Money Transfer from HSBC Credit Card

revs

Hi,

I'm looking for a clever (cheap) way of transferring cash from my HSBC credit card to my current account. I want to avoid charges associated with cash withdrawal, say from an ATM. I only need the cash short term (60 days).

One idea I came up with is to buy goods from a friend via Paypal using my Credit Card. Transfer the cash from their bank account to mine.

60 days passes, I transfer the cash back to my friend who then refunds me via Paypal for returned goods. All Paypal fees are returned.

The only problem I can see, is how HSBC would view this transaction - would it be deemed a cash transaction and therefore incur additional charges/fees or would it be simply classed as a normal purchase that is refunded?

Any thoughts/ideas on this method?

Thanks

[Deleted User]

This should be treated as a normal purchase (based on my experience with other cards, not HSBC) but you would need to make sure the refund reaches your account within 25 days of your statement date in order to avoid interest.

PayPal are notorious for freezing funds if the money going through the account is larger than normal. Also check that your friend has a fully verified PayPal account otherwise they will only be able to withdraw £500.

Another idea - HSBC do not charge a cash fee on gambling transactions (but still charge cash interest rates).

grumbler

[Deleted User] wrote:

Another idea - HSBC do not charge a cash fee on gambling transactions

‘Cash Advance’: any cash withdrawal, purchase of travellers cheques or foreign currency, gambling
transaction, money order or transfer made at your
request (excluding Balance Transfers

http://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/hsbc-bank-credit-card-tcs.pdf

Halifax Clarity doesn't charge fee for any cash advances though.

Also, I know a lot about bookies, but I don't understand your 'idea'.
That said, for Mastercard withdrawals there can be some pecularities at some bookies.

[Deleted User]

grumbler wrote: »

Also, I know a lot about bookies, but I don't understand your 'idea'.

Deposit to a gambling site using your HSBC card via PayPal, place a small bet e.g. £1, withdraw the balance back to PayPal and transfer it to your bank (allow 72hrs for frozen funds), then pay off your card after 60 days. You would get charged cash interest for the entire period but you would avoid the 2.99% cash advance fee.

revs

Thanks for the replies, much appreciated. Funnily enough the cash is for gambling transactions. Before anyone mentions problem gambling, I've been professional for over 10 years now. Its a liquidity issue, I've got plenty of cash but I can generate more profit with more money!

I've been banned from all the reputable online bookies but my Betfair account is fine. However, Betfair charge 1.5% for using a VISA card. Do high street bookies accept credit cards?

In addition, although I'd avoid the HSBC cash fee, would the cash interest rate of approx 1.8% per month start immediately?

Thanks

grumbler

revs wrote: »

my Betfair account is fine. However, Betfair charge 1.5% for using a VISA card.

I am pretty sure it's Visa credit cards only and by Visa Delta (no fee) they mean Visa debit cards.

Do high street bookies accept credit cards?

Why not if their online divisions accept them?

In addition, although I'd avoid the HSBC cash fee, would the cash interest rate of approx 1.8% per month start immediately?

If you avoid the fee then it's a purchase, not a cash advance.