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Tesco CC - No cash advance fee on foreign currency - money laundering?
clueless78
Posts: 36 Forumite
in Credit cards
I know that Tesco don't allow 'super balance transfers' ie paying funds into a current account but have just noticed that they have no cash advance fee on foreign currency....
Would purchasing a large sum of foreign currency (6k) then immediately selling it back to them in exchange for UK£ count as money laundering?
I need to 'borrow' 6k cash on the credit card but don't want to do anything illegal!
Would purchasing a large sum of foreign currency (6k) then immediately selling it back to them in exchange for UK£ count as money laundering?
I need to 'borrow' 6k cash on the credit card but don't want to do anything illegal!
0
Comments
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They have a 2.75% exchange fee for purchasing foreign currency. This coupled with the spread on the exchange rates and the 25% APR on cash makes this a very expensive loan.
It would be cheaper to take a cash advance with the 3% fee but still very expensive.0 -
Thanks, thought it sounded too good to be true!0
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