Buying Currency with C/C in credit.

davetaller

Good Morning All, I have had a holiday refund, which they have repaid, onto the original payment method; a Nationwide Credit Card. I am aware, (through these threads), that if I used this Credit Card ordinarily, to purchase foreign currency, then I would be charged fees, as it would be classed as a "cash advance". As I would be buying this currency through a travel shop, would Nationwide treat this Credit Card transaction, in exactly the same way, as if I had used my Debit Card, i.e..no fees? Thanks in anticipation.

cymruchris

Just arrange a transfer of the positive balance back to your current account at no charge then use your debit card. Depends who issued the card - some will do it by phone call, others by secure message. 

davetaller

Thanks for that cymruchris. So can I use my C/C without penalty?

[Deleted User]

You can use it without penalty, but if you buy currency, you'll pay the forex fees.

tim_london

Agree with cymruchris - take the credit out to a debit card then buy Forex.

All CC have different policies in regards to credit.  I had a similar situation with a travel refund few months ago and my CC actually stored the money in a separate account for me and used it to automatically settle the account at the end of month.  This meant cash advance would still be cash advance on the CC.

davetaller

tim_london said:

Agree with cymruchris - take the credit out to a debit card then buy Forex.

All CC have different policies in regards to credit.  I had a similar situation with a travel refund few months ago and my CC actually stored the money in a separate account for me and used it to automatically settle the account at the end of month.  This meant cash advance would still be cash advance on the CC.

Thanks for the replies. Unlike the account of tim-london, my refund shows in the same pot in the current account. As I stated, my account is with Nationwide, and it is good information, that other banks, may keep it separate.

eDicky

I can't answer your question, but why would you want to buy foreign currency from a travel shop? It will certainly be cheaper and less hassle just to use your Nationwide credit card for expenses in whatever country you intend to visit. Its 2% markup effectively gives you a better rate than buying cash in any travel agent, supermarket or Post Office (on the same day). Fee-free cards for overseas are also easily available.