Buy foreign currency on credit card

softmind82

Hi

Can you actually buy foreign currency like Euro / dollar on credit card and if yes then who offer best rate and what is the max limit I can buy for.

Thanks

chattychappy

Somebody should be able to give a more complete answer...

But in general it will be very expensive because the CC will treat it as a cash advance - typically there will be a fee and interest from date of transaction. Then the forex place itself will have their own fee and a poor exchange rate. Usually better to get the cash on arrival.

But what CCs do you have? Some CCs do a special deal if you buy forex through them. Post Office Mastercard, M&S and Tesco have all done deals in the past (perhaps they still do).

lisyloo

Most CCs will treat it as a cash advance and in general that's an expensive way to borrow money.

There are are a few exceptions and special deals but generally it's very expensive to borrow cash on a CC.