[mgbridges]

My folks are coming for a 4 week visit in September and are trying to figure out a way of avoiding commission charges etc. when here. The could obviously use their UK based credit and/or debit cards but they will get hit with charges every time they use them.

They have suggested depositing a lump sum into our bank account here in NZ before they arrive and getting us to draw cash out but I'm reluctant to do this for a number of reasons. I also get the impression they don't want to have the hassle of having to go into banks to get travellers cheques changed.

Any suggestions?

Anneliese

[Sam B]

Well I use my UK credit card frequently and I never get charged for it .... I think.

[nippa&pippa]

What I did for my MIL, open an account in my name and get card for it with her pin number (ask them for pin number before go to bank ;))
Just DON'T tell them that you are open account for them as they will refuse. Just said I want to open account for my housekeeping money, so my OH can't touch it ;):laugh as did work for me!:laugh
Then once you got account number, then your folk can transfer their money into account about forthnight before they arrive. So they got freedom to withdraw cash anywhere and use card anywhere without problem, without paying exchange rate interest.

[jubjub]

I was going to say same as Sophia, open them a separate current account and let them use that with an eftpos card... thats what I would do if my parents ever visited!

[mgbridges]

Sam - Thats exactly what I thought until I went to check the small print on my Barclaycard statements. For each transaction it says X New Zealand Dollars, includes X commission charges.

Sophia & Sal - Think that may well be what I end up doing.

Thanks both,
Anneliese

[nippa&pippa]

Sophia & Sal - Think that may well be what I end up doing.

Thanks both,
Anneliese

If you got internet banking access, ask them to put in your internet banking section, so your parents can ask you to check how much they got left!!

[Peter&Liz]

They might not have enough time to open one, but the Nationwide current account is totally free to use abroad, no commission , no charges.

http://www.nationwide.co.uk/current_account/account_benefits.htm

Their credit card is also free to use to spend abroad but their is a fee if you use it for cash withdrawls.

Peter

[JayBee]

Again - if there is time....Abbey Zero and The Post Office are two other credit cards that dont charge commission abroad.

[victoria24]

it might be worth them checking with their bank if they have an account package with free overseas transactions. I bank with Hsbc and on my premier account I get free foreign cash withdrawals on my switch card

[chocolate cake]

I'd recommend Nationwide too, they don't charge commission on foreign purchases with both the debit and credit cards. I've always used mine when abroad and found the rate is usually better than you'd excahnging cash at a bank.

[vixxann]

just to back up with another vote for Nationwide - we opened a flex current account with them and got debit cards which we have used (free of charge ) when on holiday in NZ/ Italy / France etc etc . No problems - no charges and do online banking with them too :)

[IanR]

They could go to the HSBC in Takapuna on arrival and open their own non dom account using your address - then transfer money in (either via your account or HiFX etc). Three days later they have and EFTPOS card and an active account paying a non dom, non taxed 8% which they can use via the internet from the UK and use whenever they come out... took me 30 minutes...

[James 1077]

I think it depends on how often they are going to visit. If it is reasonably frequently then a bank account in NZ is probably the best option; if it is only ever now and again then get them to open a Nationwide Flex account and then transfer spending money into there. They'll get a Visa debit card and will have fee free transactions around the world.

[mgbridges]

Thanks for all the info folks. They do plan to visit again but not until early 2010 however Mum also wants an account to deposit money into for birthday/christmas gifts for us so I think I'm going to go down that route.

Anneliese