Euro...when do we buy? (2 Viewers)

[Coolbeanz]

I have just tried to apply for a Halifax Clarity card - as per Martin Lewis recommendation - and apparently I am/we are not eligible as we have another credit card with Halifax. I am going to phone them in the morning to ask why not, or perhaps give up the MasterCard in exchange.

First time in France we don't know how much money we shall need. What happens with a prepaid card if you don't spend up to the limit you have pre-loaded? Should I just get euros now and take the usual debit cards with me?
What does everyone else do?

Be careful of charges for using your debit card abroad. We bank with Norwich and Peterborough because there is no fee but others may charge so best to check with your bank

 

[laird of Dunstan]

Unless you understand fibronecti tools and stuff like butterfly patterns trading in currency is a gamble , at present the euro has hit a 10 year low against the dollar and a 7 year low against the pound , the currency is deliberately being devalued by the European banks so as to enable Europe to power out of its stagnating economy , I'd hold off for a while to see if it hits 150 ,if it reaches a line of resistance ( money trader talk) it will drop back towards 140 , I dabble in currency trading on the forex markets , I'm watching at the moment

 

[Dogsense]

Sorry sorry
YES IT IS XE.COM

^{_{Subscribers  do not see these advertisements}}

 

[robnchris]

Be careful of charges for using your debit card abroad. We bank with Norwich and Peterborough because there is no fee but others may charge so best to check with your bank

Just been looking at the Halifax Clarity card..

It would appear not everyone is happy with the service, think I will stick with using cash.

http://www.reviewcentre.com/Credit-Cards/Halifax-Clarity-Reward-Credit-Card-review_3178285

 

[Dogsense]

Very happy with their their service so far and spacial you that there is no charges for use with foreign currencies.

 

[Coolbeanz]

I too have no complaints about their service, never had any trouble getting through to them and when my card was cloned last year they were on the ball and stopped it, issuing me a new card immediately. The amount I use it when travelling equates to a huge gain financially with the better rate you get

^{_{Subscribers  do not see these advertisements}}

 

[snailtrailer]

Happy to tell you folks that, after 45 minutes on the 'phone to Halifax, they are going to issue me with a Clarity card. I am relieved that one problem is now out of the way. All I have to do now is get the MH to the weighbridge to see if I have any leeway on payload and find Twin Lakes on the map so I can plan a route. Happy Days

 

[Dogsense]

By the way. You can top up (prepay) the Halifax Clarity Card with Sterling to bring it to be in Credit, then use the card at ATM to withdrow foreign currency with out usadge charges and no interest charge (as the card in credit). Another way to get the best exchange rates on cash withdrow abroad.
AND WE ARE NOT WORKING FOR HALIFAX LOL.

 

[SomeoneElse]

Another vote for Halifax Clarity Card. No complaints, the current balance and statement details are on-line using the same login as my current account. On-line is also the date of the next statement and its payment date. I have a direct-debit setup to pay the full amount off each month so I incur no charges.

As for foreign currency I draw Euros on the card and get the best inter-bank rate possible, I then pay interest until its fully paid off the card. The interest is calculated on a daily basis and is just under 1% a month. The interest is charged in two stages, firstly from the date of withdrawal to the statement date and then on the next bill from the statement date until the payment date, 25 days I believe. Therefore depending on when in the month I make the withdraw its 1 or 2% in round terms. Compare that to the usual debit cards charges of 2.75% and £2.

I try to keep interest to a minimum by making withdraws a couple of days before my statement date if possible. The other advantage of interest way of charges is that the £2 charge on the debit card encourages large withdraws, whereas the charges I pay means that I can make as many withdraws as I like, so I take small amounts and don't get lumbered with large denomination notes.

As the say on the internet YMMV but it works for me.

^{_{Subscribers  do not see these advertisements}}

 

[colinw]

By the way. You can top up (prepay) the Halifax Clarity Card with Sterling to bring it to be in Credit, then use the card at ATM to withdrow foreign currency with out usadge charges and no interest charge (as the card in credit). Another way to get the best exchange rates on cash withdrow abroad.
AND WE ARE NOT WORKING FOR HALIFAX LOL.

Have you done this ? , sounds fantastic . I can understand the logic , but they don't advertise this feature , do they ?

 

[colinw]

Another vote for Halifax Clarity Card. No complaints, the current balance and statement details are on-line using the same login as my current account. On-line is also the date of the next statement and its payment date. I have a direct-debit setup to pay the full amount off each month so I incur no charges.

As for foreign currency I draw Euros on the card and get the best inter-bank rate possible, I then pay interest until its fully paid off the card. The interest is calculated on a daily basis and is just under 1% a month. The interest is charged in two stages, firstly from the date of withdrawal to the statement date and then on the next bill from the statement date until the payment date, 25 days I believe. Therefore depending on when in the month I make the withdraw its 1 or 2% in round terms. Compare that to the usual debit cards charges of 2.75% and £2.

I try to keep interest to a minimum by making withdraws a couple of days before my statement date if possible. The other advantage of interest way of charges is that the £2 charge on the debit card encourages large withdraws, whereas the charges I pay means that I can make as many withdraws as I like, so I take small amounts and don't get lumbered with large denomination notes.

As the say on the internet YMMV but it works for me.

Martin lewis recommends transferring money to pay off card as soon as you can after withdrawing the cash to limit the amount of interest . you would need internet access though if abroad .
This certainly fits with dogsense's plan of " preloading " the card .
The reason I asked if this idea works is I've just come off the phone to a credit card company who charged me for a failed DD for my CC bill , but I had already paid off the balance before the DD was due ! . they have repaid the £12 fine and asked if I wanted my in credit balance refunding , yes please ! ( I had a refund from Amazon )
What I'm trying to say is that I have little experience of credit cards and just need reassuring that the above plan would work and not end up costing me money in " fines "

 

[Dogsense]

SomeoneElse - I don't think you get 2% interest on your bank saving or Halifax Current account, so why not top-up the Clarity card with Sterling to put the card in to CREDIT and then they have the money there when you withdraw € and will not charge you ANY INTEREST for ATM withdrawal.
I checked that option with Halifax customers Service.

^{_{Subscribers  do not see these advertisements}}

 

[colinw]

I owe you a beer dogsense , I will try this method in turkey in a few weeks time as apparently they don't all accept credit cards in the restaurants where we are going , they prefer cash for some reason ! .

 

[Dogsense]

colinw - We are going to be at Peterborough can drink the beer there LOL.

To all of you that using Halifax Clarity Credit Card, the details you need to top your Card Account with £ Sterlings
Sort code: 77-29-00
Account: 00000000
In reference put your long card numbe.

Start saving more of your DOSH!!!!

 

[colinw]

colinw - We are going to be at Peterborough can drink the beer there LOL.

To all of you that using Halifax Clarity Credit Card, the details you need to top your Card Account with £ Sterlings
Sort code: 77-29-00
Account: 00000000
In reference put your long card numbe.

Start saving more of your DOSH!!!!

I'll take your word that this is the correct account no. And not your personal offshore account !!
Sadly were going to turkey on the 11th April and we have a family wedding during the Chester meet ! . but I will honour that beer one day ! Until then have another cyber beer . Cheers .

^{_{Subscribers  do not see these advertisements}}

 

[SomeoneElse]

SomeoneElse - I don't think you get 2% interest on your bank saving or Halifax Current account, so why not top-up the Clarity card with Sterling to put the card in to CREDIT and then they have the money there when you withdraw € and will not charge you ANY INTEREST for ATM withdrawal.
I checked that option with Halifax customers Service.

No I don't do that for the simple reason that the amount of Euros of the folding kind I use is fairly low. All fuel and supermarket purchases are made using the card as as payment card. Cash i9s only used for odds and sods. getting the Euros just before statement day means I paying less than 1% from the interbank rate, with no effort on my part, the direct debits makes the payment. The way I operate is well tried and suits me fine.

Thanks for your kind consideration, I wrote up my method so as to make other people think again. Particularly those that happily pay 3% or more to load money on prepayment cards and then whinge that their card isn't accepted everywhere or moan that the system has reserved all their credit balance and they can't use it for a few days.

 

[SomeoneElse]

colinw - We are going to be at Peterborough can drink the beer there LOL.

To all of you that using Halifax Clarity Credit Card, the details you need to top your Card Account with £ Sterlings
Sort code: 77-29-00
Account: 00000000
In reference put your long card numbe.

Start saving more of your DOSH!!!!

For those that have a Halifax current account, money can be moved using the internal Halifax transfer system, available using their on-line banking. No need for all that BACS stuff.

 

[Dogsense]

We only have Halifax Credit Card no Bank Account that why we need the back transfer in to the CC account.
Seems that better bank account is N&P as their Debit Card doesn't charge to witerowl cash from ATM in Europe.

^{_{Subscribers  do not see these advertisements}}

 

[Coolbeanz]

N & P doesn't charge anywhere in the world. I used it in Goa several times and no fees

 

[Yorick]

Whilst we are on this subject, I have a question

When we are in Lanzarote, all the Asian booze and ciggie shops are touting for exchange business and we generally get good rates.

But how does it make money for them ? Who do they sell them to ?

 

[Coolbeanz]

Whilst we are on this subject, I have a question

When we are in Lanzarote, all the Asian booze and ciggie shops are touting for exchange business and we generally get good rates.

But how does it make money for them ? Who do they sell them to ?

Because it's counterfeit money

Just kiddin'

^{_{Subscribers  do not see these advertisements}}

 

[MitchandJenny]

They are laundering cash..

 

[Yorick]

They are laundering cash..

I guessed it may be dodgy, but how exactly ?

 

[DBK]

I guessed it may be dodgy, but how exactly ?

It could be they just want foreign currency to buy new stock. They keep their money away from local banks to avoid tax. The notes they give you were earned selling drugs or smuggled fags. Any of those or all three probably.

^{_{Subscribers  do not see these advertisements}}

 

[TheCaller]

By the way. You can top up (prepay) the Halifax Clarity Card with Sterling to bring it to be in Credit, then use the card at ATM to withdrow foreign currency with out usadge charges and no interest charge (as the card in credit). Another way to get the best exchange rates on cash withdrow abroad.
AND WE ARE NOT WORKING FOR HALIFAX LOL.

Have you done this ? , sounds fantastic . I can understand the logic , but they don't advertise this feature , do they ?

They don't advertise it & while they don't actually ban it, they don't encourage it either. It's not the way the account is designed to work & I think it's a bit like your favourite wild camping spot - don't tell the world because if everyone starts doing it, it might well be banned.

They do reserve the right to return credit balances. They do ban credit balances that result from transfers from other cards.

From their web site:

Can I put money on my card to increase my available credit whilst on holiday?
Credit cards are not designed to be used this way. Using the card in this way breaches the product's Terms & Conditions, which state:

7.7 You must not make payments or transfer funds from another credit or store card to your account that would leave a credit balance on your account. We may return any funds that exceed the balance owing on your account to the account from which the money was sent.

So when you read that carefully, you will see that despite what they say at first, the Terms & Conditions don't ban it outright - it depends on where the money comes from. But it's pretty clear that they don't like you doing it wherever you transfer the money from.

So my conclusion is - don't shout about it anymore than we have done on here already; don't put stupid amounts on in advance; don't use it as a way of increasing your credit limit.

If you have access to secure internet while abroad, transferring money to the account in line with withdrawals would seem to be the way to go.

If you take the second sentence of clause 7.7 in isolation, they could return any credit balance irrespective of where it came from. If everyone starts doing it, they may take a stricter line.

 

[Reallyretired]

1.42 now and the prediction is for 1.50, I'm holding tight for now, but when you do buy get over 1000 to ensure the best rate

Gone down today, that 1.42 may have been the peak for a bit. Glad I got some yesterday.

 

[Jazzbow]

I unknowingly put credit on the card and they returned the money, this was a few years ago when it first came out. Maybe they dont bother so much now. Recently had to withdraw cash (me debit card was frozen grrrr) I watched online until the charge appeared, cleared the balance immediately but they still charged me 10p!
I use this card all the time when abroad for buying stuff though.

^{_{Subscribers  do not see these advertisements}}

 

[leeandzed]

i got one of these cards from FairFX a few days ago... Broken Link Removed
700 euros on a card cost me £492... (you get £8 credit back for doing it through moneysavingexpert). I got 1.40 but rate slightly lower today at 1.372 on there, in the grand scheme of things if you are only loading £500 on there for instance and the rate drops a few points you've lost out on a couple of euros.. I work for an investment bank and the traders here are saying it'll drop for a bit (which it has) and will pick up towards end of next week, as there are announcements out which will affect the markets.. If you want to buy currency, just buy a bit here and there (£200 for instance) when the rate is good, if in London this is the best place for currency https://www.bestforeignexchange.com/index.php .