UK Post Office announces new foreign currency deals

by Ray Clancy on May 6, 2010

The UK Post Office is offering better deals for those wishing to buy foreign currency which could save up to 3% in fees.

It is waiving its 2.5% cash advance fee for those using the Post Office Credit Card, offering 0% commission on all overseas purchases and 0% for the first 12 months on balance transfers and first three months of purchases.

The organisation says it wants to help people save money and the offers are valid not just for those buying direct from branches but also online.

For those using their credit card to purchase foreign currencies the removal of the fee could make a noticeable difference to the overall cost especially as other credit card providers charge up to 3% for the same service based on €250 spent at an exchange rate of 1.0665 and a cash advance charge of 2.50%, it says.

‘This new benefit joins a range of advantages already on offer to Post Office Credit Card customers. In addition to 0% on balance transfers for the first 12 months and 0% on new purchases for the first three months, the Post Office is one of the few providers not to add commission onto any overseas purchases,’ it adds.

There are 29 best selling currencies available on demand at 1,600 larger Post Office branches while 2,600 additional branches offer US dollars on demand and a total of over 8,500 branches stock euros. Alternatively over 70 currencies can be pre-ordered at 11,500 Post Office branches or online for next day branch or home delivery, it also points out.

‘Our customers love the fact that we don’t charge commission when they use their card overseas, so we are now saving them even more money by removing the cash advance fee when they use their Post Office Credit Card to purchase great value travel money from the Post Office,’ said Post Office Head of Cards, Az Alibhai.

‘With many people still feeling the pinch this will give them a bit of extra cash in their pockets to enjoy going abroad. We are dedicated to providing customers with flexibility and value when it comes to managing their money, especially as our credit card offers a combination of benefits that they can’t get anywhere else,’ he added.

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