Halifax clarity

Richard_1986

Hi,

Is there a way of finding out how much the exchange rate is that you're charged on foreign transactions before the payment comes out as it doesn't show the exchange rate while it's pending it only shows the payment comes out on the statement 

born_again

Exchange rate is calculated on debit, not when transaction is made. 👍

https://www.visa.co.uk/support/consumer/travel-support/exchange-rate-calculator.html

https://www.mastercard.co.uk/en-gb/personal/get-support/convert-currency.html

flaneurs_lobster

born_again said:

Exchange rate is calculated on debit, not when transaction is made. 👍

https://www.visa.co.uk/support/consumer/travel-support/exchange-rate-calculator.html

https://www.mastercard.co.uk/en-gb/personal/get-support/convert-currency.html

Not what the Clarity T&Cs say

B6. Using your credit card for transactions in foreign currency

You can use your card to make cash transactions in foreign currency or make a purchase in foreign currency. We’ll convert the transaction into pounds sterling using the exchange rate set by the payment scheme on your card, such as Mastercard or Visa. They use the rate that applies at the time you make the transaction. The rate that’s been used will show on your statement. 

My bold

Doesn't help with OP's question though. 

Using my Santander card overseas the transaction shows in the app pretty much instantaneously, together with the Sterling equivalent & the rate used.

CliveOfIndia

You could always go online to see what the current Mastercard/Visa (as applicable) exchange rate is (it will change on a daily basis).  But to be honest, it's a bit of a faff for little gain.  There will be a slight difference between the Mastercard and Visa rates, but in practice, either of them will be pretty much the best an ordinary consumer can get.  Which is why you should always pay in local currency and let the card do the conversion for you.

Unless you're spending several thousands of pounds-worth in a single transaction, the difference between Visa and Mastercard, and the difference from one day to the next, will be negligible.

And the difference between the Mastercard and Visa rate is irrelevant anyway - if your card is Mastercard, that's the rate they'll use.

Just let the card do the conversion, and take comfort in the fact that you're getting pretty much the best rate you'd be able to.  I usually look at the exchange rate before I go on holiday, just so I've got a rough idea of, for example, what 100 Euros (or whatever currency it might be) is going to cost me.

diveunderthebonnet

I have used mine for several years now and all i know is they give you the best exchange rate and fee free so always works for our holidays as long as it is paid off on time.

Spaceace

It's very easy to work out the real-time rate if you know the amount spent in local currency and you have the sterling amount showing in the app as pending. Divide one by the other and you have the exchange rate they're using.

One thing to note though is that if the transaction is on a weekend, or otherwise outside of trading hours, the exchange rate used to convert to the sterling pending value is that from the previous close of business which is updated to the prevailing exchange rate on the next working day (Monday usually) so the pending sterling amount sometimes changes by a small (usually tiny) amount to reflect any difference in exchange rates between close and reopening of trading.

This is what I've done in the past and it correlates almost exactly to the rate that appears on the subsequent statement.