Halifax Clarity verses Metro Bank Exchange rates

[Chris]

Oh Please!.

Who was that aimed at by the way -?

 

[Langtoftlad]

Who was that aimed at by the way -?

No-One
Just frustration in general

 

[Chris]

No-One
Just frustration in general

That’s good.

Just being a grumpy fu##er like me then.

 

[Lenny HB]

Update, false alarm.
When I posted both transactions were listed as pending. Now they have gone through the Metro Bank one has come out at the same rate as the Halifax.

 

[Robert Clark]

I will take your word for it Stephen...

Good point about solicitors client accounts. It’s a major worry if the banks go down.

The banks say it would be fine of course, but I don’t believe them.

On a similar note I've often wondered what would happen if you had an offset mortgage which was fully offset by savings.

If the bank went bust would you lose your offset savings, but still owe the mortgage?

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[MyrtleGuru]

Not totally irrelevant.

Can you imagine how long it would take HM Government to honour their commitment ?

I suspect they couldn’t if a few banks went down.

Under the guarantee scheme eligible protected deposits up to £85,000 are returned currently within 15 working days (period will shorten in 2020). If money is required to cover living expenses, then that should be provided within 5 working days of your request.

I've had to use it twice in the past. Needless to say, don't come to me for investment advice

 

[Langtoftlad]

On a similar note I've often wondered what would happen if you had an offset mortgage which was fully offset by savings.

If the bank went bust would you lose your offset savings, but still owe the mortgage?

I assume you'd be both a creditor & a debtor.
Practically, your savings would be protected and your mortgage would be bought by another lender.
Never a great fan of eggs & one basket so never had one.

 

[Robert Clark]

I assume you'd be both a creditor & a debtor.
Practically, your savings would be protected and your mortgage would be bought by another lender.
Never a great fan of eggs & one basket so never had one.

But your offset savings would only be covered to 85k
Anything over this would be lost ?

 

[jongood]

On a similar note I've often wondered what would happen if you had an offset mortgage which was fully offset by savings.

If the bank went bust would you lose your offset savings, but still owe the mortgage?

You could almost guarantee it!

 

[gus-lopez]

But your offset savings would only be covered to 85k
Anything over this would be lost ?

Yes.

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[Emmit]

No pre-loading
You might get away with "over paying" once or twice

They've taken that option out of the game.
You can only repay what is on the statement, and not a penny more.

 

[pandas]

Question, as you pay interest on cash taken out with a credit card you are charged interest per day. Can you therefore take cash out and then on the same day pay off your credit card which would prevent any interest rather than wait until the ‘statement repayment day’
I think you can.

 

[Minxy]

Didn't out anything on it, just paid €2000 on Halifax credit card and paid another €6000 from my Metro bank account on debit card. Only used the Halifax card to compare rates.

Now what have you been buying ... air suspension?

 

[Minxy]

Question, as you pay interest on cash taken out with a credit card you are charged interest per day. Can you therefore take cash out and then on the same day pay off your credit card which would prevent any interest rather than wait until the ‘statement repayment day’
I think you can.

I should imagine you can still 'early' pay off up to the balance on the account, but appears like no more than that according to other comments above.

 

[Emmit]

Question, as you pay interest on cash taken out with a credit card you are charged interest per day. Can you therefore take cash out and then on the same day pay off your credit card which would prevent any interest rather than wait until the ‘statement repayment day’
I think you can.

I can answer that.

The removal of money from a machine usually take two days to land in your account. At that point you can pay off what is shown in your account. You won't know what the interest is on that money immediately because it will be added at the statement date later on. However, if you pay off ALL the money owing the card issuer, (including the purchases as well,)it equates to about 12p on a withdrawal of €300.

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[Lenny HB]

I should imagine you can still 'early' pay off up to the balance on the account, but appears like no more than that according to other comments above.

When the boss is away the boy will play.

 

[Deneb]

I have found with the Halifax card that foreign ATM withdrawals often show up as pending transactions on the card within a couple of hours. Obviously the Sterling amount is a guesstimate subject to confirmation of the final exchange rate, but I normally transfer the amount shown as pending to the card straight away. When the transaction has been finalised, usually within a couple of days, I'm left either with a very small credit or debit balance. Either way any possible interest is going to be miniscule.

The only fly in the ointment since Halifax changed their T&C's is that any payments made after a monthly statement gas been issued no longer reduce the statement amount, so if you normally pay the full outstanding balance by direct debit you could end up paying twice.

For that reason I also obtained a Barclaycard which is also fee free for foreign currency cash withdrawals and purchases, but unlike the Halifax card is also interest free for both until the settlement date of the statement following the transaction