Cash in Switzerland

Dephead2004

Yes the trouble is that this hotel does not use credit cards and for the room rate we get I am happy with that

Dephead2004

gglaze wrote: »

Just curious, what are you actually trying to accomplish here? I can't imagine why anyone would get such huge sums of foreign currency over a credit card - unless you basically are looking to have foreign cash to spend beyond you available cash funds in the bank, and actually want to put this into debt? If so, sounds like excessive spending, but I'm certainly in no position to judge

Personally for any amount this large I would use a cash (not debt) transaction through an FX service, such as CurrencyFair (my current favourite) or XE.com, and put the CHF into a CHF bank account, ready to withdraw in native CHF currency by debit card. FYI, Citibank offers a CHF savings account (or at least they used to) which you can have linked to your debit card for when you go to Switzerland, which would make the whole process seamless and still based in the UK.

If your goal is to get the best value from your transaction, surely this sort of cash transfer is better than any credit card rate? I had assumed people who use credit cards for foreign currency usually do so for small, convenient transactions - but not for huge cash withdrawls!

edit:
And I guess the other point here is you are trying to avoid actually just carrying the cash over with you?

edit:
FYI, just checked, the current rate for 2500CHF on CurrencyFair is £1695.17, which includes the £3 transfer fee. Is the Clarity credit card rate truly better than that? If so that's amazing..

AS I posted, this hotel is a family run affair , give us excellent rates and do not want to pay VISA or MCard 2-3% for taking my money. I am happy with this. Opening an account is probably OTT for 2 weeks holiday every 2 or 3 years. But great thought. Like all the rest:T

Dephead2004

gglaze wrote: »

Thanks, you've opened my eyes to new possibilities!

I also checked my XE.com online rate, it was giving me an even worse rate than CurrencyFair.

So by this logic, as I can see it, it is always better to use the Clarity card and do a local cash withdrawl, than to use an online FX service to transfer the cash first? Is that true? Seems amazing.

Any way to extend this approach to work within the UK to get foreign currency somehow out of the Clarity? For example, let's say I need to send some CHF to Switzerland. Is there some way (within the UK) to get CHF from the card, and then deposit that to my CHF account, and then transfer it over to Switzerland directly? Just an example.. Or is it safe to say this approach can only ever work if you are in the local country where you can withdraw that currency directly from the cashpoint?

How about using the Clarity at one of the few Euro dispensing cashpoints around London, such as the Natwest one on Bishopsgate? Does that work?

I guess I need to go do my research and find out how to get a Clarity card. This is the Halifax one right? Presumably easier if you get a Halifax bank account first?

Yes well worth getting both a current a/c and a Clarity card. Each pays you £5 per month if you spend £300 min on the CC and deposit £1000 into the bank a/c. Link the two and that nets you £120pa. Withdraw £700 or less from the bank a/c the day the SO goes in from your main a/c to keep all in credit and maximise the use of YOUR money

jennifernil

We travel abroad 2-3 months every year, we use the Clarity card all the time for both purchases and cash. Excellent exchange rate.

As said, if you can transfer a payment to it after each cash withdrawal, you will pay very little interest.

Note that you should not put the card in CREDIT, it is against the Ts & Cs, so do not pay to it too soon, or they might suspend your access. Note also what was said about credit going against statemented items first.

I think cash withdrawals are limited to half your credit limit, best check that.

Remember to tell them before you travel, can help prevent problems.

Dephead2004

What a great debate and advice here. Many thanks to all who have joined in. Any more thoughts?

Dephead2004

jennifernil wrote: »

We travel abroad 2-3 months every year, we use the Clarity card all the time for both purchases and cash. Excellent exchange rate.

As said, if you can transfer a payment to it after each cash withdrawal, you will pay very little interest.

Note that you should not put the card in CREDIT, it is against the Ts & Cs, so do not pay to it too soon, or they might suspend your access. Note also what was said about credit going against statemented items first.

I think cash withdrawals are limited to half your credit limit, best check that.

Remember to tell them before you travel, can help prevent problems.

Excellent. I think the conclusion is go CLARITY go :beer: :T

chattychappy

My parting shot would be always have backups. I'm often abroad, sometimes for months. Cards do get blocked and unpredictably so. In my experience, phoning in advance makes little difference, but that might different for others.

Having a backup card which might cost you, say, a few percent can be cheap when compared with the cost of western union/taxis to embassies, wire transfers etc etc.

Also, don't forget my earlier post re. payments applying first to statemented transactions if you intend to use Clarity for purchases too.

Dephead2004

Yep sound advice and thanks chattychappy

zagfles

Oh, and watch out for DCC (dynamic currency conversion). If a cashpoint or retailer offers to convert the currency to GBP, make sure you say no, they'll use a rubbish rate. Make sure you're always charged in the local currency.

Some dodgy retailers will convert without you asking (they are not allowed to do this) - make sure when you enter your PIN/sign that the charge is displayed in the local currency only. If any GBP amount shows do not sign/enter your PIN.

Dephead2004

Yes nearly got caught out a few years ago in Switz. when it was a "great" new idea. Instincts said no. Looked it up when at home (no mobile internet then). BAD idea