crookesey Posted April 11, 2011 Share Posted April 11, 2011 Today's news appears to conclude that this is something that we want, well I don't, it would be a nightmare waiting to happen. I have had experience recently of other banks whilst looking after my mothers affairs, I haven't been impressed. What we need is some common sense injecting into the banking industry, why If say, I buy foreign currency from M&S with my debit card, does my bank think it right to charge me 2% of the value of the transaction, what have they got to do with it? The money in my account belongs to me, not them, they will lend it out on the overnight money market, they don't give me a penny interest on it, so why should I pay them for buying currency from someone else? They offered to switch my account to one that gives free annual travel insurance at a cost of £12.00 per month, can anyone notice where the 'free' is? Link to comment Share on other sites More sharing options...
Vague_Boy Posted April 11, 2011 Share Posted April 11, 2011 I switched my bank (and its dismal interest rates) for gold and silver (now hitting record highs). Until banks offer positive rather than negative interest rates (at the moment you'd need 6.5% net to offset the real rate of inflation) they are a waste of time for savers. Just flush your cash down the loo, it's quicker and there's no forms to fill in! Link to comment Share on other sites More sharing options...
Cyclone Posted April 11, 2011 Share Posted April 11, 2011 Today's news appears to conclude that this is something that we want, well I don't, it would be a nightmare waiting to happen. I have had experience recently of other banks whilst looking after my mothers affairs, I haven't been impressed. What we need is some common sense injecting into the banking industry, why If say, I buy foreign currency from M&S with my debit card, does my bank think it right to charge me 2% of the value of the transaction, what have they got to do with it? The money in my account belongs to me, not them, they will lend it out on the overnight money market, they don't give me a penny interest on it, so why should I pay them for buying currency from someone else? They offered to switch my account to one that gives free annual travel insurance at a cost of £12.00 per month, can anyone notice where the 'free' is? So switch bank and go to one that isn't just stealing your money... Are you absolutely sure that you were charged for buying cash with a debit card and not a credit card... I'm speculating, but I'd be surprised if they can legally do that! An easier way of switching of course would facilitate you in punishing them by taking your money elsewhere. Link to comment Share on other sites More sharing options...
crookesey Posted April 11, 2011 Author Share Posted April 11, 2011 So switch bank and go to one that isn't just stealing your money... Are you absolutely sure that you were charged for buying cash with a debit card and not a credit card... I'm speculating, but I'd be surprised if they can legally do that! An easier way of switching of course would facilitate you in punishing them by taking your money elsewhere. You and me both mate, but yes it's right, or more to the point, not right. Link to comment Share on other sites More sharing options...
Cyclone Posted April 12, 2011 Share Posted April 12, 2011 Who do you bank with? I'll be sure to avoid them in the future. Link to comment Share on other sites More sharing options...
matsalleh Posted April 12, 2011 Share Posted April 12, 2011 It's probably the charge for the currency not the card. Link to comment Share on other sites More sharing options...
Cyclone Posted April 12, 2011 Share Posted April 12, 2011 It's probably the charge for the currency not the card. How's that work? You pay M&S in £££ when you buy currency. Link to comment Share on other sites More sharing options...
crookesey Posted April 12, 2011 Author Share Posted April 12, 2011 How's that work? You pay M&S in £££ when you buy currency. Cyclone, folk are drawing large amounts of money from their banks, and walking to the likes of M&S with it in their pockets or handbags, I say no more on that. I bank with the Co-op, but I know that it goes on with most of the clearing banks, infact this was on Moneybox ages ago, and they only found around three that didn't charge. Link to comment Share on other sites More sharing options...
Cyclone Posted April 12, 2011 Share Posted April 12, 2011 I do that, because with cash you don't get asked for proof of ID (an anti money laundering thing). Or I pay by switch and take my passport. I can state for a fact that with HSBC there is no charge for buying a foreign currency on switch. http://www.costa-tips.co.uk/Money.htm#choice Not mention of it here. Found it Current account customers with Abbey, Lloyds TSB, Co-op, Alliance & Leicester and Barclays who have a Visa debit card are being hit by a stealth charge. Read more: http://www.thisismoney.co.uk/savings-and-banking/article.html?in_article_id=414877&in_page_id=7#ixzz1JKsF2v5B So there's the list of banks to avoid. Now, wouldn't easier bank switching (as mentioned in the OP) make it easier to bail out of one of these bandits accounts and into one that didn't see you as a cash cow? Link to comment Share on other sites More sharing options...
Andy Posted April 12, 2011 Share Posted April 12, 2011 How's that work? You pay M&S in £££ when you buy currency. To clarify, some banks levy a fee when you make a cash withdrawal using their card at another financial institution. I believe it's to do with the way Visa fees are allocated - when you make a purchase (of goods) using your card, the retailer is charged a fee for accepting it and the bank makes a small profit. As I understand it, this fee does not apply when you withdraw cash and instead your bank incurs a cost, which they pass on*. Not all banks do this and it's not especially fair if you're buying currency because most people see that as a purchase rather than a cash withdrawal, but it will be burried away in the T&Cs somewhere. *The bank I work for doesn't charge this kind of fee so I may not be completely technically correct about how it works. What I do know is the fees banks receive from retailers are a nice little earner, especially on credit cards where they receive a percentage of the purchase (this is how credit cards can afford to offer cashback and still make a profit even if you pay your bill in full each month). Link to comment Share on other sites More sharing options...
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