swinbc

I am planning an extended holiday which will take me to several countries using different currencies.
I would like to use my UK Bank account and GBP as my base currency and have done my homework and found that the CaxtonFX Explorer multi currency card would suit my needs perfectly. However upon application I was told that as I am not UK resident I would not be eligible even though I hold a UK Bank account and UK debit and credit cards. I do not have a registered UK address and apparently they check so unable to use a relatives address.


I tried a few other companies including Moneycorp and hit the same brickwall.


The exchange rates and fees charged by Spanish Banks are extortionate and I do not want to take a large amount of cash with me on my travels!
Has anyone found a solution to this problem?


Any advice would be appreciated

amideislas

Surely you are joking about fees and exchange rates charged by Spanish (or European in general) banks...

...as compared to UK banks, amongst the world's most expensive for international transactions. For domestic banking, UK banks are cheap and efficient, but as soon as you switch countries and currencies, they become a extortionate. This full explains why the "foreign transfer" business is almost exclusively a UK enterprise.

Having said that, as you want to keep your base in sterling (although I'd caution that if a brexit occurs, sterling could lose 30% of its value), then you will need to sign in with a transfer service such as CantonFX, but they are almost exclusively UK based and so you will need UK residence.

What nationality and residence are you? You could just open a nonresident account in a European bank and use the visa debit card they give you. Rates aren't ideal, but are generally a hell of a lot better than what you'll get at a UK bank.

Failing that, there's always PayPal.

rachelk

What about a travel money / prepay debit card? I don't know what commision they charge but there are several options available in Spain. I have a UK based one and find it very useful - not just for travelling but as an emergency back-up if I lose my main bank card. (It's not multicurrency but when I applied for it I could choose a currency and you can have multiple cards for various currencies.)

Paypal also offer a prepay card in spain.

For me the commission is worth it for the convenience and peace of mind.

teejaydee

My advice is that overall, it will be better to use your UK debit card to withdraw cash and to make purchases. Of course, you will incur charges, but I think you will find they will be no greater than with any other option.