Buying Euros at the Post Office

Al_Mac

If I use my credit card, does it get treated as cash? Wouldn't have thought so, but nice if I could/
:beer:

telly-addict

I didn't think the Post Office accepted credit cards (yet?) just debit cards. No doubt your credit card issuer would treat it as a cash advance and charge you the relevant fee, as the travel agent's bureau de change does.

mah_jong

my Post Office definately does not accept credit cards.

Al_Mac

Fair enough, just wanted to have the whole holiday on 0% purchase for nine months:D

Kpnuts_2

Yes you can pay for currency at PO counter with credit card, but your card company will probably charge you around 2.5% for the privilege, as well as interest on the amount paid from day one, it's treated as a cash advance, best to check with your card co.. You will also need to provide either your passport or driving license as Id.

This is the only type of transaction where credit card can be used at the counter.

Hope this helps.

grumbler

Be aware that most of banks charge 1.5%+ for using debit card to buy currency. See my post #49 HERE. If this is correct, I think it is worth paying cash instead of using debit card.

Bossyboots

grumbler wrote:

Be aware that most of banks charge 1.5%+ for using debit card to buy currency. See my post #49 HERE. If this is correct, I think it is worth paying cash instead of using debit card.

That is correct. When I went to buy some American currency last year the Post Office cashier told me that I would be charged by the bank for buying currency.

What I can't understand though is what difference it makes to my bank. I use my debit card in the Post Office to pay for car tax. What business is it of my bank that I buy currency. They are only being asked to pay a sterling amount to the PO. I am not borrowing the money. If I buy something in the shops I don't get charged and I do not see why currency is treated differently.

grumbler

Bossyboots wrote:

What I can't understand though is what difference it makes to my bank.

That is why I am warning everybody. This charge is absolutely unfair and incomprehensible. Nobody expects this charge. And again Nationwide is the best - they do not charge for this.

miss_lisalou

I bought £500 worth US dollars over a month ago at the Post Office using my Lloyds TSB credit card, they told me that there would be a charge, but I've had a statement since and no charge has been added. I keep checking it online too but it's now been well over a month

If anyone HAS been charged for using their credit card like this, how long did it take? Or have I managed to slip thorugh the net (here's hoping!)

grumbler

miss_lisalou wrote:

...I've had a statement since and no charge has been added...

'Charges
Non-sterling transactions (including the purchase of foreign currency and travellers cheques) 2.75% of the amount of the transaction '

Check the rate: possibly 2.75% charge was included in the conversion rate.

miss_lisalou

I know - I've read the small print on the back of my statements. But there was definitely no charge within the conversion rate either.

That's why I was wondering if it was just a glitch with LTSB? If so, we should all use their credit cards for buying our currency!