Anyone bought silver from euroland dealers with UK credit card?

[goldking]

As per title, has anyone bought silver from Europe with a UK credit card?  I saw some discussion on an old thread about buying it in euro currency and as it apparently works out cheaper with the conversion done at your own bank's end rather than buying it in sterling using their conversion rate, but this was specific to using payment intermediaries rather than directly with a credit card.  Wondering which option will work out cheaper after fees?

Before the inevitable replies listing other payment methods, I am aware of them but my question is specific to buying with a UK credit card.  If anyone has experience with that please share!  Thanks.

[ChrisF]

https://www.revolut.com/

 

Install it on your phone, cheapest way to buy silver in europe by far.  

[richatthecroft]

15 minutes ago, goldking said:

As per title, has anyone bought silver from Europe with a UK credit card?  I saw some discussion on an old thread about buying it in euro currency and as it apparently works out cheaper with the conversion done at your own bank's end rather than buying it in sterling using their conversion rate, but this was specific to using payment intermediaries rather than directly with a credit card.  Wondering which option will work out cheaper after fees?

Before the inevitable replies listing other payment methods, I am aware of them but my question is specific to buying with a UK credit card.  If anyone has experience with that please share!  Thanks.

I use Transferwise and if I can if a dealer takes cards- and more preferable, I use my Monzo debit card- no fees and usually the best rate on the day- Monzo is a gift from the Gods on holiday. 

[goldking]

27 minutes ago, goldking said:

Before the inevitable replies listing other payment methods, I am aware of them but my question is specific to buying with a UK credit card.  If anyone has experience with that please share!  Thanks.

Thank you.

[sovereignsteve]

37 minutes ago, goldking said:

it apparently works out cheaper with the conversion done at your own bank's end rather than buying it in sterling using their conversion rate

this is generally true but you need to use a fee free credit card like the Halifax Clarity, the fx conversion is pretty much at bank rates.

[goldking]

10 minutes ago, sovereignsteve said:

this is generally true but you need to use a fee free credit card like the Halifax Clarity, the fx conversion is pretty much at bank rates.

Thanks Steve.  It's a Santander Zero CC which has no fees for purchases in euros.  The conversion is whatever the Visa/Mastercard rate is on the day.  Did it work out cheaper for you using your Halifax card buying in euros then?

[Stu]

I used the clarity card to buy a premium set from EMK a few years ago for a couple of thousand. It worked out a little more expensive however I wanted the extra protection of buying with cc. I also get a little nervous setting up a bank transfer for larger amounts.

[sovereignsteve]

23 minutes ago, goldking said:

Thanks Steve.  It's a Santander Zero CC which has no fees for purchases in euros.  The conversion is whatever the Visa/Mastercard rate is on the day.  Did it work out cheaper for you using your Halifax card buying in euros then?

yes. whenever I've used the Halifax card to pay in €, I note down the XE.com rate and compare the two conversions to £ when I get the CC bill. They have always been as close as damn it.

[goldking]

11 minutes ago, Stu said:

I used the clarity card to buy a premium set from EMK a few years ago for a couple of thousand. It worked out a little more expensive however I wanted the extra protection of buying with cc. I also get a little nervous setting up a bank transfer for larger amounts.

Thanks.  What was a "little more expensive" specifically?  Compared to?  Is EMK European Mint?

[Stu]

Emk.com . I can't get into their website just now to post a link. From memory I think it was around £40 to £50 difference on a 2k sale. EMK sell premium stuff so I think all card fees are factored into their prices anyway. Quite unusual for German dealers. 

[goldking]

24 minutes ago, Stu said:

Emk.com . I can't get into their website just now to post a link. From memory I think it was around £40 to £50 difference on a 2k sale. EMK sell premium stuff so I think all card fees are factored into their prices anyway. Quite unusual for German dealers. 

Sorry, still not with you.  What was £40 to £50 more expensive?  That's how much extra you were charged vs [some other] payment method?

[Stu]

7 minutes ago, goldking said:

Sorry, still not with you.  What was £40 to £50 more expensive?  That's how much extra you were charged vs [some other] payment method?

Paying by cc was more expensive than going through transfer wise which I would normally choose.  Probably best you do the maths on current consideration. You can get daily rates on MasterCard site and whatever other  payment method you are considering. 

[goldking]

Interesting.  I am curious how that is possible to be nearly £50 more expensive given that the Clarity card has no fees and so you'd just get the standard conversion rate from Mastercard which - as Steve notes above - is the same as the daily XE rate give or take some pence.  You would get the same conversion rate from transferwise intermediary, as that's the whole point of their existence.  Does the company you purchased from me have a surcharge for credit card payments perhaps?

[silenceissilver]

I've bought from a German dealer twice, last year, Heubach Edelmetalle, on time silver, the other time gold. Right now I can't remember how I paid, it might have been via transferwise or UK debit card. Maybe it was both. I'll look it up, later but I'm pretty sure it's no issue, if you do and the default settings usually are you paying them too in Euros, with your card, I think.

[silenceissilver]

I'm sorry, I have used bank transfers both time. If it's a German dealer, I can look up the conditions. I know for example Kettner Edelmetalle delivers worldwide whereas DEGUSA Germany delivers to Germany only. I might also find something about the payment conditions for the UK, if I know what page to look at, although at first glance, it seems they are not that specific. Unfortunately, for my purchase at the European Mint, I have not used a UK card, either.

[goldking]

It will probably be from GSBE.  I know EM get a lot of love from the silver fans on here but their shipping prices are bonkers.

[silenceissilver]

Yes, orders from the European Mint only pay off for pretty large orders. I have never ordered from BSBE but surely some people here have and again some of them via UK credit or debit card.

 

Something that looks promising, you can choose the currency at the top right, even without account.

[daca]

31 minutes ago, goldking said:

 I know EM get a lot of love from the silver fans on here but their shipping prices are bonkers.

Don t worry, GS to

[goldking]

I did a test order for 5k euros.  Shipping and insurance just 29 euros.  However on proceeding to the payment screen, the only options are bank wire or credit card through Paypal.  The latter incurs a 4% premium.  I guess unlike here in the UK, the continental countries are still allowed to add a surcharge for credit card payments .  That's no good then.  EM are out of the equation already as their shipping cost is 100 euros before I even get to the payment options.

I'll have to look back through the old silver threads to see if there are any other companies.

[richatthecroft]

15 minutes ago, goldking said:

I guess unlike here in the UK, the continental countries are still allowed to add a surcharge for credit card payments .

Apparently not: https://europa.eu/youreurope/citizens/consumers/shopping/pricing-payments/index_en.htm

[silenceissilver]

I had delivery costs of ca 1,3% per one ounce or ca 20 Cents with my large order from the European Mint. Give or take, I have not looked up the exact delivery costs now but it was certainly very close.

Payment with a continental credit card but from a different European country, no costs were added there, from what I remember.

 

So, if your test purchase is already 5k, the actual purchase will probably pay off.

[goldking]

It's not what I'm buying but just to do a comparison I fired in some random order for 500 Britannias in euros :

GSBE : 8955 + 29 ship + 4% fee = 9343.46

S2G : 9415 + 27.95 ship + 2% fee = 9631.81

EM : 8755 + 120.00 ship  + 3.95% = 9225.56

Any other silver suppliers to compare?

[silenceissilver]

You can still try it here. Of course it compares silver coins and bars, not shipping costs, you would have to look through each site yourself. Some might have an English language option, others might not. But I did look up many of these sites before my purchase at the European Mint and they were the cheapest, at the time.

https://www.gold-preisvergleich.de/silber/silbermuenzen/

[Martlet]

Shouldn't rule out EM because of delivery cost if the total cost is cheaper.  

Reading the comment about Halifax Clarity being £50 more on £2000 suggests a 2.5% cost being built into the exchange rate, we just dont see a fee and feel like we haven't been charged (see delivery response).  It seems this route will not be cheaper than the Transferwise/Revolut options.

[Airhead]

My experience with buying bullion from Estonia is that they flatly refused to accept credit cards neither UK issued cards nor European issued cards.