M&S 0% SBT -> Sterling Travellers Cheques

antuk

Hi all,

Im after some advise from anyone thats used the Sterling Travellers Cheques method for a 0% SBT on the M&S credit card.

How easy is it to deposit the cheques straight into your bank account, i have asked HSBC and they said there is a 75p charge per cheque. Can anyone comment on any banks that don't charge or the easiest way to do this?

Thanks

Anthony

YorkshireBoy

antuk wrote: »

Can anyone comment on any banks that don't charge or the easiest way to do this?

I've used LTSB and Nationwide...neither charged a fee. A&L also told me they'd accept them FOC, although I haven't used them.

LTSB even cleared £5K worth for cash instantly, rather than making me wait 5 days to shift the money on.

YorkshireBoy

antuk wrote: »

...i have asked HSBC and they said there is a 75p charge per cheque.

Just to expand on this particular point...if buying from in-store bureaux de change you can pre-order £500 denominations (which would also help you avoid the writers cramp I got with my £9Ks worth of £50s and £100s!).

Should help minimise the cost if you're disinclined to open an additional current account elsewhere for this specific purpose.

Jennifer_Jane

YorkshireBoy - could you take me step by step through the process, please?

I have the forms from M&S and have been wondering if it's worth all the effort! I don't have anything sensible like an offset mortgage either so no idea where to put the stooze - but would be prepared to risk stocks & shares ISA if a savings account would not give a definite advantage. Also, I have the old Egg Money account still going (owing about £800 on it currently).

Thanks for your help always - I couldn't really see anything on the Stooze website.

Jen

antuk

Sorry another question - can you sign the cheques before you get to the bank or do you have to do it in front of the cashier?

Thanks

YorkshireBoy

antuk wrote: »

Sorry another question - can you sign the cheques before you get to the bank or do you have to do it in front of the cashier?

Only ever bought in store.

You sign each once in-store and each once again at the bank.

And the last signature looks nothing like the first!

Mean_Green

So am I right in saying that this means that I can effectively pay "cash" from a credit card into a bank account?

Here's my problem - I got a chance to buy a car at a good price but it was a take it or leave it (no dodgy deals - genuine good buy) but I didnt have the readies and didnt have enough time to arrange a 0% credit card. So I borrowed the money from my Mum on the understanding that I would pay it all back over 1 year. No problems so far.

However for a number of reasons I need to pay the cash back urgently. I could take a loan but interest is not great. Then I thought about a 0% card.

But how to I pay into a bank account from a credit card?

I have an M&S card (that has zero balance and I never use - I was actually planning to cancel it this week) and a Virgin card with 0% on BT for another 14 months.

So if I buy Travel cheques with my M&S, then transfer the balance to my Virgin card (to get 0%) - could I pay mum back with the travel cheques?

or am i missing something?

YorkshireBoy

Mean_Green wrote: »

...snip...

Seems like a lot of faffing about in your case.

Why not simply take a money transfer from Virgin. The 4% fee is broadly what you'd pay in total with your planned TC option (1% + 2.xx%).

If you do decide to go ahead with the TC option make sure your bank will accept them/accept them without a fee before buying them.

One final thing...MBNA run cards generally have a "within 60 days" clause on their BTs/MTs. Are you still within this window?

COOLTRIKERCHICK

sorry to jump on this thread, but i thought it would be better than starting a fresh one..

I have applied for an m&s credit card, and have been sucessfull, paperwork in the post, they said the amount i would be allowed would follow when i get the card... just wondering how much do they normally give 1k?

as i am trying to work out hte best place to put hte cash from the travellers cheques

thanks...