Getting your Euros

[whaleywanderer]

After a couple of years of using the Nationwide flex debit card to obtain my Euros (fee's free) in ATMs, I was dismayed when Nationwide advised that from 1st November they are starting to make a charge.

So the trawling started to try to find the next best alternative, there were cards that were fee's free but then charged a % of the cash that was drawn. My search was not very successful until..................................... I bank with Santander and came across a leaflet that said (in small print!) if you have a Santander debit card, you can use it in Santander cash machines in Spain without incurring any charges, when offered the choice 'Euros or sterling' you must choose Euros.

I contacted Santander to check this information and they confirmed that this was the case, if you regularly deposit a minimum of £1000 per month into the account. You do, however, have to notify Santander when you are going so that they can authorise the card to be used abroad.

I intend to use my card during my next visit and will report if I have any problems but hoping that it should work as the Nationwide one did, giving the benefit of getting the interbank rate.

I know there is a Santander branch in PP but not sure if they have a cash machine, it may involve a trip to Alcudia, perhaps one of the locals would be good enough to check this out.

 

[Lorenzo]

Santander cashpoint in PP

Hi Whaley - there is definitely a Banco Santander with a cashpoint in PP. It's just up from the roundabout by the marina on Jaume XX111.
It will be interesting to know if you do get fee-free withdrawals this way - keep us posted!

 

[Gommar Goffer]

Does anyone out there with a Spanish bank account use any of the specialist Foreign Exchange companies to transfer funds?

In theory you would get a better exchange rate than the bank rate and normally transactions are free.

You would also benefit from being able to Spot Fix rates for future transfers when the rate is good.

I am talking about companies such as Smart Currency or Cambridge FX, etc.

 

[clinkham]

...leaflet that said (in small print!) if you have a Santander debit card, you can use it in Santander cash machines in Spain without incurring any charges, when offered the choice 'Euros or sterling' you must choose Euros.

I contacted Santander to check this information and they confirmed that this was the case, if you regularly deposit a minimum of £1000 per month into the account. You do, however, have to notify Santander when you are going so that they can authorise the card to be used abroad.

Digging in the depths of the Santander website I found this in the FAQ's headed 'Current Accounts'

""What charges apply if I use a Santander Cash Machine in Spain?

All main adult current accounts (those which are credited with at least £1,000 per month) could benefit from free cash machine withdrawals in Spain. Simply use your Santander Debit Card in a Santander branded cash machine in Spain to receive the withdrawal fee free. This means: No Cash Handling Fee AND (Santanders capitals) No Foreign Exchange Fee will be charged.

Details correct as at 25 October 2010""

Note the "could benefit from free.."

A decision to change from Nationwide to Santander could well be decided on the value you would put on the free annual travel insurance (which is in place of free transactions) and the possible costs of using the Nationwide card. Plus the undoubted aggravation of swapping banks. I saw somewhere that although Nationwide will be charging, they will be about the cheapest of the banks that do charge for transactions. Still

The Santander Zero Creditcard, obtainable if you have a Santander current account, is fee free for foreign transactions. Quote "0% of the amount of any transaction in a foreign currency"

 

[Rangers1]

You could load a travelex card via their website rate is usually good and no ATM fees and you can pay resturant bills with it as well i find its a great option. But only order via the travelex website the ones form the post office travel agents etc do charge.

Gordon

 

[pollensa]

You could load a travelex card via their website rate is usually good and no ATM fees and you can pay resturant bills with it as well i find its a great option. But only order via the travelex website the ones form the post office travel agents etc do charge.

Gordon

If you are interested in travelex, do see Foreign Currency in Majorca - Euros

 

[its cd]

Clinkham ..... you don't have to actually transfer your current account, you can just set up a new Santander account and a transfer of £1000 a month over from your existing current account and then set up a DD to transfer some of the money back a week later or just pick your biggest bill and set up a DD for that ( ours is the credit card as we use a shared card and put absolutely everything on it ) ...... that way you meet the qualifying requirements without any of the hassle of changing your bank account ...... see my other post under Euro Rates for more details

 

[clinkham]

Clinkham ..... you don't have to actually transfer your current account, you can just set up a new Santander account and a transfer of £1000 a month over from your existing current account and then set up a DD to transfer some of the money back a week later or just pick your biggest bill and set up a DD for that ( ours is the credit card as we use a shared card and put absolutely everything on it ) ...... that way you meet the qualifying requirements without any of the hassle of changing your bank account ...... see my other post under Euro Rates for more details

There's some very devious people on this forum

 

[edward]

Nationwide Credit cards

Nationwide credit card can be used in Europe without any charges but do not use for cash withdrawals (like at home).Most places will take credit cards only a few will not. Debit cards still can be used at a very good rate for some cash, i still got 1.20 in Sept. 2010

 

[whaleywanderer]

Nationwide credit card can be used in Europe without any charges but do not use for cash withdrawals (like at home).Most places will take credit cards only a few will not. Debit cards still can be used at a very good rate for some cash, i still got 1.20 in Sept. 2010

The rate has always been good and will still give whatever the bank rate is on the day but as I said earlier as from 1st Nov Nationwide are charging a fee for cash withdrawals using their debit card, which makes using it less of an attractive option.

I know they are now offering free travel insurance instead (which is not free if you are over a certain age or have medical issues) but travel insurance can be obtained very cheaply anyway, so I'm afraid Nationwide have lost me as a customer and I would imagine I'm not alone.