myTobago – your questions, review and comment about Tobago

Heard an interesting point on the radio this morning, wondered if it applied in Tobago.

Quite often you can get a better rate of exchange for Stirling when abroad. Even taking into account the % you get charged by taking money out of an ATM, this can still work out better than the rate in UK!

However, this is dependant on reliability of ATMs in Tobago!

Dave & Sue

Hi Dave and Sue

It's not just the exchange rate that you need to consider, there is also the possibility of charges simply for using the ATM. I believe that these charges depend on the bank or financial institution at each end. I have a Nationwide debit card that I use for this purpose wherever I am abroad; they don't charge for ATM use. I can't say that I have investigated in detail but I am very happy with the result. I got an exchange rate (including any RBTT charges) of 11.3 - 11.4 TT$/£ last month. Whatever you do, don't use a credit card for this purpose.

From my experience of one visit to Tobago, I agree that ATM reliability is wanting. Even at the Crown Point RBTT bank with 2 ATMs, I had one occasion when neither was working!

Ian

Abbey's Zero credit card doesn't charge to use the card abroad or for cash withdrawals (but I think the cash is only 0% for 1st 6 months) Just make sure that you repay it when you get home.

The Abbey Zero card is being withdrawn from sale on 3rd November - so it you want one - get it quick.

Jill

Hi Jill,

Are you sure you don't start paying interest on the cash as soon as you withdraw it from an ATM? I think it's PUCHASES that are interest-free for the first six months.

I may be wrong

Ian

Ian,
I copied this from the Abbey website :-


See how the benefits stack up

*
0% balance transfer fee
*
0% foreign exchange fee
*
0% cash advance fee* (*Some independent ATM providers may charge you a fee for cash withdrawals.)
*
£0 annual fee
*
0% on balance transfers for 6 months**
*
0% on purchases for 6 months
*
Up to 56 days interest-free credit.
* Standard typical rate of 18.9% APR (variable).

Hi Jill,

The cash advance fee is normally in addition to the normal credit card interest. Since this is a cash advance I think you'll find that you pay 18.9% APR on the amount from the day you withdraw it (i.e. no interest-free period). When you pay the credit card company there is also an order in which the credit is repaid. I'm not certain, but it may be that the cash is paid back last, so unless you pay off your bill in full you may be paying for this for ever. As I say, I'm not sure about this but I fell into a similar trap some years ago when I paid for the football pools with a credit card. This is classified as betting so is treated as a cash advance. It was a relatively expensive mistake.

Perhaps someone with a better knowledge of credit cards can comment.

Ian

Have to agree with Ian, we have been using Nationwide as our "travel" card for years. We bank with Nat. West and even our bank manager uses it abroad !
Sandra