Didn't realise debit cards charged for this? - HotUKDeals
We use cookie files to improve site functionality and personalisation. By continuing to use HUKD, you accept our cookie and privacy policy.
Get the HUKD app free at Google Play

Search Error

An error occurred when searching, please try again!

Login / Sign UpSubmit

Didn't realise debit cards charged for this?

Benjimoron Avatar
8y, 4m agoPosted 8 years, 4 months ago
From MSE:

Pay on a Switch card and there's no charge, yet if you pay for foreign currency on a credit card, or some banks Visa debit cards, its possible youll be charged an additional fee on top of what you pay the bureau de change. If possible avoid using the cards that charge and pay another way instead.

Credit cards. All credit cards charge when you buy foreign currency, as this is treated as if you are withdrawing cash from an ATM, plus you could be charged interest from the day you make the purchase, even if you repay it in full at the end of the month. See a full table of these charges


Visa Debit cards. If you have a Visa Debit card (these used to be known as Delta), whether youre charged depends on your bank, it will usually be around 2.5% with a minimum of £3.


Debit cards that DO charge a fee
Debit cards that DON'T charge a fee

Abbey Coventry BS
Alliance & Leicester First Direct
Barclays Halifax
Cahoot HSBC
Co-op Intelligent Finance
Lloyds TSB Nationwide
Smile Natwest
RBS


If you only have one of these cards... then you're likely to be better off by just spending on it while overseas, than buying foreign cash with it. The big exception is Lloyds debit card, which if you spend on it abroad will slap ANOTHER charge on top every time you spend in a shop, as well as the normal foreign currency fees.





So basically changing your money in this country could cost you 2.5% extra than you realise. Not sure what they call this charge seeing as the bank don't change your money and you're not using it internationally. Didn't think they would be allowed to charge this? Thought you had a right to use the money without charges, I could understand if the company that was doing the transfer charged extra, but this is the banks, surely this is exactly the same as using your card to buy something, so why do they charge for this??

I am changing some money soon, does anyone know if this charge applies instore too, or is it just over the net? I am going into Tesco to change my money, it's charge free from a Tesco credit card so I'll probably do that but in case they don't have that offer I'll use my debit card. If they still charge a fee for that then I'd be better off taking cash out and changing that wouldn't I?
Benjimoron Avatar
8y, 4m agoPosted 8 years, 4 months ago
Options

All Comments

(26) Jump to unreadPost a comment
Comments/page:
#1
The bit from MSE doesn't come out too well above, it's here:

http://travelmoney.moneysavingexpert.com/

Then click:

"Does your Credit/Debit card add a charge when you buy currency? Find out"
#2
Aye - Classed as a cash advance, interest rates are sky high for them
banned#3
Yep - I got charged 2% by my bank (co-op) for a visa debit card transaction when getting foreign currency from one of the online providers
#4
Benjimoron
The bit from MSE doesn't come out too well above, it's here:

http://travelmoney.moneysavingexpert.com/

Then click:

"Does your Credit/Debit card add a charge when you buy currency? Find out"

I have tried this link and cannot find the
"Does your Credit/Debit card add a charge when you buy currency? Find out"

What am i doing wrong?
#5
simon012
I have tried this link and cannot find the
"Does your Credit/Debit card add a charge when you buy currency? Find out"

What am i doing wrong?


Ah, you've got to choose an amount to calculate first. Didn't realise it doesn't come up at first.
1 Like #6
erdinger
Aye - Classed as a cash advance, interest rates are sky high for them


I could understand from a credit card of course, but a cash advance on a debit card??? It's my sodding money!!
#7
Benjimoron
I could understand from a credit card of course, but a cash advance on a debit card??? It's my sodding money!!

Thanks Benjimoran
I need to change some money soon and was going to use travelex
HOWEVER I am with Alliance and Leicester and it does charge!!!
( I will be closing my ccount!! )
Have some rep and thank you again..........
#8
csiman
Yep - I got charged 2% by my bank (co-op) for a visa debit card transaction when getting foreign currency from one of the online providers


Do you know if it applies in-store csi? I'd never heard of this fee before, makes it totally not worth going on-line to transfer money. What do they call the fee? Surely they shouldn't be able to charge it, I'm just getting access to my money. And I guess you don't get told about it until you see your balance?

I appreciate that they may charge at an ATM but you know the fee and can choose whether to proceed or not, I guess here you don't know until it's too late!
#9
simon012
Thanks Benjimoran
I need to change some money soon and was going to use travelex
HOWEVER I am with Alliance and Leicester and it does charge!!!
( I will be closing my ccount!! )
Have some rep and thank you again..........


No worries mate, was suprised to see it myself, told the mother-in-law she was wrong when she told me!!!

So, anyone know if it's ok to use it in-store? I guess not and I'm better off taking the cash out and changing that?
#10
Benjimoron
No worries mate, was suprised to see it myself, told the mother-in-law she was wrong when she told me!!!

So, anyone know if it's ok to use it in-store? I guess not and I'm better off taking the cash out and changing that?

I think it's disgusting that you are charged to access your own money
( you can almost understand it when it's abroad using a cash machine
but not purchasing foreign currency in the UK!!! )

I would play safe mate and get the cash out...........
#11
simon012
I think it's disgusting that you are charged to access your own money
( you can almost understand it when it's abroad using a cash machine
but not purchasing foreign currency in the UK!!! )

I would play safe mate and get the cash out...........


Think so, I'll use the credit card if the offer is still on as you get clubcard points too.
banned#12
Benjimoron;2686442
Do you know if it applies in-store csi? I'd never heard of this fee before, makes it totally not worth going on-line to transfer money. What do they call the fee? Surely they shouldn't be able to charge it, I'm just getting access to my money. And I guess you don't get told about it until you see your balance?

I appreciate that they may charge at an ATM but you know the fee and can choose whether to proceed or not, I guess here you don't know until it's too late!

I have only been charged it online (travelex). Come to that I got charged the same fee for putting money in a betting account! Takes the pee indeed.

best bet for instore is to go to an ATM first :thumbsup:

although I always exchange cash abroad as far better rates. or better still, get a nationwide account where they give fantastic exchange rates at ATM's abroad with zero commission (I got 1.31 in spain 3 months ago). I never use the account except for holidays.

on that note, Spanish ATMs now ask when withdrawing euros 'Do you want to withdraw this amount as sterling or euros'. I was confused when I saw this as i thought they were asking if I wanted GBP! :w00t:

ALWAYS select euros rather than sterling else the bank you are withdrawing from use their exchange rate (much lower rate) and debit sterling from your account. Another con!
#13
csiman
I have only been charged it online (travelex). Come to that I got charged the same fee for putting money in a betting account! Takes the pee indeed.

best bet for instore is to go to an ATM first :thumbsup:

although I always exchange cash abroad as far better rates. or better still, get a nationwide account where they give fantastic exchange rates at ATM's abroad with zero commission (I got 1.31 in spain 3 months ago). I never use the account except for holidays.

on that note, Spanish ATMs now ask when withdrawing euros 'Do you want to withdraw this amount as sterling or euros'. I was confused when I saw this as i thought they were asking if I wanted GBP! :w00t:

ALWAYS select euros rather than sterling else the bank you are withdrawing from use their exchange rate (much lower rate) and debit sterling from your account. Another con!


Good advice as ever csi, am going to go for their credit card offer, might as well have it at 0% for a month and clubcard points too! If the offer isn't on then I'll take cash out and change that.
#14
How come Nationwide is not on the list for debit cards that don't charge?

Pretty sure Nationwide Visa Debit is fee-free on foreign cash withdrawals.
banned#15
Benjimoron;2686776
Good advice as ever csi, am going to go for their credit card offer, might as well have it at 0% for a month and clubcard points too! If the offer isn't on then I'll take cash out and change that.

Which CC offer is this?
#16
Slash
How come Nationwide is not on the list for debit cards that don't charge?

Pretty sure Nationwide Visa Debit is fee-free on foreign cash withdrawals.


Maybe abroad, but this is changing your money before you go. Not that the bank is the one doing the exchange so I don't see why they should be able to charge.
#17
csiman
Which CC offer is this?


The one on their web-site, use a Tesco credit card and it doesn't cost any fees or interest I believe. Am going to make sure before I do it but that's how I think it works.

You get some clubcard points too, hardly any but every little helps!
#18
http://www.tescofinance.com/personal/finance/finance/travelmoney/travel-bureaux.html

"Pay with your Tesco Credit Card and there is no Cash Advance fee! "

Not sure about interest so would need to check that first. The thread on here seemed to say there was no interest either.
#19
csiman


better still, get a nationwide account where they give fantastic exchange rates at ATM's abroad with zero commission (I got 1.31 in spain 3 months ago). I never use the account except for holidays.

on that note, Spanish ATMs now ask when withdrawing euros 'Do you want to withdraw this amount as sterling or euros'. I was confused when I saw this as i thought they were asking if I wanted GBP! :w00t:

ALWAYS select euros rather than sterling else the bank you are withdrawing from use their exchange rate (much lower rate) and debit sterling from your account. Another con!


Agreed, the very best way of all to change currency, excellent advice.;-)

Just remember to press " NO " when the ATM asks which currency type you would like etc.
banned#21
Benjimoron;2686938
http://www.tescofinance.com/personal/finance/finance/travelmoney/travel-bureaux.html

"Pay with your Tesco Credit Card and there is no Cash Advance fee! "

Not sure about interest so would need to check that first. The thread on here seemed to say there was no interest either.

Thanks. I have a tesco CC anyway which I use just for the clubcard points ;-)
#22
Does anyone at Tesco know what they're doing???

Put through to wrong deparment first, then a fax, think I'm about to get the wrong department again!
#23
Think the advisor has gone to lunch!

Lucky it's a free call.
#24
Just put me through to the tesco credit card number! Idiots, phoning back again!
#25
Fifth time, wrong people, giving up!
banned#26
Benjimoron;2687298
Fifth time, wrong people, giving up!

Isn't the tesco cc run by owned by MBNA which speaks volumes :-D

Post a Comment

You don't need an account to leave a comment. Just enter your email address. We'll keep it private.

...OR log in with your social account

...OR comment using your social account

Thanks for your comment! Keep it up!
We just need to have a quick look and it will be live soon.
The community is happy to hear your opinion! Keep contributing!