Using UK Credit Cards in the U.S.
Jun 14th 2015, 3:17 pm
#16
Sailorchief
Joined: Aug 2009
Location: Whitby, North Yorkshire
Posts: 77
Re: Using UK Credit Cards in the U.S.
Probably a little late to get a Halifax Clarity card as that is the only(?) card which gives you the perfect rate of exchange on purchases - as hyped by Martin Lewis in his Money saving Tips website.
Jun 14th 2015, 3:56 pm
#17
Banned
Joined: Nov 2014
Posts: 364
Re: Using UK Credit Cards in the U.S.
So does Post Office credit card, which is what I have. Only difference is you have to pay to withdraw cash.
Jun 15th 2015, 7:36 pm
#18
Sad old Crinkly Member
Joined: Oct 2003
Location: Tallahassee, Florida
Posts: 807
Re: Using UK Credit Cards in the U.S.
I used my Barclay card here for many years to withdraw my UK pension.
Dropped it last year because of the new increased fees.
Dropped it last year because of the new increased fees.
Jun 15th 2015, 7:41 pm
#19
Lost in BE Cyberspace
Joined: Mar 2010
Location: Phoenix, AZ
Posts: 8,106
Jun 15th 2015, 8:41 pm
#21
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: Using UK Credit Cards in the U.S.
A percentage fee and a wider spread than the inter-bank rate are two entirely different matters, and unless a bank is in the business of givings its services away, you either pay a fee or a wider spread than the interbank rate, .... or both! If there is no percentage fee I suspect that there is a wider spread on foreign transactions than the inter-bank rate.
Jun 16th 2015, 2:43 pm
#22
Banned
Joined: Feb 2011
Location: Mallorca
Posts: 19,367
Re: Using UK Credit Cards in the U.S.
A percentage fee and a wider spread than the inter-bank rate are two entirely different matters, and unless a bank is in the business of givings its services away, you either pay a fee or a wider spread than the interbank rate, .... or both! If there is no percentage fee I suspect that there is a wider spread on foreign transactions than the inter-bank rate.
This and other forums are chock full of stories of "free" banking. But there really is no such thing.
Yes, if you keep a minimum balance of X and have your wages and all your direct deposits run through some banks, you can get away with "free" banking. But of course, in return, they get a guaranteed money supply to sell as loans or other investments. So I reckon you could say it's "free" (to you), but even "free" accounts inevitably charge you something.
"No fees for transactions abroad" *necessarily* means you get a lesser exchange rate. Sometimes this amounts to more money than paying their 'fees'. But either way, you will pay.
I suppose it's not entirely unlike that "free" iPhone you get when you sign up for a 2 year mobile contract at just $49.95 per month (that's about $1200 you'll be spending, but an iPhone costs $500+ retail, and costs the mobile operator less than $300).
Another common "free" thing that falls in that category is the "no commission" currency exchanges. Sure, there's "no commission", but they pocket 2+ points from every unit exchanged. I reckon the airport exchangers trade millions of currency units per day. Probably profiting between $10 and $100K per DAY - per kiosk - all without charging any commission!
I love "free" stuff, but seriously, there are no 'philanthropic' banks. Period. Yes, some sound better than others, but they aren't a charity. And nothing is free.
Jun 16th 2015, 8:19 pm
#23
Banned
Joined: Oct 2013
Posts: 265
Re: Using UK Credit Cards in the U.S.
A percentage fee and a wider spread than the inter-bank rate are two entirely different matters, and unless a bank is in the business of givings its services away, you either pay a fee or a wider spread than the interbank rate, .... or both! If there is no percentage fee I suspect that there is a wider spread on foreign transactions than the inter-bank rate.
