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    Didn't realise debit cards charged for this?

    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?

    26 Comments

    Original Poster

    The bit from MSE doesn't come out too well above, it's here:

    travelmoney.moneysavingexpert.com/

    Then click:

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

    Aye - Classed as a cash advance, interest rates are sky high for them

    Banned

    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

    Benjimoron;2686324

    The bit from MSE doesn't come out too well above, it's … 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?

    Original Poster

    simon012;2686365

    I have tried this link and cannot find the"Does your Credit/Debit card … 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.

    Original Poster

    erdinger;2686358

    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!!

    Benjimoron;2686404

    I could understand from a credit card of course, but a cash advance on a … 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..........

    Original Poster

    csiman;2686363

    Yep - I got charged 2% by my bank (co-op) for a visa debit card … 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!

    Original Poster

    simon012;2686439

    Thanks BenjimoranI need to change some money soon and was going to use … Thanks BenjimoranI need to change some money soon and was going to use travelexHOWEVER 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?

    Benjimoron;2686452

    No worries mate, was suprised to see it myself, told the mother-in-law … 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...........

    Original Poster

    simon012;2686555

    I think it's disgusting that you are charged to access your own money( … 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 machinebut 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

    Benjimoron;2686442

    Do you know if it applies in-store csi? I'd never heard of this fee … 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!

    Original Poster

    csiman;2686740

    I have only been charged it online (travelex). Come to that I got charged … 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.

    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

    Benjimoron;2686776

    Good advice as ever csi, am going to go for their credit card offer, … 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?

    Original Poster

    Slash;2686804

    How come Nationwide is not on the list for debit cards that don't … 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.

    Original Poster

    csiman;2686849

    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!

    Original Poster

    tescofinance.com/per…tml

    "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.

    csiman;2686740

    better still, get a nationwide account where they give fantastic … 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

    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 ;-)

    Original Poster

    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!

    Original Poster

    Think the advisor has gone to lunch!

    Lucky it's a free call.

    Original Poster

    Just put me through to the tesco credit card number! Idiots, phoning back again!

    Original Poster

    Fifth time, wrong people, giving up!

    Banned

    Benjimoron;2687298

    Fifth time, wrong people, giving up!


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