Credit cards and foreign currency

_Mrs_W_

Emily Joy - we are eligible for the Clarity card with Halifax, but we go next Friday and I'm worried 5 working days is cutting it fine to get both the card and pin! But if I'm going to have to use the current card anyway there doesn't seem to be much advantage of ordering currency on it now than withdrawing from an ATM over there, so I think we will just apply now and hope the Clarity card arrives on time! If not, we will withdraw cash in the States with the current credit card and at least we will have it for next time
Thanks again for your help!

PeacefulWaters

_Mrs_W_ wrote: »

Hi. The minimum fee is £3 and we'd have to do it in 2 transactions as it's over the £250 a day withdrawal limit, so total would be £6 in fees, plus the extra interest

I don't think there's a £250 daily limit.

That said, a percentage charge will exceed the minimum fee.

_Mrs_W_

PeacefulWaters wrote: »

I don't think there's a £250 daily limit.

That said, a percentage charge will exceed the minimum fee.

Oh I assumed it would be the same as a debit card, and most of them are £250 a day aren't they? Or has that changed?

Looks like the fee will be roughly the same whichever way I do it, but I have just thought that if I withdraw the cash over there I obviously wouldn't do it until near the end of the holiday (and only if I needed to). Whereas to order currency online, I'd be doing that now. So the ATM option would more than likely result in 11 or 12 days less interest, so definitely seems the best option

Thanks again!

Dobbibill

_Mrs_W_ wrote: »

Oh I assumed it would be the same as a debit card, and most of them are £250 a day aren't they? Or has that changed?

It's normally £500

Emily_Joy

_Mrs_W_ wrote: »

Emily Joy - we are eligible for the Clarity card with Halifax, but we go next Friday and I'm worried 5 working days is cutting it fine to get both the card and pin! But if I'm going to have to use the current card anyway there doesn't seem to be much advantage of ordering currency on it now than withdrawing from an ATM over there, so I think we will just apply now and hope the Clarity card arrives on time! If not, we will withdraw cash in the States with the current credit card and at least we will have it for next time
Thanks again for your help!

Once you are approved and get a confirmation email, give Halifax a call - they might be able to speed up the process. It might also help if you offer to go to a branch to pick it up. (They do have this option for customers who live in the areas where credit cards get stolen in the post often, but you might be able to charm them).

ATM fees in the US varies from bank to bank and from the state to state. It might be worth checking in advance.

D_M_E

If you go into a branch with your card and some form of ID then you can withdraw £300 or more over the counter in one go.

Daily withdrawal limit from a machine is either £300 or £500 depending on what brand and type of card it is and how long you've had it.

As it's going to be cash taken out on a credit card there will be interest added from the day you take it out - I have Halifax and they don't charge me a cash fee, just interest - only do this when I'm really stuck and the interst is usually no more than a few pennies and when I do take cash out I pay it back the same day.

Shame about the car causing all this and I understand the need to enjoy the holiday, but if you are going with family, why not get them all onside and spend a bit less for once - it will make them more appreciative of even having a holiday!

YorkshireBoy

D_M_E wrote: »

Shame about the car causing all this...

With all due respect to the OP, I think the lack of a suitably sized emergency fund has caused this. £300 is less than a weeks pay for many people, let alone those who holiday twice a year, including to the US.

_Mrs_W_

I appreciate what you're saying YorkshireBoy as we don't have an emergency fund, never have. But never needed to before. I've just never been one to save just for the sake of saving. I can happily save for a holiday, or a dress or a pair of shoes, but find it hard to save for nothing (even though I appreciate it's not for nothing, it's for something that might happen one day). We don't have children, we both work hard and travelling and experiences are important to us, so any spare money we do have tends to go straight on things for us to enjoy. We don't generally use credit but we know we have it available to us if there ever was an emergency, so saving has never really been a priority. I know that doesn't sound very sensible but everyone is different, and I just need something to motivate me if I'm saving!

maxximus75

Maybe a short term overdraft would be the easiest option? You can usually apply directly from your online banking and if approved...... the funds will be available immediately. That way you can withdraw the cash and purchase your currency.

Remember, overdrafts are for short term borrowing such as what you indicate paying it back in June so should cost much using it for a couple of months.