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    • jo_anna
    • By jo_anna 4th Dec 17, 11:12 AM
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    Halifax Clarity or transferring money to overseas account
    • #1
    • 4th Dec 17, 11:12 AM
    0 WOW
    Halifax Clarity or transferring money to overseas account 4th Dec 17 at 11:12 AM

    I still have a current account in Germany and I was wondering if it was cheaper to either send money to this account from my UK account or to use my Halifax Clarity card to draw out money when I am there? Is there a general rule or does it depend on the amount that is to be transferred/drawn out and the bank I am with?

    Many thanks.
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    • Biggles
    • By Biggles 4th Dec 17, 11:50 AM
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    • #2
    • 4th Dec 17, 11:50 AM
    • #2
    • 4th Dec 17, 11:50 AM
    If you transfer money to your account in Germany, both banks will make a transaction charge (I think that's still the case) and the bank that converts it from GBP to EUR will make a foreign exchange charge.

    If you draw it out from a Halifax Clarity CC while there, there is no transaction charge, nor foreign exchange charge. There will be a very small interest charge until you go online and fund the card.
    • eDicky
    • By eDicky 4th Dec 17, 11:56 AM
    • 3,513 Posts
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    • #3
    • 4th Dec 17, 11:56 AM
    • #3
    • 4th Dec 17, 11:56 AM
    Using your Clarity card for payments or to draw out cash will give you the close to perfect MasterCard rate on the day of settlement without fee, but with (minimal) daily interest until you pay it off.

    Transferring money from UK GBP account to a German EUR account will cost 3% or more on the exchange, plus a fee, sent from bank to bank so that's not a good option. But you can use a service such as TransferWise at the perfect interbank rate with 0.5% fee, or Revolut and escape all fees up to £5k/month at the interbank rate (weekdays) and/or use their MasterCard (costs£5).

    So it depends on what's best for your purposes, Clarity is probably simplest for a brief one-off trip.
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