Travelex & Charges - Beware!!!

ahmadali

Hi all,

I've been reading the moneysavingexpert newsletter for some time now and have just been (unfairly I believe) charged and wanted to let others know.

I recently went to the states, and ordered some travel money to collect via Travelex.

I used a Visa Debit card (linked to my Natwest Current account) to pay for my dollars. What many of you wont realise is that even though I used a Visa Debit card, I was charged a cash advance fee by Natwest.

Having spoken to Natwest they confirmed that using a Visa debit card to pay for currency with Travelex is classed as a foreign currency transaction, meaning that they will charge you for the privilege.

This is a disgrace considering that Maestro is being phased out of the UK, and Visa Debit it effectively replacing it.

Bear this in mind when buying currency, or better yet don't use Travelex if you only have a Visa Debit card. Draw the money out of a cash point and change it at M&S.

If anyone else knows of any other bureau de change's that charge for Visa Debit usage, please feel free to post!

dzug1

ahmadali wrote: »

Hi all,

I've been reading the moneysavingexpert newsletter for some time now and have just been (unfairly I believe) charged and wanted to let others know.

I recently went to the states, and ordered some travel money to collect via Travelex.

I used a Visa Debit card (linked to my Natwest Current account) to pay for my dollars. What many of you wont realise is that even though I used a Visa Debit card, I was charged a cash advance fee by Natwest.

Having spoken to Natwest they confirmed that using a Visa debit card to pay for currency with Travelex is classed as a foreign currency transaction, meaning that they will charge you for the privilege.

This is a disgrace considering that Maestro is being phased out of the UK, and Visa Debit it effectively replacing it.

Bear this in mind when buying currency, or better yet don't use Travelex if you only have a Visa Debit card. Draw the money out of a cash point and change it at M&S.

If anyone else knows of any other bureau de change's that charge for Visa Debit usage, please feel free to post!

Sigh

This comes up on this forum every few days. I'm surprised you haven't spotted it before.

And you've misunderstood - Travelex didn't charge you, Natwest did.

Buried in the travel and motoring link at the top of this page there is a list of which banks charge and which don't.

photome

OP you may have read the newsletter but why didnt you use the travelmoneymax tool

As Dzug posts, this comes up on an almost daily basis and the charge you are talking about is avoidable by reading the info first rather than making the transcation and then reading up about it

ahmadali

Thanks for your *useful* response, it's worth remembering that all Natwest current account customers previously had a Maestro card which did not incur this charge.

It may be worthwhile making this a little more clear & sticky at the top of the forum (e.g. VISA card Fees abroad etc)

I also checked the cash calculator which recommended travelex as on of the best options.

dzug1 wrote: »

Sigh

This comes up on this forum every few days. I'm surprised you haven't spotted it before.

And you've misunderstood - Travelex didn't charge you, Natwest did.

Buried in the travel and motoring link at the top of this page there is a list of which banks charge and which don't.

dzug1

ahmadali wrote: »

I also checked the cash calculator which recommended travelex as on of the best options.

It is - if your card does not charge.

Unfortunately it's a complex set of variables and there isn't a simple way of setting them out so that everything is obvious

Many people (I'm not saying you) just cannot take in that many factors

bagand96

I think you have the wrong end of the stick. The charge was not levied by Travelex, it was levied by Visa and Natwest. You would have been charged the same for using your Natwest Visa Debit at any foreign exchange.

This point is clear in Martin's article (http://www.moneysavingexpert.com/travel/cheap-travel-money#cheapest) and even lists the banks that charge and do not charge.

Its not even a blanket charge for all Visa Debit holders. There are banks that issue Visa Debit that don't charge.

isotonic_uk

I got shafted with this charge when I collected currency via travelex when I went to Europe. I do want to use Travelex again as its convienant ordering online and picking up at the airport.

I am going to Dubai in a few days and was wondering if I withdrew £150 pounds converted that into Dirham I know now I wont be charged if I withdraw the cash but say if I want to buy £1000 in traveller cheques and use my DEBIT card for this transaction via Travelex. Would I still be charged the rate by my debit card or does it only happen if you want cash equivalent?

Thanks

ferf1223

isotonic_uk wrote: »

Would I still be charged the rate by my debit card or does it only happen if you want cash equivalent?

Thanks

Aren't travellers cheques effectively cash equivalent? AFAIK buying foreign currency in any form would incur these charges.

As for convenience, I couldn't bear to wait until I got to the airport to get my travel money...what if there was an issue? Crown Currency Exchange and I assume others let you pay by bank transfer or cheque and deliver to your home...very good rates too...though it does require some advance planning.

dzug1

If you take out £150 and convert it to dirham then correct you won't incur a debit card charge

However Travelex cash rates are significantly worse than their order in advance rates so you could actually end up worse off......

Travellers cheques would incur the debit charge fee

isotonic_uk

Ok what about if I ordered online and used my debit card as the initial payment card but then when I get to the airport I decide to pay all in cash (to avoid the extra debit charge) would travelex still offer me the same rate if I payed cash or is the rate likely to change? If Travelex do up the rate, is this applicable with Thomas Cook as well?