Have i got this right Cash from ATM aboard

nyck

I got tesco + normal Halifax credit cards

If i take £500 from a ATM abroad i'll be charged
(£500 + 3% =£15) AND (2.75%/2.95% for Foreign transaction =£14.75)

£500+£15+£14.75 total £529.75???

I've ordered a Halifax Clarity and if i paid it off in 6 days i'll pay £1.06??

I was'nt sure for ATM if you pay 3% + the Foreign Transaction charge or just the 3% for cash at ATM for the Tesco etc

thanks nyck

chattychappy

The charges/fees are cumulative.

BUT... read this thread https://forums.moneysavingexpert.com/discussion/2924448. The loading on Tesco is nearer 5.5% in total (based on my experience). They use their own exchange rate which they then load - effectively concealing their total charge.

So Tesco £500 equivalent overseas:
Assume total 5.5% loading = £27.50
Total withdrawal amount in £ = £527.50
Apply 3% fee to £527.50 (NB: not just £500): £15.83
Total cost: £543.33 (plus interest will accrue daily).

For "normal" cards, method would be the same, but with 2.75 - 3% loading.

For Clarity, there is no loading and no fee. So your £500 costs just £500 plus daily interest. The interest rate is quoted as 1.017% or 1.385% or 1.667% per month (depending what they give you). So this amounts to £5.09, £6.93 or £8.34 a month.

So for 6 days on Clarity you'd roughly pay 85p to £1.67.