ICE travel exchange beware

kimyfa · 29 January 2009 at 1:39PM

I recently purchased travel money (US$) from ICE (International Currency Exchange) which turned out to be an expensive exercise that I would not recommend. ICE do not charge your credit card as a normal transaction but as a cash withdrawal!!! Your credit card co will love this as they then charge you fees for the pleasure.
Now I was not made aware during the process of purchasing and had to dig into their T&C’s etc to find this out after being surprised and annoyed at the charges on my card.
I would strongly advise anyone to check your payment options and if in doubt look elsewhere as that cheap holiday money is not so cheap after all!!

richardw · 29 January 2009 at 1:42PM

because it is a cash withdrawal, not a purchase. They all do this.

jimmer1980 · 29 January 2009 at 1:43PM

I thought all credit card companies treated the purchase of foreign currency as a cash withdrawal? That's effectivley what it is. You are using your credit card to obtain cash.

luci · 29 January 2009 at 1:43PM

They are not the only company to do this as it is standard. You are purchasing currency (cash) so it doesn't matter which company you buy it from it will be treated as a cash withdrawal/advance and charged accordingly.

M4RKM · 29 January 2009 at 2:02PM

<sarcasm>

the title should be

i don't read my Ts & Cs of my credit card, or where i'm buying from - beware

as ICE have done nothing wrong!

</sarcasm>

kimyfa · 29 January 2009 at 2:10PM

not saying ICE have done anything WRONG what I am saying is that I was not made aware of this at time of purchase, I have never purchased travel cash on my CC and therefore was not aware. I naturally assume it would be like any other CC transaction; call me naive I'm sure I'm not alone on this one.
Yes I should have trawled through the T&C's but they in turn could have made a little more effort to inform the customer of this fact.

richardw · 29 January 2009 at 2:16PM

kimyfa wrote: »

I naturally assume it would be like any other CC transaction.

Did you know about cash advances?

kimyfa · 29 January 2009 at 2:21PM

I knew you could get cash advances on a CC but have never done it due to the charges, I was clearly not aware at the time of buying the currency that this would be charged as such.
I agree I should have read the T&C's and really its a warning to others to read them.

M4RKM · 29 January 2009 at 2:24PM

but you were made aware, because when you agree to buy something, you agree to their terms and conditions.

Cash Advance Fees:
Please note if paying by credit card or debit card, transactions for the purchase of foreign currency and/or traveller's cheques may be treated as cash advances by your card issuer, for which an additional charge may be levied. This is not a charge made by ICE currency and travellers cheques, it is out of our control and therefore we have no liability for these charges.

http://www.iceplc.com/cgi-bin/live/ecommerce.pl?site=iceplc.com&state=page&page=termsandconditionscurrency

kimyfa · 29 January 2009 at 2:28PM

Ok I think this has laboured the point that exchange companies charge as cash withdrawal and one SHOULD read the T&C's before making that purchase.

withabix · 29 January 2009 at 2:29PM

The ONLY ways to avoid charges made BY YOUR CARD ISSUER are:

1) use a card issuer who doesn't charge
2) Use your own bank (eg Barclays for Barclaycard/Connect)
3) Buy currency with cash
4) Draw money whilst abroad using Nationwide account or a cash machine belonging to an associate bank of your own bank. Eg for Barclays customers, look here: http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=popup1group&value=4534&target=_blank&site=pfs

'4)' is the best method, as you will get the daily commercial exchange rate (not the tourist rate), less 2.75%. This is ALWAYS better than any tourist rate.

ICE travel exchange beware

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