Halifax Clarity exchange rate 18/05/2018

knightstyle

It is often asked which is the best exchange rate. I withdrew 400€ in France yesterday and was charged £350.35

Plus anyone coming over needs to be careful as speed limits are changing on 1st July, normal 2 way roads without a central barrier will be 50mph, 43mph when wet. No warning signs around about this and the gendarmes are getting new speed cameras to cope with the rush of prosecutions!

dj1471

You can't know how much you were charged yet, because the transaction will take a few days to be settled. The pending transaction is just that, the final amount you pay will be slightly different. Most likely it will be tomorrow's exchange rate that you actually get.


You're still right about it being a good rate, just being pedantic

knightstyle

That is the total amount I will be charged, no extras, I also withdrew 300!!!8364; ten days ago which cost £264.27 with no extra charges.
I always go online and pay the outstanding balance to Halifax the same evening to avoid interest charges.

zagfles

You're missing the point. If the transaction is pending, it's not necessarily the amount you'll be charged. With foreign currency transactions, the exchange rate on the posting date is the one used, which could be different. Of course it's unlikely to be much different.

But the other more important point is that if the transaction isn't yet posted, the payment won't be applied to it. See this thread https://forums.moneysavingexpert.com/discussion/5738906/halifax-clarity-card-interest

knightstyle

But it is not pending! I have done this for years and the total amount due is charged to my Clarity account within a few hours, sometimes minutes, of my withdrawing the !!!8364;s in France. I have never been charged more than this amount.

dj1471

What you're saying is simply not possible due to the way credit cards work.

If you look at previous statements (paper or PDF ones) you can usually see the day the purchase was made and separately the date it was posted to your account.

stevenhp1987

As a cash withdrawal, it will reflected on the account almost straight away. It is card payment transactions (for example, in a store) that take a day or so to reflect.

The amount of Euros you got for £350 looks about right at the current exchange rate (~1.14 EUR to 1 GBP).

I didn't catch a question in your opening post though?

zagfles

stevenhp1987 wrote: »

As a cash withdrawal, it will reflected on the account almost straight away. It is card payment transactions (for example, in a store) that take a day or so to reflect.

Not always. I've often had ATM withdrawals take a couple of days to get "posted" to the account. See the link above, where Halifax charged about 3 weeks interest because someone paid a pending cash withdrawal instead of waiting for it to be posted.

stevenhp1987

zagfles wrote: »

Not always. I've often had ATM withdrawals take a couple of days to get "posted" to the account. See the link above, where Halifax charged about 3 weeks interest because someone paid a pending cash withdrawal instead of waiting for it to be posted.

Yes there are exceptions... I did say 'almost' straight away...

I've never had a cash withdrawal from any card not post the same day.

Having it not post straight away is very rare from experience.

eDicky

I think the word 'posted' is causing confusion, better not to use it.

Any transaction with Clarity, purchase or withdrawal, appears on my Halifax app more or less immediately, as 'pending' and showing a provisional exchange rate and amount in GBP.

A couple of days or so later when the transaction is 'settled', the exchange rate and GBP amount are finalised. Until this date of settlement the transaction is pending, and any payment towards it will (I assume) go to pay off some previous balance and/or temporarily put the account into positive balance.

zagfles

stevenhp1987 wrote: »

Yes there are exceptions... I did say 'almost' straight away...

I've never had a cash withdrawal from any card not post the same day.

Having it not post straight away is very rare from experience.

Oh really? Halifax provide statements with a column for "Date of transaction" and another for "Date entered", ie posted. I've looked through some of my statements, I couldn't find a single ATM transaction that was "entered" on the same day as the transaction.

As also shown in the screenshots in this thread https://forums.moneysavingexpert.com/discussion/5738906/halifax-clarity-card-interest where OceanSound was wondering why he got charged 3 weeks interest after paying a pending ATM withdrawal just after making it.