Fairfx vs. Caxtonfx

nickyhutch

You're entitled to your opinion, of course. I consider that I was simply passing comment on your incredibly rude manner. I'm sure I'm not the only one who thinks the way I do, either, but I'm equally sure you don't care whether you're rude or sot, so I'll be off to my cave

Donnie

Loading the fee is just misleading as they take 1.5% from all transactions. Unlike Caxton who shave 2.5% off the exchange rate.

If anyone wants to comment on anything to do with the subject matter, feel free. The ignoramuses who have nothing to contribute should go down to the pub instead if they just want to vent their spleens.

whatusername

Johnnyy_Boy wrote: »

So if I had say £1500 to spend on holiday would I be better off to get a Clarity and use it to withdraw from ATM's and then pay off the bill in full at the end ?

I wouldn't withdraw using Clarity only use it to purchase, Clarity is a credit card therefor cash withdrawal from ATM machines will generally generate daily interest like most credit cards do therefor you would need to pay it off on the day you withdraw to avoid interest, that said I have as yet to find on the Halifax site a link showing the fees listed. Maybe someone who has the card card and withdraws cash on it can answer.

I do have the card but only use it for purchases.

As Donnie says Fairfx anywhere is the best pre pay card for use outwith the USA or Eurozone.

adindas

It depends on APR on your clarity cards, as fas as I know it could be 12.92%, 17.95%, 21.95%. Most people get 12.92% APR on their credit card. You need to check it with your bank which APR apply to your clarity card.

If your card is 12.92% (e.g. about 1% per month), it is still cheaper to withdraw cash using your clarity card (assuming you clear your balance in full on the following statement) rather than FairFX.

With FairFx card you get charge 1.5%, with calrity card you just be charge 1%. So With £1500, the difference will be 0.5% of £1500 = £7.5 not significant though.

ADINDAS

whatusername wrote: »

I wouldn't withdraw using Clarity only use it to purchase, Clarity is a credit card therefor cash withdrawal from ATM machines will generally generate daily interest like most credit cards do therefor you would need to pay it off on the day you withdraw to avoid interest, that said I have as yet to find on the Halifax site a link showing the fees listed. Maybe someone who has the card card and withdraws cash on it can answer.

I do have the card but only use it for purchases.

As Donnie says Fairfx anywhere is the best pre pay card for use outwith the USA or Eurozone.

whatusername

adindas wrote: »

It depends on APR on your clarity cards, as fas as I know it could be 12.92%, 17.95%, 21.95%. Most people get 12.92% APR on their credit card. You need to check it with your bank which APR apply to your clarity card.

If your card is 12.92% (e.g. about 1% per month), it is still cheaper to withdraw cash using your clarity card (assuming you clear your balance in full on the following statement) rather than FairFX.

With FairFx card you get charge 1.5%, with calrity card you just be charge 1%. So With £1500, the difference will be 0.5% of £1500 = £7.5 not significant though.

ADINDAS

I think you missed my point, most cash withdrawls generate daily interest immediately so if you wat on your statement you may have already generated days worth on interest on your cash advance and not monthly like it is with purchases.

Maybe someone who is familiar with cash advance charges on clarty can clarify

adindas

Dear whatusername

There is not any cash advancement charge/fee on clarity card. What exist is that they charge interest rate from the minute we withdraw the cash. The worst case is that we will be charged interest rate of 1 month. I am aware that the interest rate is compounded daily, but this will not make a lot of different. Also In realitywe could also withdraw money in the middle of the statement period which is less than 30 days.

On my calculation above, I have used the worst case of 30 days interest rate. It reality we could only be charge less than 30 days.
Some people avoid this interest by tranfer money from thier current a/c to their credit card a/c (by internet banking from laptop) on the day they withdraw the cash from cash machnes. In this caseis even better no interest is paid at al and we will get Master card wholesale FX rate.

I use my Santader Zero credit card to withdraw money abroad very often, but still get Master Card wholesale exchange rate. In my case is even more extreme as I preload my card a fe days before traveling which is actully against their T&C ( not allowed to have credit card in positive balance).


ADINDAS

whatusername wrote: »

I think you missed my point, most cash withdrawls generate daily interest immediately so if you wat on your statement you may have already generated days worth on interest on your cash advance and not monthly like it is with purchases.

Maybe someone who is familiar with cash advance charges on clarty can clarify

whatusername

adindas wrote: »

Dear whatusername

There is not any cash advancement charge/fee on clarity card. What exist is that they charge interest rate from the minute we withdraw the cash. The worst case is that we will be charged interest rate of 1 month. I am aware that the interest rate is compounded daily, but this will not make a lot of different. Also In realitywe could also withdraw money in the middle of the statement period which is less than 30 days.

On my calculation above, I have used the worst case of 30 days interest rate. It reality we could only be charge less than 30 days.
Some people avoid this interest by tranfer money from thier current a/c to their credit card a/c (by internet banking from laptop) on the day they withdraw the cash from cash machnes. In this caseis even better no interest is paid at al and we will get Master card wholesale FX rate.

I use my Santader Zero credit card to withdraw money abroad very often, but still get Master Card wholesale exchange rate. In my case is even more extreme as I preload my card a fe days before traveling which is actully against their T&C ( not allowed to have credit card in positive balance).


ADINDAS

Ok, thats what I was getting at, I am aware that there is no cash advance charge but I was trying to highlight the daily interest charge which can be 1% a day and not 1% a month as you suggest on the balance so unless you clear your balance the day of the advance it will cost you money. Not everyone has the luxury of internet banking when on holiday or travelling.

It is probably the best way to get cash but ONLY if you clear your advance within a day or so of getting the cash but certainly not waiting a month.

Donnie

whatusername wrote: »

Ok, thats what I was getting at, I am aware that there is no cash advance charge but I was trying to highlight the daily interest charge which can be 1% a day and not 1% a month as you suggest on the balance so unless you clear your balance the day of the advance it will cost you money. Not everyone has the luxury of internet banking when on holiday or travelling.

It is probably the best way to get cash but ONLY if you clear your advance within a day or so of getting the cash but certainly not waiting a month.

Are you sure?

whatusername

Donnie wrote: »

Are you sure?

Like I mentioned earlier on the thread I cannot find anything stating interest charges for cash advance on clarity, I know clarity do not charge a fee for cash advance which generates interest daily not monthly like purchases therefore if purchases are 1% a month (as a previous poster suggested) then cash advance by assumption may be 1% a day.

What im saying regardless if my figures are right or not is unless you clear a cash advance on a credit card immediately you generate daily interest which could wipe out any saving you make on the interbank rate. If you wait untill your statement comes in you could have 30 days of interest.

Fortyfoot

You would only be charged about 1% per month for cash withdrawals.

Fortyfoot