Author Topic: Debit cards - pay in Lira or Sterling?  (Read 9450 times)

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Offline Bluwise

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Debit cards - pay in Lira or Sterling?
« on: September 29, 2014, 13:06:16 PM »
I did a search but couldn't find the answer but am sure I have seen this asked before.

If paying by debit card, which is the best option to choose please?



Offline LeeGlo

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Re: Debit cards - pay in Lira or Sterling?
« Reply #1 on: September 29, 2014, 15:00:40 PM »
I think it depends on if your bank charge you for foreign currency transactions. I have used both Credit & Debit cards from Nationwide to purchase good here in lira and didn't get any charges. They usually give a decent exchange rate as well. But I can no longer draw lira from an ATM free of charges.

Offline Bluwise

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Re: Debit cards - pay in Lira or Sterling?
« Reply #2 on: September 29, 2014, 15:20:11 PM »
Thanks LeeGlo.  We usually just use cash but if we decide to make a larger purchase, I seem to remember the card machine giving an option of currency and I couldn't figure out which to choose.

Offline Jacqui Harvey

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Re: Debit cards - pay in Lira or Sterling?
« Reply #3 on: September 29, 2014, 20:59:51 PM »
A lot of cards will charge if you draw lira, some do not charge if you draw Sterling our card charges for Lira (I think it is 3 %) but no charge for Sterling.
This is a good website to check your card charges and if you have a card from hell.
http://www.moneysavingexpert.com/travel/cheap-travel-money

Offline Bluwise

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Re: Debit cards - pay in Lira or Sterling?
« Reply #4 on: September 29, 2014, 21:22:16 PM »
Thanks Jacqui, I mean using a debit card to make a purchase rather than draw money out.  There is an option for which currency to pay in and I never know which to choose.  Useful info/link anyway regarding charges - thanks.

Offline bewva

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Re: Debit cards - pay in Lira or Sterling?
« Reply #5 on: September 29, 2014, 23:22:44 PM »
I would always choose to pay in lira as my card does not charge for for foreign transactions and i have found the rate more favorable if done by the U.K. bank rather than the rate offered in the shop or restaurant.

Offline Bluwise

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Re: Debit cards - pay in Lira or Sterling?
« Reply #6 on: September 30, 2014, 06:59:49 AM »
That sounds like a plan ..thanks bewva

Offline Colwyn

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Re: Debit cards - pay in Lira or Sterling?
« Reply #7 on: September 30, 2014, 09:28:13 AM »
Bluwise, if you don't mind saying, what bank's debit card  do you use?

Offline Bluwise

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Re: Debit cards - pay in Lira or Sterling?
« Reply #8 on: September 30, 2014, 11:45:47 AM »
Natwest Colwyn .  Hardly ever use it abroad so was unsure of best option.

Offline Colwyn

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Re: Debit cards - pay in Lira or Sterling?
« Reply #9 on: September 30, 2014, 15:14:55 PM »
Bluwise, you have one of the "bad" cards for spending abroad, but not one of the Worst Five. Everyone using cards has to pay VISA/Mastercard/American Express/Whatever service charge for using your card, but this is trivial. On top of this, if, say, you are buying jewelry for 365TL (= £100) then NatWest will hit you with an exchange rate load of 2.75% (= £2.75). The good news is that you won't be hit with a spending penalty (for goods) on top of that - some other banks charge you twice! So your £100 jewelry is going to cost you £102.75+VISA. You might not want to get too worried about this. If you were paying a hotel bill for 4 people at £1000 it would cost you £27.50 more and you might want to think about this. If you used your NatWest card to withdraw TL from ATM and paid cash for the jewelry it would be slightly cheaper £102.00+VISA (or £1020+VISA for the hotel bill). [Note for the very technically minded you could, by drawing out the full amount allowed by ATM/your Bank, you could shave a tiny amount off £1020+since there is a charge cap for Nat West].

I don't know what exchange rates Turkish banks charge because I have never used the "Settle up in Pounds" facility but my guess would be it would be around 3%. So you would be better off with NatWest. Under no circumstances would I accept the retailer making up the exchange rate and then telling me the bill would be "£107 but for you I offer £105, special value".

In short, if it was me, I wouldn't worry for sums at £100 level because it wouldn't be worth my time worrying about. Just pay in Lira on your debit card. If you're doing serious spending, or you enjoy getting the better of banks (that's my reason) then you might want to think of opening a "holiday account" with a different bank. You'll still have to pay a tiny VISA/Mastercard amount (well worth it for using their card service) just like you do now, but you won't pay any "extras". My card changes nothing to use ATM or buy goods and has an exchange loading of 0%.
« Last Edit: September 30, 2014, 15:59:42 PM by Colwyn »




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