changing British pounds to euros in Malta

neil7

Hi
I need to change £1100 pounds to Euros in Malta around 13th September. Can you help me understand the following please?

If I get the Halifax Clarity. MSE states: 'You don't get charged interest on spending abroad as long as you repay IN FULL, but do for cash withdrawals until paid off (5p-ish per £100 per day), so pay as soon as you can – eg, via internet banking while abroad.'

I need to do a cash withdrawal of around 1200 Euros. Can I pre load the Halifax card so that when I take out the Euros at the ATM or within a bank I do not incure any intrest? I can load the card before I go with enough pounds to cover the Euros, will that mean no intrest charges?

Do you think getting the Euros this way with the Halifax card is the best option rather than pre ordering the Euros here in England before I go to Malta?

thanks

Caz3121

does the card terms and conditions say you are allowed to put your card into credit / positive balance?

hollie.weimeraner

No you can't pre load it but if you have internet banking and access to wi fi you can pay it off straight away

Westin

neil7 wrote: »

Hi
I need to change £1100 pounds to Euros in Malta around 13th September. Can you help me understand the following please?

If I get the Halifax Clarity. MSE states: 'You don't get charged interest on spending abroad as long as you repay IN FULL, but do for cash withdrawals until paid off (5p-ish per £100 per day), so pay as soon as you can – eg, via internet banking while abroad.'

I need to do a cash withdrawal of around 1200 Euros. Can I pre load the Halifax card so that when I take out the Euros at the ATM or within a bank I do not incure any intrest? I can load the card before I go with enough pounds to cover the Euros, will that mean no intrest charges?

Do you think getting the Euros this way with the Halifax card is the best option rather than pre ordering the Euros here in England before I go to Malta?

thanks

No, unfortunately that is not permitted.

The interest accrued will be minimal and likely still work out much cheaper than typical bureau de change costs.

leylandsunaddict

Unless it's changed recently, Halifax specifically state that you cannot do it. They may just give it back to you or block your card.

Just log into your online banking and pay it off ASAP. The interest is minimal anyway. You won't be able to withdraw it all in one go though. The max is £500 a day. Also watch for any ATM charges.

I wouldn't be carrying that much cash around, but your insurance might not even cover it anyway.

Doshwaster

If you want to preload a card then use something like the Starling account (though I'm not sure what their daily withdrawal limit it)

I'd still take a credit card like Halifax Clarity just in case of any unexpected Euro expenses.

eDicky

Doshwaster wrote: »

If you want to preload a card then use something like the Starling account (though I'm not sure what their daily withdrawal limit it)

I believe it's £300/day.

Combined, if necessary, with a Metro Bank account and debit card, also fee-free in Europe, the required cash could be withdrawn in a couple of days.

Both Starling and Metro accounts cost nothing to open.

neil7

thanks again for all feedback, I have the Starling card now.
Final point: if I took the £1100 to Malta is there a possibility of getting a better rate than if I used the Starling card?
In Mexico the rate was better giving British pounds rather than ATM/Bank ect

eDicky

On the same day, using the Starling card will save you about £30 compared to exchanging the cash with a money changer, who needs to make a profit. The same would be true in Mexico.

But you need to make sure that your card does the conversion, not the ATM or shop payment terminal. Always choose to pay in local currency, and reject any ATM exchange rate offered on-screen by selecting 'No Conversion' or similar.

J_B

eDicky wrote: »

I believe it's £300/day.

I tried to withdraw £300 sterling from a Nat West ATM last week with my Starling card - I got the 'notification' on my phone immediately ... but no cash
Checked my balance and there had been no transaction.
I asked for £250 and it obliged me.

neil7 wrote: »

thanks again for all feedback, I have the Starling card now.
Final point: if I took the £1100 to Malta is there a possibility of getting a better rate than if I used the Starling card?

We have a house in Paphos, Cyprus - many of the 'tacky tourist shops' along the sea front will exchange sterling cash.
I took 2K a couple of years ago and the guy didn't bat an eyelid as he handed me the Euros in return.:p