Payments while overseas

[Dolby]

I'm going to Europe for 2 weeks and looking at the best (cost effective) way to pay.

I was initially looking at the FNB Cash Passport (https://www.fnb.co.za/forex/travel/cash-passport.html) as I've heard that's the most cost effective way - but it really does seem pretty expensive! I guess the positive here, is locking in your exchange rate to assist with budgeting ? But that 4% can still be R800.00 fees ....





Also, seems I can link my credit card to a global account - only 2,75% conversion fee with no cost per swipe? ATM Withdrawals are twice the price though :/



Then a 3rd option popped up ... Capitec ... which zero conversion fees !



Is there anything I'm missing in these 3 options ?
Maybe a 4th option I should look at ?

 

[SauRoNZA]

I've always just swiped my standard card without any issue and the fees have never been outrageous enough to bother me.

However I do draw cash only once at an ATM and then when I leave my hotel I get rid of anything I have left to pay my bills and be rid of the foreign currency.

Unless you really travel very very regularly these special global cards don't really make much sense.

 

[Gtx Gaming]

Get EUR global account, if you going to be using EUR mostly, 99% shops accept cards.

Only had to get cash once, for the local ice cream shop

And you also get 4% back in ebucks using the global account.

 

[jman]

I've gotten a Capitec account for this purpose. No currency conversion fees. I believe it's the cheapest way to transact overseas

 

[Dolby]

I've always just swiped my standard card without any issue and the fees have never been outrageous enough to bother me

I've checked a little more and almost every bank have currency conversion fees - except Capitec.

My own FNB credit card is 2.75% and can easily be R600.00+ conversion over the time. It's not massive - but it appears that with Capitec this fee is zero., so happy to save the cash
The FNB Cash Passport appears to be 4% (unsure how much to load) and the Swype Cash Passport is 2.77% convert + 2.10% load. It seems the main advantage of these cards is locking in a rate ?

https://www.capitecbank.co.za/bankb...s/travel-better-with-your-capitec-credit-card

 

[Dolby]

I've gotten a Capitec account for this purpose. No currency conversion fees. I believe it's the cheapest way to transact overseas

I had no idea that Capitec was so affordable overseas ...

 

[Dolby]

And you also get 4% back in ebucks using the global account.

It could work with the ebucks - I'll explore the other costs. They have a 2.75% charge (so 1.25% cheaper than Capitec if I take ebucks into account)

 

[Gtx Gaming]

It could work with the ebucks - I'll explore the other costs. They have a 2.75% charge (so 1.25% cheaper than Capitec if I take ebucks into account)

Indeed remember there no conversion charge If swipe for eur in the eur global card.

 

[RedViking]

Just use Credit Card?

DON'T FORGET to inform your bank that you will be going to another country and they must remove the geographical restrictions on the card.

 

[travcaine]

Fnb global account works well. Also free access to airport lounges around the world with the card and lounge key

 

[Snyper564]

Fnb global account works well. Also free access to airport lounges around the world with the card and lounge key

Mine is primed and ready for trip to france at the end of the month

 

[Dolby]

Just use Credit Card?

DON'T FORGET to inform your bank that you will be going to another country and they must remove the geographical restrictions on the card.

I was looking for the most cost effective and as per previous post, that's R600.00+ vs R0.00

 

[Dolby]

Indeed remember there no conversion charge If swipe for eur in the eur global card.

But there must be a point you pay that 2.75% , as it get's converted at some stage to Euro ?

 

[jman]

But there must be a point you pay that 2.75% , as it get's converted at some stage to Euro ?

Yeah they'll be charging you in the spread that you get when buying the euro. (i.e. a worse rate).

 

[Gtx Gaming]

But there must be a point you pay that 2.75% , as it get's converted at some stage to Euro ?

You pay a conversion change to transfer money to the account.
After that no conversion charges if you use it for EUR.

 

[SauRoNZA]

I've checked a little more and almost every bank have currency conversion fees - except Capitec.

My own FNB credit card is 2.75% and can easily be R600.00+ conversion over the time. It's not massive - but it appears that with Capitec this fee is zero., so happy to save the cash
The FNB Cash Passport appears to be 4% (unsure how much to load) and the Swype Cash Passport is 2.77% convert + 2.10% load. It seems the main advantage of these cards is locking in a rate ?

https://www.capitecbank.co.za/bankb...s/travel-better-with-your-capitec-credit-card

Yeah quite honestly I can't figure how Capitec do it short of absorbing the charges as a short term new business strategy that will be canned at some point.

I generally travel for work so I do bill it all back at the total charges paid so I don't care too much over it.

 

[Dolby]

... and a credit card at only 10.25% interest!

No currency conversation fee AND a low interest rate

 

[bwana]

Yeah quite honestly I can't figure how Capitec do it short of absorbing the charges as a short term new business strategy that will be canned at some point.

I generally travel for work so I do bill it all back at the total charges paid so I don't care too much over it.

What rate do they use for the conversion and how does that compare to other banks?

 

[Gtx Gaming]

What rate do they use for the conversion and how does that compare to other banks?

0.2% it's only the Mastercard fee.

 

[bwana]

0.2% it's only the Mastercard fee.

I mean the forex rate they use to do the conversion.