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Euros
greggp_2
Posts: 172 Forumite
What would be the best way of getting £500 in Euros? I have read the link on MSE about Credit Cards/ Debit Cards charging fees for buying online as they base this is a Cash Purchase.
What sort of fees would a Credit Card Charge for buying £500? They will probably all differ but I saw somewhere that they charge interest even if the balance is cleared?
Any advice please?
What sort of fees would a Credit Card Charge for buying £500? They will probably all differ but I saw somewhere that they charge interest even if the balance is cleared?
Any advice please?
0
Comments
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The interest rate is high, so even if you cleared it within a couple of days there is a significant cost.Posts are not advice and must not be relied upon.0
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Interest on credit card cash withdrawals is charged on a daily basis from the transaction date. They should only be used in emergencies.0
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Depending on which credit card, the interest would be the least of your problems (maybe £2 or £3 if you paid off immediately). The main cost will be their foreign currency charge, usually 2.75 - 3.00%, ie £13.75 - £15.00, and quite likely a cash withdrawal fee, commonly £3, on top of that.0
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Doshwaster wrote: »Interest on credit card cash withdrawals is charged on a daily basis from the transaction date. They should only be used in emergencies.
Martin suggests using a credit card for online currency purchases as you get section 75 protection if the company goes bust. I have just purchased 450 Euros from onlinefx at a cost of £407.55 including 1.5% fee for using a credit card. Then Nationwide credit card charge 2.5% which adds a further £10.00 to the cost. I am paying £420.00 into my credit card account tomorrow by bank transfer but the money won't be credited until Monday.
In the past I used Nationwide (Thomas Cook) for the purchase of foreign currency/travellers cheques but they stopped doing travel money etc last year. I only found that out yesterday.0 -
Of course, if you buy money in this country you pay the bureau's charges as well (not usually specified).
I only ever get my money abroad from ATMs, about £100-worth at a time. And rarely on a credit card (unless it's the Halifax Clarity Reward card).
If you have time before you go, research the best cards for travel money.0 -
If you can collect, pay in cash to pay no fees.0
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