Travelex debit card charges

jonesMUFCforever

Steve_xx wrote: »

Charging customers for using their debit/credit cards is absurd and it is the thin end of the wedge. Soon we will all have to factor in an extra 10% on all of our purchases in order to satisfy the greedy banks who levy these stealth charges on an often unsuspecting consumer.

I don't think you got the point.
If you had used your own bank for the currency there would have been no extra charge.
By choosing a different bank they will charge (most anyway).
You don't have to pay those greedy banks one penny - all you have to do is walk down to a branch of your bank stand in the queue and withdraw your cash then travel to your nearest Travelex office queue again and buy with cash.
The greedy bank has to pay Visa for every transaction you undertake, yet sends you the card and facility to use it worldwide for free.
Would you prefer if you had an annual charge for a card whether you used it or not?

MarkyMarkD

I'm not "wrong", thanks very much. The error message is as likely to have been displayed by the user's browser as Travelex's website. There's no way of knowing whether a transaction has succeeded or not if you get any sort of error message, so it's always best to check before processing the transaction again, as I said.

There's nothing absurd about any sort of bank charges. Banks are in the business to make money, like any other business. Why this strange idea that money transmission should be free, but it's OK for Tesco to make money selling baked beans?

There's nothing stealthy about cash advance charges either - they are clearly shown in the standard disclosure box required for all credit cards and also in the terms and conditions for current accounts (re debit cards). If you don't read them and get surprised, that is your own fault.

MarkyMarkD

ejones999 wrote: »

I don't think you got the point.
If you had used your own bank for the currency there would have been no extra charge.
By choosing a different bank they will charge (most anyway).
You don't have to pay those greedy banks one penny - all you have to do is walk down to a branch of your bank stand in the queue and withdraw your cash then travel to your nearest Travelex office queue again and buy with cash.
The greedy bank has to pay Visa for every transaction you undertake, yet sends you the card and facility to use it worldwide for free.
Would you prefer if you had an annual charge for a card whether you used it or not?

I would like to agree with you, ejones999, but unfortunately you are incorrect.

The problem with Travelex is that their online rates are better than their high street/airport rates, and they charge commission at their bureaux which they don't charge online.

And you HAVE to pay online, upfront, by card if you buy currency online - you can't "reserve" it at the online rates and then pay in cash over the counter (unfortunately).

So it's impossible to get the best rates without incurring the cash advance charges, unless you have a Switch card or (apparently) a Halifax/Nationwide VISA debit card.

I do agree with you that the charge is a passed-on charge from VISA and that it's an alternative to the (now coming back into vogue) annual credit card charge. But the OP was actually talking about a debit card and nobody (yet) seems to be suggesting charging for them.

trets77

as well as the above mentioned visa debits it is Maestro cards that don,t get whacked for this Charge as a rule.

i have used my First Direct Maestro many times with Travelex and never had a fee .

that said i will be using the advice in below thread for my next currency purchase as i,m about upto £50 claimed back from Travelex in price matches !!

http://forums.moneysavingexpert.com/showthread.html?t=507137

bignred05

MarkyMarkD wrote: »

I'm not "wrong", thanks very much. The error message is as likely to have been displayed by the user's browser as Travelex's website. There's no way of knowing whether a transaction has succeeded or not if you get any sort of error message, so it's always best to check before processing the transaction again, as I said.

why then if my browsers "could" of been to blame

why when i called Travelex to query/cancel my order did the woman on the end of the phone from Travelex tell me
"yes sir " there seems to have been a problem with the first order you placed

as for the charges, the whole idea of getting them online and the so called best rate is to save money not to get charged £9.01 for 1 order let alone 2

Steve_xx

ejones999 wrote: »

I don't think you got the point.
If you had used your own bank for the currency there would have been no extra charge.
By choosing a different bank they will charge (most anyway).
You don't have to pay those greedy banks one penny - all you have to do is walk down to a branch of your bank stand in the queue and withdraw your cash then travel to your nearest Travelex office queue again and buy with cash.
The greedy bank has to pay Visa for every transaction you undertake, yet sends you the card and facility to use it worldwide for free.
Would you prefer if you had an annual charge for a card whether you used it or not?

If only it were that simple. The rate at Travelex is not as good in person as it is online.
I would not prefer an annual charge for a card, nor do I prefer to pay for obtaining my own money.

We already have the likes of Ryanair charging us for using credit/debit cards. What if Visa want to also charge us? Then we'd have two lots of charging for the one transaction. Oh, and of course then there's the issuing bank too. They may also want a cut, so there's the possibility of three charges for one transaction - absurd.

Also, I'd like to be able to have the choice of where, and at what rate I obtain my currency. I don't want a bank to decide that for me.

Steve_xx

MarkyMarkD wrote: »

I'm not "wrong", thanks very much. The error message is as likely to have been displayed by the user's browser as Travelex's website. There's no way of knowing whether a transaction has succeeded or not if you get any sort of error message, so it's always best to check before processing the transaction again, as I said.

There's nothing absurd about any sort of bank charges. Banks are in the business to make money, like any other business. Why this strange idea that money transmission should be free, but it's OK for Tesco to make money selling baked beans?

There's nothing stealthy about cash advance charges either - they are clearly shown in the standard disclosure box required for all credit cards and also in the terms and conditions for current accounts (re debit cards). If you don't read them and get surprised, that is your own fault.

There is nothing wrong with banks making money. But to charge a customer to obtain their own money is absurd and actually not quite right somehow.

MarkyMarkD

trets77 wrote: »

as well as the above mentioned visa debits it is Maestro cards that don,t get whacked for this Charge as a rule.

i have used my First Direct Maestro many times with Travelex and never had a fee .

that said i will be using the advice in below thread for my next currency purchase as i,m about upto £50 claimed back from Travelex in price matches !!

http://forums.moneysavingexpert.com/showthread.html?t=507137

Thanks, trets. Maestro is the new name for Switch - sorry for using the old name and confusing things.

bignred05 wrote:

why then if my browsers "could" of been to blame

why when i called Travelex to query/cancel my order did the woman on the end of the phone from Travelex tell me
"yes sir " there seems to have been a problem with the first order you placed

Thanks for this entirely new information. As I'm not psychic, I didn't know about this conversation between you and Travelex.

Steve_xx wrote:

There is nothing wrong with banks making money. But to charge a customer to obtain their own money is absurd and actually not quite right somehow.

The idea that banking services should be free, whilst all other goods and services in life should cost money, is what is absurd.

You've been watching too many Nationwide TV ads and you've been brainwashed.

The fee is NOT a charge for obtaining your own money. The fee is for the service of taking a cash advance. You can withdraw your own money, in sterling, from thousands of ATMs or over the counter at your own branch, with no charge at all.

Steve_xx

MarkyMarkD wrote: »

Thanks, trets. Maestro is the new name for Switch - sorry for using the old name and confusing things.

Thanks for this entirely new information. As I'm not psychic, I didn't know about this conversation between you and Travelex.

The idea that banking services should be free, whilst all other goods and services in life should cost money, is what is absurd.

You've been watching too many Nationwide TV ads and you've been brainwashed.

The fee is NOT a charge for obtaining your own money. The fee is for the service of taking a cash advance. You can withdraw your own money, in sterling, from thousands of ATMs or over the counter at your own branch, with no charge at all.

I am not taking a cash advance at all when I use my debit card to take money from my account in order to buy currency. I am taking my own money from the account just like I would be if I went into any shop and purchased goods from that shop with it.

Inactive

Steve_xx wrote: »

I am not taking a cash advance at all when I use my debit card to take money from my account in order to buy currency. I am taking my own money from the account just like I would be if I went into any shop and purchased goods from that shop with it.

I agree 100%, I use my HSBC Maestro Card to buy currency online from Saga, Asda and HSBC themselves, never been charged a penny.

It is my money, if I paid with a cheque I wouldn't expect to get charged anything, the same rules apply.