NATWEST is scrapping charges for spending abroad on some of its credit and debit cards.
Debit and credit card users won’t have to pay non-sterling transaction fees on purchases abroad until September 2.
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The fee is usually 2.75% – so it means you could save a fair amount if you are flashing the plastic while on holiday this summer.
NatWest’s deal doesn’t apply for ATM withdrawals and local fees may still apply, so be sure to check the terms and conditions before you start spending.
How to register your card
You can register your card for travel in the app 24 hours before you go abroad.
To do this you should:
- Enter the details of your trip in the “Home” section of the app
- Choose your account
- Go to “Manage my card & Google Pay”
- Then click the “Going Abroad” and the “Register card” section of the mobile app.
You can only register one trip at a time – so if you’ve got more than one holiday lined up, you’ll need to repeat this each time.
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It can include up to seven countries and last 90 days, but you’ll need to register each country you are visiting.
NatWest said it is useful for customers to register their card through the mobile app so the bank knows it is them spending abroad rather than a fraudster.
However, they said there isn’t any need to register a card to receive the fee free transactions.
What other cards can you use abroad?
Many standard debit and credit cards will charge you an extra fee for spending abroad.
But specific travel credit cards work by not charging fees when converting foreign currency into pound sterling.
You can shop around for the best deals using price comparison sites like MoneySuperMarket or Confused.com.
Some examples of cards without fees include Halifax’s Clarity Credit Card Mastercard which has a Non-sterling transaction fee and a 0% Non-sterling cash withdrawal fee. This card has a representative APR of 19.9%
And the Virgin Money Travel Credit Card Master has a Non-sterling transaction fee and a 0% Non-sterling cash withdrawal fee. This card has a representative APR of 21.9%.
Remember, if you are spending on a credit card, be sure to clear the balance in full at the end of the month or you’ll be charged interest.
How else can I save money when spending abroad?
If you prefer to use cash when abroad, make sure you buy your currency in advance.
Buying your dollars, euros or any other currency at the airport will always be more expensive.
This is because exchange rates are much worse if you leave it until you’re in the departure lounge.
You can use MoneySavingExpert’s website TravelMoneyMax to find the best exchange rates.
Another tip is that if you’re taking money out of the ATM while abroad, make sure you’ve checked what the charges are.
And always watch out for is which currency you choose to pay in – select the local currency rather than sterling if you’re asked to avoid extra fees.
