Money transfers with Santander zero

Fireblade

I have a question which i'm hoping someone knows the answer to, don't really want to phone Santander as they'll want all my account details before they enter into conversation about it.

I'm moving to North America and will need to transfer a reasonable amount of money, i'm aware of the peer to peer transfers and companies like FairFX etc. However i'm lucky enough to still have my Santander Zero credit card, what I can't seem to find out though is if it's possible to do a money transfer with it, ie transfer cash off the card directly into a bank account, specifically a foreign account. It's classed as a cash withdrawal so attracts interest but if paid off instantly it's a matter of pence. Has anyone done this or knows if it's possible?

eDicky

When you open your foreign account you can ask if you can withdraw from your Zero 'over the counter' directly into the account. If not, withdraw cash from an ATM (ideally a fee-free one) and deposit that. Otherwise you can set up a Revolut account, deposit GBP and withdraw USD to your new account at perfect interbank exchange rate, without fees.

knightstyle

Sorry not following! The Zero card is a credit card, not a card with money on it! Do you mean putting money into a foreign bank account from your Zero card and then paying this off from another account?
If so I am sure you will have a 3% fee plus interest from day1 to pay.

eDicky

knightstyle wrote: »

Sorry not following! The Zero card is a credit card, not a card with money on it! Do you mean putting money into a foreign bank account from your Zero card and then paying this off from another account?
If so I am sure you will have a 3% fee plus interest from day1 to pay.

Yes the Zero is a credit card, but one of the few with no fees for overseas use. OP is lucky to have one, as mentioned, because the Zero is no longer available (others are). If a foreign withdrawal is paid off quickly by whatever means there will be little or no interest incurred. So the intention is to 'transfer' funds to a new foreign account in this way without charges of any kind.

knightstyle

Yes, I have a Zero and a Halifax Clarity which I use to put money into our French account but I withdraw cash and put it straight into the account to avoid fees.
But the opp is talking about a large amount by transfer and that will attract fees, in France both the card and the receiving bank charge for this, that is why I do the cash method.
Opp, there is another way, get a foreign currency cheque from your UK bank, Santander charge £10 for this, you can send it in advance so the money will have been cleared before you arive.

eDicky

knightstyle wrote: »

Yes, I have a Zero and a Halifax Clarity which I use to put money into our French account but I withdraw cash and put it straight into the account to avoid fees.
But the opp is talking about a large amount by transfer and that will attract fees, in France both the card and the receiving bank charge for this, that is why I do the cash method.
Opp, there is another way, get a foreign currency cheque from your UK bank, Santander charge £10 for this, you can send it in advance so the money will have been cleared before you arive.

So you're the best one to advise OP about the method and fees involved when trying to do as he proposes with larger sums. As we both mention, withdrawing from an ATM then depositing the cash will avoid the fees, but requires some time and effort.

A foreign currency cheque from Santander will cost more than the £10 when you take into account the margin they will make on the exchange rate, probably 3-4%.

The modern solution for this sort of thing is Revolut, which you can load in GBP with a debit card (but not credit card) or by bank transfer, then withdraw in USD or EUR to an account in your name, exchanged at the interbank rate and with no fees. That's what I do.