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I’ve FX Free worldwide on First Direct Debit
Is that really the case? I was looking at their bank transfer rates and they charge 1% via an unfavourable Fx rate. Arguably better than some other banks but still more than Wise, which is what I was comparing against for a bank transfer.
My VM Credit Card is also FX Free in the USA, Canada
So how does that work then, when they’re only FX free in Europe?
Assuming you are interested in earning travel goodies and in avoiding 3% forex fees (i.e. you are paying, not somebody else): Virgin+, Virgin, Barclaycard Hilton, Barclaycard Avios , Capital on Tap, HSBC World Elite, MBNA Horizon or any other random FX free card might all be “the right” answer for optimum choice, depending on your exact situation, preferences, your location, currency of spend, and what no-longer-available products you have in a drawer. Undoubtedly some other legacy products I haven’t thought of too. Other people will all be different so your right answer might not be theirs…
Also don’t understand the Curve horror. Anyone not using Curve (at least until the 8th/10th of this month) has been missing out on LOTS of VERY easy and VERY cheap travel rewards…
So are people saying that if I use the supplementary card on my wife’s Amex credit card then I’m not covered by s75. Or am interpreting it incorrectly
I think that may be true for most credit cards as I am the secondary holder on my OH Mastercard, but if we buy anything significant we use his in case we need to use S75.
I think that may be true for most credit cards as I am the secondary holder on my OH Mastercard, but if we buy anything significant we use his in case we need to use S75.
So are people saying that if I use the supplementary card on my wife’s Amex credit card then I’m not covered by s75. Or am interpreting it incorrectly
That is correct; the supplementary cardholder, in many circumstances does not have s75 because they are not the debtor. That’s a strict interpretation but one often applied by providers to get out of the rather onerous terms of s75 and usually supported the FOS where a lot of claims end up.
If the supp cardholder buys something for the main cardholder or buys tickets for themselves and the main cardholder that’s probably OK. Even, if for example the main cardholder buys a holiday for adult children, they wouldn’t be covered. It’s a very valuable right but one to be exercised with care.
The text of s75(1) says:-
If the debtor under a debtor-creditor-supplier agreement falling within section 12(b) or (c) has, in relation to a transaction financed by the agreement, any claim against the supplier in respect of a misrepresentation or breach of contract, he shall have a like claim against the creditor, who, with the supplier, shall accordingly be jointly and severally liable to the debtor.
I’ve FX Free worldwide on First Direct Debit
Is that really the case? I was looking at their bank transfer rates and they charge 1% via an unfavourable Fx rate. Arguably better than some other banks but still more than Wise, which is what I was comparing against for a bank transfer.
Are there any fees when I use my first direct Debit Card in restaurants/shops?
No, first direct will not charge fees for using your Mastercard Debit Card to make a payment in a foreign currency.Are there any charges for withdrawing from ATMs?
first direct will not charge fees for using your Mastercard Debit Card for withdrawing cash from an ATM in the UK, making a cash withdrawal in a foreign currency or from a cash machine outside the UK. Some cash machine operators may apply a direct charge for withdrawals from their cash machines and this should be advised on screen at the time of withdrawal.There is a daily cash withdrawal limit of £500 (or the foreign currency equivalent) at ATMs and you may need to enter your card twice depending on the ATM as some ATMs only allow lower amounts.
I’ve FX Free worldwide on First Direct Debit
Is that really the case? I was looking at their bank transfer rates and they charge 1% via an unfavourable Fx rate. Arguably better than some other banks but still more than Wise, which is what I was comparing against for a bank transfer.
Are there any fees when I use my first direct Debit Card in restaurants/shops?
No, first direct will not charge fees for using your Mastercard Debit Card to make a payment in a foreign currency.Are there any charges for withdrawing from ATMs?
first direct will not charge fees for using your Mastercard Debit Card for withdrawing cash from an ATM in the UK, making a cash withdrawal in a foreign currency or from a cash machine outside the UK. Some cash machine operators may apply a direct charge for withdrawals from their cash machines and this should be advised on screen at the time of withdrawal.There is a daily cash withdrawal limit of £500 (or the foreign currency equivalent) at ATMs and you may need to enter your card twice depending on the ATM as some ATMs only allow lower amounts.
That doesn’t answer the question of what Fx rate they use. There’s no need to charge a fee if you can scrape fees through favourable (to the bank) Fx rates.
Whether you will get better value depends on how and where you use the card + how much you spend. Curve just means that you can get the underlying points on eg Barclaycard without an FX fee. Some reward cards eg Virgin offer this but only in limited countries/currencies and there are cashback debit cards like Chase that offer no FX fees or simple credit cards with no rewards. Probably, without ‘fronted’ Curve makes less sense.
Actually there is one more benefit to Curve, in that by charging FX spend to an (underlying) credit card, you can delay the payment by as many days as the credit card gives you as interest free. If you’re using Chase (which I also have), the funds literally leave your account there and then.
I’m not sure I’d ever use fronted, so I don’t think it makes sense to keep Curve. I need to read through the new limits for the various curve plans.
@masaccio – this was introduced by FD on 28 June this year and they use the Mastercard rate with no fees for ATM withdrawals. Just used it in China a few times and it works perfectly, although cash use there is much less widespread than pre-covid.
In fact I’m generally not too bothered by ATM withdrawals in the UK or abroad as I find I barely use cash these days as it confers little advantage; even staff or tradesmen who prefer cash are a dwindling breed.
Argentina is a different matter though. Cash is king but no good if you were to take it out with any form of card.
I’ve FX Free worldwide on First Direct Debit
Is that really the case? I was looking at their bank transfer rates and they charge 1% via an unfavourable Fx rate. Arguably better than some other banks but still more than Wise, which is what I was comparing against for a bank transfer.
Are there any fees when I use my first direct Debit Card in restaurants/shops?
No, first direct will not charge fees for using your Mastercard Debit Card to make a payment in a foreign currency.Are there any charges for withdrawing from ATMs?
first direct will not charge fees for using your Mastercard Debit Card for withdrawing cash from an ATM in the UK, making a cash withdrawal in a foreign currency or from a cash machine outside the UK. Some cash machine operators may apply a direct charge for withdrawals from their cash machines and this should be advised on screen at the time of withdrawal.There is a daily cash withdrawal limit of £500 (or the foreign currency equivalent) at ATMs and you may need to enter your card twice depending on the ATM as some ATMs only allow lower amounts.
That doesn’t answer the question of what Fx rate they use. There’s no need to charge a fee if you can scrape fees through favourable (to the bank) Fx rates.
How is the exchange rate calculated?
Any foreign currency payments (or cash withdrawals in a foreign currency) are converted to GBP by using the Mastercard Exchange Rate applying on the day the conversion is made.We pass this rate directly onto you without any additional fees or charges.
@Andrew. is this new or specific countries? If I look back at my historical FD transactions, I can see unfavourable exchange rates (by 2% compared to xe.com) as well as fees in 2022 for EGP transactions.
@Andrew. is this new or specific countries? If I look back at my historical FD transactions, I can see unfavourable exchange rates (by 2% compared to xe.com) as well as fees in 2022 for EGP transactions.
Per my earlier post it was introduced on 28 June this year and it’s worldwide.
@Andrew. is this new or specific countries? If I look back at my historical FD transactions, I can see unfavourable exchange rates (by 2% compared to xe.com) as well as fees in 2022 for EGP transactions.
Per my earlier post it was introduced on 28 June this year and it’s worldwide.
Then I stand corrected! Thanks both. Shows how much attention I pay to email from my bank.
@masaccio – this was introduced by FD on 28 June this year and they use the Mastercard rate with no fees for ATM withdrawals. Just used it in China a few times and it works perfectly, although cash use there is much less widespread than pre-covid.
Apologies @JDB for being hard of reading on that.
Last trip I made to China, the people I offered cash to in Shanghai looked at me liked I wanted to pay in gold-pressed latinum. At least we have Alipay and WeChat Pay now.
@masaccio – this was introduced by FD on 28 June this year and they use the Mastercard rate with no fees for ATM withdrawals. Just used it in China a few times and it works perfectly, although cash use there is much less widespread than pre-covid.
Apologies @JDB for being hard of reading on that.
Last trip I made to China, the people I offered cash to in Shanghai looked at me liked I wanted to pay in gold-pressed latinum. At least we have Alipay and WeChat Pay now.
Travelling in Aug. I tried to link my card last week to WeChatApp and app specifically told me “no as I didn’t have a Chinese issued card”. So I cant link say Chase to Alipay or wechat?
Travelling in Aug. I tried to link my card last week to WeChatApp and app specifically told me “no as I didn’t have a Chinese issued card”. So I cant link say Chase to Alipay or wechat?
Have you verified your accounts by supplying ID? You need to provide a passport. I can’t see in either app how I did that though.
@zapato1060 – I don’t know about Chase, but I set up Weixin/WeChat Pay and AliPay with my Curve and separately also HSBC WE as a back up this month and used both apps extensively, so you definitely can use foreign cards, but I don’t think you can put money into your wallet on either app without a Chinese bank account but there’s no particular need for that.
I don’t think you can put money into your wallet on either app without a Chinese bank account but there’s no particular need for that.
Yep, you can only pay for stuff at point of sale. There’s no way to top up to then share ‘red envelopes’ and the like.
I don’t think you can put money into your wallet on either app without a Chinese bank account but there’s no particular need for that.
Yep, you can only pay for stuff at point of sale. There’s no way to top up to then share ‘red envelopes’ and the like.
You can also pay online/telephone/messaging if the merchant sends their QR code or you send them yours.
Algbra (on Apple Pay), Chase or Curve if I don’t need s75 protection
Hilton Barclaycard if I do
HSBC as a last resort
My VM Credit Card is also FX Free in the USA, Canada
So how does that work then, when they’re only FX free in Europe?
Well, just re-checked my Virgin Money Travel Credit Card (opened in 2017) Foreign Usage Policy:-
Non-Sterling Transaction Fee (for foreign currency transactions: 0.00% of transaction. We will not charge this if the transaction is in Euros, Swedish Kronor, or Romanian Lei and it takes place in the EEA
So definitely 0% worldwide and that’s at the published Mastercard rate.
I checked what the “Mastercard rate” is and it looks like for USD at least, it’s 1% Fx loading which is not terrible compared to the alternatives. But not ‘free’.
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