BobbyDazzler

We're visiting Oz in a few weeks time and will be spending 4 weeks split across Perth, Brisbane and Sydney

Apart from the first few days when we'll be using cash to cover incidentals etc, is it better to use travellers cheques to cover our spending whilst out there or would it be better to draw cash from the ATM's?

I guess a lot depends on the availability of ATM's and the fees incurred to withdraw cash (from a UK current account) as opposed to the fees charged by the banks for coverting travellers cheques.

Same thing applies to the USA also, where we'll be visiting on the way back

Any advice appreciated

Thanks

BD

Karen and Iain

ATMs for sure. Our bank here charged £1 for each cash withdrawal and no fee for purchases. For ease and safety you can't go wrong. Just check with your bank to keep charges to a minimum before you go. Have a good time!Karen

kevinbloomfield

Neither, hurry up and get a Nationwide credit card or Flexaccount current account (put all your holiday spends in to it).

Nationwide does not charge for using their cards overseas and you have the protection of Visa.

Travellers cheques are a thing of the past!!

loz

Not everywhere takes travellers cheques either as we found out when we were in Brizzie.
I had to go running round looking for a Travelex office when my camera died on a Sat afternoon(when the banks were shut!!!!!!!) to buy a new digital camera.
They were also loathe to accept them at the Suncorp Stadium till we said we would put our $400 worth of stuff back on the shelves!!!!!!!
We found Suncorp bank however didn't make a charge for changing them.

Loz

deanmhunt

Hi we went to perth last year on hols and took travelers cheques (what a nightmare) even in the banks we waited about 30 mins to cash one.
But some shops do take them but i would'nt take them again.
Have a fab time Tracey x

BobbyDazzler

Thanks all for the valuable info (and best wishes)

Looks like our bank (Halifax) charges a 2.75% 'conversion' fee on purchases, and £1.50 per ATM withdrawal (which I think is pricey) but it seems a better option than having to waste valuable time looking for or waiting in places to exchange cheques, which I guess will almost always attract a fee as well

Time to fire-up Excel and re-work the budget by the sounds of it.......

Cheers

BD

kevinbloomfield

or take 5 minutes to fill out an online application form for a Nationwide account, depends how much you value 5 minutes compared to the 2.75% and £1.50's?

It's a no brainer to me

Gibbo

If you have a Visa card use that. Saves a lot of trouble.

spottydog

I agree with set up the Nationwide account. It doesn't take long to set up (it may even be quicker if you walk into a branch as they won't need to send you paperwork for a signature).

The account can also be used when you move abroad so relatives can give you money for Christmas, birthdays etc. and you can take it out without being stung on the currency conversion.

Wol

Yes, Yes, Yes!

I confirmed the 2.75% saving on Nationwide CC by using it and my Barclaycard concurrently in several countries. There IS one other card which doesn't make the currency surcharge but I cannot remember which one.

I have kept my N/W card going -they will happily transfer your address to Oz and send the statements here tho' you can check them online anyway.

Last (UK) summer, following a visit to the UK, a couple of fraudulent transactions were made on it in Italy, totalling about £3100. N/W were great - a new card was sent out within 5 days and the amount credited before the next statement after investigation!

BobbyDazzler

Yes, after doing much research and calculating that we're likely incur a minimum of£250 in charges on our trip by using our current bank's visa/debit card, it looks like I'll be taking a walk down town later with the Mrs to open up a Nationwide a/c!

Spottydog ..."when you move abroad".....how good does that sound??!! Positive thinking if ever I saw it

Thanks all

BD

PS Just a (cynical) thought....do the Nationwide try to recoup their charges by diddling around with the exchange rates? Robbing Peter to pay Paul type of thing?

kevinbloomfield

I don't think so, on our recent trip to OZ we used our current account and our credit card (both N / Wide) and the exchange rate looked competitive.
Open both, it is no hassle and if you run out of money you can use the credit card and pay it back when you get home

Wol

No - cynical me checked that out. The difference between N/W and Barclaycard, buying similar priced things at almost the same time, was consistently exactly 2.75%.

BobbyDazzler

It's all good

So good in fact that I popped into our local branch yesterday and opened up an account. Was offered a CC with a 'generous' credit limit to boot....for emergencies!

Everything you've said is correct as confirmed by the lady in the branch and also the small print

Cheers folks

BD