Are you Using Credit Card to Send Money from UK?

Looking for a quick option to send money back home? You can use your credit card to transfer money from one country to another. However, there are few things you need to remember. If you use the card for sending money on a monthly basis, it will prove to be an expensive option. The transfer fee will also be higher compared to a wire transfer. Even though credit card money transfer is expensive, it is very useful if you don’t have cash in your account and you need to send money back home urgently.
When you send money from UK from your card, the funds debited will be treated as a cash advance and not as credit charge. Cash advance is basically a service that allows the card holder to borrow cash from the card issuer up to a certain limit. When you make a transfer, you are actually borrowing money from the card issuer rather than using your credit. This advance or short-term loan needs to be repaid within the billing cycle.
Compared to a purchase made from your credit card, interest rate of cash advance is higher, especially if you don’t repay on time. You will not be given any grace period to pay this loan. You also need to know that you cannot take cash advances for the full amount of your credit limit.
If you send money online from a remittance agency, you will be getting the option to make the transfer from your credit card or bank account. It is important to know how much the card issuing bank will be charging if you use the credit card for funds transfer. You also need to know the transfer fee being charged by the remittance agency.

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