Withdrawing cash from Credit Card in case of bank closure
Discussion
It doesn't look like I will have any income for the next few months. There is enough money in the bank to cover my bills for the next two months. I have a barclaycard which is offering no fees on cash withdrawal until June although I would be charged interest.
Should I be looking to withdraw the cash and pay into my current account in case there is a more severe lockdown where the banks are closed and I can't withdraw or pay in money? With the new changes to MOT it concerns me we could be looking at a lock down of up to 6 months.
Should I be looking to withdraw the cash and pay into my current account in case there is a more severe lockdown where the banks are closed and I can't withdraw or pay in money? With the new changes to MOT it concerns me we could be looking at a lock down of up to 6 months.
CSLM3CSL said:
It doesn't look like I will have any income for the next few months. There is enough money in the bank to cover my bills for the next two months. I have a barclaycard which is offering no fees on cash withdrawal until June although I would be charged interest.
Should I be looking to withdraw the cash and pay into my current account in case there is a more severe lockdown where the banks are closed and I can't withdraw or pay in money? With the new changes to MOT it concerns me we could be looking at a lock down of up to 6 months.
Unless I'm reading this wrong, I don't think that you have thought this through.Should I be looking to withdraw the cash and pay into my current account in case there is a more severe lockdown where the banks are closed and I can't withdraw or pay in money? With the new changes to MOT it concerns me we could be looking at a lock down of up to 6 months.
You are concerned that banks will be closed and you won't be able to withdraw or pay in money, and your solution to this is to borrow money from a credit card (presumably at a high %) so that you can pay it into your current account.
Presumably this is the same current account that you are worried you won't be able to withdraw money from.
So, what is it that you are trying to achieve?
Barclaycard have told me that they cannot transfer the money into my current account. I either have the option of withdraw up to 500 per day from the cash point or up to 2000 per day from the branch. If for example in 3 months time I need the money to cover some bills I am wondering it the branches could be closed at this point and I will have no way of physically paying the cash into my account.
There is actually a way to do this cheaper. Buy a credit card reader (Square etc) set it up to pay into your current account. (via a simple company) Then use you credit card to effectively transfer cash into your account. at 1.75% per transaction it can be cheaper than drawing out cash.
Drumroll said:
There is actually a way to do this cheaper. Buy a credit card reader (Square etc) set it up to pay into your current account. (via a simple company) Then use you credit card to effectively transfer cash into your account. at 1.75% per transaction it can be cheaper than drawing out cash.
Thanks I will look into it.
Gassing Station | Finance | Top of Page | What's New | My Stuff