Charges for buying foreign currency

Tag_2

Hello everyone,

This is my 1st thread, so please be gentle!

I have been reading the info regarding the best way to spend abroad and found the currency rate price compaison very useful. However, I seem to remember being stung by my bank once, for simply buying foreign currency from a competitor as it was deemed a cash advance. Does this apply to all credit cards? How about using a debit card?

Many thanks

Inactive

All Credit Cards charge for making currency withdrawals, as far as I know.

The only Debit Card that doesn't make a charge is Nationwide as far as I am aware.

Tag_2

I understand that if you use a credit card abroad for transactions or cash withdrawals, you get charged a "handling" fee for the majority of card providers.
However, before I travel, I would like to buy currency on-line in the UK. I would like to know if similar charges apply. I seem to recall buying travellers cheques from Thomas Cook with my Lloyds debit card, and being charged a fee by Lloyd's because it was deemed a cash advance. Oddly enough, there would have been no charge if I had bought through Lloyd's!! Is this still the case as I can't find any info anywhere.
Many thanks!

YorkshireBoy

Tag wrote: »

However, before I travel, I would like to buy currency on-line in the UK.

The M&S &more card treats foreign currency bought from them as a 'purchase', meaning up to 55 days interest free.

New card applicants will enjoy 0% until 31st Jan 2008.

http://www6.marksandspencer.com/pages/default.asp?PageId=FC&Product=CC


Disclaimer: They may not offer the best exchange rates!

magentadreamer

M&S exchange rate is very favourable - well for US dollars it was back in May. You can also order money with Travelex.co.uk - they have great rates as well to pick up at the airport but you'd need to use a debit card for that otherwise it would be a cash advance on your credit card.

ms_pokerteam

Debit cards don't charge as it's your cash you are using

credit cards will charge you for the cash advance.

jonesMUFCforever

If you use your debit card to buy cash or travellers cheques you will get charged by your bank (most of them anyway) to the tune of at least 1.5% some have a maximum fee of £4.50.

lisyloo

Debit cards don't charge as it's your cash you are using

I think this is incorrect.

Most debit cards have an exchange rate transaction fee of around 2.75%.
It's added onto the exchange rate so you'd never know unless you checked the Ts&Cs or compared the rate.

Nationwide don't charge this and I think the post office don't either.

This is different for any extra fee for using an ATM.
It's included in purchases with your debit card
Check your bank for what they charge.

YorkshireBoy

ejones999 wrote: »

If you use your debit card to buy cash or travellers cheques you will get charged by your bank (most of them anyway) to the tune of at least 1.5% some have a maximum fee of £4.50.

Maestro may be different.

I haven't used it for a couple of years, but my Yorkshire Bank Maestro card didn't used to charge a fee for purchases of currency (from our local travel agent anyway).

Tag_2

Thank you for all your replies!
There seems to be a difference of opinion! I will call my current bank (Abbey) and ask the question to see if their debit card will lead to a charge - I wonder if they will know. Will post the answer.
Thanks again

YorkshireBoy

Tag wrote: »

I will call my current bank (Abbey) and ask the question to see if their debit card will lead to a charge...

Why? The details are on their website...

Using your VISA debit card or VISA Electron card to purchase foreign currency; travellers cheques

1.5% of the value (minimum £1.50)

http://www.abbey.com/csgs/Satellite?c=GSDetalleProducto&cid=1127562793287&idParent=1127562791480&pagename=Abbey%2FGSDetalleProducto%2FGS_DetProducto