FX Credit cards - rate when posted or pending? Who does "when pending"?

disney_cjd

Hi all, I had a Tamdem card which was great, but I was not going to pay £6 a month to use it. So went back to Halifax Clarity. Both of course fee free for foriegn transactions. Anyways I noticed Halifax had a pending US transaction (cruise - dont judge) at £1807 which was fine.  Shown as Pending but had been converted to £1807  Today I looked and its not posted on my account but at £1818!  So today as the rate is lower then when i did the transaciton I get screwed over.
So then I tried to see in the terms etc.  Just says to call them to find out which scheme they are, Ie.rate on pending or when posted to account.  An hour and 45 mins on the phone and still waiting.
Question is, do you know any fee free cards which convert on day or transaction like pending and NOT when posted to your account five days later please?

Thanks

eDicky

The final rate used for a non-sterling credit or debit card transaction is fixed on the date of settlement, a couple or so working days after the transaction is made. Tandem and Clarity are no different.

There's as much chance of the rate moving in your favour in the intervening time, so it's hardly a case of being 'screwed over'...

You can use Revolut to obtain the interbank exchange rate at the moment of transaction (on weekdays, slight margin on weekends), or indeed use it to convert your pounds to the currency to be used at any time.

bagand96

It's £11 on an £1800 cruise, frustrating maybe, but you're hardly being screwed over!  Also consider that you’re tieing up a place in the bank’s customer service queue when people with serious financial problems may urgently need to speak with them. 

heatherw_01

Pending shows the estimated cost at purchase with the exchange rate of that day, all purchases use the rate on the settlement date which often is different. That is how they work.

Neil49

Same applies on my Monzo card when used overseas. The difference is that with Monzo, and similar Internet based bank accounts, transactions are displayed immediately via the app and you are made aware that it is a pending rate at that time. 

disney_cjd

bagand96 said:

It's £11 on an £1800 cruise, frustrating maybe, but you're hardly being screwed over!  Also consider that you’re tieing up a place in the bank’s customer service queue when people with serious financial problems may urgently need to speak with them. 

Pipe down. I am not there to give money away and this is a "money saving" forum.  As for the queue... as a customer I am quite entiited to call when no other avenue is open to me.
AND ACTUALLY Halifax where very good and agreed that it was wrong and refunded me.

disney_cjd

eDicky said:

The final rate used for a non-sterling credit or debit card transaction is fixed on the date of settlement, a couple or so working days after the transaction is made. Tandem and Clarity are no different.

There's as much chance of the rate moving in your favour in the intervening time, so it's hardly a case of being 'screwed over'...

You can use Revolut to obtain the interbank exchange rate at the moment of transaction (on weekdays, slight margin on weekends), or indeed use it to convert your pounds to the currency to be used at any time.

Revolt is an option yes.  And as I posted above Halifax agreed it was wrong.  They pending converstion is the date of the transaction. They delayed in applying to my account and so refunded the diff.  They confirmed its a date of transaction NOT the date of posting.

fifeken

heatherw_01 said:

Pending shows the estimated cost at purchase with the exchange rate of that day, all purchases use the rate on the settlement date which often is different. That is how they work.

Pending shows an estimate but I've no idea what that estimate is based on.  When settled it converts at the time the purchase was made, not the settlement date.

bagand96

Customer service agents have the authority to waiver fees up to a certain amount as a gesture of good will. I expect that's what's happened here. 

eDicky

disney_cjd said:

eDicky said:

The final rate used for a non-sterling credit or debit card transaction is fixed on the date of settlement, a couple or so working days after the transaction is made. Tandem and Clarity are no different.

There's as much chance of the rate moving in your favour in the intervening time, so it's hardly a case of being 'screwed over'...

You can use Revolut to obtain the interbank exchange rate at the moment of transaction (on weekdays, slight margin on weekends), or indeed use it to convert your pounds to the currency to be used at any time.

Revolt is an option yes.  And as I posted above Halifax agreed it was wrong.  They pending converstion is the date of the transaction. They delayed in applying to my account and so refunded the diff.  They confirmed its a date of transaction NOT the date of posting.

Nothing that I wrote was incorrect. Obviously the agent you spoke to wisely decided that it was easier to to agree with you and pay the relatively small difference in order to get you off the line.

If the rate moves in your favour the next time you make a foreign currency purchase with your Clarity card, I trust you will call them to insist that you repay the difference according to the provisional rate at the time of transaction...

disney_cjd

eDicky said:

disney_cjd said:

eDicky said:

The final rate used for a non-sterling credit or debit card transaction is fixed on the date of settlement, a couple or so working days after the transaction is made. Tandem and Clarity are no different.

There's as much chance of the rate moving in your favour in the intervening time, so it's hardly a case of being 'screwed over'...

You can use Revolut to obtain the interbank exchange rate at the moment of transaction (on weekdays, slight margin on weekends), or indeed use it to convert your pounds to the currency to be used at any time.

Revolt is an option yes.  And as I posted above Halifax agreed it was wrong.  They pending converstion is the date of the transaction. They delayed in applying to my account and so refunded the diff.  They confirmed its a date of transaction NOT the date of posting.

Nothing that I wrote was incorrect. Obviously the agent you spoke to wisely decided that it was easier to to agree with you and pay the relatively small difference in order to get you off the line.

If the rate moves in your favour the next time you make a foreign currency purchase with your Clarity card, I trust you will call them to insist that you repay the difference according to the provisional rate at the time of transaction...

Actually. Sorry you are wrong. Of course unless you were on the call with me and then. They have also emailed today apologising and that they are looking into this as an issue. 

I do love those people that sit in these forum ready to pick jokes rather than help.