Bank draft or credit card for sterling purchase

M

muzaway

Registered User
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Hi,

I need to make a purchase in Sterling of about £2000.

Can anyone tell me if I would be better to get a bank draft or use my credit card...I will be paying the sum straight off so I won't be paying any interest if the C card is used....does it make any difference exchange rate or fee wise which method of payment I use?

Thanks,

Muz
 
Most credit cards charge a foreign exchange fee of 1.75% or more. Check what your card charges in the terms & conditions, tariff of charges or on IFSRA's website. I suspect that the credit card will be more cost effective and secure than buying a sterling draft but make sure that this is so. And make sure that your credit limit is sufficient for a GBP£2K purchase.
 
Exchange rates on drafts are normally not as good as a straight transfer. Ask your bank for an estimate.
 
Thanks to you both,

I'll give them a call on Monday and see which is cheaper.

Muz
 
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