Avoiding charges on Sterling to Euro transactions
Stingy8astard
Posts: 1
Newbie
I have been using TransferWise to make payments in Euros.
I usually make a couple of payments a month; each is around €300 - €350.
However, I have noticed that when using a credit card to make the payment to TransferWise, the payment is treated as a 'cash advance' or money transfer by the card issuer, and attracts a hefty interest charge!
Would I be able to load Sterling from a bank account onto a pre-paid credit card (e.g. WeSwap) and then use the WeSwap card to pay TransferWise without incurring any additional charges?
If not, can anybody suggest a better way to make the Sterling payment?
And does anybody have any tips on how to word a complaint to the card issuer about what I consider 'hidden charges' in order to get the interest charges refunded, or will I have to exhaust the issuer's complaints procedure before taking the complaint to the ombudsman?
I usually make a couple of payments a month; each is around €300 - €350.
However, I have noticed that when using a credit card to make the payment to TransferWise, the payment is treated as a 'cash advance' or money transfer by the card issuer, and attracts a hefty interest charge!
Would I be able to load Sterling from a bank account onto a pre-paid credit card (e.g. WeSwap) and then use the WeSwap card to pay TransferWise without incurring any additional charges?
If not, can anybody suggest a better way to make the Sterling payment?
And does anybody have any tips on how to word a complaint to the card issuer about what I consider 'hidden charges' in order to get the interest charges refunded, or will I have to exhaust the issuer's complaints procedure before taking the complaint to the ombudsman?
0
Comments
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Use a debit card would seem the obvious solution.0
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Suggest you either send the funds to TW via bank transfer or pay using a debt card. Both should be free.
With regards complaining - yes in the first instance you need to complain to your credit card provider and Trading Standards.0 -
I'm not sure there's anything to complain about, it's common for such transactions with a credit card to be treated as a cash advance - you are 'buying' money to send. So as said, why not use a debit card?
Alternatively, use Revolut to send the payment, they accept credit card without fee and it is usually treated as a purchase. Interbank rate (weekdays) and no fee up to £5k/month, free international payment..Evolution, not revolution0 -
Last time I used TransferWise (last month) they were still charging for debit card payments in contravention of UK law.
When I complained they demonstrated a very incorrect understanding of the legislation.0 -
Last time I used TransferWise (last month) they were still charging for debit card payments in contravention of UK law.
When I complained they demonstrated a very incorrect understanding of the legislation.
Then use CurrencyFair ! There's no charge to transfer by online bank transfer, their rates are competitive and the exchange fee is £2.50.
No vested interest, just a satisfied customer...The questions that get the best answers are the questions that give most detail....0 -
Stingy8astard wrote: »does anybody have any tips on how to word a complaint to the card issuer about what I consider 'hidden charges' in order to get the interest charges refunded
I recently used your card to access cash and was charged as if I'd used your card to access cash!
This type of devious skullduggery is outrageous....oh, hang on a minute, I get it now.
Forget it; as you were....
Love and kisses,
Stingy8astard0 -
Then use CurrencyFair ! There's no charge to transfer by online bank transfer, their rates are competitive and the exchange fee is £2.50.
No vested interest, just a satisfied customer...
Besides, if TransferWise weren't the cheapest I wouldn't have used them! CurrencyFair, like most brokers, don't support my destination currency.0
This discussion has been closed.
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