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Go Back   Pollensa Forum > GENERAL > Miscellaneous

Miscellaneous Use this area ONLY if you can't find a suitable home for your topic. We'll create a new area if necessary and reserve the right to move topics to more suitable areas. Only post regarding the Pollensa area. This is not a forum for general discussion.

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  #1  
Old 20-12-2011, 16:28
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Default Banks and card companies will drop some currency fees

Banks and credit card companies have agreed to scrap some charges they levy on holidaymakers buying foreign currency. See BBC News - Banks and card companies will drop some currency fees but basically:

- banks such as Lloyds, Barclays, RBS, Santander and the Co-op currently impose charges of between 1.5 and 2% if customers use their debit cards before leaving the UK to buy foreign currency. This will now be dropped. Saves me having to get cash out before getting my currency!

- banks & Credit Card companies will have to detail on statements what charges are made when converting foreign transactions

- and exchanges places offering 0% commission will have to reveal what charges they are really hiding in their exchange rate

So good news all round!
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Old 21-12-2011, 13:09
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Good news! but they're only reacting to the competition from other outlets who have taken a lot of business fro them. Can't remember the last time i used a bank for these transactions. Banks dropping charges out of the kindness of their heart? Don't think so!
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Old 21-12-2011, 13:41
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I think they mean if you use a Debit Card at any of the Travel Exchange places - I often use M & S - but there is a charge if I use my Barclays Debit Card so I withdraw cash first to avoid it. That's what I thought they meant.
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Old 21-12-2011, 17:54
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Pollensa I must admit that was how I read it too.
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Old 21-12-2011, 23:02
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This would only be good news if the banks did not claw back any money lost from this.

Who really is gullible enough to believe the banks won't lose out? They will simply adjust the rates they give downwards.

Banks don't give a monkey's about customers, they're all about maximum profit and greed.
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Old 23-12-2011, 17:55
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As far as I can find out these banks are only dropping the charges added to a debit card when buying foreign currency while in the UK. Doesn“t affect the charges added for using the card outside of the UK.
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Old 23-12-2011, 19:55
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Quote:
Originally Posted by Deanscroft View Post
As far as I can find out these banks are only dropping the charges added to a debit card when buying foreign currency while in the UK. Doesn“t affect the charges added for using the card outside of the UK.
I don't think it will change charges outside the UK but they should be shown clearly on your statement.
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Old 26-12-2011, 08:59
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Quote:
Originally Posted by nickpaulanoah View Post
This would only be good news if the banks did not claw back any money lost from this.

Who really is gullible enough to believe the banks won't lose out? They will simply adjust the rates they give downwards.

Banks don't give a monkey's about customers, they're all about maximum profit and greed.

Yawn!!! Without banks countries would not be able to fuction. Regarding the downwards rates then maybe a tweek here and there and i suppose when the card charges for flights are gone then you wont be expecting the airlines to put up prices?

Airlines don't give a monkey's about customers, they're all about maximum profit and greed so its not just banks!
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Old 26-12-2011, 09:22
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Oh dear..........you've obviously misunderstood me. True, airlines rip us off as well but the subject was regarding banks and banking.

The whole matter is that banks are greedy. Anyone who lends money is about maximum profit at any cost.

Now I'll go and have that sleep......
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Old 26-01-2012, 12:10
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Well as of a couple of years ago my bank did start charging for withdrawals abroad, Natwest used to be the only bank that didn't charge fees for this which is why i was with them in the first place. Like you say banks have to make money so the introduction of charges wasn't surprising. And there are ways of avoiding them, i got one of those prepaid currency cards specifically to use when on holiday or travelling. They're accepted in most places that you'd use your debit card, hotels, restaurants and bars, so now i can still avoid the withdrawal charges without having to commit to a credit card.
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Old 26-01-2012, 16:22
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Hola Zac

Yes there are lots of discussions on this site about which cards are best.

It very much depends on who you bank with and what conversion rate you get.

I used Nationwide for a number of years while their Debit card allowed overseas withdrawals without charge.

When this changed, I switched to Santander as their account allows free withdrawals in Santander ATM's but only in Spain. Their Zero Credit Card allows overseas use at no cost as well.

I was using an Electron card for buying flights with easyjet with no booking fee or loading, but this has now stopped and incurs a £9 booking fee. Jet2 currently accept Electron free, so I will consider the extra cost with Easyjet when comparing prices.

Keep us briefed about any changes you come across.
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Old 30-01-2012, 11:51
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Hi El Gordo,

I'll have a look into Santander, if i remember correctly their charge is about 4%, but I'm in Spain quite a lot as have family out there, so it sounds like they'd be a really good option.

Thanks for your help and yes I'll keep you posted on the developments

Cheers
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Old 30-01-2012, 16:42
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The problem with all these cards is that there are always hidden charges, plus on top of that you will always get the worst exchange rate on the market.
Which carried out an in depth investigation a while back to find that people were paying as much as £27 in every hundred for using certain cards, the astonishing thing is 90% had no idea.
I think it is very much a case of we are going on hols what does it matter`! I just want to get on that plane.
Also to change your money at the airport will incur at least a further 10% on top.
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Old 30-01-2012, 17:04
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As far as I can remember, the Santander debit card does not have a fee or loading for use in Santander ATM's in Spain so you get the "interbank" rate at the time of the transaction. Also their "Zero" credit card has no fee or "loading". May be for existing customers only?

The Halifax "Clarity" card also has no fee or loading.

Checkout MoneysavingExpert.com for up to date details. (although they do not mention the Santander Debit card possibly due to its limited use)
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  #15  
Old 30-01-2012, 17:19
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Sorry to inform you that Santander Zero is not accepting new applications so checkout the alternatives at MoneysavingExpert.
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