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Halifax Clarity - Money Transfer
tasty_snacks
Posts: 229 Forumite
Official MoneySavingExpert.com insert
For full info on money transfers, see the main website's money transfer guide.
Back to the original post...
Received my latest statement recently, which came along with pre-warning of a few changes to the Ts & Cs.
The one which caught my eye was that 'money transfers' will now be treated as purchases, and as such, subject to the same interest free period.
Potentially therefore, one could transfer money to a bank account on statement day one, and simply let the direct debit take care of the payment in full when the payment falls due. Rinse and repeat.
There don't seem to be any fees covering 'money transfers' in the current Ts & Cs, that's not to say that none will be introduced. I also suspect that any constant money transfers would very quickly draw attention, which is not what you need for your main going abroad card!
Still, one to keep an eye on when the new full Ts & Cs become valid on November 26th.
For full info on money transfers, see the main website's money transfer guide.
Back to the original post...
Received my latest statement recently, which came along with pre-warning of a few changes to the Ts & Cs.
The one which caught my eye was that 'money transfers' will now be treated as purchases, and as such, subject to the same interest free period.
Potentially therefore, one could transfer money to a bank account on statement day one, and simply let the direct debit take care of the payment in full when the payment falls due. Rinse and repeat.
There don't seem to be any fees covering 'money transfers' in the current Ts & Cs, that's not to say that none will be introduced. I also suspect that any constant money transfers would very quickly draw attention, which is not what you need for your main going abroad card!
Still, one to keep an eye on when the new full Ts & Cs become valid on November 26th.
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Comments
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This also caught my eye too!
There currently isn't an option to do a money transfer, will this come live in Nov too?
So is my understanding of this correct?
Say i needed £300 to pay a joiner cash in hand, i could transfer the money to my current account fee free (at present..this could change) and so long as i pay with the usual interest free period no fees will apply?
How would this differ from say lifting £300 out an atm in the uk to pay the joiner?
Cheers guys.0 -
I would love to find out more on the detail on this. With over £7k limit on my Halifax Clarity, this could prove very useful.
Thankfully, Aqua credit card could now become the backup abroad CC for me.0 -
Has anyone looked into this 'feature' further since it became live?0
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tasty_snacks, did you ever try to do this?0
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There was a similar change to Aqua T&C at the same time. I think it turned out that "money transfer" didn't mean "cash advance", it meant sending money by Western Union or some such. No use for stoozing or cashback because of the fees.
Presumably they settle at a discount as with any other purchase, and the wire firm rolls this into their own charges."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0
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