Paying off a UK credit card
#1
Just Joined
Thread Starter
Joined: Jun 2009
Posts: 26
Paying off a UK credit card
Hi all,
Ok so I've lived in the USA since last summer after moving here on a spousal visa, so it's a permanent move. Anyway I have a £2000 credit card debt with my HSBC visa card in the UK and am looking to now pay it all off in one go. My US bank charges $45 to do an international transfer (to my UK account to then pay the credit card) so I'm looking to see if there's a cheaper option, I know there is xe.com and the like but was wondering if anyone has ever simply paid off a UK credit card using a US debit card? This way it's just like paying any other type of bill, so avoiding the $45 charge by my US bank, but I'm savvy enough to know I'll get hit somewhere, most likely a poor exchange rate. Does anyone know?
Thanks,
James
Ok so I've lived in the USA since last summer after moving here on a spousal visa, so it's a permanent move. Anyway I have a £2000 credit card debt with my HSBC visa card in the UK and am looking to now pay it all off in one go. My US bank charges $45 to do an international transfer (to my UK account to then pay the credit card) so I'm looking to see if there's a cheaper option, I know there is xe.com and the like but was wondering if anyone has ever simply paid off a UK credit card using a US debit card? This way it's just like paying any other type of bill, so avoiding the $45 charge by my US bank, but I'm savvy enough to know I'll get hit somewhere, most likely a poor exchange rate. Does anyone know?
Thanks,
James
#2
Forum Regular
Joined: Jan 2009
Location: Kentucky - Green Card came 2 months after marrying! :D
Posts: 188
Re: Paying off a UK credit card
Hi all,
Ok so I've lived in the USA since last summer after moving here on a spousal visa, so it's a permanent move. Anyway I have a £2000 credit card debt with my HSBC visa card in the UK and am looking to now pay it all off in one go. My US bank charges $45 to do an international transfer (to my UK account to then pay the credit card) so I'm looking to see if there's a cheaper option, I know there is xe.com and the like but was wondering if anyone has ever simply paid off a UK credit card using a US debit card? This way it's just like paying any other type of bill, so avoiding the $45 charge by my US bank, but I'm savvy enough to know I'll get hit somewhere, most likely a poor exchange rate. Does anyone know?
Thanks,
James
Ok so I've lived in the USA since last summer after moving here on a spousal visa, so it's a permanent move. Anyway I have a £2000 credit card debt with my HSBC visa card in the UK and am looking to now pay it all off in one go. My US bank charges $45 to do an international transfer (to my UK account to then pay the credit card) so I'm looking to see if there's a cheaper option, I know there is xe.com and the like but was wondering if anyone has ever simply paid off a UK credit card using a US debit card? This way it's just like paying any other type of bill, so avoiding the $45 charge by my US bank, but I'm savvy enough to know I'll get hit somewhere, most likely a poor exchange rate. Does anyone know?
Thanks,
James
If it's a one off payment of 2000GBP then I suppose it's only a $45 one-off charge from your US Bank? It's not the end of the world... whereas if you paid large sums every month it may be worth looking more into xe.com?
I must admit applying for xe.com does have some hassle e.g. you have to copy and send them copies of your drivers license, green card etc etc.
GOOD LUCK THO!
#3
Forum Regular
Joined: Mar 2008
Location: NYC
Posts: 222
Re: Paying off a UK credit card
$45? What bank is that? Even if it seems high, compare it with the worse exchange rate you might get taking another route. It might end up being a wash in the end.
Whatever you do, be aware that even after you think you've paid the card off there might be an interest charge that will roll over to the next billing period, which mean it's not actually paid off. So doing it through your UK current account and being able to mop up any straggling fees is probably going to tbe the way to go.
Whatever you do, be aware that even after you think you've paid the card off there might be an interest charge that will roll over to the next billing period, which mean it's not actually paid off. So doing it through your UK current account and being able to mop up any straggling fees is probably going to tbe the way to go.
#4
Just Joined
Thread Starter
Joined: Jun 2009
Posts: 26
Re: Paying off a UK credit card
Thanks both for your contributions. The $45 charge is by Bank of America. Even if I go that route I'll probably still get hit by a poor exchange rate. I've emailed HSBC to ask what their exchange rate will be (I know it constantly changes but they must be able to give me an idea (they must have a formula based on the actual exchange rate)) so I can have a better idea of how much exactly paying off the £2000 will be in dollars. Once paid off I'll close off that card so it's final.
Thanks,
James
Thanks,
James
#5
Forum Regular
Joined: Jan 2009
Location: Kentucky - Green Card came 2 months after marrying! :D
Posts: 188
Re: Paying off a UK credit card
Thanks both for your contributions. The $45 charge is by Bank of America. Even if I go that route I'll probably still get hit by a poor exchange rate. I've emailed HSBC to ask what their exchange rate will be (I know it constantly changes but they must be able to give me an idea (they must have a formula based on the actual exchange rate)) so I can have a better idea of how much exactly paying off the £2000 will be in dollars. Once paid off I'll close off that card so it's final.
Thanks,
James
Thanks,
James
It's up to you what you do. The xe.com route might save you some money but will take 2-5 days to set up.
#6
Re: Paying off a UK credit card
Thanks both for your contributions. The $45 charge is by Bank of America. Even if I go that route I'll probably still get hit by a poor exchange rate. I've emailed HSBC to ask what their exchange rate will be (I know it constantly changes but they must be able to give me an idea (they must have a formula based on the actual exchange rate)) so I can have a better idea of how much exactly paying off the £2000 will be in dollars. Once paid off I'll close off that card so it's final.
Thanks,
James
Thanks,
James
Off topic, but you might want to consider hanging onto the card after you pay it off (especially if it doesn't have an annual fee) as its hard to get another one while living overseas, and you just never know when you might need one - just a suggestion.
Last edited by Dan725; Jan 11th 2010 at 6:03 pm.
#7
Re: Paying off a UK credit card
Hi all,
Ok so I've lived in the USA since last summer after moving here on a spousal visa, so it's a permanent move. Anyway I have a £2000 credit card debt with my HSBC visa card in the UK and am looking to now pay it all off in one go. My US bank charges $45 to do an international transfer (to my UK account to then pay the credit card) so I'm looking to see if there's a cheaper option, I know there is xe.com and the like but was wondering if anyone has ever simply paid off a UK credit card using a US debit card? This way it's just like paying any other type of bill, so avoiding the $45 charge by my US bank, but I'm savvy enough to know I'll get hit somewhere, most likely a poor exchange rate. Does anyone know?
Thanks,
James
Ok so I've lived in the USA since last summer after moving here on a spousal visa, so it's a permanent move. Anyway I have a £2000 credit card debt with my HSBC visa card in the UK and am looking to now pay it all off in one go. My US bank charges $45 to do an international transfer (to my UK account to then pay the credit card) so I'm looking to see if there's a cheaper option, I know there is xe.com and the like but was wondering if anyone has ever simply paid off a UK credit card using a US debit card? This way it's just like paying any other type of bill, so avoiding the $45 charge by my US bank, but I'm savvy enough to know I'll get hit somewhere, most likely a poor exchange rate. Does anyone know?
Thanks,
James
#8
Re: Paying off a UK credit card
Thanks both for your contributions. The $45 charge is by Bank of America. Even if I go that route I'll probably still get hit by a poor exchange rate. I've emailed HSBC to ask what their exchange rate will be (I know it constantly changes but they must be able to give me an idea (they must have a formula based on the actual exchange rate)) so I can have a better idea of how much exactly paying off the £2000 will be in dollars. Once paid off I'll close off that card so it's final.
Thanks,
James
Thanks,
James
#9
Re: Paying off a UK credit card
Interestingly XE didn't ask for any copies of documentation from me. The initial e-mail warned I may be contacted to provide it, but the next day I was told my account was fully activated. All very simple really. It might just be the luck of the draw though.