Cash in Switzerland

gglaze

dzug1 wrote: »

And unless your CHF bank has an office in London you can't deposit them in it.

Just to clarify, I'm talking about foregin currency UK bank accounts - for example, I have a CHF account with Citibank UK, which allows me to deposit CHF cash, and then send it directly to a CHF account in Switzerland without any FX impact. Well, in theory anyway - I've done this with EUR, USD, and SEK on a regular basis, not sure I've ever actually tried to use the CHF but assume it should be the same thing.

So really, what I'm after here is probably something more relevant to me (apologies for hijacking the discussion a bit) - for example I buy USD on a regular basis, and send it back to my account in the US. I am currently doing this with CurrencyFair, but if there were a cheaper way to do it with this Clarity card somehow (while I am still physically in the UK), I'm all ears. It sounds like the only way would be to issue a second card to one of my family members in the US, and tell them to go to the bank to withdraw my cash and deposit it for me. Probably a bit too much hassle asking them to do that just to save a few pounds..

dzug1 wrote: »

As to the euro machines in London I would imagine (but am not certain) that the machine would set the rate, not Clarity.

I'm actually talking about the EUR cashpoints that allow you to directly withdraw EUR from a EUR account (such as, again, my Citibank UK EUR foreign currency account) - hence no FX at all. But presumably if I use the Clarity card which is technically in GBP, then yes you are right, I guess the machine won't give me a choice to be charged in EUR directly, or to let the machine decide the rate and charge me in GBP. From what I have read in the past, the machine somehow detects that your card is linked to GBP and therefore charges you in GBP, rather than trying to do a direct EUR charge? Well I'm not sure, I guess the only way to find out for sure is for someone to give it a try!

Anyway, thanks everyone for your feedback, this has been very informative. At a minimum it sounds like it's worth getting Clarity for the rewards and the occasional foreign transactions while on holiday.

Peterflog

I am new to the Forum, but felt after seeing some of the comments I must give a word of caution.
I recently obtained a Clarity card for the purpose of using in Spain. Having previously used Nationwide Debit and Santander Zero.
I noted the new terms and conditions of the clarity card and was confused as to what exchange rate was for purchases and cash withdrawal. Customer services could not explain, but gave me the rate at that time that would be applied as 1.198 euro/£. They said it was the Mastercard Exchange rate. Checking the Mastercard exchange rate online it gave me 1.244376 euro/£. So does that mean that they are not giving anything like the published rate?
I have sent a query to Halifax for CLARITY.
I mean to check with other credit card companies shortly.
So tread with care at present.

grumbler

Peterflog wrote: »

...I noted the new terms and conditions of the clarity card

What exactly is worrying in the T&C? I just can't find them online and CBA to read the small print on paper.

and was confused as to what exchange rate was for purchases and cash withdrawal. Customer services could not explain, but gave me the rate at that time that would be applied as 1.198 euro/£. They said it was the Mastercard Exchange rate. Checking the Mastercard exchange rate online it gave me 1.244376 euro/£.

I wouldn't rely on anything the CS say. Often they just don't know, but will never admit this.

zagfles

Peterflog wrote: »

I am new to the Forum, but felt after seeing some of the comments I must give a word of caution.
I recently obtained a Clarity card for the purpose of using in Spain. Having previously used Nationwide Debit and Santander Zero.
I noted the new terms and conditions of the clarity card and was confused as to what exchange rate was for purchases and cash withdrawal. Customer services could not explain, but gave me the rate at that time that would be applied as 1.198 euro/£. They said it was the Mastercard Exchange rate. Checking the Mastercard exchange rate online it gave me 1.244376 euro/£. So does that mean that they are not giving anything like the published rate?
I have sent a query to Halifax for CLARITY.
I mean to check with other credit card companies shortly.
So tread with care at present.

There's a lot of clueless staff in bank CS who will fob you off with guesses if they don't know the answer to your question.

The Clarity uses the Mastercard rate, that's what it says in the T&Cs and that's what it says on their website. I've used it loads of times and that's the rate you get, http://www.halifax.co.uk/creditcards/low-rate-no-fee/clarity-card/#exchange_rate

dzug1

I suspect CS gave you the cash in a Nationwide branch rate for that day - not the card rate.

To be fair - they don't set the online rate - they use the rate given by the system

Peterflog

With my new Clarity card came a letter CHANGES TO YOUR HALIFAX CREDIT CARD TERMS AND CONDITIONS dated Dec 2012.
On the enclosed ''new'' terms and conditions paragraph 5.3, it states. '' If you make transactions in a foreign currency, we will change the amount to sterling at the payment scheme exchange rate used by the payment system on the date it passes us the transaction. You can find out this payment scheme exchange rate by calling us.........''
If they used the Mastercard exchange rate surely they could quote that in there T&C's.
Since this is a new letter, have the conditions changed from previous, hence the revised rate I was quoted?
The rate I was quoted by Customer Services seemed rather precise to be a guess. They did not know at first but went away and came back with the figure.
As stated I have sent an e-mail for clarification and will publish once I receive a reply.
I will be delighted if the exchange rate is the Mastercard Exchange rate, as that is why I got the card.

zagfles

Peterflog wrote: »

With my new Clarity card came a letter CHANGES TO YOUR HALIFAX CREDIT CARD TERMS AND CONDITIONS dated Dec 2012.
On the enclosed ''new'' terms and conditions paragraph 5.3, it states. '' If you make transactions in a foreign currency, we will change the amount to sterling at the payment scheme exchange rate used by the payment system on the date it passes us the transaction. You can find out this payment scheme exchange rate by calling us.........''
If they used the Mastercard exchange rate surely they could quote that in there T&C's.
Since this is a new letter, have the conditions changed from previous, hence the revised rate I was quoted?
The rate I was quoted by Customer Services seemed rather precise to be a guess. They did not know at first but went away and came back with the figure.
As stated I have sent an e-mail for clarification and will publish once I receive a reply.
I will be delighted if the exchange rate is the Mastercard Exchange rate, as that is why I got the card.

Mastercard is the payment scheme. You will get the Mastercard rate.

CS answered the wrong question, as above they probably gave you the rate for changing cash in branch.

The Halifax website is clear. See the link I posted:

The exchange rate is set by Mastercard at the time that you make the transaction. Halifax do not apply any loading, fees or charges to this rate.

chattychappy

Well... I feel it's worth someone who is using Clarity overseas right now to report back on the rates they got. Not always easy (because of the timing issues, especially in a different time zone).

I agree, my interpretation also of those T+C is that they will be using the Mastercard rate.

I'm with Zero - but I still check from time-to-time!

Peterflog

As promised I would post a reply once I had heard from Halifax.
I got a call from there complaints department. They repeated there are no charges for using the Clarity Card. I was not totally reassured as when you queried what that meant they kept repeating the same comment. I requested they confirmed that any exchange rate used for purchases or cash withdrawal was the Mastercard Exchange rate. They said it was.
I was not totally convinced that they understood the situation, but I recorded a name and direct line of the person giving me the information, so if I need to complain then I will have a reference.
Sorry if it is not totally clear, but it looks likely that you will get the Mastercard exchange rate not the figure quoted by the Customer services originally.
Thanks for advice and patience.

Dephead2004

Feedback time:
Went to Switzerland and used Halifax Clarity Card as per OP and advice in this thread.
Step 1: Cleared all balance on the card,
Step 2: Withdrew £1500 approx in Swiss Francs over 4 days.
Step 3: Waited until the withdrawal was shown in GBP in the online statement and then credited the account with the exact amount in GBP
Step 4: Paid a grand total of 0.46 GBP in interest and received the correct Mastercard rate
Step 5: Say thanks to all Forumites who advised on this matter.

The Clarity card is clearly (sorry) the best way to obtain foreign money abroad - well at least in Switzerland. That's clarified that then.