Why take cash?

[wayneg]

Last few trips I have only used credit card when in US, just taken minimal cash for tips tolls etc.
I just wondered what reasons there are still to take 1000's of Dollars in cash and TC's, unless you don't own a CC I see no reasons.

Example transation on Barclaycard CC on 17th July 2006
$274.75, Commision charge £4.15 cost on card £155.17

If I had exchanged £274.75 in a local exchange on this date It would have cost me £156.67 the rate was $1.76 locally.

Yes barclaycard take 2.75% commision but they work on genuine exchange rates not tourist rate
This transaction saved me £1.50 by using CC, My holiday last year saved me £50 over the 3 weeks.
Only downside to using CC is if the exchange goes down when on holiday you pay the daily rate so there is a slim chance of loosing out, on the other hand it could go up (like it is now) then you are even more quids in.

 

[gilld]

I agree - we take $200 at most and then charge most things. If we do need a little extra cash for small purchases, we use an ATM.

 

[mnoble_uk]

Even better take a Nationwide credit card - commission charge £0.00, one of the very few cards that dotn charge anything.

Also if you have a nationwide current account - using your visa debit doesnt cost any commission either, even when withdrawing cash from ATMs.

 

[wayneg]

Even better take a Nationwide credit card - commission charge £0.00, one of the very few cards that dotn charge anything.

Also if you have a nationwide current account - using your visa debit doesnt cost any commission either, even when withdrawing cash from ATMs.

Do these card work on the full exchange rate($1.86 today) like Barclaycard or the tourist rate ($1.80)?

 

[Headzila]

I'm taking cash just purely so it's easier for me to budget myself. If I just take my card I'll go see par too much cool stuff for my own good and more than likely run out of credit on the first day (especialy if I let my DGF get control of it). Taking cash lets me seperate off how much I've got to spend each day so I know I'm going to have enough to last me untill the end of the holiday.

I suppose cards would be better for people with a bit more will power than me

 

[wilma-bride]

Do these card work on the full exchange rate($1.86 today) like Barclaycard or the tourist rate ($1.80)?

The Nationwide card gives the bank rate, not the tourist rate. It works out really well usually

We hardly ever take much cash now - usually just for tips, drinks and odds and sods. The rest is in TCs.

 

[signtalker]

I personally dont take a credit card, I always take TC's and cash, I like to budget my money(no ive not been blacklisted for a CC or am hugely in debt). I cannot fathom the amount of people who put everything on a CC, and end up taking a year to pay it off.

I come home safe in the knowledge that i wont have a CC bill to greet me a few weeks later, and that i can start saving again with no other financial commitments to worry about.
I dont exactly scrimp on my spending either!!.

jules

 

[wayneg]

We hardly ever take much cash now - usually just for tips, drinks and odds and sods. The rest is in TCs.

This is what I am getting at "The rest is in TC's" why take take them? If you use a card that gets you 6 cents to the pound more than TC's, I can't see a reason to take them. For example If you buy £1,000 of TC's you will get $1,800, put $1,800 on your Nationwide card it would only cost you £967.74. You are £32.26 worse off and the inconvenience of TC'S.

 

[Lizzybear]

Maybe some people's cards don't have a big enough limit? Or they don't want to be tempted with spending more than they could afford to pay off?
I can see where you're coming from and agree for the most part, I definitely don't see the need to bring great wads of cash as it's very risky.
I think a credit card is a good idea even if you don't intend to use it for everyday things. An example could be a medical emergency.. If you only have cash or TCs that's an almighty chunk from your spending money!
I have a Nationwide CC and will be taking it to Orlando with me, as well as 1 or 2 others. I remember when I was younger my dad's credit card got badly scratched by a careless shop assistant in France and it was so much palava getting it sorted at the bank, so on a similar note a spare cc can be a good idea.

 

[mnoble_uk]

I can understand those who dont want to lose control of their budget - its happened to me loads of times !

One solution to all these woes is to open an nationwide current account - the visa debit card they provide works just like a visa card abroad and still has the great exchange rate and no fees. It has worked in any ATM I have tried abroad and in the US even gives you your balance (converted to $ mind you).

I know I know - I'm a Nationwide nut but in the years I have banked with them they have done nothing but impress. (Fee free, interest on current a/c - more interest on esavings, low overdraft rates cheapest (for me) mortgage deals .....)

 

[Pootle]

wayneg: We do it your way too - just a bit of cash and the rest on Nationwide cc.

Just wanted to back up others' comments about Nationwide - it is as good as people say. I pay 2 bills in $ every month and I check the exchange rate on the BBC's website daily (bank rate, not tourist) because DH works in Germany and so items are appearing almost daily on our cc in euros too.

signtalker: I can see your reasons for preferring cash and TCs, but I can also see that you are likely to be paying 2.75% on all your spending for the privilege. On spending money of £2000 over a 2 week holiday, I can see that an extra £45 in charges might be worth it to some for the security of having TCs and cash. It wouldn't be for me though

 

[spm23]

Here Here to the comments on Nationwide, there is no one better, I pay my annual dues and all holiday cash and charges go to it and its always a great rate and no charges.

 

[Claire L]

Just be aware with Nationwide if you use it for more than 2 non pin transactions it will be blocked as per their policy! Even though the US doesn't have Chip and Pin!!! So much for being an international card.

Claire

 

[wilma-bride]

This is what I am getting at "The rest is in TC's" why take take them? If you use a card that gets you 6 cents to the pound more than TC's, I can't see a reason to take them. For example If you buy £1,000 of TC's you will get $1,800, put $1,800 on your Nationwide card it would only cost you £967.74. You are £32.26 worse off and the inconvenience of TC'S.

Because we got a great rate on the Amex TC card ($1.85) - I don't find TCs inconvenient at all and I would much rather have some sort of budget when we go than just be able to spend willy nilly.

The way I see it, we had the money saved up already. Halifax charge for using the card in the US and, although I have a credit card (Nationwide) I don't like to use it (too tempting). So, using the TC card and some cash means we can't overspend.

 

[Strommie]

We have thought about using a combination of the TC card and cash for this trip. We usually use our credit cards quite a bit which isn't very wise for us really!!

 

[Lizzybear]

Just be aware with Nationwide if you use it for more than 2 non pin transactions it will be blocked as per their policy! Even though the US doesn't have Chip and Pin!!! So much for being an international card.

Claire

I wonder if you let them know beforehand would this still apply? I know some card companies/banks request a courtesy phonecall in their T&Cs before the card is used abroad and they'll block it after 1 or 2 uses if this isn't done.

 

[Claire L]

I wonder if you let them know beforehand would this still apply? I know some card companies/banks request a courtesy phonecall in their T&Cs before the card is used abroad and they'll block it after 1 or 2 uses if this isn't done.

Nope nothing to say you needed to tell them.

Claire

 

[Lobey]

Although I make regular use of my CCs in this country, I always take TCs plus some cash when I go to Florida. My thinking is that TCs can be replaced very quickly and easily (especially Amex ones) in the event of loss/damage/theft while I imagine (and I have no paractical experience of this admitedly) that replacing a lost/stolen/damaged CC would be much more hassle and would take several days.

Anyone got any experience of getting a replacement CC whilst in Florida?

 

[mattnkatsmum]

Just be aware with Nationwide if you use it for more than 2 non pin transactions it will be blocked as per their policy! Even though the US doesn't have Chip and Pin!!! So much for being an international card.

Claire

Oh dear. I had planned to use my Nationwide card exclusively in the States. I'm going to phone them right now to clarify this and will post as soon as I've spoken to them.

 

[mattnkatsmum]

I've just spoken to the Nationwide Credit Card people and they say, they will only block a card if a pin is incorrectly entered twice. Not if no chip and pin is available. So there shouldn't be any problem in the States.