Money Transfers

Man_in_a_Suitcase

I think the MSE's guide on this subject needs rewriting. One of its suggested uses for a money transfer is to clear an expensive loan. I've just tried to do this via the Halifax and been told it's not a suitable purpose. I'm absolutely fuming. I'd checked with them three days earlier to see how quickly they'd be able to do the transfer, clearly saying that I would need the money to clear a loan before 1 February. They didn't say it couldn't be done during that phone call. I've then messed around getting the money together to clear the unbilled purchases from the card in readiness. Ironically, I could have told them a 'suitable purpose' if I'd known, as there are other things we need cash for.

MallyGirl

surely you just transfer the money to your current account and pay the loan from there

Candyapple

Are you sure you are not confusing money transfers with balance transfers?

TBH I don't think I've ever been asked what I want to use the money for whether I have done either a money transfer or balance transfer - if I did it via phone, they just asked for the details of the card/bank account it was to be paid into and nothing more.

Why didn't you just do the money transfer via your online banking? That way it would it would have negated the need for a phone call.

Man_in_a_Suitcase

MallyGirl wrote: »

surely you just transfer the money to your current account and pay the loan from there

That's what I was trying to do but she wanted to know the purpose of the transfer. I never expected her to ask.

Man_in_a_Suitcase

Candyapple wrote: »

Are you sure you are not confusing money transfers with balance transfers?

TBH I don't think I've ever been asked what I want to use the money for whether I have done either a money transfer or balance transfer - if I did it via phone, they just asked for the details of the card/bank account it was to be paid into and nothing more.

Why didn't you just do the money transfer via your online banking? That way it would it would have negated the need for a phone call.

You can only do balance transfers via Halifax's online banking. To do a money transfer you have to phone them.

Tixy

Halifax haven't historically offered money transfers.
I guess if they are now doing so that they may have different terms to the providers that are mentioned in the MSE article.

Out of interest what transfer fee and promo deal were they offering if it had gone through?

YorkshireBoy

I wasn't aware that Halifax cards offered a money transfer facility. Does the MSE article say they do? More importantly, do the Halifax card T&Cs say they do?

Man_in_a_Suitcase

YorkshireBoy wrote: »

I wasn't aware that Halifax cards offered a money transfer facility. Does the MSE article say they do? More importantly, do the Halifax card T&Cs say they do?

I received a flyer from them with promotions for balance transfers and money transfers. The MSE article probably ought to have a caveat added that some credit card companies don't consider restructuring of finances a suitable purpose.

YorkshireBoy

steve1912 wrote: »

I received a flyer from them with promotions for balance transfers and money transfers.

So why does the MSE article need rewriting then?

Candyapple

Can you not try calling them again, speak to another operative and give a different reason? That way you can still utilise the money transfer offer.

YorkshireBoy

Candyapple wrote: »

Can you not try calling them again, speak to another operative and give a different reason?

For example...

Paying for building work/double glazing/etc and the company(ies) don't accept credit cards.

To clear an overdraft (after all, that's what MBNA's money transfer feature was originally launched/intended for).