UK banking - Non-Sterling Transaction Fees

Posted by: naim_nymph on 24 April 2013

My bank has recently started applying a “Non-Sterling Transaction Fee” of 2.95% on any overseas purchases on my credit card. Not so long ago they didn't do this.

 

I know some cards don’t apply this fee, these include: Post Office, SAV Credit, Halifax, Nationwide, Metro Bank, and probably others too, but don’t know if they have any other charges or unpleasant conditions lurking around the corner to catch you unawares… [such as a annual fee]

But every time i now use my credit card to buy from an overseas trader [nearly always jpc Germany in my case] i will have to pay the 2.95% fee to go towards the bankers bonus fund.

Don’t like the idea of that somehow : (

 

I always pay off my credit card balance quickly to avoid paying any interest, but need to have a credit card for secure purchasing protection aboard.

 

Do any of you money experts have any good recommendations for a good credit card to transfer over to?

 

Any good advice appreciated with thanks!

 

Debs

Posted on: 24 April 2013 by Mike-B

Hi Debs,  I always use AmEx as much as possible for travel & overseas payments.  One thing going for them that beats the others is they are very competitive with FEX. I purchased some South African ZAR a few weeks ago & got 13.25 to 13.60 over 3 days compared to 13.15 & 13.18 from MC

Posted on: 24 April 2013 by Gavin B

Which? list many of those you mention as good for foreign transactions.  I'll try to remember to check whether they have fees.  I don't think so, but I'll check.

Posted on: 24 April 2013 by prt555

Have a look at the page on moneysavingexpert.com that compares the overseas loading of numerous credit & debit cards:-

 

http://www.moneysavingexpert.c...l/cheap-travel-money

Posted on: 24 April 2013 by mista h

Hello Debs

I find most banks dont do you any favours these days. If you dont spend a lot of money abroad then TBH you now just have to put up with it(the charges)

About 20 years ago i was getting ripped off big time on our holiday flat we own and did a fair bit of research into this. To cut a long story short i opened up a Euro account with a European Bank,and all our charges(rates,lecky etc) comes strait out of that by D/D,and this has proved by far the cheapest method. But this is a lot of grief if you only spend small amounts of money in Euros.

Mista h