Travelex debit card charges

Steve_xx

Inactive wrote: »

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.

Absolutely, spot on.

ailuro2

http://travelmoney.moneysavingexpert.com/

read down the bottom of the page, there is a list of which banks charge for buying foreign currency, and which banks don't.

We were caught like this a few years ago- this time I withdrew the cash from the bank and handed it over at the bureau de change.;)

jonesMUFCforever

Mark,
Steve does not get the point and I don't think he ever will so unless this goes on and on for page after page with everyone repeating themselves lets call it quits?

Steve_xx

ejones999 wrote: »

Mark,
Steve does not get the point and I don't think he ever will so unless this goes on and on for page after page with everyone repeating themselves lets call it quits?

I do get the point. I'm being charged for taking my own money from A to B. There is no other way for me to get my money from my account to Travelex, therefore an unhealthy monopoly situation exists and I object to it.

MarkyMarkD

It's Travelex who refuse to take cash over the counter to satisfy orders placed online, not the banks who you are blaming for charging you.

At the end of the day, if you don't like the way Travelex do business, you can buy your currency somewhere else.

If you can't see that withdrawing money over a Travelex counter is a cash advance, you don't understand what a cash advance. To call a foreign exchange transaction a purchase is simply wrong. Card transactions are either ATM withdrawals, branch cash withdrawals (at your own bank), purchases or cash advances. This can only fall into the last category.

As regards "an unhealthy monopoly position exists" there are hundreds of different foreign currency suppliers, most of which will let you pay over the counter with cash. No monopoly there in the slightest. And there are banks which don't charge for debit card cash advances - Halifax, Nationwide and any bank which issues Maestro cards according to other posts.

What precisely are you imagining is a monopoly?

Steve_xx

MarkyMarkD wrote: »

It's Travelex who refuse to take cash over the counter to satisfy orders placed online, not the banks who you are blaming for charging you.

At the end of the day, if you don't like the way Travelex do business, you can buy your currency somewhere else.

If you can't see that withdrawing money over a Travelex counter is a cash advance, you don't understand what a cash advance. To call a foreign exchange transaction a purchase is simply wrong. Card transactions are either ATM withdrawals, branch cash withdrawals (at your own bank), purchases or cash advances. This can only fall into the last category.

As regards "an unhealthy monopoly position exists" there are hundreds of different foreign currency suppliers, most of which will let you pay over the counter with cash. No monopoly there in the slightest. And there are banks which don't charge for debit card cash advances - Halifax, Nationwide and any bank which issues Maestro cards according to other posts.

What precisely are you imagining is a monopoly?

It is not a cash advance. Though I realise that the banks may wish to style it as such to suit their own purpose. It is taking ones own money to purchase goods. Charges are not levied if i go and buy goods from Tesco's, nor should they be if I buy currency.

It is impossible to buy currency online via Travelex, without incurring the charge. Therefore a monopoly siuation exists.

dzug

It is impossible to buy currency online via Travelex, without incurring the charge. Therefore a monopoly siuation exists.

But it is possible - just use another bank's card that doesn't levy the charge. No monopoly.

loftus

How can it be a cash advance when the definition of a cash advance is money drawn on available credit?
I am not doing this when using a debit card, I am purchasing using my own available funds. This is a penalty imposed by the bank for not using their own exchange facilities. What further costs are imposed on them transferring MY funds to an exchange bureau rather than to Tesco?
And if I am charged for doing this why am I not charged for getting cash back at a supermarket? Maybe Travelex and the other bureau should sell theuir customers something cheap for 10p or so and provide the rest of the money as cash back instead.

MarkyMarkD

That might be YOUR definition of a cash advance, but it isn't the banks' definition.

A cash advance is a withdrawal of cash via the VISA network.

ATM debit card withdrawals are processed through LINK, not VISA, so they are not cash advances.

ATM credit card withdrawals are processed through VISA, so they are cash advances.

Purchases of foreign currency are processed through VISA, so they are cash advances.

Supermarket "cash back" transactions are a specific exception to this rule which the supermarkets must have agreed with VISA. Just because one category of cash advance is exempted doesn't mean that the banks or VISA are required to exempt all similar transactions.

jonesMUFCforever

As I said this will run and run and run.
Steve will not agree - let it rest.