Buying currency online questions.......

curtis122

Unless you are only buying a few hundred how can anyone buy currency online???

As I see it any extra you earn in getting a better rate is written off by the charges your card will charge for the transaction.

Buying currency on a card is seen as a 'cash' transaction so therefore you can only buy up to your daily cash limit which for mine are £250/£300 a day. Just looking at the Post office they have a minimum buy of £400 so how can anyone buy?

With above how could I buy £500 euros online as it appears impossible for anyone to do so with daily cash limits and/or pointless given charges for doing so by your card.

eDicky

Perhaps most people would use a debit card.

Our use a suitable fee free card when abroad instead of paying more to buy foreign cash:

http://www.moneysavingexpert.com/travel/cheap-travel-money

DomRavioli

I've never found that my debit card has a limit for purchases of currency - it isn't seen as cash at the three places I have exchanged in the past (Post Office, Thomson and Travelex - all online).

As far as I know they process it as a normal transaction.

curtis122

Yes but a debit card still has a daily cash limit and will charge. I know you can use your credit card abroad but I'm just asking the question regarding buying as you need currency before you go as I don't understand how people can buy a currency online.

I bought £800 in dollars a number of years ago I had to make the orders over 3 days to get the amount I wanted in £300 batches as that was my daily limit for my card and got charged a fee for each one which wiped out any extra I made from buying it at the slightly better rate so now I don't bother but I keep seeing articles telling you to order online and buy online for better deals and I'm just confused on how anyone can buy say £500 or more online with card cash limits????

curtis122

I was certain i used my debit card once and got charged unless that has changed as like I said after a number of years ago having to make several orders over 3 days and seeing the fees i have never bought online since so it has been a while.

Indout96

My card is £1000 per day limit for cash withdrawals, maybe you need to talk to your bank.

Hackers76

If you travel regular it maybe worth looking at a card with one of the supermarkets. I have a Tesco MasterCard and I pay no fees when buying currency off them with it. Pretty sure others do the same too

bingo_bango

£500 daily cash withdrawal limit on my debit card. Bought £1K worth of dollars using it in a single transaction 2 weeks ago. Certainly no issues with limits or any fees to be paid from that transaction.

DomRavioli

curtis122 wrote: »

I was certain i used my debit card once and got charged unless that has changed as like I said after a number of years ago having to make several orders over 3 days and seeing the fees i have never bought online since so it has been a while.

Again I have never heard of this. I bought 1500 Euro, ordered online from Travelex just a few months ago. One transaction, Debit card, cash limit daily of £250.

The daily cash limit is purely for ATMs - nothing to do with payments (completely seperate system handles them).

I think you're confused in some way, because this isn't a thing.