paying for euros

msallen

adindas wrote: »

Have you tried using it ? and compare it to what you get it with Visa/Mastercard exchange rate in that day.

There are a lot of cashmachines which dispense money in foreign currency here in the UK. But the specific one is the one which bill in foreign currency (e.g EUR, US$) without converting it, without adding it with commission or fee for using cash machines, etc. You could only know this if you try it an then compare it with the Visa/Mastercard exchange rate in that day. It is notoriously known they are using various tricks.

:wall: You seem totally unwilling to accept what multiple people have plainly said. These machines BILL YOU in the the foreign currency dispensed, so there is no exchange rate involved from the machine's owner - it will be the rate that your card issuer uses.

chattychappy

grumbler wrote: »

That said, I don't understand either how they manage to make profit from this 'business'.

I can only assume that they hope you "make a mistake" and choose "conversion". But it doesn't explain why they offer the choice in the first place.

msallen wrote: »

:wall: You seem totally unwilling to accept what multiple people have plainly said. These machines BILL YOU in the the foreign currency dispensed, so there is no exchange rate involved from the machine's owner - it will be the rate that your card issuer uses.

Yep, though you must use the type which let you opt out of "conversion". For the Moneycorp machines at LHR T5 and LGW South, I have been billed directly in USD/EUR on both Santander Zero and Halifax Clarity. So, yes they have gone through on my account as USD/EUR. Yes, I got the Mastercard rate on conversion. Yes, there were no fees/loadings. No doubt at all it worked.

As to why you would use one of these machines in the UK rather than at the other end, I agree in most cases it's probably unnecessary.

I have a friend going to Slovakia - it was handy getting her the Euros and she could then give me the cash. She doesn't have a loading free card - so she would have lost out by using one of her cards in Slovakia or changing GBP cash directly.

If travelling yourself, you might have more time on your hands at the UK end, plus sometimes the English on foreign ATMs is not so clear. In some countries, USD can be handy to have, though the local ATMs only dispense local currency. Eg in the case of Vietnam, if using the "visa on arrival" service, you must pay a fee in USD. (And you won't see any ATMs airside anyway.)

adindas

msallen wrote: »

:wall: You seem totally unwilling to accept what multiple people have plainly said. These machines BILL YOU in the the foreign currency dispensed, so there is no exchange rate involved from the machine's owner - it will be the rate that your card issuer uses.

Correct me if I am wrong.
So far it is only one person has acknowledged trying. Other people are just expressing their personal opinion .... Surely, everyone is entitled to his own opinion. But if you are dealing with a company which is notoriously known to have put a lot of tricks in currency conversion, if the things look too good to be true people have a very good reason to be suspicious and vigilant. More people to come up with their personal experience rather than opinion are needed to believe in the thing like this.

Moreover money corps is not a bank and not part of the link which allow you to use their cash machines for free. The location of the cash machine is in the airport which again notoriously known to have a bad reputation for exchange rate.
...
Having saying that, I am not saying I believe or I do not believe just do not know. Also I am not suggesting that the thing which looks too good to be true could not turn to be true.

My query is that why the MSEs or any other websites regarding foreign currencies did not put the location of this sort of cash machines into their websites. It is a very good way of getting EUROS, US$ while still in the UK.

grumbler

adindas wrote: »

My query is that why the MSEs or any other websites regarding foreign currencies did not put the location of this sort of cash machines into their websites. It is a very good way of getting EUROS, US$ while still in the UK.

Because:

1. unless you use the right card there are better ways of buying currency in UK;
2. if you have the right card normally you don't need to buy currency in UK.

PeacefulWaters

grumbler wrote: »

That said, I don't understand either how they manage to make profit from this 'business'.

The card companies pay them a fee for every transaction.

thestoat_2

Hang on - there is an easy way round all this, isn't there? Why can't I simply get a Halifax Clarity card, transfer £1000 to it (for example), head to France and draw £1000 worth of Euros out of an ATM? Surely I will get a good rate and no charges or interest charges?

grumbler

thestoat wrote: »

Hang on - there is an easy way round all this, isn't there? Why can't I simply get a Halifax Clarity card, transfer £1000 to it (for example), head to France and draw £1000 worth of Euros out of an ATM?

Congratulations with inventing a bicycle.

grumbler wrote: »

if you have the right card normally you don't need to buy currency in UK.

(Clarity is one of the 'right' cards).
This is ignoring that if you go to France for other reason, not specially to withdraw €1K, you hardly ever need this amount of cash.

However, before loading Clarity with £1K have a read of the T&C. Pay attention to the clause 16.9.

Surely I will get a good rate and no charges or interest charges?

Surely - if they don't block it. The interest can be avoided by paying after, not before.

CKhalvashi

grumbler wrote: »

This is ignoring that if you go to France for other reason, not specially to withdraw €1K, you hardly ever need this amount of cash.

However Clarity cards are very useful in counties like Georgia and Armenia, where you can't readily buy the currency in the UK.

I also appreciate that many people don't visit these two countries specifically year after year, so obviously not relevant for some.

However, before loading Clarity with £1K have a read of the T&C. Pay attention to the clause 16.9.
Surely - if they don't block it. The interest can be avoided by paying after, not before.

Nothing wrong with taking out cash abroad then paying immediately with FP. I think on 4 transactions totalling around £700 last summer, we paid about 30p in interest.

thestoat_2

Hi Grumbler - thanks for the response. The £1k was just a figure off the top of my head to discuss the principal. T&C clause 16.9 states

16.9 - You must not make payments or transfer funds from another credit or store card to your account that would leave a credit balance on your account. We may return any funds that exceed the balance owing on your account to the account from which the money has been sent.

But I am not talking about transferring funds from another credit or store card - I am talking about transferring funds from a bank account. From everything I have read so far, doing this would mean I simply pay a good exchange rate and not a penny extra. Is that right?

grumbler

OK, try your luck.
They don't care (and don't know much about) where the money came from. They don't like in-credit balances and "may return any funds that exceed the balance owing on your account to the account from which the money has been sent."
Most likely you will get away with this, but some people even had their card blocked as a result of 'preloading'. A few days interest is negligibly small to take a risk for avoiding it.