Latest news with #AndrewHagger
Yahoo
23-05-2025
- Business
- Yahoo
The best bank cards to use abroad
Before going abroad, it's important to make sure you have the best payment card with you, or your holiday spending could quickly start racking up hefty fees. Some providers issue fees of around 3pc added to all foreign purchases, and ATM withdrawals can also attract instant fees and interest. Fortunately, a range of debit and credit cards offer fee-free spending and cash withdrawals abroad. Some even offer additional perks including cashback, meaning banks will pay you to spend rather than the other way around. Rachel Springall, of financial analyst Moneyfacts, said: 'Holidaymakers looking to make their cash go further should apply for a credit card designed for use abroad, or open a current account with a debit card which does not charge for making withdrawals.' Here, Telegraph Money takes a closer look at the best bank cards to take on your next holiday. Top travel credit cards Top travel debit cards Are credit or debit cards a better option to use abroad? How much could a travel bank card save you? FAQs The key to finding a good travel credit card is making sure it doesn't charge foreign spending fees. You may prefer to use a credit card while abroad due to the Section 75 protection they offer. If something goes wrong, you can reclaim the value of purchases between £100 and £30,000 from your credit card provider. Andrew Hagger, of personal finance website MoneyComms, said: 'Unlike most credit cards, Barclaycard Rewards doesn't charge any fees or interest charges on purchases overseas or cash withdrawals, provided you pay your statement in full by the due date.' As a small added bonus, you also get 0.25pc cashback on your spending. Applicants for this card must be over 21, and have a minimum annual income of £20,000. It has a representative APR of 28.9pc based on a £1,200 credit limit. Halifax's Clarity card is another favourite with holidaymakers, as there is no exchange rate mark-up for purchases or ATM transactions. That said, you will pay up to 28.94pc interest on any cash withdrawals. This begins the moment they are made. Mr Hagger added: 'On a £100 ATM withdrawal, this will work out at around £2.30 over 30 days.' There are several debit card options to use abroad too; the best ones will also let you spend and withdraw cash fee-free. The debit card from Chase is fee-free for spending at home or abroad, and pays you 1pc cashback on most purchases, even when you're away. This means that for many, it's likely to be the best pick for which card to use abroad. Chase lets you take out up to £500 per day, and £1,500 per month. Spending and cash withdrawals abroad are fee-free with Monzo, but there may be limits to the amount of cash you can withdraw before fees kick in. If Monzo's free account is not your main bank: £400 fee-free every 30 days in the UK and EEA, 3pc afterwards; £200 fee-free every 30 days outside EEA, 3pc afterwards If Monzo's free account is your main bank: Unlimited fee-free withdrawals in UK and EEA; £200 fee-free every 30 days outside EEA, 3pc afterwards Monzo Plus (comes with monthly fees): Unlimited fee-free withdrawals in UK and EEA; £400 fee-free every 30 days outside EEA, 3pc afterwards Monzo Premium, Perks and Max (comes with monthly fees): Unlimited fee-free withdrawals in UK and EEA; £600 fee-free every 30 days outside EEA, 3pc afterwards. Starling is another popular app-only bank. Again, no fees are charged on spending or cash withdrawals when you're abroad – but ATM withdrawals are capped at £300 a day. If you don't want to take out a new credit card or open a new bank account, Currensea might be a good option. Mr Hagger says: 'Currensea provides you with a Mastercard that you link to your existing current account. The beauty is, you don't have to worry about pre-loading with euros or dollars before you set off.' According to its website you cannot yet link up with Co-op Bank, Metro Bank, Danske Bank or the Bank of Ireland. There are three price plans to choose from. The essential package has no annual fee, but charges 0.5pc foreign exchange charge on both purchases and ATM withdrawals. There are no additional charges for the first £500 cash withdrawals each month, but anything above this monthly limit attracts a 2pc fee. The premium plan is £25 annually and the elite plan costs £120 per year. Mr Hagger said these might suit frequent travellers as they come with lower foreign exchange rates and additional features. Both credit and debit cars are viable options for using abroad, but there are pros and cons for each. Credit cards are useful for deposits when preparing to travel, for example if you are renting a car. If you're travelling for business, a credit card may also be the better option thanks to the increased protection and insurance, longer payment terms and the opportunity to earn points. For all travellers, credit cards offer more robust protection against fraud and scams. However, if you have a debit card with one of the challenger banks, such as Monzo or Starling, you can spend fee-free. In this case, a debit card may be the better option but it's worht checking the terms before you jet off. Depending on how long your trip is, foreign transaction fees could potentially add hundreds of pounds to your holiday spending. There are three charges that could be added to your foreign transactions by your credit or debit card provider: non-sterling transaction fee ATM fee spending charge. Some might charge just one of these, while others will charge all three. For credit or debit card purchases – such as buying a meal at a restaurant – non-sterling transaction fees are usually around 3pc. This may be charged in addition to a spending charge, which is usually between 50p and £1.50. Paying £100 for a meal while you're away, for example, could therefore cost you up to £104.50 once the additional costs are added. These fees can seriously add up, especially when making smaller purchases. If you make five transactions in a day, you could be looking at £7.50 in spending charges alone, plus the non-sterling transaction fee. ATM fees vary between providers, but you could end up paying a cash advance interest – and in some cases this is charged every day until you pay it off. A non-sterling cash fee is usually around 3pc, with a minimum charge of £3. This means even a small cash withdrawal of £20 could cost £23 plus interest. The good news is, there are lots of ways to avoid these charges altogether – you just need to have the right card for the job. Prepaid cards can work well if you want to stick to a strict budget on your trip, as you can load up the card before you go – either in sterling or your chosen currency – and then it's ready to spend while you're away. Some popular options include: Post Office Travel Money Card. It allows you to carry up to 22 currencies, and can be managed via an app should you want to move your cash around. It also syncs up with Apple Pay and Google Pay if you want to make transactions via your phone or smartwatch. You'll use the Post Office exchange rate and there are no spending charges. FairFX multi-currency card is another good alternative, as there is no exchange rate mark up for the 21 currencies available to load on the card. There is, however, a £1 fee on all ATM withdrawals. Another fee to watch out for is inactivity fees. This card charges £2 per month on any remaining balance if it's left loaded after its expiry date. EasyFX card doesn't charge for ATM withdrawals or to load your card. However, if you lose it and need a replacement there is a £6 charge, and it will also take £2 per month if the card hasn't been used for more than 12 months. If you're given the option of paying in sterling, as opposed to the local currency, whether you're in a shop, restaurant or other outlet during your holiday, you should always say no. Opting to pay in sterling means you're giving the card payment provider the chance to decide the exchange rate, via a process known as 'dynamic currency conversion'. The rate is unlikely to be in your favour. Matt Sanders, of Money, said: 'In most cases you will get a better currency rate from your card provider, so if you are presented with the option of paying in pounds, opt against it, as it may cost you more.' Wind the clock back 10 or 20 years ago, and hardly anyone would be considering regularly using your debit or credit card abroad – instead, travel wallets would be stuffed with foreign currency, and even a few traveller's cheques. Cash use is in decline in the majority of holiday destinations, but is it still worth taking at least a little cash with you? This will largely depend on the destination; you probably won't need as much cash if you're visiting Sweden than, say, a remote town that is yet to catch up with the contactless revolution. 'There's not a great need to carry a large quantity these days,' said Mr Hagger, 'although some people like to carry a little for tipping taxi drivers, room cleaners or in bars or restaurants.' It can be stressful if your card is lost while travelling, but you have options. The first thing to do is to tell your bank that it has been lost or stolen, to ensure no one else can access your money. Emergency phone lines are generally open 24 hours a day, seven days a week. But you may be charged for calls made outside of the UK. Many banks offer access to emergency cash while you're abroad. Barclays promise that funds will reach you within three days, for instance. It can be a good idea to tell your bank where you are going before your travels to prevent normal activity alerting fraud monitoring systems as suspicious. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
Telegraph
20-05-2025
- Business
- Telegraph
Highest ever bank switching offer launches – should you do it?
TSB has launched a new current account switching deal, offering the highest value bonus yet. New customers could earn up to £310 in rewards, one of the most valuable to be offered by a bank for switching. However, it won't all be paid in cash, and you'll have to wait several months – and jump through several hoops – to benefit from the full amount. Andrew Hagger, personal finance expert from said: 'The headline deal sounds great, but it's important to break down the details of this deal as it's far from a straightforward instant £310 being paid into your bank account.' At any one time, you'll usually be able to find at least a couple of current account switching perks on offer, often giving you the chance to bag some free cash with just a few clicks. Commonly, these are worth between £100-£200. Here, Telegraph Money explains the fine print of the TSB offer to help you weigh up whether it's worth moving your account: How to get the rewards In order to qualify for the incentive, you will need to switch to a TSB Spend & Save current account by July 19. You'll need to do this via the Current Account Switch Service (Cass), which covers most major UK bank providers. You'll receive the £100 cash switching bonus if you log in to the TSB banking app and make five payments on your TSB debit card before July 19. The money will be paid between August 2 and August16. A spokesman said the bank was 'pleased to be able to reward new customers'. The other rewards will take longer to earn. For the first six months of holding the account, you can get up to £15 in triple cashback for each month you make at least 20 debit card payments – which can earn you a total of £90. But is a 'fairly big ask', according to Hagger. The final part of the reward will only be granted if you qualified for a switching bonus and make at least 20 debit card transactions in December. Come January 2026, and you'll also be able to choose a 'treat' – which is either a £120 hotel voucher or access to 12 months of tickets for various UK attractions. Mr Hagger said: 'TSB is being quite clever. It's not paying the £310 upfront, and instead is making sure customers have to stick around for at least six months and use their card very frequently. 'The deal will appeal to some, but not the army of switchers who like to bag their cashback and quickly move on to the next bank offering a cash freebie.' Drawbacks of the deal Alongside the hoops you have to jump through to earn the £310 – and how long it will take to earn it – there are other considerations to keep in mind. In 2018, TSB suffered reputational damage after an IT meltdown locked millions of customers out of accounts for weeks. The bank was later fined £49m for the chaos that followed an attempt to move data to a different computer system. The Financial Conduct Authority said 'a significant proportion of its 5.2m customers were affected by the initial issues'. TSB apologised at the time. Robin Bulloch, the bank's chief, told the Guardian they have 'worked hard to put things right for customers then, and have since transformed our business'. Should you switch elsewhere instead? There are other current account switching deals which are open at the moment, so it's worth checking them out before committing. First Direct's lucrative £175 deal is still on offer, which opens the door to a £250 0pc overdraft, a linked 7pc regular saver and fee-free overseas spending. To qualify, customers must switch at least two direct debits or standing orders, pay in £1,000 and make five card payments within 45 days of opening the account. However, you can't get the bonus if you've held a First Direct account before, or if you've opened an account with HSBC since January 1, 2018. Meanwhile, NatWest is offering £150 for opening a reward account if you pay in £1,250 and log in to mobile banking within 60 days of opening a new account. If you're planning on sticking with the account you switch to, Co-op Bank is offering £175 if you stay for three months. However there are considerable terms and conditions to bear in mind. You must deposit £1,000, have two direct debits, register for online banking and make at least ten transactions. You can also receive £25 a month for three months if you meet further requirements. You might need to act quickly for offers you like the look of. Rachel Springall, from said: 'Switching bonuses come and go. There is no guarantee such lucrative perks will remain on offer forever.' That being said, it's also important to research any deals carefully before making any decision. She added: 'Consumers may be tempted to grab a free cash perk, but it is imperative you weigh up the overall package on offer before committing to any new account.'
Scottish Sun
10-05-2025
- Business
- Scottish Sun
The ATM rule you need to follow when abroad and best credit and debt cards for summer holidays
Read on to find out which credit and debit card you should pack for your next getaway DON'T GET BURNT The ATM rule you need to follow when abroad and best credit and debt cards for summer holidays CREDIT and debit cards can charge you a fee of up to 5 per cent to use your card abroad. And it can cost £5 extra to withdraw money from an ATM while on holiday. Advertisement 1 You could be hit with a surprise bill if you bring the wrong card while on holiday Credit: Getty Andrew Hagger, personal finance expert at said: 'Taking the right plastic with you on your travels can end up saving you a decent sum over the course of a week or two overseas, so it's worth checking what your bank card charges you before you jet off.' Adele Cooke explains how to get your summer wallet ready - and the ATM rule you need to follow. Debit card It can be easy to use your debit card while on holiday but doing so could land you with a surprise bill. For example, Lloyds Bank charges customers who use their debit card abroad a 2.99 per cent foreign transaction fee. Advertisement This would cost you £2.99 for every £100 you spend. But some cards do not charge fees when you use them abroad, so you can spend as you do at home. Several big banks offer cards without overseas fees, so it's worth shopping around to get the best deal. First Direct does not charge fees to pay with its debit card while abroad and there is no penalty to withdraw cash from an ATM. Advertisement Santander customers with an Edge current account do not pay any fees when using the card to make purchases or withdraw cash while overseas. But the account has a £3 fee and you must pay at least £500 into your account each month. Avoid these common holiday booking mistakes for a stress-free vacation Meanwhile, Starling does not charge a fee to use its card or withdraw cash while on holiday. Keep an eye out for cards that offer Visa, Interbank or Mastercard exchange rates as these will give you the best conversion. Advertisement Other cards charge a mark up on top of the exchange rate to cover some of their costs. You can compare credit cards using websites including or Compare the Market. How to avoid roaming charges Simrat Sharma, a mobiles expert at Uswitch, said switching to an eSIM - short for embedded SIM - can be cheaper than using international roaming. 'eSIMs make it easier to change networks," she said. "So for example, if you're abroad you can quickly connect to the local network to pay local rates - without having to add or swap a physical local SIM card for your device. "This means travel eSIMs are almost always cheaper than using international roaming, as users are effectively tapping into the same network plans as locals. If you're regularly switching numbers or travelling to different locations, you'll be able to keep them all safely in digital format rather than carrying around a number of small cards. 'The software can easily be accessed via your device's app store and uploaded to your phone in a few quick steps." Credit card Many credit cards also charge foreign transaction fees of around 3%, which would add £1.50 to the cost of a £50 meal out. But there are several credit cards that let you withdraw money from ATMs or spend in shops and restaurants fee-free. Advertisement The Barclaycard Rewards Card does not charge you transaction fees when you are abroad. It uses Visa's exchange rate, so you will get the best value on conversions. Meanwhile, the NatWest Credit Card does not charge a transaction fee so you can spend abroad without paying a penalty. A credit card can also give you extra protection if something goes wrong while you are away. Advertisement Rachel Springall, finance expert at said: 'A credit card will also protect spenders under Section 75 of the Consumer Credit Act on purchases between £100 and £30,000 if a service or goods are not provided or damaged.' Pre-paid card A pre-paid card can be a good option if you want to keep an eye on your holiday budget. The cards are not linked to your bank account so you need to top them up before your trip. This means that you cannot become overdrawn and can lock in an exchange rate before you travel. Advertisement But some places may not accept the cards, warns Reena Sewraz, Which? retail editor. She said: 'A fee-free credit card is useful if you're planning to hire a car, as many operators don't accept prepaid travel cards.' Some prepaid cards may also have hidden fees. The Post Office Travel Money Card lets you load up to 22 currencies onto the card and spend cash abroad fee-free. Advertisement But you will be charged 2 euros to withdraw cash at an ATM. You can load 15 currencies onto the Asda Travel Money Card and spend and withdraw cash without fees. Watch out for the inactivity fee, which is £2 a month. Avoid one button You could lose cash by making the wrong choice at foreign ATMs or tills. Advertisement Cash machines abroad usually give you the option to pay in pounds or the local currency. But paying in pounds could cost you more. This is because the overseas bank will do the conversion to pounds and the rates are usually unfavourable. You will usually get a better rate by paying in the local currency. Advertisement Cash is king You should carry some cash with you when travelling abroad. Andy Coley, 49, from London wished he had exchanged cash before his business trip to Istanbul, Turkey, in March. The leadership development trainer was hit with high fees to withdraw cash from an ATM. Andy packed his Post Office Travel Card, which he often uses when abroad. Advertisement But he found most shops and restaurants in Istanbul would not accept the card. Andy was forced to withdraw £500 in cash from an ATM, which cost him £37 in fees. He said: 'I would definitely travel with cash in the future and do a bit more local research.' You can compare the rates on offer at different currency exchanges using Money Saving Expert's online tool. Advertisement The cheapest place to buy currency may depend on which type you want, so check the rates before you head to a bureau du change. Do not exchange cash at the airport as you may get a bad exchange rate. Never withdraw currency using a credit card as you may be charged a high interest rate or fees. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Advertisement Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
Yahoo
06-02-2025
- Business
- Yahoo
Loyalty to account providers does not pay, savers warned following base rate cut
Savers are being warned that loyalty to their account provider does not pay, following Thursday's base rate cut. According to financial information website the average easy access savings rate on the market at the start of February was 2.92%, down from 3.17% a year earlier. The Bank of England base rate was cut by 0.25 percentage points to 4.5% on Thursday, sparking calls for savers to shop around to grab the top deals while they can. Rachel Springall, a finance expert at said: 'Savers who rely on their cash savings to boost their income are at the mercy of lower interest rates. 'It has already been proven that cuts to the Bank of England base rate set the wheels in motion for the biggest banks in the country to cut rates, showing loyalty does not pay.' Andrew Hagger, founder of said: 'Savers will see easy access savings rates edging lower, so should check out the best buys and switch to a better rate if their bank is offering a sub-standard deal. 'If you're thinking of putting some cash away for a year or two in a fixed-rate bond or Isa, now would be a sensible time to lock in at current levels while you still can.' Sarah Coles, head of personal finance, Hargreaves Lansdown, said the rate cut could 'blow some of the froth off the easy access cash Isa market', which she said 'has been incredibly competitive recently, with plenty of banks offering more on easy access cash Isa then their equivalent savings accounts'. 'We could see the number of deals over 5% pull back, despite the fact that we're heading firmly into the traditional Isa season.' The reduction also comes at a time when Starling Bank is set to remove the interest rate paid on personal and joint current accounts on February 10. People can still earn interest on balances up to £5,000 until that date. The bank has launched an Easy Saver, which customers can make deposits in from their personal current account, earning 4% AER (annual equivalent rate) variable on balances of up to £1 million. A rate of 3.25% AER has been paid on balances up to £5,000 on its current account. Starling said customers were notified in November 2024 and can still benefit from the account's other features. All Starling Bank personal current account customers can apply for an Easy Saver account, with the ability to open one being subject to meeting eligibility criteria. Alastair Douglas, TotallyMoney chief executive officer, said: 'Just remember that loyalty doesn't pay, but moving your money can.'
The Independent
06-02-2025
- Business
- The Independent
Loyalty to account providers does not pay, savers warned following base rate cut
Savers are being warned that loyalty to their account provider does not pay, following Thursday's base rate cut. According to financial information website the average easy access savings rate on the market at the start of February was 2.92%, down from 3.17% a year earlier. The Bank of England base rate was cut by 0.25 percentage points to 4.5% on Thursday, sparking calls for savers to shop around to grab the top deals while they can. It has already been proven that cuts to the Bank of England base rate set the wheels in motion for the biggest banks in the country to cut rates, showing loyalty does not pay Rachel Springall, Moneyfacts Rachel Springall, a finance expert at said: 'Savers who rely on their cash savings to boost their income are at the mercy of lower interest rates. 'It has already been proven that cuts to the Bank of England base rate set the wheels in motion for the biggest banks in the country to cut rates, showing loyalty does not pay.' Andrew Hagger, founder of said: 'Savers will see easy access savings rates edging lower, so should check out the best buys and switch to a better rate if their bank is offering a sub-standard deal. 'If you're thinking of putting some cash away for a year or two in a fixed-rate bond or Isa, now would be a sensible time to lock in at current levels while you still can.' Sarah Coles, head of personal finance, Hargreaves Lansdown, said the rate cut could 'blow some of the froth off the easy access cash Isa market', which she said 'has been incredibly competitive recently, with plenty of banks offering more on easy access cash Isa then their equivalent savings accounts'. 'We could see the number of deals over 5% pull back, despite the fact that we're heading firmly into the traditional Isa season.' The reduction also comes at a time when Starling Bank is set to remove the interest rate paid on personal and joint current accounts on February 10. People can still earn interest on balances up to £5,000 until that date. The bank has launched an Easy Saver, which customers can make deposits in from their personal current account, earning 4% AER (annual equivalent rate) variable on balances of up to £1 million. A rate of 3.25% AER has been paid on balances up to £5,000 on its current account. Starling said customers were notified in November 2024 and can still benefit from the account's other features. All Starling Bank personal current account customers can apply for an Easy Saver account, with the ability to open one being subject to meeting eligibility criteria. Alastair Douglas, TotallyMoney chief executive officer, said: 'Just remember that loyalty doesn't pay, but moving your money can.'
