Halifax Clarity - Withdraw larger sums from a branch?

GlasgowDentist

Hello,

I am in Australia at the moment and need to get hold of around £3000 worth of dollars.

As most are probably aware the exchange rate with the Halifax Clarity card is pretty good. With this card am I able to go into an Australian bank and take out larger sums of money? I'm sure the guy I spoke to from Halifax said this can be done. The benefits in my view of doing this are 1) convenience, and 2) better exchange rate than what I would get using one of the big Forex companies.

Your input would be appreciated.

Cheers.

opinions4u

You should be able to.

Take your passport with you.

AdamJK_2

The withdrawal limit for cash is 50% of the total credit limit on the Clarity.

For example £2k limit is a £1k cash limit over all cash or cash-like transactions. Once you hit the £1k cash all cash or cash-like trans would decline as overlimit. The remainder of your limit would be fine for regular merchant shopping if that helps you to plan things.

pc1271

But you'll be paying large interest costs from the day it's withdrawn though - it's still a cash advance. If you've done the sums that's fine, but generally withdrawing cash on a credit card is a big no-no.

YorkshireBoy

pc1271 wrote: »

But you'll be paying large interest costs from the day it's withdrawn though - it's still a cash advance. If you've done the sums that's fine, but generally withdrawing cash on a credit card is a big no-no.

You're not familiar with the Halifax Clarity card are you?

At the representative rate of 12.9% APR a month's interest will be just over 1%...and the withdrawal will also be fee free.

Obviously the OP thinks this cost is worth it in order to enjoy interbank rates of exchange. After all, his £3K spend is only going to cost him just over £30 per month in interest.

zerog

... and if he has the amount in pounds available, he can just pay it off in a few days and the interest will be minimal.

GlasgowDentist

Just a quick update for this thread...

I went into the Commonwealth Bank this morning. They said bring some ID and there are no charges from their end of things. I'll transfer the money to my credit card the same day I withdraw the cash so interest should be next to nothing.

Good old clarity card!

opinions4u

AdamJK wrote: »

The withdrawal limit for cash is 50% of the total credit limit on the Clarity.

For example £2k limit is a £1k cash limit over all cash or cash-like transactions. Once you hit the £1k cash all cash or cash-like trans would decline as overlimit. The remainder of your limit would be fine for regular merchant shopping if that helps you to plan things.

Do you have a link to anything confirming this?

YorkshireBoy

opinions4u wrote: »

Do you have a link to anything confirming this?

It's in the summary box (for all* Halifax cards, not just the Clarity)...

http://www.halifax.co.uk/creditcards/low-rate-no-fee/clarity-card/


* http://www.halifax.co.uk/HelpCentre/?q=cash+limit&site=HfxCreditCards&origin=next&start=7

YorkshireBoy

GlasgowDentist wrote: »

I'll transfer the money to my credit card the same day I withdraw the cash...

I wouldn't do that!

The transaction may be posted to your account some 2 days after you make the withdrawal, and putting your account £3K in credit (or just a bit less if there are some purchases already on there) is likely* to raise an AML flag meaning your account could be blocked.

Better to keep checking online and send the cash when you see the transaction posted.

The last thing you want is a blocked card!...especially a Clarity card overseas.


* Even though they appear to have removed the "mustn't place your account in credit" condition from the current online T&Cs, you may still have it in yours (unless you've received a notice of variation?).

zerog

Agreed, I thought I was being smart once and "paid off" a cash advance almost immediately, but it paid off an earlier purchase instead and I got charged full interest.