How bad is withdrawing cash seen to be?

lisyloo

If you have internet banking and can get access to WiFi, I suggest paying it off as soon as you can after withdrawing. This will save the amount of interest you pay

It will save you about £2-£3 at most (cost of a coffee).
I would enjoy your holiday and pay it off when you get back on your safe home WiFi and not spend your holiday on the computer.
I know this is a money saving site, but it's indirectly money saving to enjoy your probably expensive holiday.

Of course entirely up to you.
It's a bit sad though to think of people rushing to their computer when they should be enojying a fab holiday instead.

lee111s

lisyloo wrote: »

It will save you about £2-£3 at most (cost of a coffee).
I would enjoy your holiday and pay it off when you get back on your safe home WiFi and not spend your holiday on the computer.
I know this is a money saving site, but it's indirectly money saving to enjoy your probably expensive holiday.

Of course entirely up to you.
It's a bit sad though to think of people rushing to their computer when they should be enojying a fab holiday instead.

I'd hardly be rushing to a computer however when at a pub/cafe/restaurant or indeed free hotel Wi-Fi, it takes a matter of seconds to log on to your internet banking on your phone and make a payment.


In addition to saving the money on the interest (not massive amounts I appreciate) most credit cards have a cash withdrawal limit which is 50% of the credit limit. So if you're on holiday for a few weeks, unless you had a huge credit limit on the card you might find you wouldn't be able to make all of the cash withdrawals you needed, unless of course you do as I suggest and pay it off at your earliest convenience.

MABLE

lee111s wrote: »

If you have internet banking and can get access to WiFi, I suggest paying it off as soon as you can after withdrawing. This will save the amount of interest you pay

Brillant suggestion but I think we will be enjoying ourselves so much we will not worry too much saving a few pounds.

theburningcat

I work in this area. PLEASE don't log in to your Internet banking using your hotel/cafe WiFi. It's relatively easy to intercept your details which can cause serious problems. Your bank will also notice that you're logging in from abroad and might block your login pending interrogation. Pay the £2 and wait until you're at home.

boo_star

theburningcat wrote: »

I work in this area. PLEASE don't log in to your Internet banking using your hotel/cafe WiFi. It's relatively easy to intercept your details which can cause serious problems. Your bank will also notice that you're logging in from abroad and might block your login pending interrogation. Pay the £2 and wait until you're at home.

I think (hope) you mean investigation.

I'd be a little bit upset if my bank interrogated me.

lee111s

I travel abroad 4-5 times a year. I've never had any issues and I'm well aware of the risk, working in network security for a major communications provider.



Fortunately, I'm not a member of the tin-foil hate brigade.

lee111s

MABLE wrote: »

Brillant suggestion but I think we will be enjoying ourselves so much we will not worry too much saving a few pounds.

As I said in my other post, it's not so much about saving the interest but the fact that for some people, the amount of cash they can withdraw for a fortnights holiday may not be enough due to the cash withdrawal limit being 50% of the credit limit.

lisyloo

however when at a pub/cafe/restaurant or indeed free hotel Wi-Fi, it takes a matter of seconds to log on to your internet banking on your phone and make a payment.

I work in IT as well (SSL etc,) and I'm saying there are risks.
I'm not a memebr of the tin foil hat brigade either, but I'd prefer to pay £2 when I get home.

Your point about credit limit may be valid for some people (mine's plenty big enough).

I think people should be free to make up their own minds as to how they want to spend their holibobs, but there are definitely risks with using WIFI.
Sometimes it can cost a lot as well (I know you specified free, but I'm just saynig it can cost more than the interest).

People should be free to chose.
There's arguments either way, but not all of us spend our holibobs tied to a computer.

MABLE

lee111s wrote: »

As I said in my other post, it's not so much about saving the interest but the fact that for some people, the amount of cash they can withdraw for a fortnights holiday may not be enough due to the cash withdrawal limit being 50% of the credit limit.

I have checked my limits and can withdraw 100 percent cash but appreciate your point.

Candyapple

MABLE wrote: »

Never drawn cash on credit cards. However we will be doing this when we visit USA. We will be using our Halifax Clarity card and will pay balance off in full on our return.

If you are going to New York, be aware that you will be charged a fee for using the cash machines regardless of using Clarity card or similar etc. I think there was only 1 place I found that didn't charge a fee for withdrawal, will need to go through my post history to find it.

I found I only needed a small amount of cash when visiting the US which was mainly used for tips. 9 times out of 10 I paid for everything on the card.