Multi-currency card, what is the best?

[spyinthesky]

Travelling to Poland next month and thinking of using a multi-currency card such as Monzo or Revolute. Is there any preference to which is the best?

 

[Chester1]

I have used Revolut for about six or seven years and haven't had any problems with it. I know their customer service support is very limited therefore I have never put huge amounts in account at once. I send money from my current account in chunks during a holiday.

 

[spyinthesky]

I have used Revolut for about six or seven years and haven't had any problems with it. I know their customer service support is very limited therefore I have never put huge amounts in account at once. I send money from my current account in chunks during a holiday.

Thanks for that, it is showing up well in the ratings but some of the reviews don’t seem to have reality in them. It is good to get some personal response.

 

[Bletchleyite]

I have used Revolut for about six or seven years and haven't had any problems with it. I know their customer service support is very limited therefore I have never put huge amounts in account at once.

This is prudent as Revolut isn't a bank and so the Financial Services Compensation Scheme doesn't apply if they fold. So just put in what you're going to spend. Still more secure than cash.

It's curious that they haven't progressed to a full banking licence, as Monzo and Starling are both proper banks and they are basically the same thing.

 

[jupiter]

I’ve used Revolut extensively and have never had a single problem.

 

[Mcr Warrior]

Revolut isn't a bank and so the Financial Services Compensation Scheme doesn't apply if they fold.

So, what status do they have in the U.K.?

 

[kkong]

Wise card works well for me.

Just top it up as required from from your current account.

 

[Nippy]

Yep we use Wise as well.

 

[Bletchleyite]

So, what status do they have in the U.K.?

They are an "e-money institution" - similar sort of status to the likes of PayPal.

 

[PupCuff]

I use Monzo, there can be some issues with acceptance onboard planes but otherwise it's completely effortless for travel, in the event I need to buy a beer and snacks while flying I'll just take the minor hit of a non-sterling transaction fee on one of my other cards.

On my last two trips over to the continent I haven't taken or used cash at all, just card.

 

[paul1609]

Ive used Revolut with no problems for many years including for my leisure spending whilst in the Royal Navy so lots of different countries.

 

[Brissle Girl]

What is the benefit of a multi-currency card over a normal debit or credit card which doesn’t charge any foreign transaction fees? (Of which there are many these days.)

 

[jfollows]

What is the benefit of a multi-currency card over a normal debit or credit card which doesn’t charge any foreign transaction fees? (Of which there are many these days.)

You still suffer a poor exchange rate at time of use, although loads better than buying currency at the airport. Although you lose the use of the money you put on the card, you can choose to buy at an advantageous exchange rate if you do a little research - my € were at 1.21 after Brexit and 1.45 before.

Multi-currency means you can move between currencies as you travel - last year I went from Hong Kong dollar to Yen to US dollar to £.

I use Wise myself. I’ve previously used FairFX. Wise always tries to take money out of your local currency ‘pot’ but will use other currency pots if you have them rather than decline a transaction.

 

[Lockwood]

I've used Currensea. Got a better exchange rate than my bank, gave me a running total in Sterling.

If it's allowed, I have a referral link that gives you and me some free money. Think it's a tenner off the top of my head.

 

[Brissle Girl]

You still suffer a poor exchange rate at time of use, although loads better than buying currency at the airport. Although you lose the use of the money you put on the card, you can choose to buy at an advantageous exchange rate if you do a little research - my € were at 1.21 after Brexit and 1.45 before.

Multi-currency means you can move between currencies as you travel - last year I went from Hong Kong dollar to Yen to US dollar to £.

I use Wise myself. I’ve previously used FairFX. Wise always tries to take money out of your local currency ‘pot’ but will use other currency pots if you have them rather than decline a transaction.

Interesting. I've just checked and the Visa cost for USD100 is £78.90, against £78.70 for Wise, so there is a small benefit, but not enough to make me faff around with having another card and going to the trouble of putting money on it.

 

[Lockwood]

You can get cards that aren't preloaded, but use open banking and take the money from a linked account via direct debit.

While it is an extra card, it is not a separate account that you need to top up and then cash out later.

 

[Brissle Girl]

You can get cards that aren't preloaded, but use open banking and take the money from a linked account via direct debit.

While it is an extra card, it is not a separate account that you need to top up and then cash out later.

My main bank account has no bank related charges (ie it uses the central Visa rate I quoted above ) and I have two credit cards that are also free of forex costs. So I still don't see the point of them, even though I make several foreign trips each year.

 

[Lockwood]

Cool, and genuinely glad you've got an easy solution - our accounts all have various fees and unfavourable exchange rates, so we spent some time looking at prepaid options and found a foreign currency card with better rates.

Wish we had credit/debit cards that didn't have the extra costs so we didn't have to get that as well

 

[LNW-GW Joint]

I've started using the HSBC Global Money Card.
Works fine so far in France and Australia, and for e-purchases in foreign currencies.
Currency rate is about the same as ATM withdrawals (2%) but there's no local fee or additional markup.
You have to manage it via the HSBC app, not via their web site which is a bit naff.
The statements you can generate are a bit odd - all the detail is there but they look like scans of something with low resolution.

 

[sh24]

I've used Revolut for years across 30+ countries and it works very nicely. As others have said, don't hold a lot of money on it. I drip feed cash every couple of days.

 

[gabrielhj07]

I've used both HSBC Global Money & Revolut successfully, although the HSBC app is a little clunky. One thing I'll mention is that I couldn't for the life of me get either to work with Spirit Airline's nor Frontier's website for whatever reason.

 

[aar0]

Wise card works well for me.

Just top it up as required from from your current account.

Ditto. You can also set it to transfer to your chosen currency at a rate that’s good for you