Money on Tour

Cycling Dave

Hi folks

I'm going on tour on Wenesday 1st August from Paris to Milan through Switzerland. I don't have a credit card, only a Maestro card The bank tell me that this will work in any ATM in Europe. Will this be the case? Should i just take cash and pray that I don't get mugged?

How do you folks work your cash on tour?

Urgent answers woul be grand.

Cheers

CD

jibi

Nationwide, their card is free to use in any ATM anywhere

george

andymiller

Yes your maetro card will work, buy don't forget that in remoter areas cash machines may not be very common, so try to maintain a float of a couple of hundred euros in cash.

Hairy Jock

Your Maestro card should work with most ATMs look for the Maestro symbol on the machine, but be aware there may well be charges (although the EU is trying to clamp down on this) and your bank may add exchange rate charges. It generally works out cheaper to made a few large withdrawals than a lot of smaller ones.


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andymiller

Dave

May not be much use to you as i'm not sure how quickly they can issue the cards but this card is another alternative:

http://www.caxtonfxcard.com/

Oh and if you're worried about getting mugged I keep the bulk of my money in my backpack. (I've thought about putting it in my panniers, or in the seatpost but then if the bike got nicked I'd lose all of my money as well.

jc4lab

Indentify fraud is aslo something to consider...I once left my card details as a deposit on bike hire in Switzerland,and I am sure this lead to an attempt to use it.so be careful who you give details to...I have a hollow trouser belt which I got at the duty free in the airport and it is very good.but not big enough for all your cash....If you worried about muggers then any well travelled backpacker will tell you that can be a mugging rate.which keeps them happy..eg 50$ etc.Always give them something..maybe have two wallets ,one with just a bit of cash or dud credtcard in it and give tto them...,more than mugging it is very easy to simply just lose money as you travel around.. including leaving it in your main luggage then you bag goes astray at the airport..Also being pickpocketed on busy stations and undergrounds in major cities is rife so keep your guard up there..A decent money belt or chained wallet is the best.Even then make sure its pinned shut and hidden in front of you somewhere..

carbonbasedlifeform

My advice:
- Carry a good chunk of cash, but split it in two or three and stow the majority of it deep amongst your kit. Only carry enough in obvious places to a) get by for the day and b) satisfy muggers (see above).

- Your card will work but depending on where you go you will find that foreign machines can be more temperamental (randomly not working - you will be most likely to encounter this in italy), or frankly just fewer and further between. In remoter parts you can go 2-3 days without seeing one.

- So when you do see one, use it. Even if you feel like you've got more or less enough for the time being.

- Tell your bank you're going as well - so they don't block your card, thereby requiring you to make an expensive call home to unlock it.

daviddd

jibi wrote:

Nationwide, their card is free to use in any ATM anywhere

george

George, I've heard of the Nationwide Flexaccount, and have thought I'd open one, but according to threads on the Thorn Tree forum you still have to pay fees at many of the banks you use. Or perhaps this is just in Oz?

jibi

daviddd wrote:

jibi wrote:

Nationwide, their card is free to use in any ATM anywhere

george

George, I've heard of the Nationwide Flexaccount, and have thought I'd open one, but according to threads on the Thorn Tree forum you still have to pay fees at many of the banks you use. Or perhaps this is just in Oz?

I have used the Flexaccount card in several countries, though not Oz yet, and have never been charged.

So I can only speak about personal experiences. If its free in Chile and Argentina I find it strange that it would cost in OZ.

But ........its a strange world.

george

jc4lab

More than worrying losing your money to theft ,muggers and such I have sometimes lost money( and once a railpass) due to naff money belts and neck pouches which can easy open up on iuts own accord when riding due to cheap zips or just not closing them properly ..Sometimes just going through passport comtrol puts you in a tiswas and you suddenly realaise your money belt is open etc.. your neck pouch or money belt needs good reliable fastener and maybe a with a trouser belt through it....On a different note money exhange abroad can be real rip off too.( as happened to me in Madrid & Prague are.charging you 18% commision..)Thats what I call real legalised mugging

top_bhoy

jibi wrote:

daviddd wrote:

jibi wrote:

Nationwide, their card is free to use in any ATM anywhere

george

George, I've heard of the Nationwide Flexaccount, and have thought I'd open one, but according to threads on the Thorn Tree forum you still have to pay fees at many of the banks you use. Or perhaps this is just in Oz?

I have used the Flexaccount card in several countries, though not Oz yet, and have never been charged.

So I can only speak about personal experiences. If its free in Chile and Argentina I find it strange that it would cost in OZ.

But ........its a strange world.

george

I can't confirm whether you will be charged in Oz as I haven't used my UK accounts, but what I will say is that the banks here would charge you for breathing if they could. :P My Oz accounts cost me money per month, using an ATM from another bank costs me money, carrying out a regular payment for a bill ie rent, costs money per transaction......it never ends :x

daviddd

I think I'll stick with the good 'ol Co-op Bank, besides, changing bank accounts is a tortuous process as a rule. Plus the new bank require money to be paid in every month too, and in my case of course I won't be earning any...

camDaveT

We (the wife and I) opened a Nationwide FlexAccount specifically for travelling. She used it for a month's interrailing last year, and I for a bike tour this year.
We move a wodge of money in there before we set off, and then use it for cash and charge other things through the debit card on the account. It makes it easier to work out how much the whole trip cost, rather than disentangling transactions from regular outgoings, and also means that if someone does happen to get hold of the card and details then you can just close the account without affecting anything else.
Not had any difficulties getting money or encountered charges anywhere in Europe, though I can't speak for anywhere else.

daviddd

thanks Dave. I did bite the bullet and my NF is going through at the mo. What you're saying makes good sense. And I hate giving the greedy banks more than they deserve!

wjhall

Just watch out for the conversion to pounds scam, which can even happen with the Nationwide debit card, where you are offered the choice of paying in euros or pounds. (The pounds figure has an extra commission added in, select euros.)

Not only does this cost money, but it causes confusion and delay. One hotel owner in Italy did not know what to do to select the option, and had to go and ask her husband and then read the instructions. Not too surprising she did not know, since this will mostly affect UK travellers, the opportunity to pay more presumably being one of the benefits of not being a Eurozone country.

This is the latest bank devised scan. Time for the UK and EU governments to seek Mr Putins advice on dealing with overmighty subjects?

Otherwise, as pointed out, carry enough cash, split up, to allow for the fact that remote areas do not necessarily have cash machines.

(Easy enough for us UK city dwellers to forget that there is not a cash machine on every corner in the countryside and that not all country pubs take cards!)

daviddd

I can't ever remember being asked Euros or pounds stirling WJ, could you explain further how one has to pay more if converted to stirling? Who gains?

jibi

I have to agree with Davidd here. I have never seen this either.
More info would be most welcome.

I t could be because Nationwide is a Building Society not a bank.

OT
I have two Flexaccounts one for home and one for touring
one of the accounts is linked to Ebanking so I get a better interest rate and I can transfer funds on the internet.
george

wjhall

It is dynamic currency conversion. This year's newest official banking scam, as described in all the papers, for example this Guardian article.

http://money.guardian.co.uk/travel/mone ... 20,00.html

It has only happened to me twice, particularly irritating with a Nationwide card, since the whole point of the NW card is to avoid commissions etc.

The article implies that the retailer is taking the cut, so the hotelliers ignorance could have been feigned.

daviddd

Still not sure I get it - if a foreign retailer accepts my money for goods, they have to convert it to their currency from the Sterling in my bank account somehow?

wjhall

If the retailer bills you in euros, he is paid in euros, and the conversion is done by the bank, credit card company or whoever. This will be at the credit card rate ruling on the day, plus the various commissions charged by the credit card company. For the NW debit card I think the rate used is the commercial rate, possibly the ECB coordinated rate, no doubt NW can say exactly which, and NW do not charge any other commissions.

If you allow the retailer to bill you in sterling, he will do the conversion at a rate that is more favourable to him, and less favourable to you, than the rate used by the credit card company, The difference I was offered was about 3%, which the article implies is kept by the retailer.

The credit card company would then take its merchant commissions etc, as normal.

jibi

I only use the Debit card
Phweeewww

george

wjhall

The scam described appears to be usable with both debit and credit cards. My personal experience was with the debit card.

wjhall

This is the Nationwide explanation:

http://www.nationwide.co.uk/mediacentre ... asp?ID=751

daviddd

Interesting, thanks for your efforts WJ. I don't see Oz listed among the countries put will keep a weather eye open whenever I make a purchase.

Tim Farr

As well as Nationwide - Liverpool Victoria, Saga (you have to be 50) and Caravan Club (have to be a member) are very good credit cards for travelling.

blorg

Nationwide card looks good.

Before Ireland joined the Eurozone I used put my credit card into credit- cash withdrawals in foreign currency were then free of any commission (and obviously interest) and the exchange rate you got was the best anywhere.

Don't know how relevant this might be to UK credit cards.

Withdrawals at an ATM are generally good value, you just need to avoid the per-withdrawal charges.

Magnus Thor

I don't know wich card is best, but I usually have two cards with me when travelling. That means that I can withdraw cash twice from each ATM - neccesary when the withdrawal limit is bugging me. I also maintain a seperate account where the bulk of my funds is kept; an account that has no card and can´t be withdrawn from directly. I only keep sufficient deposit on my cards accounts to get by so that if the cards are stolen or lost I will still have money that can't be touched by the thief. I can even set the main account up so that money is transfered from there periodically, say once per week, so I don't have to get online to do it myself.

I have found that ATM machines are the best way to get hold of the local currency, since they are always open and usually less hassle than dealing with foreign banks.


Magnus Thor
Iceland

JoeLonghair

Just cycled back venice to London over stilvio pass, you will not have any mugging problems, take cash, calculate for staying at a campsite every night, even if you intend on wild camping, and approx £5.00 per day per head for food if you are going to cook your own meal, this includes a bottle of wine. Split up the cash into various places to be safe. I saw so many bike left unattended and un locked. Have a safe journey.

daviddd

As it turned out it was a very simple process to open a Nat Flex account - unlike S*****y's Bank recently (well they were offering 6.5%!) - which took about 2 months and many long phone calls. Apparently this was because I had the temerity to move house while applying....

magfos

All transactions on credit or debit cards in Oz will be in Australian dollars which will then be converted to Sterling or whatever through the banking system. You will be charged a fee of some kind for all cash withdrawals using a "foreign" card.

Nearly every town or village has a money machine some where even if there is no bank - usually at the local pub or sporting club.

Whenever we travel overseas, we take a number of cards. Credit cards into which we placed cash, other credit cards and Maestro/Sirrus cards. Having a card swallowed by a machine or cancelled because of transactions by a dishonest merchant is bad enough when you are near home but it is a much bigger problem when you are thousands of kilometres from home.

daviddd

quite - I will have at least 1 back-up card.