Buying Currency with Credit Card

ricey420

Hi folks,

The long story short is I need to purchase over £1500 worth of Euro's, but many merchants seem to apply a 1.5%-2% charge for using credit card.

I can't use a debit card as I don't have enough in my account. So I guess my questions are:

1) Is this just because I am looking to pay online? I.e., if I buy in store (Post Office, Thomas Cook etc), will the charge still be levied?

2) Are there any merchants who don't charge this levy?

3) If no to the two above, is there any way around this?


Thanks!

benjus

Tesco seems to not charge for Visa credit cards. However, have you checked what the card issuer will charge for a cash advance?

Do you need the money in a lump sum? Are you actually travelling to the Eurozone? If so, could you pay for some things directly using the credit card (likely to be cheaper even if the card charges for overseas use).

leylandsunaddict

I'd check what charges your card attracts from the card issuer as well as any merchant charges. Buying any cash with a credit card attracts a fee, but buying foreign currency is also classed as a foreign transaction. You can get credit cards with zero cash withdrawal fees and zero foreign transaction fees, but as with all credit cards, cash withdrawals attract interest from the day of the withdrawal.

Neil49

Marks and Spencer don't charge if you use their credit card to purchase cash in their stores and you also get a slightly better rate of exchange. If you time it right with your card statement dates you can get the cash interest free for 6 to 7 weeks. Just remember to pay off in full to avoid interest charges after that time.