Guest Tracker Posted December 16, 2011 Share Posted December 16, 2011 When I bought Euros recently I used my credit card as it gave me some protection should the deal fail for any reason. My bank, Smile (part of the Coop), charged me a transaction fee of £18.75 plus interest between buy date and statement paid date of £10.50. When I queried it they said it was because it was the same as a cash withdrawal. I queried that because even if it had been a cash withdrawal in the UK you don't pay a transaction charge - just interest. I also said that it could not be called a foreign transaction as it had been paid to a UK company (The Post Office - on one of the rare days that they were competitive!) and in GBP. I also said that it was not a cash withdrawal either because the money paid was just like any other purchase transaction on Amazon or anywhere else for goods and it just so happened that coincidentally the 'goods' in this case were a bundle of Euro notes. And guess what - I got a refund of all charges - which is why I mention it on here - so if you have bought Euros or whatever and been charged fees - ask for a refund on the grounds of unjustified and unfair charges. If you don't ask they won't offer! Link to comment Share on other sites More sharing options...
lennyhb Posted December 16, 2011 Share Posted December 16, 2011 Well done Rich, always worth a try if you think you have been unjustly treated by the big boys. Link to comment Share on other sites More sharing options...
chas Posted December 17, 2011 Share Posted December 17, 2011 Its always good to have a (small) amount of euros with you but I have found that a loaded Caxton card suits me in any situation. Being a Mastercard can be used for paying for items, as well as drawing out small quantitys of cash from ATM machines. If miles from any ATM machines and the card is getting low , a text to Caxton will allow you to top up that way. As stated you will always need some cash in your pocket for purchasing low cost items from shops, but I cant find any draw backs with it and you pay no transaction fees or other charges. I wonder how long the Euro will continue to be a valid currency ? :D Link to comment Share on other sites More sharing options...
Guest Tracker Posted December 20, 2011 Share Posted December 20, 2011 http://www.bbc.co.uk/news/business-16259123 It's a start - and if you have been charged for buying foreign currency this year now would be a good time to ask for refund. Now we turn to interest charged as if it were a cash withdrawal. If a debit card is used you are using your own money to transact a UK based purchase and the fact that the purchase is a bundle of notes should have no bearing as the card issuer is not directly supplying the foreign currency. It's a legalised scam. If a credit card is used there will of course be an interest charge but this should only be the same as for a UK cash withdrawal and not bumped up on the same excuse of being foreign. There is nothing foreign about it! It's a legalised scam! So come on folks get to it and give they there banks a bashing - they can afford it! Link to comment Share on other sites More sharing options...
Patricia Posted December 20, 2011 Share Posted December 20, 2011 Last year I bought some euros from the Post Officce with my debit card (Visa). I then found I had been charged about £5 so I queried it with the bank (Lloyds) who said it was a charge by Visa, not them! Link to comment Share on other sites More sharing options...
Guest ChrisB Posted December 21, 2011 Share Posted December 21, 2011 There have been a number of TV news and newpaper articles over the past two days stating that the big banks have agreed not to make additional charges for currency purchases and show details of any other charges they have made on foreign transactions. Persuaded by OFT, but of course they were planning on doing it anyway>> http://www.bbc.co.uk/news/business-16259123 Link to comment Share on other sites More sharing options...
Guest Tracker Posted December 21, 2011 Share Posted December 21, 2011 ChrisB - 2011-12-21 11:25 AM There have been a number of TV news and newpaper articles over the past two days stating that the big banks have agreed not to make additional charges for currency purchases and show details of any other charges they have made on foreign transactions. Persuaded by OFT, but of course they were planning on doing it anyway>> http://www.bbc.co.uk/news/business-16259123 In which case the banks will be only to delighted to get the kudos of refunding all charges to us all - but you might have to insist or threaten to bank elsewhere as that sometimes, but not always, gets their undivided attention! Link to comment Share on other sites More sharing options...
Cliffy Posted December 21, 2011 Share Posted December 21, 2011 I am a great fan of the Caxton Euro FX card There are no charges, it is PIN srcure, can be loaded by text, phone or on-line directly from your nominated account and if you need cash it is accepted at ATMs anywhere in the Eurozone with no charges (normaly). Their current exchange rate is 1.18 Euros to the GBP. I can not think of a downside but no doubt someone will enlighten me! PS - Can someone tell me the key(s) to produce a Euro sign on my screen please? Link to comment Share on other sites More sharing options...
Mel B Posted December 21, 2011 Share Posted December 21, 2011 Cliffy - 2011-12-21 9:06 PM PS - Can someone tell me the key(s) to produce a Euro sign on my screen please? Press and hold the keys below in the following order which will give you the € key: Alt Ctrl 4 :-D If you want more, such as fractions, open a Word document and click on the tab Insert then Symbol, then More Symbols, find the symbol you want and click on it, then at the bottom of the 'box' you'll see the Shortcut Key which will give details of what you need to do to show that image. In the case of the € key the Shortcut key is Alt+Ctrl+4, so ignore the + signs, and instead type Alt Ctrl 4 (keep them held down until you've pressed the last one). You can of course cut and paste the symbol from a document, but for ones you use regularly you can easily remember their codes to save time. Link to comment Share on other sites More sharing options...
Robinhood Posted December 21, 2011 Share Posted December 21, 2011 Cliffy - 2011-12-21 9:06 PM PS - Can someone tell me the key(s) to produce a Euro sign on my screen please? Hold down Alt, and hit 0 1 2 8 on the numeric keypad (RHS of keyboard if you have one) also works. Link to comment Share on other sites More sharing options...
Cliffy Posted December 21, 2011 Share Posted December 21, 2011 €€€€€€€€€€ Thanks for the that guys €€€€€€€€€€€ Yipee Link to comment Share on other sites More sharing options...
terryW Posted December 23, 2011 Share Posted December 23, 2011 Cliffy - 2011-12-21 9:06 PM I am a great fan of the Caxton Euro FX card There are no charges, it is PIN srcure, can be loaded by text, phone or on-line directly from your nominated account and if you need cash it is accepted at ATMs anywhere in the Eurozone with no charges (normaly). Their current exchange rate is 1.18 Euros to the GBP. I can not think of a downside but no doubt someone will enlighten me! I am also a fan of this card but the down site is that there is no protection for your money on this type of card so only load what you need as you need it is my advise. Link to comment Share on other sites More sharing options...
Brambles Posted December 23, 2011 Share Posted December 23, 2011 For the € symbol I use the 'Alt Gr' key and '4' as it is much easier. Link to comment Share on other sites More sharing options...
Derek Uzzell Posted December 24, 2011 Share Posted December 24, 2011 Or you could invest in an iMac with a keyboard with a € character. As the saying goes: iMac users swear by their iMacs: PC users swear at their PCs. Link to comment Share on other sites More sharing options...
Keith T Posted December 27, 2011 Share Posted December 27, 2011 Back to the 'original' thread......regarding the charges applied,yes I saw or heard that they would be abolished by those still charging them. However, many providers do not charge a 'fee', but rest assured it's all accounted for in the rate you get! It will still be worth shopping around - there is a lot of difference in the rates given, and if you intend changing back any 'surplus' foreign currency on your return, have a look at the difference between buying and selling rates - they are horrendous, and thats where they make a lot of profit. Oddly enough, when we needed some US$ for a trip my wife was making, we found the best value was from some Bureaux de Change in London,but again had to shop around for best rates, and free of commission. Their 'shop window' advertising can be misleading however, and often when quoting eg $ or €x for £x (ie fixed value) it is actually how much UK£ you get, not how many or $ or €......... Regarding the use of a credit card to get currency - whether in UK or through an ATM abroad, its counted as a cash advance, and will be charged interest. If using the ATM abroad, there may also be a transaction charge as well. I use a Cater Allen Euro account, and can top this up when required by sending them a UK sterling cheque, and get a rate far better than the tourist rate, but not quite as good as the commercial rate.I can also obtain currency from the AGM in Euroland, and any use there as a debit card, with no additional charge. Another use would be if needing to pay a deposit on a site fee in advance, I would not need to send or pay for any other form of transfer of money from the UK, which can also be very expensive. Link to comment Share on other sites More sharing options...
Derek Uzzell Posted December 27, 2011 Share Posted December 27, 2011 A number of banks have agreed to scrap charges for buying foreign currency in the UK, but only if a UK DEBIT card is used for the transaction. There has also been a general agreement to make charges/fees for card-usage abroad more transparent to customers and (where applicable) less misleading. See http://www.consumerfocus.org.uk/news/consumers-could-save-millions-of-pounds-each-year-due-to-changes-following-consumer-focus’s-super-complaint-on-travel-money-2 http://www.dailymail.co.uk/travel/article-2076463/OFT-orders-banks-scrap-debit-card-charges-buying-foreign-currency.html I notice that there's a follow-up comment to the MailOnline article that mirrors Tracker's experience with Smile's charging. Smile's current credit-card terms and conditions seem clear enough to me - that there will be a 3%-of-value charge for cash advances (including foreign currency) and that there will be no interest-free period for cash withdrawals - so I'm startled that Smile refunded those charges in Tracker's case. I'm not saying that I support Smile's charging policy regarding purchasng foreign currency in the UK via their credit card, but their policy is little different from the traditional approach of many (most?) other credit-card providers and, in my opinion, Smile's terms and conditions provide reasonable warning to customers that a charge and interest will apply to this type of credit-card transaction. Link to comment Share on other sites More sharing options...
laimeduck Posted December 27, 2011 Share Posted December 27, 2011 Keith T - 2011-12-27 12:23 AM Regarding the use of a credit card to get currency - whether in UK or through an ATM abroad, its counted as a cash advance, and will be charged interest. If using the ATM abroad, there may also be a transaction charge as well. There would seem to be certainly one exception to this? If you have a Tesco Credit Card & you use Tesco Bank Travel Service online then you pay no fee. The rate is also pretty competitive although there is a charge for amounts under £500. I used them in August & got €1.11per £. Today they are €1.172 I don't particularly like Tesco & don't shop there, but I do use their credit card for all purchases, so get the Cheap Eurotunnel deals & it would seem a good deal on money exchange. You can get the best exchange rates using the "Travel Money Maximiser" on Money Saving Expert.com http://travelmoney.moneysavingexpert.com/holiday-money/#results (The relevant section of the Tesco FAQS is below) Q. How can I pay? A. Tesco Credit Cards - If you pay with your Tesco Credit Card, there's no cash advance fee (excluding Business Credit Card) or card handling fees. Visa Credit Cards - If you're buying in-store, online or over the phone, you will not be charged a card handling fee by us if you pay using a Visa Credit Card. All Cards - Please note that, regardless of your debit or credit card type, your card provider may apply fees related to currency transactions (e.g. a cash advance or other fees) so please check with them before you buy in store, online or over the phone. Link to comment Share on other sites More sharing options...
Derek Uzzell Posted December 27, 2011 Share Posted December 27, 2011 laimeduck - 2011-12-27 8:56 AM Keith T - 2011-12-27 12:23 AM Regarding the use of a credit card to get currency - whether in UK or through an ATM abroad, its counted as a cash advance, and will be charged interest. If using the ATM abroad, there may also be a transaction charge as well. There would seem to be certainly one exception to this? If you have a Tesco Credit Card & you use Tesco Bank Travel Service online then you pay no fee. The rate is also pretty competitive although there is a charge for amounts under £500. I used them in August & got €1.11per £. Today they are €1.172 I don't particularly like Tesco & don't shop there, but I do use their credit card for all purchases, so get the Cheap Eurotunnel deals & it would seem a good deal on money exchange. You can get the best exchange rates using the "Travel Money Maximiser" on Money Saving Expert.com http://travelmoney.moneysavingexpert.com/holiday-money/#results (The relevant section of the Tesco FAQS is below) Q. How can I pay? A. Tesco Credit Cards - If you pay with your Tesco Credit Card, there's no cash advance fee (excluding Business Credit Card) or card handling fees. Visa Credit Cards - If you're buying in-store, online or over the phone, you will not be charged a card handling fee by us if you pay using a Visa Credit Card. All Cards - Please note that, regardless of your debit or credit card type, your card provider may apply fees related to currency transactions (e.g. a cash advance or other fees) so please check with them before you buy in store, online or over the phone. When a credit-card transaction is considered to be a 'cash advance', there will always be interest payable beginning from the date of the transaction. This is what Keith was emphasing and will be true for the Tesco credit-card.. Link to comment Share on other sites More sharing options...
laimeduck Posted December 28, 2011 Share Posted December 28, 2011 Derek Uzzell - 2011-12-27 6:51 PM laimeduck - 2011-12-27 8:56 AM Keith T - 2011-12-27 12:23 AM Regarding the use of a credit card to get currency - whether in UK or through an ATM abroad, its counted as a cash advance, and will be charged interest. If using the ATM abroad, there may also be a transaction charge as well. There would seem to be certainly one exception to this? If you have a Tesco Credit Card & you use Tesco Bank Travel Service online then you pay no fee. The rate is also pretty competitive although there is a charge for amounts under £500. I used them in August & got €1.11per £. Today they are €1.172 I don't particularly like Tesco & don't shop there, but I do use their credit card for all purchases, so get the Cheap Eurotunnel deals & it would seem a good deal on money exchange. You can get the best exchange rates using the "Travel Money Maximiser" on Money Saving Expert.com http://travelmoney.moneysavingexpert.com/holiday-money/#results (The relevant section of the Tesco FAQS is below) Q. How can I pay? A. Tesco Credit Cards - If you pay with your Tesco Credit Card, there's no cash advance fee (excluding Business Credit Card) or card handling fees. Visa Credit Cards - If you're buying in-store, online or over the phone, you will not be charged a card handling fee by us if you pay using a Visa Credit Card. All Cards - Please note that, regardless of your debit or credit card type, your card provider may apply fees related to currency transactions (e.g. a cash advance or other fees) so please check with them before you buy in store, online or over the phone. When a credit-card transaction is considered to be a 'cash advance', there will always be interest payable beginning from the date of the transaction. This is what Keith was emphasing and will be true for the Tesco credit-card.. I don't quite understand this Derek? The rate they quoted in August was exactly the rate I got, & it was one of the better rates. There have been no interest charges on my account & as I pay off in full every month & my accounts are on MS Money I would certainly know. So it would appear that your assertion is not correct. Or am I missing something? Link to comment Share on other sites More sharing options...
Derek Uzzell Posted December 28, 2011 Share Posted December 28, 2011 laimeduck - 2011-12-28 12:11 AM Derek Uzzell - 2011-12-27 6:51 PM laimeduck - 2011-12-27 8:56 AM Keith T - 2011-12-27 12:23 AM Regarding the use of a credit card to get currency - whether in UK or through an ATM abroad, its counted as a cash advance, and will be charged interest. If using the ATM abroad, there may also be a transaction charge as well. There would seem to be certainly one exception to this? If you have a Tesco Credit Card & you use Tesco Bank Travel Service online then you pay no fee. The rate is also pretty competitive although there is a charge for amounts under £500. I used them in August & got €1.11per £. Today they are €1.172 I don't particularly like Tesco & don't shop there, but I do use their credit card for all purchases, so get the Cheap Eurotunnel deals & it would seem a good deal on money exchange. You can get the best exchange rates using the "Travel Money Maximiser" on Money Saving Expert.com http://travelmoney.moneysavingexpert.com/holiday-money/#results (The relevant section of the Tesco FAQS is below) Q. How can I pay? A. Tesco Credit Cards - If you pay with your Tesco Credit Card, there's no cash advance fee (excluding Business Credit Card) or card handling fees. Visa Credit Cards - If you're buying in-store, online or over the phone, you will not be charged a card handling fee by us if you pay using a Visa Credit Card. All Cards - Please note that, regardless of your debit or credit card type, your card provider may apply fees related to currency transactions (e.g. a cash advance or other fees) so please check with them before you buy in store, online or over the phone. When a credit-card transaction is considered to be a 'cash advance', there will always be interest payable beginning from the date of the transaction. This is what Keith was emphasing and will be true for the Tesco credit-card.. I don't quite understand this Derek? The rate they quoted in August was exactly the rate I got, & it was one of the better rates. There have been no interest charges on my account & as I pay off in full every month & my accounts are on MS Money I would certainly know. So it would appear that your assertion is not correct. Or am I missing something? Tesco's "Travel Money" terms and conditions are detailed on http://www.tescobank.com/travel/travelmoney/index.page This includes the following section: "Are there any hidden charges? Tesco Credit Cards If you pay with your Tesco Credit Card, there's no cash advance fee (excluding Tesco Business Credit Card) or card handling fees. Buying foreign currency with a Tesco Clubcard Credit Card from Tesco Travel Money will count towards a customer's cash limit but will be treated as a purchase transaction and will still be charged interest at the purchase interest rate." Evidently Tesco, unlike some other credit-card providers, treats foreign currency obtained as described in the above section as a 'purchase transaction' NOT as a 'cash advance'. You'll see from the Travel Money webpage that interest (representative 16.9%APR (variable) is payable, but, as you repay your Tesco credit-card's balance in full each month, you won't pay it. So, you were correct to say, in response to Keith T's comment, that the Tesco arrangement is an exception. I have a Santander Zero credit-card and I THINK I can use this to purchase foreign currency in the UK without paying an additional fee/charge, or incurring an interest charge provided that I repay the card account's balance in full monthly. I say "THINK", because I've never done this as I don't purchase (euro) foreign currency in this country. Instead I use my Santander Zero debit-card and obtain euros from ATMs when we are outside the UK. Link to comment Share on other sites More sharing options...
laimeduck Posted December 28, 2011 Share Posted December 28, 2011 Derek - thanks for the reply - I did include their terms in my original post but thought I might have missed something! I only bought cash because we went on a Bareboat Sailing holiday to Greece in September/October and I figured that the Tavernas & shops on the small islands would not take Cards in their current economic climate! (And I was right!) I normally load the FairFx card. Still, it is good to know that you can get foreign cash from Tesco without being stung - most unusual! Link to comment Share on other sites More sharing options...
Guest Tracker Posted December 28, 2011 Share Posted December 28, 2011 Derek Uzzell - 2011-12-27 8:23 AM Smile's current credit-card terms and conditions seem clear enough to me - that there will be a 3%-of-value charge for cash advances (including foreign currency) and that there will be no interest-free period for cash withdrawals - so I'm startled that Smile refunded those charges in Tracker's case. I think you miss my point Derek. My argument is that using a credit or a debit card to buy foreign currency by post is not a cash advance and neither is it a cash withdrawal. A cash transaction as I see it is going into a bank and making an over the counter transaction or using an ATM to directly obtain cash in any currency. It is a purchase of goods at an agreed GBP price and is no different to buying anything else online for which a single debit in GBP is made for goods supplied by a third party. In this case the 'goods' just happened to be a bundle of Euro notes that were not connected to Smile as supplier in any way and the transaction should be treated as a normal purchase and not a cash transaction. Smile, it seems, agreed and I don't why you would be 'startled' - unless you are easily startled that is!! My point is that anyone who has been similarly charged should ask for a refund of both the transaction charge and any interest charged on the above grounds. Simples!! Link to comment Share on other sites More sharing options...
Derek Uzzell Posted December 28, 2011 Share Posted December 28, 2011 Tracker - 2011-12-28 10:43 AM Derek Uzzell - 2011-12-27 8:23 AM Smile's current credit-card terms and conditions seem clear enough to me - that there will be a 3%-of-value charge for cash advances (including foreign currency) and that there will be no interest-free period for cash withdrawals - so I'm startled that Smile refunded those charges in Tracker's case. I think you miss my point Derek. My argument is that using a credit or a debit card to buy foreign currency by post is not a cash advance and neither is it a cash withdrawal. A cash transaction as I see it is going into a bank and making an over the counter transaction or using an ATM to directly obtain cash in any currency. It is a purchase of goods at an agreed GBP price and is no different to buying anything else online for which a single debit in GBP is made for goods supplied by a third party. In this case the 'goods' just happened to be a bundle of Euro notes that were not connected to Smile as supplier in any way and the transaction should be treated as a normal purchase and not a cash transaction. Smile, it seems, agreed and I don't why you would be 'startled' - unless you are easily startled that is!! My point is that anyone who has been similarly charged should ask for a refund of both the transaction charge and any interest charged on the above grounds. Simples!! I wasn't aware that you had obtained your foreign currency "by post", but I'm still surprised - given what's in Smile's terms and conditions - that Smile accepted your argument and refunded the charges. There's a basic difference between using a debit-card for obtaining 'cash' and using a credit -card. In the former case you are using your own money and, in the latter case, somebody else's. If you use your own money, then it would be unrealistic for interest to be charged on the transaction, but, if you use somebody else's money (ie. obtain a 'loan') it's unrealistic to expect not to be charged interest. You ended up with a wodge of foreign currency (and surely you aren't going to argue that this doesn't count as 'cash'?) and, seemingly, you used Smile's money to obtain it. Consequently, charging interest on the transaction appears to me a natural thing to do. The transaction fee and interest charged by Smile to your credit-card account seem - on the face of it - to tally with Smile's credit-card terms and conditions. Computer software processes your Smile transactions, not a human being, and the software plainly must have identified your foreign currency transaction as being a 'foreign cash advance' and applied 'foreign cash advance' charges/interest. Obviously, when you complained about this, you got a Smile human involved who accepted your arguments, but (having browsed through Smile's credit-card terms and conditions) I don't think I would have. I'd have counter-argued that a) it was a cash advance transaction via a Smile credit-card and b) it related to foreign currency - so go whistle! Although I'm wary about your "It' wasn't a cash advance" argument, I certainly haven't missed your point about people complaining if they are similarly charged. People should always complain if they believe they have been wrongly charged for something and, if the complaint is valid, the charges should be rescinded. I recall that I was charged a credit-card 'cash advance' fee and interest for buying a railway ticket in Germany in 2005. I complained and the charges were refunded. Link to comment Share on other sites More sharing options...
Guest 1footinthegrave Posted December 29, 2011 Share Posted December 29, 2011 As far as I'm aware if you buy goods using a credit card, the seller is charged a percentage fee of the value of the goods, so how that would work if you use one to buy currency is a bit of a mystery to me, perhaps that's why they would make a charge, and in effect you have taken out a cash loan if you went that route, essentially borrowing someone else's cash, but are then surprised to be charged for the privilege, or have I missed something. Link to comment Share on other sites More sharing options...
Derek Uzzell Posted December 29, 2011 Share Posted December 29, 2011 1footinthegrave - 2011-12-29 4:53 PM As far as I'm aware if you buy goods using a credit card, the seller is charged a percentage fee of the value of the goods, so how that would work if you use one to buy currency is a bit of a mystery to me, perhaps that's why they would make a charge, and in effect you have taken out a cash loan if you went that route, essentially borrowing someone else's cash, but are then surprised to be charged for the privilege, or have I missed something. This appears to be another 'transparency' issue. Credit-card providers (within reason and legal lmitations) can define the terms and conditions for usage of their cards. Those terms and conditions are defined in the documentation provided to, and agreed by, the card holder. In Jeremy's (laimeduck's) case, the terms and conditions for his Tesco credit-card make it clear that, if he buys foreign currency with a Tesco Clubcard using Tesco's Travel Money services, there will be no cash advance fee. Also, that buying foreign currency in that way will be treated as a 'purchase transaction' (ie. as if Jeremy had bought, say, a step-ladder or a subscription to MMM). The latter condition is significant, as 'purchase transactions' customarily have an interest-free period, while 'cash advances' do not. An interest-free period means that the credit-card user can pay off his/her account-balance in full within that defined period and thus not pay interest on purchase transactions. So, if Jeremy had been charged a fee and/or interest when he obtained foreign currency last August, it would have definitely contravened the Tesco Clubcard's terms and conditions. The terms and conditions for the credit-card provided to Tracker by Smile differ from Tesco's. They are summarised on the following webpage: http://www.smile.co.uk/servlet/ContentServer?c=Page&pagename=Smile%2FPage%2FsmView&cid=1154501958549 In the "Charges" section the fee for a 'cash advance' is given as "3% of value, min of £3". A cash advance is defined as including "travellers cheques, foreign currency & gambling transactions". There is nothing defining how or where the foreign currency may be obtained, but, as there's another charge of 2.75% of value for "Overseas transactions", it seems reasonable to assume that the 3%/min.£3 charge will apply to use of the credit-card to obtain foreign currency in the UK. Further up the Smile webpage it says that cash advances have no interest-free period and that interest (25.9% APR) will be charged to the credit-card account from the date of the cash advance transaction until the credit-card statement date. If I were considering purchasing foreign currency in the UK via a Smile credit-card, I should expect to be charged 3% of the transaction value, plus a pro-rata interest-charge according to when the transaction took place in my credit-card account period. That's what happened with Tracker who (based on the Smile webpage data) possibly bought £625-worth of foreign currency very near to the start of his credit-card's account period. As was said earlier in this thread, it's commonplace for credit-card providers to charge card-holders heavily for obtaining foreign currency via fees and/or a high interest rate. That's why it's important to read the terms and conditions carefully before purchase, rather than try to fight your corner later. I can't see anything on Smile's webpage that would make me believe that the charge and interest applied to Tracker's currency purchase were unjustified according to Smile's terms and conditions. If that's an accurate analysis, then agreeing to refund the charge/interest seems dangerously precedental, as, if Smile has agreed to treat the currency purchase as an ordinary UK purchase transaction (hence no up-front charge and with a lengthy interest-free period), the bank seems to have given Tracker a free loan. Link to comment Share on other sites More sharing options...
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