Rob discusses the frustration of being charged excessive fees by banks when using debit or credit cards abroad. He shares his personal experience of being in Mexico for an extended period and wanting to find the best banking options to avoid unnecessary charges.
Avoid using standard debit cards from banks like TSB, Bank of Scotland, Lloyds, and Halifax when traveling abroad, as they charge high fees for cash withdrawals and spending.
Consider using debit cards like First Direct, Chase, or Starling for fee-free overseas spending and ATM withdrawals. These cards have no non-sterling transaction fees, non-sterling cash fees, or ATM withdrawal fees.
For credit cards, the Barclaycard Rewards Credit Card (Visa) and Halifax Clarity Mastercard are recommended for use abroad. Both cards offer fee-free spending and competitive exchange rates. However, it is advised not to withdraw cash using credit cards due to high interest rates.
Research and compare different cards to find the best option for your specific needs and preferences.
"Are you fed up with getting screwed over by your bank left, right and centre when you're abroad and you are getting fee after fee after fee just for withdrawing your own cash or spending your own cash?"
"I like the best deal that I can possibly get, especially when it comes to being able to live my life as normally as I can in a different country."
"So there are obviously loads and loads of credit cards and debit cards out there. All of them are going to have their pros and cons."
"Be smarter and you'll end up saving quite a bit of currency in the long run."
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ABOUT THE HOST
Rob Smallbone is the author of the Amazon best-seller Buy-To-Let: How To Get Started as well as 101 Top Property Tips and Property FAQ’s.
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Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
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