Can I use my credit card to pay for goods via Bank Transfer?

sho_me_da_money

baby_frogmella wrote: »

xetrade does not let you fund transfers from your credit card. If you have a paypal personal account perhaps you could send a cash 'gift' to a family member's paypal account using your credit card and then ask them to pay you in cash which you can deposit in your bank account? Not sure if this would work though.

If you MUST use funds from your credit card and are happy to pay interest/withdrawal charges then you have one of three options:

1) Ask your CC company to pay money into your bank account electronically. Not all CC companies offer this though, i know that Virgin MBNA & First Direct offer this facility.

2) Take your CC & suitable id into a bank and withdraw from there..can usually withdraw more than the daily ATM limit if bank has the notes.

3) Withdraw cash from a ATM using your CC but you will have a daily limit.

Once you have the cash in your bank account, open a xetrade account online...if possible use a UK debit card for easier verification whilst opening the account. Then add your Uk bank account & German retailer's bank account to your xetrade account. When you want to do a transfer, get a quote, accept if you're happy and then transfer the equivalent GBP to xetrade's barclays bank account in London (by faster payments). EFT Transfers to EU countries typically take 48 hours from the moment you send funds in GBP. Also bear in mind that EFT transfer are NOT allowed to have any payment reference other than your name.

Believe me its easier than it sounds!

I am interested to pursue the paypal option. So let me get this right:

1. Wifey signs up to paypal and adds her credit card (that has a £3k limit) to her new PP account.

2. She then sends me a paypal gift of £3000 (wooohooo) to my paypal account.

3. I then deposit that £3000 from my paypal account into my bank account

4. I then make the bank transfer to the German retailer

5. I then contact my Gold Card merchant and tell them I would like to inherit my wifes balance (£3000) and pay it off interest free for 20 months!

Questions

Is all the above correct?
What fees will I incur using the above method?

Thank you

StuC75

On receving Paypal payment looking at paying 3.4% + $0.50 SGD (From Paypal site).

Balance Transfer fees likely to be 3/4 %.. Depending on card company \ deals available..

Is it really that much cheaper buying this route?

StuC75

Also this 65" TV must be really worth all this effort..

Would also hope you have a big enough house for such a set not to look too out of place in..

sho_me_da_money

StuC75 wrote: »

Also this 65" TV must be really worth all this effort..

Would also hope you have a big enough house for such a set not to look too out of place in..

The UK price is £3400

The EU price is £2516 inc. shipping

No brainer really.

I have just checked the exchange rate on Paypal and XE.com and I am paying an extra £100 going through PP. For that reason, I have decided to dump the cash into an account, send it to XE trade and do a bank transfer from there.

No fee to send and saving £100.00

Well worth the effort.

sho_me_da_money

The other bad news is that Paypal allow you to make a one of transaction of £1900.00 for an unverified account. That is utter rubbish as the TV is £2500ish.

So now we have to add a bank account, then wait for 3 working days and have the limit lifted.

Is there any way to have the limit approved/lifted without waiting around and/or linking a bank account?

chanz4

lisyloo wrote: »

I would always go for paypal.
You are very unprotected with bank transfers, it's like giving someone cash.
You could of course use the legal system, but taking someone to court in another courntry would be pretty expensive and difficult.



Until something goes wrong............
I guess it's up to inidividuals what they do but I would never send an unknown company cash up front. I'm not saying you don't know those particular companies and obviously we all have free choice, but I think it's crazy to send cash.

I completely accept we all have free choice but I just wanted to make the point about lack of protection when sending cash in case the OP was unaware.

For me personally if the prices were so low I wouldn't have an issue with paying an extra 1% or 2%. I'd use a 3% cashback card.

paypal isn't that secure either

bigadaj

What happens if the TV goes wrong in the first few weeks, it's a hell of a call out

meer53

bigadaj wrote: »

What happens if the TV goes wrong in the first few weeks, it's a hell of a call out

How about if it has to go back to the seller ?

sho_me_da_money

meer53 wrote: »

How about if it has to go back to the seller ?

To both the previous posters,

The unit is covered under Panasonics EU warranty.

Panasonic UK and IRL said they would have no choice but to honour it as Germany and UK are both part of the same pool of 16 countries.

I believe I have 14 days to return the item if it does not meet the standards expected. But rather than return it, I am likely to have any such issues sorted under warranty.

michael00001

Hi there
I have sent money abroad to a online company in Germany via the Post Office. You can do it online.

I can't post the link here; just google "post office international money transfer"

The service is commission- and fee-free. I am not sure whether the exchange rates are the best but I used them because the Post Office is a reliable name. I had no problems.