M&S &More card + travel currency

MMG

Hi there,

Am I right in believing that if you buy foreign currency from M&S themselves, you do not get charged as if it were cash?

IE. it would be at 0% on the credit card for the remainder of the introductory period?

If so, do you have to do it online, or can you do it instore?

Any help much appreciated!

MMG

Sorry but does anyone know the answer to this? Need to purchase some Euro today!

cpu

I've just bought US dollars from them online, using my newish M&S card.

No charge other than the cost of the dollars themselves. I don't even have to pay it right now as I still have a few months left on my 0% period.

Don't know about instore, sorry. Be easier if you gave them a quick call to check maybe?

MMG

Hi there! Thanks for the post! checked with them, and you can buy them instore with no charge either! Thank you! :j

Biggles

No charge other than the cost of the dollars themselves

Well, not NO charge, of course. M&S load the exchange rate by around 4% (but they don't have to call that 'commission'), so you'd still be better off with a Nationwide credit or debit card at an ATM in the country (0% loading), or even a normal credit card (2.75% loading) for spending in shops/restaurants.

lswwong

I have bought currency in-store back in December. It was indeed not charged as a cash advance on my card statement. Though I had to produce my passport (or another form of ID) at the time of purchase to confirm my ID. Apparently, any customer wanting to buy currency in-store using a credit card has to show ID. If you pay with ££ cash, then you don't need to show ID.

It is also true that the currency purchase is treated just like a normal merchandise purchase and if you are within the 0% interest period, then you just need to pay monthly minimum repayment amounts until the introductory offer expires.

Biggles is right in saying that M&S' exchange rate is not the best.

ej3ae

The M&S Exchange Rate is certainly not as good as using Nationwide debit/credit card abroad but I have personally found them to beat most other high street suppliers of foreign currency e.g. Thomson, Post Office, Thomas Cook, Banks etc. I usually get a very small amount from M&S for when I get to a country and then do the rest through nationwide cards.

gkf

I find that the M & S rate at their bureaux de change is usually the best around. For purchases on the &more card from their bureau, there is no cash advance charge. As to any interest charges, that would depend on your current offer. If you have the current 0% on purchases, the currency comes under that. The rules are the same for purchases in store or on-line or by phone. If you are spending £500 or more on currency on-line or by phone you can have it delivered to your home free of charge. Purchases under £500 incur a £5 charge. Currency is posted out the same day if ordered before 1pm and is sent registered post.

iamchrisli

I think the whole discussion had been mixed up two things.

By using m&s credit card overseas for foreign transcation, it is not as good as nationwide cards, because the m&s card would charge commission fee.

However, if you buy the foreign currency would be a different story.

First of all, marks would charge you commission when you go to Bureau de Charge, so it would make it a better options compared with other high street Bureau or banks.

Secondly, if you use your credit card to buy foreign currency in the M&S Bureau, your credit card company would charge you the cash advance fee and the cash advance interest would be charged from the day it makes the transcation.

By using the M&S card to buy foreign currency, M&S card would not charge you the cash advanced, and if you pay it back before your usual statement due date, it would be interest fee.

Point to note:
1. FX is the currenty provider for M&S, its website might provide the similar rate as M&S:
https://www.onlinefx.co.uk

2. If you not in a hurry, there's still lots of online exchange site provide good rate, like http://www.travelex.co.uk/

pldd4

Hi,

Would it be possible to use my &more credit card to buy sterling cash from the bureaux de change, so i can then use this cash to put straight into my bank account? Rather than getting it as sterling travellers cheques and spending ages signing each one!?

Thanks for your help.

lswwong

pldd4

I don't think your plan would work. I don't see how any UK based bureau de change would sell sterling cash ... their primary function is to trade their stock of foreign currencies for sterling cash.

Theoretically you could buy sterling travellers cheques from M&S using their &more card. Whether sterling travellers cheques can be banked in UK mainland I don't know.