Card payments abroad
Discussion
DoubleSix said:
bad company said:
smifffymoto said:
Revolut can also be "loaded" with dollars,sterling or euros.
So what is the advantage of using Revolut over a Clarity card or my Lloyds Amex? Those cards are just normal bank accounts with low international transaction fees.
Revolut is a charge card where you can hold a balance in 120 different currencies and swap between them free of charge.
Its an FX platform with a debit card attached essentially, which means you can fix a particular rate before or during travel not just a point of use...
Edited by DoubleSix on Friday 2nd March 11:37
RizzoTheRat said:
DoubleSix said:
bad company said:
smifffymoto said:
Revolut can also be "loaded" with dollars,sterling or euros.
So what is the advantage of using Revolut over a Clarity card or my Lloyds Amex? Those cards are just normal bank accounts with low international transaction fees.
Revolut is a charge card where you can hold a balance in 120 different currencies and swap between them free of charge.
Its an FX platform with a debit card attached essentially, which means you can fix a particular rate before or during travel not just a point of use...
Edited by DoubleSix on Friday 2nd March 11:37
No, the Visa rate is not the same as the inter-bank rate. The inter-bank rate is the inter-bank rate. Everything else is a variation/derivative there of...
as for savings rates on cash balances... well that's a different thread. Oh and be aware the Santander Zero card sucks for the purposes we're discussing as cash withdrawals attract interest immediately.
Edited by DoubleSix on Friday 2nd March 12:12
Another revolut user here.
As someone mentioned earlier they are offering a free Revolut card until the 9th March.
P.S - I have used my card in Pakistan, Saudi and Istanbul with no issues. My younger brother signed up in January and he had a few issues in Istanbul, including the places I visited. Mine is a Mastercard whereas his is Visa.
As someone mentioned earlier they are offering a free Revolut card until the 9th March.
P.S - I have used my card in Pakistan, Saudi and Istanbul with no issues. My younger brother signed up in January and he had a few issues in Istanbul, including the places I visited. Mine is a Mastercard whereas his is Visa.
DoubleSix said:
Nope. No need for it to be sat anywhere. Move it back to your chosen current account if you wish...
No, the Visa rate is not the same as the inter-bank rate. The inter-bank rate is the inter-bank rate. Everything else is a variation/derivative there of...
as for savings rates on cash balances... well that's a different thread. Oh and be aware the Santander Zero card sucks for the purposes we're discussing as cash withdrawals attract interest immediately.
In that case I'm misunderstanding you on the Revolute card, I thought the point is you can use it like and bank account but hedge/transfer between currencies when the you like the rate? ie if you want 100 euros next month but you think the rate's going the wrong way you can stick it in to a Euro balance now, but it's then tied up in euros unless you want to transfer it out to a Euro bank account or back in to another currency? Do you not need to have the money there once you've set the exchange rate?No, the Visa rate is not the same as the inter-bank rate. The inter-bank rate is the inter-bank rate. Everything else is a variation/derivative there of...
as for savings rates on cash balances... well that's a different thread. Oh and be aware the Santander Zero card sucks for the purposes we're discussing as cash withdrawals attract interest immediately.
I get that the visa rate and the interbank rates are different rates, but at the moment it seems the rate of the visa rate and the rate of interbank rate are about the same rate
I'm assuming the visa rate tracks the interbank on a daily basis rather than live.The Zero's a debit card, so no interest involved, In the above scenario the money sits in my 123 account earning a paltry 1.5% APR for a month and then gets converted to euros for free at whatever the Visa rate is that day.
I’ve got a Revolut account which I think is fantastic. Used to use currencies direct to trnfervto my Spanish bank account but their rate was normally 2-3 cents, for eur, lower than interbank rate. One thing I have found with the Revolut card is that it isn’t accepted everywhere and you do need a backup card. Couldn’t be used at the tollbooths in Spain last week.
RizzoTheRat said:
In that case I'm misunderstanding you on the Revolute card, I thought the point is you can use it like and bank account but hedge/transfer between currencies when the you like the rate? ie if you want 100 euros next month but you think the rate's going the wrong way you can stick it in to a Euro balance now, but it's then tied up in euros unless you want to transfer it out to a Euro bank account or back in to another currency? Do you not need to have the money there once you've set the exchange rate?
I get that the visa rate and the interbank rates are different rates, but at the moment it seems the rate of the visa rate and the rate of interbank rate are about the same rate I'm assuming the visa rate tracks the interbank on a daily basis rather than live.
The Zero's a debit card, so no interest involved, In the above scenario the money sits in my 123 account earning a paltry 1.5% APR for a month and then gets converted to euros for free at whatever the Visa rate is that day.
a) Yes, but that is entirely up to the user and no different from any current deposit account where rates of interest are so low as to be irrelevant in the context of FX movement.I get that the visa rate and the interbank rates are different rates, but at the moment it seems the rate of the visa rate and the rate of interbank rate are about the same rate
I'm assuming the visa rate tracks the interbank on a daily basis rather than live.The Zero's a debit card, so no interest involved, In the above scenario the money sits in my 123 account earning a paltry 1.5% APR for a month and then gets converted to euros for free at whatever the Visa rate is that day.
b) Mastercard lags one day, Visa two days, and will always represent a poorer exchange by a few basis points even if the lag wasn't present... rates on Revolut are live. Good little article here for reading: https://nomadgate.com/visa-vs-mastercard-exchange-...
c) You're still comparing traditional credit/debit accounts with a very different product, not really comparable for all the reason explained already.
Edited by DoubleSix on Friday 2nd March 13:36
I just use Amex, never a problem on my trips, hardly ever take out cash. I understand there are charges, but in the scheme of things, not a lot in comparison to the holiday. I know Amex has a bad reputation for acceptance, can not remember the last time . Of course get points for every spend for the next trip.
bucking the trend here with revolut. They made me go through all the sign up questions, including giving over all of my personal info to then tell me not available in my country.
When they are available in my country, I will not be using their service even if they send hot women to suck my dick while I use an ATM.
Behavior like that is completely unacceptable.
When they are available in my country, I will not be using their service even if they send hot women to suck my dick while I use an ATM.
Behavior like that is completely unacceptable.
David Beer said:
I just use Amex, never a problem on my trips, hardly ever take out cash. I understand there are charges, but in the scheme of things, not a lot in comparison to the holiday. I know Amex has a bad reputation for acceptance, can not remember the last time . Of course get points for every spend for the next trip.
Amex charges 2.99 (3%) on foreign currency transactions. You really think that’s not a lot? 
I use a Lloyds bank Avios Amex card. The annual fee is £24, there’s no charge for foreign currency transactions and I get AVIOS points.
https://www.avios.com/gb/en_gb/collect/lloydsbank/...
Another Revolut card fan here.
Also works well for group payments - just been skiing with a group of friends, used a single Revolut card as the kitty for beers and lunches, and just all transferred onto that card.
Revolut also do crypto currencies so a very easy way to get into them.
Also works well for group payments - just been skiing with a group of friends, used a single Revolut card as the kitty for beers and lunches, and just all transferred onto that card.
Revolut also do crypto currencies so a very easy way to get into them.
bad company said:
David Beer said:
I just use Amex, never a problem on my trips, hardly ever take out cash. I understand there are charges, but in the scheme of things, not a lot in comparison to the holiday. I know Amex has a bad reputation for acceptance, can not remember the last time . Of course get points for every spend for the next trip.
Amex charges 2.99 (3%) on foreign currency transactions. You really think that’s not a lot? I use a Lloyds bank Avios Amex card. The annual fee is £24, there’s no charge for foreign currency transactions and I get AVIOS points.
https://www.avios.com/gb/en_gb/collect/lloydsbank/...
tescorank said:
I have a Lloyds/Amex card but checked rate the other day £2 a transaction plus 107 euro to revoluts 113, as I said before their travel insurance allows you to use other card "you are insured" on £7pm so I get my avios on flight...and use Revolut abroad.....try it its a breath of freash air...
Sorry, Maybe I’m being a bit thick this morning but I don’t understand that.The Lloyds/Amex thing is a credit card with no forex fees. Presumably you mean there is a £2 charge for drawing cash? I wouldn’t know as I’ve never used it for cash, that’s not what it’s for.
What is the reference to travel Insurance about please. Are you saying that Revolut offer insurance for £7 pm (per month)?
gregs656 said:
The premium Revolut card is £7 and I guess includes travel insurance. I'm on the free version.
Yes I can see from tescorank’s post yesterday that he has free travel insurance with the premium product. I’m not sure I would want to rely on that insurance though. The premium product doesn’t seem to cover for example cancellation or baggage.https://www.revolut.com/travel-insurance
ladderino said:
It's just overseas medical insurance, I'm not really sure in the point of it.
If that’s all it is I don’t see the point either. You obviously need travel insurance to cover cancellation, baggage and other stuff. This will also cover medical.If I have this right Revolut offers a card you can pre load and use in any currency thus saving buying currency. OK but what about small purchases in cafes etc., surely you still need some cash?
Mrs BC and I are off on a trip soon visiting Hong Kong, Singapore, Cambodia, Vietnam, Thialand and Bali. We have bought small sums of currency for some those and will rely on the Lloyds Amex card and US $’s.
bad company said:
If that’s all it is I don’t see the point either. You obviously need travel insurance to cover cancellation, baggage and other stuff. This will also cover medical.
If I have this right Revolut offers a card you can pre load and use in any currency thus saving buying currency. OK but what about small purchases in cafes etc., surely you still need some cash?
Mrs BC and I are off on a trip soon visiting Hong Kong, Singapore, Cambodia, Vietnam, Thialand and Bali. We have bought small sums of currency for some those and will rely on the Lloyds Amex card and US $’s.
Up to £200 a month ATM withdrawal at zero cost - above that charged at 2%. If I have this right Revolut offers a card you can pre load and use in any currency thus saving buying currency. OK but what about small purchases in cafes etc., surely you still need some cash?
Mrs BC and I are off on a trip soon visiting Hong Kong, Singapore, Cambodia, Vietnam, Thialand and Bali. We have bought small sums of currency for some those and will rely on the Lloyds Amex card and US $’s.
Month runs from the anniversary of your sign up not calendar.
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