Halifax Clarity Card - ATM Exchange Rate

cloud_dog

Ok.

I usually 'load up' a couple of bank accounts with cash just in case we need additional money/cash. We mainly spend on the Clarity CC.

bd10

Here's the link to Mastercard's Transaction Processing Rules:
https://www.mastercard.us/content/dam/mccom/global/documents/transaction-processing-rules.pdf
Section 3.8 is key here (pp 83-84).
I keep a print out of that in my wallet, just in case. Besides, before getting the rulebook out, I refuse to pay in anything which is not legal tender, if not I walk.

cloud_dog

Yes but... I have experienced situations where I have been prompted to select GBP or Euro / local currency, have selected Euro (always have done) but the payment has still gone through as GBP.

It is this PoS 'scheme' (don't wan't to say scam) that is becoming concerning. The PoS device basically ignores / overrides your selection (don't mean to imply intelligence within the device but....you know what I mean).

bd10

@cloud_dog:
I heard about that. That the POS terminal user will be prompted once more after we the customer selected say EUR. That leave the door open for manipulating the customer order. If that's the case, I'd have the POS terminal in front of me all the time, not handing it back after having entered the PIN. Will be checking up on that this summer when on holidays.

Look, the whole DCC is a huge scam. Legal one mind you. I work in FX (wholesale side) and it makes me angry every time I read about it. EU regulation have clamped down on interchange fees of CC issuers on the one hand but allowing DCC to continue? Absurd!

takman

cloud_dog wrote: »

Ok.

I usually 'load up' a couple of bank accounts with cash just in case we need additional money/cash. We mainly spend on the Clarity CC.

I hope one of them is a Starling account or similar so that you don't pay any fees to withdraw cash abroad?

Personally i never take any cash with me (like alot of people on here) i have a Halifax Clarity Card, Monzo (now limited to £200 a month cash) and Starling which all offer almost perfect exchange rates and no fees for spending or withdrawing cash.

If you get a couple of these accounts (there are others) you don't have to worry about taking any cash with you.

cloud_dog

At the moment they are just 'standard' current accounts (Santander / Nationwide). They are only ever accessed in case of emergency, i.e. we've run out of cash, and or cannot use the Clarity CC.

I'll look in to the Starling account.

Although, coming back to the OPs post if, for whatever reason, the ATM charges you 'their' exchange rate having a Starling account is of no benefit (obviously if you can and do take it as Euro for example then you benefit from the Starling rates).

takman

cloud_dog wrote: »

Although, coming back to the OPs post if, for whatever reason, the ATM charges you 'their' exchange rate having a Starling account is of no benefit (obviously if you can and do take it as Euro for example then you benefit from the Starling rates).

Certain countries/areas you have to be really vigilant when I comes to withdrawing cash / making purchases. I always make it clear when paying in shops that I want to pay in the local currency and keep the card machine In my hand after I enter my pin.
On cash machines I always make sure i read it properly and I would cancel the transaction if I can't see how to avoid the DCC option.

This has meant I have only ever once been caught by DCC in a shop but as it was only around 10p difference I let it go.

Emily_Joy

I received a letter from Halifax yesterday stating that the T&C are changing from 21st of September onwards, and the cash transaction fee is set to 0%. I was somewhat surprised, to say the least...

mark9660

As an aside on this, I was in Greece a couple of weeks ago and we needed some cash, so I paid £100 into my Clarity account and a day or so later took out Euros 100 from an ATM. My latest statement has just come through and I have been charged a small amount of interest. On querying this I have been informed that they used The £100 first of all to pay off a couple of normal transactions from before the cash withdrawal. I think this is wrong as they should wait until the due payment date before paying off these transactions, and should have paid for the Euros first.

[Deleted User]

They've done it absolutely right. The payment would have gone against the transactions you had already made. Not theoretical future ones.