Getting USD/Euro fee free without a loaded exchange rate

chattychappy

I have often seen ATMs in the UK that claim to offer Euros/USD "commission free" and assumed they screw you on the exchange rate.

I had some time to kill at Heathrow T5 on Friday and this is what I found.

The TRAVELEX ATMs insisted on billing you in GBP. You see the exchange rate and get the chance to "cancel". For USD, they were offering 1.36, when the central rate was about 1.49.

But the MoneyCorp machines were great. They offer USD and Euros. You get a choice - you can choose to be billed in GBP (at the rip off rate) or in USD/EUROs.

I withdrew US$100 and received 5 crisp new $20 bills. No fee from the machine at all and a receipt showing I was billed in USD. As I was using Halifax Clarity, there's no loading/charge from them either. Just interest from Friday - roughly 2p / day. I've sent some money already to clear the balance.

This is great if you need USD/Euro in the UK or wish to obtain before travelling.

zagfles

Thanks - I've always assumed these UK airport machines are all the sort of rip-off the Travelex one is, with a massive charge hidden in the rate.

Wonder if Manchester and Liverpool airports have the MoneyCorp ones - I suspect not but I'll look out next time...

jonesMUFCforever

I don't know of many places selling USD cash for $1.49.

System

The transaction billed in US$ will use Visa/MasterCard but many of those billing only in GB£ will use LINK.

I would imagine the interchange fee for the former will be much higher than the latter.

jonesMUFCforever wrote: »

I don't know of many places selling USD cash for $1.49.

jonesMUFCforever

Heng_Leng wrote: »

The transaction billed in US$ will use Visa/MasterCard but many of those billing only in GB£ will use LINK.

I would imagine the interchange fee for the former will be much higher than the latter.

OP was using an ATM which why I thought he was buying dollar notes and not using card for a dollar transaction.

chattychappy

For anyone interested, there are also two MoneyCorp machines at London Gatwick South Terminal (not sure about North) that issue USD and Euros. You have to go to departures. NB they also have ATMs that issue GB£ only - so if you want USD/Euros, you must use the ones labelled as such.

Yesterday, for Euros, I was offered a choice of conversion at a horrible rate of 1.2160 or to be billed "without conversion". By choosing the latter, my 400euros were converted at about 1.37 when they hit Santander Zero.

adindas

Has anyone else tried this cash machines ?

Does anyone who have tried these cash machines do benchmarking with the VISA/Mastercard whole seller exchange on that day and confirm that they are getting VISA/MasterCard whole seller exchange rate ?

It is not impossible something looks too good to be true turn to be true.

eDicky

adindas wrote: »

Has anyone else tried this cash machines ?

Thanks for the reminder! Last night I passed MoneyCorp at SEN and knew I meant to do something but couldn't remember what. Next time...

eDicky

adindas wrote: »

Has anyone else tried this cash machines ?

Does anyone who have tried these cash machines do benchmarking with the VISA/Mastercard whole seller exchange on that day and confirm that they are getting VISA/MasterCard whole seller exchange rate ?

It is not impossible something looks too good to be true turn to be true.

On Tues Apr28 I had the chance to check whether the rate obtained from the Moneycorp ATM machines does in fact correspond to the MasterCard rate, at Stanstead airport.

Inserting my Halifax Clarity MasterCard and selecting a purchase of €100, I was shown a rate of 1.2160, and given the choice of proceeding 'with conversion' or 'without conversion'. I selected 'without conversion' and received five €20 notes. The receipt given does not mention the amount in GBP taken from my card, the rate being calculated later at time of settlement, not necessarily on date of transaction.

The transaction appeared today (Apr30) in my online Halifax statement:

Transaction date: 28 Apr 15
Description: MONEYCORP STANSTED GBR
Date entered: 29 Apr 15
Amount (£): 71.66

The MasterCard Currency Conversion Tool gives these EUR/GBP daily rates:

Apr 28: 0.716307 / 1.395395
Apr 29: 0.721526 / 1.385310

- They are given as a constant for the previous day, but the actual conversion rate used on the settlement date perhaps varies during the day, giving the apparent slight discrepancy. Anyway, it seems close enough to be proof of a cost-free conversion method using these machines (if your card balance is quickly cleared).

I also wanted to test the Visa rate with my N&P debit card, but for some reason the ATM gave only the option to accept the Moneycorp rate or to cancel. There are several machines but I had no more time to linger and try another. Chattychappy used his Santander (Visa?) debit card successfully at LGW. The machines at STN do not dispense US dollars as there are no flights to USA, except a few in the summer.

Thanks again to Chattychappy who first gave us news of these ATMs at LHR and LGW. Being relatively new to the forum I am not sure of the etiquette in posting this also as a new thread on the 'Flights, Currency and Carhire' board where travellers who do not usually look at the "Cards' board (such as myself) might see it.

System

N&P debit can use the LINK network whereas a credit card can't.
I would suspect that is the reason for no option.

IIRC Chattychappy uses a MasterCard Zero credit card.

eDicky wrote: »

I also wanted to test the Visa rate with my N&P debit card, but for some reason the ATM gave only the option to accept the Moneycorp rate or to cancel....Chattychappy used his Santander (Visa?) debit card successfully at LGW.

chattychappy

Thanks eDicky.

My Santander Zero CC is, in fact, Mastercard.

I have since made further USD and Euro withdrawals at Gatwick on Clarity. Meanwhile my earlier transactions have now appeared on paper statements.

Yep, completely loading free. No catches.

I suppose if enough people use this facility, they'll withdraw it!