack.

 

Sorry but I didn't explain myself

 

I use a credit card with no transaction charges for pretty much all my purchases no matter where in the world I am.

 

However - there are some times when I need cash - small purchases, shops or bars that do not take a CC or for tour guide tips for example. My CC only charges me for the exchange rate and no transaction or ATM charges.So this is when I get money from the ATM and without fail this always give me a better exchange rate and is far more convenient than exchanging money in the UK before I set off.

 

Not complex and cheaper than changing cash in the UK - plus I only get small amounts of cash as and when I need it.

 

Been doing this for years

[ziggyuk]

Yet more complexity and cost - use your CC to get cash at a foreign ATM and you will be charged a cash withrawal fee. Just for example, for UK customers, Amex charge either £3 or 3% whichever is greater and if it is not in your home currency they normally charge a currency exchange conversion charge of 2.99%. Other UK CCs also charge if you more or less the same to withdraw cash using the card. If you have a zero conversion charge Debit Card and use that, you will not be charged anything to draw cash from your account and the conversion back to your home currrrency will be done at the commercial conversion rate. UK banks tend to charge around 2-3% to withdraw foreign currency from an ATM abroad.

 

The best thing all round is to use the CC for the purchase assuming the trader acccepts CCs (most do now, including taxis these days). We just get a bit of foreign cash to buy the odd drink or snack.

 

There are plenty of cards that do not charge a cash withdrawal fee, its just a case of using the right card.

This guide will tell you which one to use and you can test your current cards in the tool to see which is best:

https://www.moneysavingexpert.com/credit-cards/travel-credit-cards/#checker

 

I have two Credit cards that charge zero overseas cash withdrawal fee.

 

My MBNA horizon card:

No annual fee

0.5% cashback on all your spending

No foreign exchange fees

Free cash withdrawals, both in the UK and overseas

[Markj]

There are plenty of cards that do not charge a cash withdrawal fee, its just a case of using the right card.

This guide will tell you which one to use and you can test your current cards in the tool to see which is best:

https://www.moneysavingexpert.com/credit-cards/travel-credit-cards/#checker

 

I have two Credit cards that charge zero overseas cash withdrawal fee.

 

My MBNA horizon card:

No annual fee

0.5% cashback on all your spending

No foreign exchange fees

Free cash withdrawals, both in the UK and overseas

 

I have the same card - its excellent

[ziggyuk]

I have the same card - its excellent

 

Sure is, but only available to ex airline card holders, unfortunately not available to all.

 

The other good one readily available is the Santander Zero credit card which also has no cash withdrawal fees.

[tempus137]

We are in London and also have Amex cards to collect Avios, which we use whenever possible. Though major stores and supermarkets will usually accept Amex, most small retailers and many larger ones as well as many restaurants do not accept Amex. We have a Mastercard which gives Avios (though fewer per pound of spend) as a backup for those occasions.

 

When we were in London earlier this year, we even used our contactless Amex cards for the underground & the busses, instead of our having to buy an Oystercard.

[Markj]

Sure is, but only available to ex airline card holders, unfortunately not available to all.

 

The other good one readily available is the Santander Zero credit card which also has no cash withdrawal fees.

 

Yes - I have that one too!! :D