We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

123 Charge for foreign currency

Options
2»

Comments

  • username
    username Posts: 740 Forumite
    Part of the Furniture 500 Posts
    edited 4 June 2023 at 12:38PM
    WillPS said:
    Brie said:
    M&S did in the past not charge interest on foreign currency purchases as they classed them as a purchase rather than cash advance.
    From M&S Bank Bureaus only, right?
    I remember years ago M&S BDC used to have a separate chip and pin machine for M&S cardholders. I can't remember what the purpose was but I suspect it gave M&S cardholders better rates/free free something like that.
  • NoodleDoodleMan
    NoodleDoodleMan Posts: 4,261 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    edited 5 June 2023 at 10:35AM
    username said:
    WillPS said:
    Brie said:
    M&S did in the past not charge interest on foreign currency purchases as they classed them as a purchase rather than cash advance.
    From M&S Bank Bureaus only, right?
    I remember years ago M&S BDC used to have a separate chip and pin machine for M&S cardholders. I can't remember what the purpose was but I suspect it gave M&S cardholders better rates/free free something like that.
    At an instore bureau M&S credit card holders can get a slightly better rate buying foreign currency than settling with cash or other card - and it was not classed as a cash advance.
    Don't recall having to use a separate card machine though - but I wasn't paying much attention.

  • WillPS
    WillPS Posts: 5,129 Forumite
    Part of the Furniture 1,000 Posts Newshound! Name Dropper
    username said:
    WillPS said:
    Brie said:
    M&S did in the past not charge interest on foreign currency purchases as they classed them as a purchase rather than cash advance.
    From M&S Bank Bureaus only, right?
    I remember years ago M&S BDC used to have a separate chip and pin machine for M&S cardholders. I can't remember what the purpose was but I suspect it gave M&S cardholders better rates/free free something like that.
    Probably a hacky way of getting it to go through with a different MCC.
  • TheBanker
    TheBanker Posts: 2,224 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    WillPS said:
    username said:
    WillPS said:
    Brie said:
    M&S did in the past not charge interest on foreign currency purchases as they classed them as a purchase rather than cash advance.
    From M&S Bank Bureaus only, right?
    I remember years ago M&S BDC used to have a separate chip and pin machine for M&S cardholders. I can't remember what the purpose was but I suspect it gave M&S cardholders better rates/free free something like that.
    Probably a hacky way of getting it to go through with a different MCC.
    More likely a way of bypassing Mastercard completely. 
  • Marchitiello
    Marchitiello Posts: 1,304 Forumite
    Ninth Anniversary 1,000 Posts Photogenic Name Dropper
    Gerry1 said:
    grumbler said:
    Years ago I had a Sainsbury's Gold credit card - no fees on withdrawing currency, including the UK, which I suspect would be unique ?

    HX Clarity doesn't charge fees for cash. It does charge interest.
    Barclaycard Rewards doesn't charge fees. Not sure about the interest. I remember there was some Barclaycard that didn't charge interest on cash abroad.


    Yup, Barclaycard Rewards is the one to have.  No fee and no interest on overseas cash withdrawals so you can use it for everything and just let the DD take care of it all.
    But worth always remembering that withdrawing at an ATM (home or abroad) with a Credit Card gets reported to the Credit Reference agencies and as we now have so many Travel Debit Cards (Chase, Monzo, Starling, HSBC Global money etc), I would strongly advice against ATM withdrawing using a credit card. Use the DC for ATM and A CC for purchases
  • pridehappy
    pridehappy Posts: 340 Forumite
    100 Posts First Anniversary Name Dropper Photogenic
    Wow, that’s interesting. I’ve got a Virgin Atlantic Reward credit card and when I exchanged pounds into euros at John Lewis Travel Money in the UK and also topping up my Post Office Travel Card, they didn’t charge me anything.
  • Gerry1
    Gerry1 Posts: 10,848 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Gerry1 said: is
    grumbler said:
    Years ago I had a Sainsbury's Gold credit card - no fees on withdrawing currency, including the UK, which I suspect would be unique ?

    HX Clarity doesn't charge fees for cash. It does charge interest.
    Barclaycard Rewards doesn't charge fees. Not sure about the interest. I remember there was some Barclaycard that didn't charge interest on cash abroad.


    Yup, Barclaycard Rewards is the one to have.  No fee and no interest on overseas cash withdrawals so you can use it for everything and just let the DD take care of it all.
    But worth always remembering that withdrawing at an ATM (home or abroad) with a Credit Card gets reported to the Credit Reference agencies and as we now have so many Travel Debit Cards (Chase, Monzo, Starling, HSBC Global money etc), I would strongly advice against ATM withdrawing using a credit card. Use the DC for ATM and A CC for purchases.
    @Marchitiello   Fortunately I shan't be taking out a mortgage or loan so it doesn't bother me, (although I do have a Chase debit card to avoid local ATM fees in the USA).
    However, it's quite an indictment of the credit rating system if they can't distinguish between occasional cash withdrawals at overseas airports, stations and ferry terminals as opposed to 'payday loan' UK cash advances towards the end of every month.
  • Marchitiello
    Marchitiello Posts: 1,304 Forumite
    Ninth Anniversary 1,000 Posts Photogenic Name Dropper
    Gerry1 said:
    Gerry1 said: is
    grumbler said:
    Years ago I had a Sainsbury's Gold credit card - no fees on withdrawing currency, including the UK, which I suspect would be unique ?

    HX Clarity doesn't charge fees for cash. It does charge interest.
    Barclaycard Rewards doesn't charge fees. Not sure about the interest. I remember there was some Barclaycard that didn't charge interest on cash abroad.


    Yup, Barclaycard Rewards is the one to have.  No fee and no interest on overseas cash withdrawals so you can use it for everything and just let the DD take care of it all.
    But worth always remembering that withdrawing at an ATM (home or abroad) with a Credit Card gets reported to the Credit Reference agencies and as we now have so many Travel Debit Cards (Chase, Monzo, Starling, HSBC Global money etc), I would strongly advice against ATM withdrawing using a credit card. Use the DC for ATM and A CC for purchases.
    @Marchitiello   Fortunately I shan't be taking out a mortgage or loan so it doesn't bother me, (although I do have a Chase debit card to avoid local ATM fees in the USA).
    However, it's quite an indictment of the credit rating system if they can't distinguish between occasional cash withdrawals at overseas airports, stations and ferry terminals as opposed to 'payday loan' UK cash advances towards the end of every month.
    Credit cards were never meant to be used to withdraws cash outside of emergencies, and the credit system is set up to look into that (how many emergency does this person have and how often?). It is irrelevant if this is done at home or away. 

    if you have a Chase card already, I simply see no point of using a credit card at an ATM abroad, in US or otherwise 
  • Gerry1
    Gerry1 Posts: 10,848 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I've only recently joined Chase, so Clarity will probably just be used occasionally to keep it available as a backup.
    But Barclaycard Rewards will still useful  because all overseas use can go on one card and there's no need to have to keep checking the balance.  (My BCC credit limit is much higher than the 'float' I keep with Chase.)
    Chase will be useful in the USA because their ATMs are notorious for charging non-customers, sometimes even for balance enquiries, and not making it clear whether the fees apply to non-US cardholders.
    I object to CRAs drawing adverse wrong conclusions about my credit worthiness when they have no valid evidence to do so.
  • WillPS
    WillPS Posts: 5,129 Forumite
    Part of the Furniture 1,000 Posts Newshound! Name Dropper
    Gerry1 said:

    I object to CRAs drawing adverse wrong conclusions about my credit worthiness when they have no valid evidence to do so.
    CRAs do no such thing, they provide the metric, which is amount/number of 'cash advances'. The lender you are seeking credit from is free to judge that as a positive or negative, or simply ignore it; it is the lender who determines your credit worthiness, not CRAs.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.