Halifax Clarity Cash Withdrawal Rates
Just back from NZ and checked my statement. It appears the rate you get for withdrawing cash at an ATM is less than a normal card transaction:
2.0764 NZD/GBP card transaction rate 1.5 hrs before
2.0767 5 mins before
2.0460 cash withdrawal
2.09 4 hours later
I was under the impression it was a pure rate regardless of transaction type. As far as I know no fees were charged at the machine (they should just be added to the NZD amount anyway). I'll search through the t&cs but has anyone else had this experience, or did I just withdraw as the rate suddenly dipped?!
I went to Eurodisney in France. Withdrew cash from the cash points over there, used it to pay for meals in the restaurants and bars with no problems whatsoever. I had a few hundred Euros left over when I got back home. I have even used it for purchases over here with no problems and have even paid a catalogue payment with it. :-)
Halifax Clarity Cash Withdrawal Rates
Just back from NZ and checked my statement. It appears the rate you get for withdrawing cash at an ATM is less than a normal card transaction:
2.0764 NZD/GBP card transaction rate 1.5 hrs before
2.0767 5 mins before
2.0460 cash withdrawal
2.09 4 hours later
I was under the impression it was a pure rate regardless of transaction type. As far as I know no fees were charged at the machine (they should just be added to the NZD amount anyway). I'll search through the t&cs but has anyone else had this experience, or did I just withdraw as the rate suddenly dipped?!
You've suggested the most likely reason in your final sentence. That said, I'm wondering whether the ATM has charged you a fee. Are the exchange rates you've listed actually on your statement?
Halifax Clarity Cash Withdrawal Rates
Just back from NZ and checked my statement. It appears the rate you get for withdrawing cash at an ATM is less than a normal card transaction:
2.0764 NZD/GBP card transaction rate 1.5 hrs before
2.0767 5 mins before
2.0460 cash withdrawal
2.09 4 hours later
I was under the impression it was a pure rate regardless of transaction type. As far as I know no fees were charged at the machine (they should just be added to the NZD amount anyway). I'll search through the t&cs but has anyone else had this experience, or did I just withdraw as the rate suddenly dipped?!
Had a quick look at my cash withdrawals on Clarity from the last year (I don't use it for ATMs in Europe). In the USA the rates were almost exactly the same as for purchases. In Australia there was a difference of about 1.5% (ATM withdrawal rate worse), but the transactions were not same day, so could have been daily fluctuation.
FairFx Eurocard I have one and have never had any problems with it...
Useful for touting your promo code but not for the purpose requested, as neither euros nor cash can be loaded onto a FairFX card. (No such card exists in the UK.)
No worries, I've been looking at the FairFX account.
It's just a pain to have to get hit on the EUR/GBP exchange, I did work out a scenario whereby with favourable rates I could potentially be €4 better off.
Best Foreign Exchange.com
€760 = £603.17
FairFX
£603.17 + £20 bonus (for loading over £600) = £620.17
I got a creation card for my holiday on the 6th April, upon checking how it worked I was told to go on the MasterCard exchange site to find out the euro exchange and it told me on that day it would be 1.26 euro to the pound as the highest rate on Tenerife that day was 1.21 I went to a cash point and it told me that the rate would be 1.21, upon my return I phoned creation and they didn't have a clue about it the assistance asked me to hang on and when she came back she said it was MasterCard rate for that day I told her what the rate stated on the site and yet she didn't have a clue, I told her I would be paying the amount in full and cutting the card up as I am better searching around for a better cash rate.
I got a creation card for my holiday on the 6th April, upon checking how it worked I was told to go on the MasterCard exchange site to find out the euro exchange and it told me on that day it would be 1.26 euro to the pound as the highest rate on Tenerife that day was 1.21 I went to a cash point and it told me that the rate would be 1.21, upon my return I phoned creation and they didn't have a clue about it the assistance asked me to hang on and when she came back she said it was MasterCard rate for that day I told her what the rate stated on the site and yet she didn't have a clue, I told her I would be paying the amount in full and cutting the card up as I am better searching around for a better cash rate.
Sounds like you agreed to let the ATM operator do the currency conversion rather than your card issuer, you've therefore got their poor rate instead of getting the MasterCard rate.
Never agree to a rate of exchange during a purchase or withdrawal, ensure you are billed in the local currency.
Replies
I would really like to load this onto a card as opposed to carrying this much in cash.
Are there any cards that I can load in €?
Just back from NZ and checked my statement. It appears the rate you get for withdrawing cash at an ATM is less than a normal card transaction:
2.0764 NZD/GBP card transaction rate 1.5 hrs before
2.0767 5 mins before
2.0460 cash withdrawal
2.09 4 hours later
I was under the impression it was a pure rate regardless of transaction type. As far as I know no fees were charged at the machine (they should just be added to the NZD amount anyway). I'll search through the t&cs but has anyone else had this experience, or did I just withdraw as the rate suddenly dipped?!
FairFx Eurocard I have one and have never had any problems with it...
https://www.fairfx.com/product/cards That will take you to the site. If you enter this code 02kdvies you will save on the sign up fees.
I went to Eurodisney in France. Withdrew cash from the cash points over there, used it to pay for meals in the restaurants and bars with no problems whatsoever. I had a few hundred Euros left over when I got back home. I have even used it for purchases over here with no problems and have even paid a catalogue payment with it. :-)
http://www.xe.com/currencycharts/?from=GBP&to=NZD&view=1M
Had a quick look at my cash withdrawals on Clarity from the last year (I don't use it for ATMs in Europe). In the USA the rates were almost exactly the same as for purchases. In Australia there was a difference of about 1.5% (ATM withdrawal rate worse), but the transactions were not same day, so could have been daily fluctuation.
You know you are right eDicky. I totally misread that.
My apologies.....
It's just a pain to have to get hit on the EUR/GBP exchange, I did work out a scenario whereby with favourable rates I could potentially be €4 better off.
Best Foreign Exchange.com
€760 = £603.17
FairFX
£603.17 + £20 bonus (for loading over £600) = £620.17
@ 1.2304 = €766.75
€766.75 - 760 = €6.75 profit
Never agree to a rate of exchange during a purchase or withdrawal, ensure you are billed in the local currency.