Pay off Sterling Credit Card in Euros

marcwalker

I am not sure if this has been asked before but I couldn't find the answer.

I have amongst many other debts a 0% balance transfer MBNA credit card as high as £8,000 which is due to end by early next year. Incidientally I also have the same sort of thing with a barclaycard with a similar amount but it still has a year to run.

The expense has mostly come from payment of tuition fees and I am looking to work where I can get the greatest value from my qualification. I am looking to work in Dublin which will pay in EUR (but will also consider New York which obviously is USD).

Does anyone know if it is possible to pay the card with euros or does it have to be in pounds? What are the pro's and con's of paying a sterling credit card in euros?

Fruit_and_Nut_Case

I'm pretty sure this is a non-starter, but if it were possible you would be subject to the bank's exchange rate which would almost certainly be inferior to what you could get for yourself.

grumbler

Fruit_and_Nut_Case wrote: »

I'm pretty sure this is a non-starter,

Why a non-starter if an international transfer can be made with the reference needed? Also, I don't see why a €/$ debit card can't be used to pay.

but if it were possible you would be subject to the bank's exchange rate which would almost certainly be inferior to what you could get for yourself.

Yes, it will be cheaper to transfer money to a UK £ account first and then pay to the CC company.

fxcompared.com
mycurrencytransfer.com

PeacefulWaters

What are the pro's and con's of paying a sterling credit card in euros?

I can't see any pros at all.

Halifax T&Cs expressly require sterling.

16.1 You must make all payments in pounds sterling and on time.

You should check your card's rules.

Fruit_and_Nut_Case

grumbler wrote: »

Why a non-starter if an international transfer can be made with the reference needed?

OK. Poor choice of words on my part. I was thinking of this more in the way of it being a bad idea from the point of view of the payer.

Interestingly I have since found this on the Barclaycard website:

Can I pay my Barclaycard using a non Sterling cheque?
Yes, you can choose to send us a payment using a non Sterling cheque and we will convert the payment to Sterling before we credit your account free of charge. Unfortunately we can't accept payment via foreign cheques unless they are equal to or more than £100 Sterling.