Santander Foreign Exchange Fees?

highnal

Hi guys,

If I use my Santander debit card to pay for foreign exchange for US dollars at a bureau de change in the UK, will they charge me any fees?

The bureau have stated they don't change any fees on their side but was wondering whether I'd be charged by the bank.

Thanks!

grumbler

Santander will not charge you, but the bureau, although saying 'no fees', will get their cut buy using a terrible exchange rate.

MSE article: Cheap Travel Money

MSE news:
Banks axe debit card bureau de change fees
Banks to scrap bureau de change debit card fee

YorkshireBoy

grumbler wrote: »

Santander will not charge you

Their fees document (last updated 1st July 2013) says they will...

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223433871478&cachecontrol=immediate&ssbinary=true&maxage=3600 (page 7)

...unless they've told you otherwise (presumably it depends on which current account you have?).

grumbler

I should have not relied on the MSE news from the last year:

However, Barclays axed its charge on 1 June, Santander will follow on 1 July, RBS/NatWest on 4 July, and Lloyds TSB on 31 July.

noh

YorkshireBoy wrote: »

Their fees document (last updated 1st July 2013) says they will...

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223433871478&cachecontrol=immediate&ssbinary=true&maxage=3600 (page 7)

...unless they've told you otherwise (presumably it depends on which current account you have?).

I don't think it does.

grumbler

The document does say:

...purchase oftravellers cheques or foreign currency at another bank, bureau de change or other outlet displaying the Visa sign abroad... 1.5% of the value (at least £1.99)

I think the word 'abroad' is the key word here.

noh

grumbler wrote: »

The document does say:
I think the word 'abroad' is the key word here.

Yes thats how I read it too.

macman

To avoid any doubt, why not draw the required sterling out from the nearest cashpoint using your debit card, and then pay for your $US with that?
I've done this at Stansted where there was a cashpoint just a few yards from the bureau de change (though obviously you'll get a better rate if you pre-order).

reclusive46

If your going to the US you really don't need cash anyway. Just get a prepaid US dollar card or one of the recommended credit cards. I find cash a pain in the US, much easier to swipe the card and for transactions under 50 dollars you don't even need to sign (They don't have chip and pin in most places yet). You can still withdraw cash or get 50 dollars to take with you if you really need it.

All tips can be paid by card (In most states the waiter gets more via card as in many states electronic tips have to be deposited into the waiters account, this is not the case with cash), even things like parking meters and vending machines now take credit card.

Note: Whatever you do, don't use your Santander card, its a complete rip-off to use abroad.

wavy_davy

Just to add that someone at Santander on the phone just told me that there is a 2.75% cconversion fee, and a 1.5% withdrawal fee and that it "will come to about £1.99". Again and again I argued that for £100 this is more like a fiver, and she would not budge. And she did not mention that there appears to be a £1.25 fee on top of that. Thieves.