Pay no charges and earn interest when using debit card abroad

As the schools break up and the traditional summer holiday season begins, Cater Allen Private Bank urges customers to look carefully at their debit card arrangements for overseas transactions.

Customers of Cater Allen who hold currency accounts benefit from paying no charges on overseas transactions in the same currency. In addition, customers are able to choose the currency of their account from Euro, Dollar and Sterling, and can even continue to earn interest on the balance of their account once they have used their debit card for purchases.

Cater Allen's Private Bank accounts offer: -

A choice of currency accounts in Euro, Dollar or Sterling
No charge on account transfers between a client's Cater Allen accounts
No charge on same currency cash transactions
No charge on same currency point of sale transactions
Interest to be paid on balance of account for up to 30 days after using Cater Allen's Visa Deferred Debit Card for purchases (but not cash withdrawals)...

Multi-currency account

Cater Allen allows customers to hold currency accounts in Euros, Dollars or Sterling - with a minimum balance of just £5,000, €10,000 or $10,000. Transfers between the accounts do not incur any transaction fees.

VISA Deferred Debit Card

The VISA Deferred-Debit Card allows clients to continue to earn interest on funds spent on purchases (but not cash withdrawals) until their statement date when they have used their debit card. When clients use their card for purchases, the account balance shows the card transactions as pending so that the actual account balance can be calculated. However, for interest purposes these transactions are not applied to the account until the statement date, allowing clients to continue to earn interest until this date. Clients could earn potentially up to 30 days interest on funds which they have already spent using their Card.

Sally Watts, Head of Marketing at Cater Allen, said: "We believe Cater Allen offers a good solution for those using their debit card abroad. We are the only bank offering the combination of no fees, currency accounts and the capability to continue to earn interest on money that has already been spent.

"Moreover, Cater Allen clients benefit from the service that you would expect from a traditional private bank with dedicated account handlers. We believe in offering our customers the very best in service and choice."

Unlike most traditional private banks, Cater Allen offers more ‘inclusive' banking that requires a minimum cash deposit of just £5,000, but offers access to the superior service associated with a private bank. Customers can apply for an account by visiting caterallen.co.uk.