Cash transaction.

[Drawweight]

Just venting really.

Had an argument with the Bank of Scotland.

I ordered Euros from Loyds online and paid by credit card.(silly move I know)

On checking my statement I found my bank had charged me 25 quid for a 'cash transaction'

So I gets on the phone and my argument was I was buying an item from a third party and it didn't matter if it was Euros or a three piece suite.

They said it was put down as a cash transaction when they were notified by Loyds and their terms and conditions allowed them to charge me 5%.

After talking to a couple of people I got through to the complaints department and after a bit more discussion they refunded me...result.

I'm still a bit annoyed tho and still can’t figure out why buying euros from a third party is classed as a cash transaction by my bank. I could vaguely understand if it was Loyds that made some kind of charge for using a credit card but my own bank?

[deggles]

It will be treated as a Cash Advance. It's no different to withdrawing cash from an ATM on your credit card, and is generally a bad/expensive idea. This has been a thing as long as I can remember. https://www.moneysupermarket.com/credit-cards/cash...

[Random Account No6]

What deggles said.

You got cash, just not GPB.

[Puzzles]

Yeah I accidentally made this mistake once, I did query it as I wasn’t sure what the charge was for, when they explained what it was it made perfect sense. I didn’t ask but they did reverse the charge. Win

[craigjm]

It’s a cash advance regardless of how you buy it. You were lucky they humoured you and refunded the fee

[loskie]

OP you got lucky here despite you not bothering to read the ts and cs .

[Simpo Two]

Drawweight said:

I ordered Euros from Loyds online and paid by credit card.(silly move I know)

Perhaps things should be changed so the fee is flagged up before you click the button, rather than relying on some small print they sent you 3 years before. Call it 'empowering customers to make an informed decision'.

[Trevor555]

I got caught out too

Used my cruise ship card to get chips for the casino table onboard.

Credit card registered to my onboard account, been told that'll go down as a cash advance.

Live and learn.

[Silverage]

Trevor555 said:

I got caught out too

Used my cruise ship card to get chips for the casino table onboard.

Credit card registered to my onboard account, been told that'll go down as a cash advance.

Live and learn.

I did similar for my son to play on the slot machines on the ship. When my statements came in it took me a while to work out why they had started charging me interest. It was only €10, so not life changing amounts.

[Dingu]

Simpo Two said:

Drawweight said:

I ordered Euros from Loyds online and paid by credit card.(silly move I know)

Perhaps things should be changed so the fee is flagged up before you click the button, rather than relying on some small print they sent you 3 years before. Call it 'empowering customers to make an informed decision'.

How clear does it need to be made? You can present as much information as you like upfront but you can’t make people read or absorb it.

In any case how would it be then surfaced before clicking on a third party site? Totally unworkable and OTT.

[Hants PHer]

One little exception to this is if you buy currency from Tesco and pay with your Tesco credit card. They treat it just as if you'd bought your groceries from them - has to be a Tesco credit card though, I think.