We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Halifax 'Clarity' exchange rates
kuepper
Posts: 1,538 Forumite
in Credit cards
was persuaded to get a halifax clarity card because of the mse advice re travel money and getting a clean rate. I have just used it for the first time. On returning to uk I looked at my account and was surprised to see no exchange rate shown for the conversion. I worked the rate out and it was less than I understood the rate to have been at the time of the transactions (as shown on xe.com at the time). I phoned Halifax and was told my account will never show the exchange rate applied to a transaction as the rate is determined by Mastercard and if I want to know the rate I have to work it out myself! I was a bit astounded by this as in my previous 30+ years of using cards abroad with other banks (albeit using Visa cards) the exchange rate was always shown. Now not sure if i wish I hadn't bothered with this card, there's actually less clarity (excuse the pun) than with other cards
0
Comments
-
If you use xe then unfortunately you'll always get a more inflated rate as it is the rate for trading. The actual rate applied is the one found on the relevant site to your card, i.e. visa Europe (if you have a visa card) and mastercard (if you have a mastercard). This may not be want you want to hear, but in a way, Halifax are right. If you want to know the rate, then you need to go the mastercard site (it's easier to search for "mastercard exchange rate") and select your currency (the base currency of your card, I assume GBP) and click the date that the transaction was processed (the date that appears on your statement). This will tell you the rate that was applied on that date.
xe should only be used as a GUIDE. It will always be a point or so out from the actual rate applied.
Hope that helps.
SJB x0 -
Forgot to mention that you also need to allow for any 'conversion fee' if applicable to the type of card. The percentage can be found in the 'summary box' for the card, so you would need to take this into account.
I haven't looked into the Clarity card so I don't know if it incurs a foreign transaction/conversion fee. I know that aqua advance doesn't have one (which is why I have the card, despite the high apr - which doesn't affect me as I pay in full each month)0 -
rabbit_burrow wrote: »Forgot to mention that you also need to allow for any 'conversion fee' if applicable to the type of card. The percentage can be found in the 'summary box' for the card, so you would need to take this into account.
I haven't looked into the Clarity card so I don't know if it incurs a foreign transaction/conversion fee. I know that aqua advance doesn't have one (which is why I have the card, despite the high apr - which doesn't affect me as I pay in full each month)
The clarity is also free to use abroad.0 -
rabbit_burrow wrote: »Forgot to mention that you also need to allow for any 'conversion fee' if applicable to the type of card. The percentage can be found in the 'summary box' for the card, so you would need to take this into account.
I haven't looked into the Clarity card so I don't know if it incurs a foreign transaction/conversion fee. I know that aqua advance doesn't have one (which is why I have the card, despite the high apr - which doesn't affect me as I pay in full each month)
the whole point about the clarity card is there's no fee of any kind for foreign transactions except you pay interest on cash advances, that's why mse have as the no-brainer for foreign travel http://www.moneysavingexpert.com/travel/cheap-travel-money
no mention of aqua whatever that is0 -
If you prefer paying ~3% just for seeing the actual exchange rate, then just cut your Clarity and get some other card.was persuaded to get a halifax clarity card because of the mse advice re travel money and getting a clean rate. I have just used it for the first time. On returning to uk I looked at my account and was surprised to see no exchange rate shown for the conversion. I worked the rate out and it was less than I understood the rate to have been at the time of the transactions (as shown on xe.com at the time). I phoned Halifax and was told my account will never show the exchange rate applied to a transaction as the rate is determined by Mastercard and if I want to know the rate I have to work it out myself! I was a bit astounded by this as in my previous 30+ years of using cards abroad with other banks (albeit using Visa cards) the exchange rate was always shown. Now not sure if i wish I hadn't bothered with this card, there's actually less clarity (excuse the pun) than with other cards
I prefer to pay 0% and I just know that the rate they use can't be beaten.
If I were desperate to see the rate (why?) I'd just use a calculator or go to https://www.mastercard.com/global/currencyconversion/
Most other Mastercard cards use the same rate and charge you ~3%.0 -
the whole point about the clarity card is there's no fee of any kind for foreign transactions except you pay interest on cash advances, that's why mse have as the no-brainer for foreign travel http://www.moneysavingexpert.com/travel/cheap-travel-money
no mention of aqua whatever that is
In which case, the standard mastercard exchange rate (as I mentioned before) will be the rate applied.
Aqua is a 'sub' card. Their advance card doesn't charge a foreign fee (mse mentions it) and the apr drops by 5% per year for the first 3 years, for those interested who can't gain a mainstream card. I must stress that it is their advance card though. The 'aqua classic' card charges a foreign transaction fee & it doesn't reduce it's apr either
:-)0 -
If you get a 'dodgy' rate, could be that you were stung with DCC (Direct Currency Conversion?) where the retailer or ATM offer to charge you in pounds (well it is a UK card, so they're being helpful...). In this case, you'll probably get a rate between 3-4% lower than the Mastercard rate.
Dunno about XE, but I haven't found a massive difference between Mastercard and Oanda Interbank rates (sometimes the MC site is slooooooooow).
[edit] pretty sure my Clarity statement has always shown the conversion rate. They only show it to 2 decimals, but work the actual rate to 4.0 -
Yep, my Clarity statements from when we were away in the summer certainly do show the exchange rate, to 2 decimal places as said.0
-
If you prefer paying ~3% just for seeing the actual exchange rate, then just cut your Clarity and get some other card.
I prefer to pay 0% and I just know that the rate they use can't be beaten.
If I were desperate to see the rate (why?) I'd just use a calculator or go to https://www.mastercard.com/global/currencyconversion/
Most other Mastercard cards use the same rate and charge you ~3%.
What is it about ppl in this forum, why be so aggressive? I was only pointing out that it seems odd that Halifax don't provide this information when they clearly have access to it rather than me having to use a calculator. I would like to see the rate applied so that I had the assurance an arbitrary figure wasn't being used0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards