Buy foreign currency with a credit card

kartingmad

Hey all

trying to work out the best way to do this and see if I can not miss out on avoid points.

i need to buy circa £2k of euros and want to know if it’s possible to do with either Amex or Barclaycard avios plus.

its so hard to work out what fees i will be charged. I know i will get a 2.99% fee but then some people say it will be a cash advance so no interest free period.

anyone done this recently on either or have any other ways of doing it.

i know M&S don’t do fees when you buy through their travel money but then I don’t get avios.

Thanks 

Voyager2002

Yes, this is a cash advance and so there will be extra fees and no interest-free period. Those fees will far exceed the value of the Avios.

J_B

*IF* you have a Barclaycard rewards credit card *AND* you withdraw Euros from an ATM in Europe (but not UK) there should be no charges

DullGreyGuy

kartingmad said:

trying to work out the best way to do this and see if I can not miss out on avoid points.

i need to buy circa £2k of euros and want to know if it’s possible to do with either Amex or Barclaycard avios plus.

its so hard to work out what fees i will be charged. I know i will get a 2.99% fee but then some people say it will be a cash advance so no interest free period.

anyone done this recently on either or have any other ways of doing it.

i know M&S don’t do fees when you buy through their travel money but then I don’t get avios.

Check your AmEx card, certainly mine has no "cash like transaction" rules... there is a fee for actually using an ATM but not for things like foreign currency. 

J_B said:

*IF* you have a Barclaycard rewards credit card *AND* you withdraw Euros from an ATM in Europe (but not UK) there should be no charges

They have the Avios Plus card not Rewards

NoodleDoodleMan

J_B said:

*IF* you have a Barclaycard rewards credit card *AND* you withdraw Euros from an ATM in Europe (but not UK) there should be no charges

I reckon three practial issues to consider here if going to a hole in the wall.

1. How many Euros can be withdrawn on a daily basis from a foreign ATM - is this between €300 and €500 ?

2. There is a maximum limit to the total amount available to withdraw based on a % of the customer's overall credit ceiling.

3. The ATM is very likely to take a fee regardless of Barclaycard T's&C's.

Of course this might work for the OP if it's a workable scenario for him.

That would be £59.90 interest due to Barclaytcard by the end of the next statement due date....if my arithmetic is sound.

Grumpy_chap

NoodleDoodleMan said:

3. The ATM is very likely to take a fee regardless of Barclaycard T's&C's.

I have found that Santander branch cash machines do not charge a fee.
I suspect the same is the case with the other proper bank branch "hole in the wall" rather than the shopping centre ATM's.  (A bit like the UK really.)

J_B

NoodleDoodleMan said:

3. The ATM is very likely to take a fee regardless of Barclaycard T's&C's.

In my experience, which is *only* in Cyprus ... there are hundreds of blue 'tardis-like' ATMs (are they called Euronet?) which charge a standard €3 transaction fee whereas if you use the bank ATMs, there's no charge.

NoodleDoodleMan

Grumpy_chap said:

NoodleDoodleMan said:

3. The ATM is very likely to take a fee regardless of Barclaycard T's&C's.

I have found that Santander branch cash machines do not charge a fee.
I suspect the same is the case with the other proper bank branch "hole in the wall" rather than the shopping centre ATM's.  (A bit like the UK really.)

That's in complete contrast to what is regularly mentioned here, so I'd be interested to know where you were not charged by Santander for using a UK debit card - unless it was their own card at a fully owned Santander branded ATM ?

For example, Banco Santander operating in Spain & Canaries often receive negative comments for applying a fee of around €6 to €8 for taking readies from their machines - possibly/probably the highest commission of any bank there. 

Things vary from country to country of course, there is no one size fits all situation.

cantbelieveit23

I have a Santander (UK) account and withdraw cash "free" from Santander ATMs in Spain.  However, when asked if you want the exchange rate fixed by Santander (Spain), say NO and the no-commission exchange rate will be applied by Santander UK.   Naturally, Santander will charge for withdrawals by cards of other banks.

NoodleDoodleMan

That only applies to UK Santander debit cards and at Banco Santander branch located ATMs - the Everyday Current account and Edge current accounts being the best choices, the former especially if you only want to withdraw cash.

Otherwise all UK Santander credit cards, (with one exception) will incur a cash withdrawal fee at Banco Santander ATMs - the Edge CC, for example is 3% (minimum £3) with interest applied immediately.

The sole UK Santander CC that is fee free at a BS branch is the Santander Zero card (no longer available to new applicants) however interest applies immediately.