Halifax Reward Charges

sealdriver

dzug1 wrote: »

That's because they were hidden in the exchange rate rather than itemised as a separate charge

I have been paying a regular amount in US dollars for over three years, each month. On none of my Barclay's statements is there any mention of any charges other than the actual cost of the exchange. That amount is the same as that charged to my Halifax account this month except there are the additional charges mentioned above as well.

They certainly didn't have the £1.50 loading charge.

Anyway, I will have to look at other options for paying these sums.

Cheers

grumbler

sealdriver wrote: »

...On none of my Barclay's statements is there any mention of any charges other than the actual cost of the exchange.

It's the charge, not the actual cost of exchange.
Cost for you, not for them.

colsten

sealdriver wrote: »

Well, I think they should justify them, they are taking money for nothing. But I am obviously in a minority, no wonder we get ripped off.

If you feel you got ripped off, it isn't because Halifax don't justify their charges. It is because you didn't bother checking their charges, or to shop around for something that suits you better.

In a free market economy, no company has to justify their charges. The customers will decide whether the charges are fair value for money - they will either buy the products / use the services, or they won't. We are lucky that we live in a country where the consumer has choices. As has been pointed out, you have a number of choices for making foreign purchases.

Anyway, you are still well over £90 better off at Halifax than if you had not switched to them. If you play your cards right, they will pay you £5 a month, every month, too. How is that a rip-off?

dzug1

Barclays debit card charges a loading on the exchange rate


Halifax debit card also charges a loading (trivially smaller - 2.75%) on the exchange rate - PLUS the £1.50 a transaction charge


And it's not exactly for doing 'nothing' - you may consider it excessive, but it isn't for nothing.


Doubtless at some stage we shall have an 'enquiry' into it from those who profess to embrace the free market and then don't like the results - which will probably result in a worsening of the situation

sealdriver

Thank you all for your replies

SuperHan

sealdriver wrote: »

I have CCs I can use but then will have to remember to clear them each month to avoid charges, just inconvenient and not what I wanted from my bank account.

Or you can set up a direct debit so that they clear themselves from your bank account at the end of the month.

sealdriver

SuperHan wrote: »

Or you can set up a direct debit so that they clear themselves from your bank account at the end of the month.

Thanks, yes, I've done that.

Cheers

PeacefulWaters

sealdriver wrote: »

Well, I think they should justify them, they are taking money for nothing.

How do you justify taking £5 a month off them for virtually nothing?

I'll look at the Clarity card.

You should. It's the best there is for foreign transactions.

sealdriver

PeacefulWaters wrote: »

How do you justify taking £5 a month off them for virtually nothing?

You should. It's the best there is for foreign transactions.

They get interest on my money.

They won't give me a Clarity card despite a clear credit rating, I assume it is because I have just moved to them.

Cheers

grumbler

sealdriver wrote: »

They get interest on my money.

How much?

They won't give me a Clarity card despite a clear credit rating, I assume it is because I have just moved to them.

My wife got it without having any other accounts with them.

There are other CCs that don't charge for foreign purchases too and are easier to get, e.g. Aqua, C1 (check MSE article).