Halifax Clarity card exchange rate poor

[scubascuba3]

Their rate was always good compared to the market, no commission, same rate as Mastercard rate and similar to visa rate, both similar to interbank rate. 23 Feb purchased something and received 44.98, interbank rate that day around 45.5, that's over 1% difference, I'll probably stop using the card, might as well just use money from Wise transfers. I've noticed this rate disparity the last few months

 

Anyone else noticed?

[BillStrangeOgre]

I've been using Halifax Clarity card for years and was always impressed with the no charges for foreign ATM withdrawals. Although I don't make ATM withdrawals in Thailand as no way around the local charges.

The exchange rate was always good, even beats EX.com spot rate so shocked to hear this. I tend use my Monzo card to make payments when outside the UK and I'll use the Clarity card online.

I use Wise to transfer funds between my UK account and my Thai bank account but I recently heard that Wise has been blocked for making card payments in Thailand but can't personally confirm this

[The Fugitive]

3 hours ago, scubascuba3 said:

Their rate was always good compared to the market, no commission, same rate as Mastercard rate and similar to visa rate, both similar to interbank rate. 23 Feb purchased something and received 44.98, interbank rate that day around 45.5, that's over 1% difference, I'll probably stop using the card, might as well just use money from Wise transfers. I've noticed this rate disparity the last few months

 

Anyone else noticed?

Thanks for the information. I too have Halifax Clarity Credit card although haven't used it for over 18 months due to using Chase UK debit card for the 1% cash back. Unfortunately, lack of use caused Halifax to reduce my credit limit from 10,000 GBP to 500 GBP. I have since applied for an increase in credit limit but was refused. I absolutely regret that as it could have been most useful in case of emergency hospital admission.

[scubascuba3]

5 minutes ago, The Fugitive said:

Thanks for the information. I too have Halifax Clarity Credit card although haven't used it for over 18 months due to using Chase UK debit card for the 1% cash back. Unfortunately, lack of use caused Halifax to reduce my credit limit from 10,000 GBP to 500 GBP. I have since applied for an increase in credit limit but was refused. I absolutely regret that as it could have been most useful in case of emergency hospital admission.

Good point about keeping it active so they maintain the limit, I'll use it for big UK purchases and occasionally Thai ones

[scubascuba3]

16 hours ago, The Fugitive said:

Unfortunately, lack of use caused Halifax to reduce my credit limit from 10,000 GBP to 500 GBP

Did they know you lived in Thailand?

[The Fugitive]

5 hours ago, scubascuba3 said:

Did they know you lived in Thailand?

At one point I changed all my account addresses to Thailand. However, I received letters from several of my investment fund manager's requesting translated and certified copies of my foreign ID card plus other proof of living abroad. I sent photo's of my pink ID card and ignored the rest of the requirements. One wrote back saying what I had provided wasn't acceptable. One company suspended my on-line access for dealing. I changed everything back to my UK address and all was reinstated. Stopping using my Halifax Clarity Credit card was approximately 12 months later. I telephoned their customer services to ask the reason for reducing my credit limit from 10,000 GBP to 500 GBP. I was told it was simply lack of use. No mention was made of my previously having an abroad address. Of course, I didn't bring that up either! 

[scubascuba3]

57 minutes ago, The Fugitive said:

At one point I changed all my account addresses to Thailand. However, I received letters from several of my investment fund manager's requesting translated and certified copies of my foreign ID card plus other proof of living abroad. I sent photo's of my pink ID card and ignored the rest of the requirements. One wrote back saying what I had provided wasn't acceptable. One company suspended my on-line access for dealing. I changed everything back to my UK address and all was reinstated. Stopping using my Halifax Clarity Credit card was approximately 12 months later. I telephoned their customer services to ask the reason for reducing my credit limit from 10,000 GBP to 500 GBP. I was told it was simply lack of use. No mention was made of my previously having an abroad address. Of course, I didn't bring that up either! 

What a nightmare for you, glad you got it resolved

[Chongalulu]

I don't have Halifax but one thing they say on my similar no fee card is that the exchange rate will be applied when the transaction is actually posted (” pending ” appears next to the transaction) and which could be a couple of days later. Of course this can work in your favour too depending on the movement. Possible explanation?

[scubascuba3]

3 hours ago, Chongalulu said:

I don't have Halifax but one thing they say on my similar no fee card is that the exchange rate will be applied when the transaction is actually posted (” pending ” appears next to the transaction) and which could be a couple of days later. Of course this can work in your favour too depending on the movement. Possible explanation?

Unlikely, I've checked this extensively before, the initial rate used in pending is just a temporary rate, when it gets posted it's the proper rate for the day of transaction, i checked this numerous times and it was exactly right. Halifax claim it's still 0% commission so most likely it's the Mastercard rate that's got worse

[rickudon]

Halifax Clarity card is 0% commission, but as the payment is processed by Mastercard, their will be the Mastercard exchange rate fee. I used my card on Monday, and the pending rate was 45.1xxx. Sure they company that took the credit card payment didn't do dynamic conversion to GBP for you? Whenever i check Wise rates, once you take into account their exchange rate and fees, Clarity nearly always cheaper.

 

Cash withdrawals - at Krungsri, i do a counter withdrawal and avoid the ATM fee.

[scubascuba3]

3 hours ago, rickudon said:

Halifax Clarity card is 0% commission, but as the payment is processed by Mastercard, their will be the Mastercard exchange rate fee. I used my card on Monday, and the pending rate was 45.1xxx. Sure they company that took the credit card payment didn't do dynamic conversion to GBP for you? Whenever i check Wise rates, once you take into account their exchange rate and fees, Clarity nearly always cheaper.

 

Cash withdrawals - at Krungsri, i do a counter withdrawal and avoid the ATM fee.

The rate used always agreed to the mastercard rate for that day, if they have a hidden fee making up the exchange rate that's something else, the rate has deteriorated vs Wise. 45.1 isn't good, on Monday 45.6 was available with Wise, approx 1% different 

[gamb00ler]

3 hours ago, rickudon said:

ash withdrawals - at Krungsri, i do a counter withdrawal and avoid the ATM fee.

I am looking for another bank besides Bangkok bank which will do teller "cash advances" on my US debit card.

 

Does  Krungsri charge for this service?

[gamb00ler]

25 minutes ago, scubascuba3 said:

The rate used always agreed to the mastercard rate for that day, if they have a hidden fee making up the exchange rate that's something else, the rate has deteriorated vs Wise. 45.1 isn't good, on Monday 45.6 was available with Wise, approx 1% different 

MasterCard sets the rate about 7AM Thai time and it doesn't change that rate until the next business day.  Wise on the other hand is continually adjusting their exchange rate throughout each business day.  Maybe that is the reason for the discrepancy at the time you checked them.  A 1% move in exchange rate does happen in a single day a few times a year.

[scubascuba3]

8 hours ago, gamb00ler said:

MasterCard sets the rate about 7AM Thai time and it doesn't change that rate until the next business day.  Wise on the other hand is continually adjusting their exchange rate throughout each business day.  Maybe that is the reason for the discrepancy at the time you checked them.  A 1% move in exchange rate does happen in a single day a few times a year.

I've noticed the deterioration in rates on the Clarity over many months, do you remember when it was better vs Wise i.e. similar to Wise?

[gamb00ler]

9 hours ago, scubascuba3 said:

I've noticed the deterioration in rates on the Clarity over many months, do you remember when it was better vs Wise i.e. similar to Wise?

Prior to moving to CM, I lived in USA and I have never had dealings with Clarity.

 

For a few weeks I monitored the exchange rates vs US$ at Thai banks, Wise, Visa & MasterCard.  The only time I saw large differences between Visa/MasterCard and Wise/Thai banks was when the US$ would suffer a sizable decline during Thai business hours.

 

The only pattern I noticed in movement of US$ vs TH฿ was that periods of decline were faster but shorter compared to periods of appreciation.

[rickudon]

Scuba, The Mastercard exchange rate may be 0.5 baht lower than Wise, but Wise also has a fee .... that usually cancels out the difference. Clarity doesn't add any on top (but you will be charged interest if you do not immediately pay it off).

 

The 3 Krungsri branches i have used for counter withdrawals in Udon Thani do not charge a fee. I once tried Siam, and they ripped me off. Hopefully Krungsri branches everywhere are the same, but, TIT (just had to get that in !)

[London Lowf]

21 minutes ago, rickudon said:

Hopefully Krungsri branches everywhere are the same, but, TIT (just had to get that in !)

 

I use a Clarity card and Kamala Krungsri is the same - no hassle, no fee and I've used them several times over the last few years for B50,000 to B100,000 withdrawals. I was worried that they may divert me to the ATM if I only wanted B20,000 but they didn't.

 

I buy stuff on Lazada most days and earlier today the (MasterCard) rate was 45.234 - not great but with the total lack of fees it's acceptable. The transactions show up on the app within minutes.

 

Edited March 15 by London Lowf