Currency Charges

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  • Hilsxxx's Avatar
    Fresh Eyes
    After purchasing foreign currency (never thought to buy from Tesco) I have charges. I get that but what I don't understand is why it wasn't all charged at once? I pay by direct debit always the full balance but I have interest. Only 12p this month but I bought the currency in March or April.

    I just feel like cancelling the card as my bank is offering a better one!

    thanks for reading
  • 1 Reply

  • Verified Answer

    KellyT's Avatar
    Your Community Expert
    Verified Answer
    Hi there, when you make a cash transaction, we charge a fee of 3.99% and interest at your standard cash transaction rate. This is from the date of the transaction until the date this cash balance is paid.

    We consider the following types of payments to be cash transactions: wire/international money transfers, repaying borrowing, purchasing non-Sterling currency outside of Tesco, payments to prepaid or virtual cards, purchasing gift cards, investments and share trading.

    You will see interest charged over at least two statements. The first statement will show the cash transaction fee and the interest from the date of the transaction until the statement came out. The second statement will show interest accounting for the period between the first statement coming out and the balance being paid in full. After this thereā€™d be no more interest applied to this specific transaction. I've also linked more information below on cash transaction fees.

    https://yourcommunity.tescobank.com/content/3323

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