'Cash advance fee', When using Travelex online

dzug1

gilesb wrote: »

This fee is charged to them by Visa. I wonder if they have been as quick to raise their concerns with Visa?

Do you really think that RBS corporately has any concerns of this nature at all about Visa?? OK the guy in your local branch/call centre may think it 'off' but he has zero power to intervene with Visa and would probably get into trouble for doing so.


The problem is we in Britain have got into a mindset that banking 'should' be free - whereas there's no logical reason why it should be.

my rant over

barafear799

Various newspaper articles suggest that the charge levied by VISA to the banks is nowhere near the 2% that they then pass onto customers.
I was charged by my bank, COOP, for loading money onto a Travelex Cash Passport Globe card - in sterling - there has not yet been any purchase of foreign currency. I am led to believe that this transaction was treated as a "cash advance" - rather like a cash advance on a credit card - but since when have Debit Cards charged us for a "cash advance" - what's the difference between using the multitude of "free" ATMs and what can only be described as "a cash advance" given to me by Travelex (well I guess there is some of their time involved in taking the money from my debit card and putting on my new prepaid mastercard) - but on querying it with Travelex they state they do not charged anything -

On phoning my bank, they said it was a Travelex Charge!!

stephb34

gilesb wrote: »

If you are wanting to find a new bank that issues Visa cards but does not pass on foreign cash advance fees/purchases from Travelex I suggest you see M4RKM's comments above. However things have moved on, RBS and Nat West now do, so the next step is to check their current conditions. Clydesdale still issues Maestro.

Thomas cook no longer accepts maestro cards for foreign exchange transactions, but i'm not sure about other high street sellers.

mybankfees

First time on the forum (so hi everyone)

I've just received a letter from HSBC that details out charges on my credit card. I normally pay in full so I expected the amount to be zero. To my surprise cash advance and interest charges on cash were on the report.

With a bit of digging it turns out, i'd used my credit card to pay for foreign exchange.

£22.77 per transaction + interest !

My wife and I have been on a few trips over a short period of time each time paying on a Credit card for cash !

Total charges & interest: £94.58
(bare in mind my Credit card is settled in full every month automatically)

I cant explain how angry I am :mad: I consider Forex a transaction like any other .... it seems so wrong ! How is this even legal ?

stephb34

If you withdrew cash from a speedbank in this country on a credit card you would be charged a cash advance fee and interest from the moment you withdrew it until you paid it back, so the foreign exchange is no different.

Since i last posted Tcook have changed their rules on maestro and most banks have stopped charging for foreign exchange.

munkee

Hi mybankfees,

Ring HSBC and shout at them until they repay your fees!!
Threaten to leave, tell them you've been a happy customer for x number of years before this happened & that you feel that they have been dishonest with their charges.

Then:

Use the tool here to get the best travel Credit or Debit card

Only use this new card for any travel transactions.

I got the Halifax Clarity card and am more than happy with it, I no longer have to worry about travel money, just ring Halifax (or bank of card which you choose) before you go to & tell them your location and length of holiday, so they don't cancel it whilst your aboard.

Whilst on holidays find a ATM withdraw cash, job done.

Tip: Don't use random no brand name ATM's as they might charge you for the transaction - same as some LINK machines do in the UK.
I look for Bank of Canada or Bank of Cyprus ... Bank of 'insert holiday location'.