Halifax Clarity best way to withdraw money for a foreign trip?

grenvilledodger

Can someone just clarify something for me? Am I right in saying that the Halifax Clarity credit card would be the cheapest way to withdraw money for a forthcoming trip to the USA? Ie it would be cheaper for me to go to an ATM in the USA and withdraw my currency in dollars there than it would to go and purchase dollars at an establishment here (such as post office or bureau de change etc)? According to Martin's notes on the subject (I ordered the card after seeing him on TV this morning) the rate is a true exchange rate without any additional charges... and it sounds like this would be the best way of obtaining all of my currency? I just want to check this with any of you guys out there who are perhaps clued up better than myself! Thanks in advance! :money:

eskbanker

It's generally regarded as being a better option than using another card over there but not necessarily better than getting cash here first! Many US ATMs impose local charges for cash withdrawals and even though there's no exchange fee you still pay interest on the cash withdrawal unless you pay back to the card straightaway, plus there is always the risk of exchange rate fluctuations not working in your favour by delaying your purchase. Probably still worth doing though, but it doesn't necessarily guarantee to be the cheapest way of getting the cash....

grenvilledodger

Cheers.. I'll get my money out here still then I think! At least I will have that card with me as a fallback and I can use it for other purchases etc..

I tend to pay my cards off straight away anyway so if I do use it I will make sure I get things paid off straight away!

grumbler

grenvilledodger wrote: »

...Ie it would be cheaper for me to go to an ATM in the USA and withdraw my currency in dollars there than it would to go and purchase dollars at an establishment here (such as post office or bureau de change etc)?

If you buy $$ here, check TravelMoneyMax instead of going to PO or 'bureau de change'.

grenvilledodger

Thanks grumbler.. I'll have a close look at that! Brilliant!

Phil_Sheridan

I have been using a Santander Debit Card to withdraw cash from ATM's when abroad, but a Santander Zero M/C to pay restaurant bills or store purchases. I always pay any credit card bills in full, as soon as I get them, and I've always felt reasonably happy about using these two methods of paying bills, or withdrawing money.
Please don't misunderstand me when I say that I'm not fazed by paying nickel and dime extras, I'm not a dissolute spendthrift.
My query is, having read on MSE of the Halifax Clarity Card, would I be saving much if I successfully applied for one?

eskbanker

grenvilledodger wrote: »

I tend to pay my cards off straight away anyway so if I do use it I will make sure I get things paid off straight away!

Just to be clear (this is Clarity we're talking about!), I was meaning straight away as in within a day or so of withdrawing the cash, not waiting until the scheduled monthly payment date. As with any other credit card, interest is chargeable on cash withdrawals (in any currency) from date of withdrawal until payment, so if you withdrew cash early in your billing cycle and waited until the usual statemented payment date then you could easily pay 2% or more, i.e. largely nullifying the benefit of using the card in the first place....

grumbler

Phil_Sheridan wrote: »

I have been using a Santander Debit Card to withdraw cash from ATM's when abroad..
My query is, having read on MSE of the Halifax Clarity Card, would I be saving much if I successfully applied for one?

It's not rocket science. You can save 2.75% plus 1.5% (min. £1.99) on each withdrawal.

Santander debit card is one of the "Debit Cards From Hell" for using abroad according to MSE classification.

Using your Zero CC would be better as it would cost ~2.2% per month (that can be avoided by making extra payments early).

Wammer

I made a cash withdrawal in the US last week and got a rate of $1.697 with a $1 ATM fee. However ATM fees vary widely in the US.

ManAtHome

grumbler wrote: »

Santander debit card is one of the "Debit Cards From Hell" for using abroad according to MSE classification

Although it's a debit card from heaven in Santander ATMs in Spain, maybe caveats needed...