Revolut vs Metro card
VanillaSkies
Posts: 8 Forumite
Hi team,
I apologise if this has been previously asked (I did do a search for it and it seems to be looking at EITHER Metro OR Revolut but never the two in comparison... plus I am fiscally challenged so I literally need things spelled out for me!), and I apologise if this is a silly 'but you are comparing apples and oranges' question, however I would so greatly appreciate your advice.
My end goal is this: to be able to spend money in as cheap a manner as possible in the EU for a 6 week stay (more accurately, in Greece for the near future, but also for general EU travels).
So I have done my research and read MSE's pages on both cards and apps to find the cheapest way to reach my end goal, and MSE/Martin has said the Metro debit bank card is the best one for zero transaction fees and zero ATM user fees, which is great. And I got myself one of those.
A friend of mine also recommended Revolut from the research he has done (he is yet to try it though), and Revolut appears to have the same advantages (1. no transaction fees; 2. no ATM usage fees by Revolut).
Revolut on their website have also said they use the interbank exchange rate, and apparently normal debit cards can charge at their own bank rates (?? - from my understanding, anyway), which gives them (Revolut) the edge.
So my question is, which is the best value for my spending in the EU (/Greece, for the time being - not that there should be a difference really..) please?
From what I understand of the Metro bank card, they go by the current MasterCard exchange rate (?? please correct me if I am wrong!), which when I compare to Revolut exchange rate on their website, is absolutely the same/very very similar. Which of the two has a better exchange rate (if that makes sense)? And also, Revolut is also a MasterCard, so do they also go by the MasterCard exchange rate? And how is that different (if at all) from the interbank exchange rate?
Would it also be better to use my Metro card on weekends and Revolut on weekdays? Would it be better to pay for restaurants + tips using my Metro card than Revolut? Would I be getting the same exchange rate if I withdraw cash using both Revolut and Metro card?
(On a side note, I have just today signed up for Revolut and ordered a physical card - how exactly does the virtual card work to use in a brick and mortar shop? Would it be like using a contactless Android Pay app? Can you even pay for things in a physical shop using the virtual card? Can you order things online using the details on the physical Revolut card?)
I apologise for bombarding you all with so many questions, I have tried my best to do the research beforehand so I don't post numpty-like questions on here but... I don't deal well with numbers. :P
Thank you so much in advance!
I apologise if this has been previously asked (I did do a search for it and it seems to be looking at EITHER Metro OR Revolut but never the two in comparison... plus I am fiscally challenged so I literally need things spelled out for me!), and I apologise if this is a silly 'but you are comparing apples and oranges' question, however I would so greatly appreciate your advice.
My end goal is this: to be able to spend money in as cheap a manner as possible in the EU for a 6 week stay (more accurately, in Greece for the near future, but also for general EU travels).
So I have done my research and read MSE's pages on both cards and apps to find the cheapest way to reach my end goal, and MSE/Martin has said the Metro debit bank card is the best one for zero transaction fees and zero ATM user fees, which is great. And I got myself one of those.
A friend of mine also recommended Revolut from the research he has done (he is yet to try it though), and Revolut appears to have the same advantages (1. no transaction fees; 2. no ATM usage fees by Revolut).
Revolut on their website have also said they use the interbank exchange rate, and apparently normal debit cards can charge at their own bank rates (?? - from my understanding, anyway), which gives them (Revolut) the edge.
So my question is, which is the best value for my spending in the EU (/Greece, for the time being - not that there should be a difference really..) please?
From what I understand of the Metro bank card, they go by the current MasterCard exchange rate (?? please correct me if I am wrong!), which when I compare to Revolut exchange rate on their website, is absolutely the same/very very similar. Which of the two has a better exchange rate (if that makes sense)? And also, Revolut is also a MasterCard, so do they also go by the MasterCard exchange rate? And how is that different (if at all) from the interbank exchange rate?
Would it also be better to use my Metro card on weekends and Revolut on weekdays? Would it be better to pay for restaurants + tips using my Metro card than Revolut? Would I be getting the same exchange rate if I withdraw cash using both Revolut and Metro card?
(On a side note, I have just today signed up for Revolut and ordered a physical card - how exactly does the virtual card work to use in a brick and mortar shop? Would it be like using a contactless Android Pay app? Can you even pay for things in a physical shop using the virtual card? Can you order things online using the details on the physical Revolut card?)
I apologise for bombarding you all with so many questions, I have tried my best to do the research beforehand so I don't post numpty-like questions on here but... I don't deal well with numbers. :P
Thank you so much in advance!
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Comments
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The interbank and MasterCard exchange rates have no significant difference in practice. Revolut charges 2% on ATM withdrawals in excess of £200 equ per calendar month, so use your Metro card when more is needed. Your Revolut virtual card and plastic card have the same number and CVV.
Yes. (Or Metro any time)VanillaSkies wrote: »Would it also be better to use my Metro card on weekends and Revolut on weekdays?
Can you even pay for things in a physical shop using the virtual card?
No.Evolution, not revolution0 -
So I am essentially getting the most advantageous possible exchange rates either with Revolut or with Metro/any other MasterCard rate using cards e.g. Halifax Clarity Credit card?
Many thanks
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Where are you finding a spread of almost 1%?brianposter wrote: »A quick search seems to indicate that this statement is incorrect. Mastercard seems to have an exchange rate spread of almost 1% whereas the interbank spread is trivial.
The MasterCard rate is set as a daily rate for the previous day, whereas the interbank rate is fluctuating constantly in real time. Transactions using interbank rate are set at that moment but MasterCard determines the rate for a particular transaction on the date of settlement, a couple of days or so after that transaction. So to make a comparison is not easy. Sometimes the MasterCard rate will be better than interbank for a particular transaction.
For most people on holiday the difference is insignificant, and using either will be a worthwhile improvement on buying cash or loading an 'old style' prepaid card (compared at the same moment).Evolution, not revolution0 -
Where are you finding a spread of almost 1%?
From the obvious source - Mastercard.
https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html
The OP is asking very specifically about exchange rates and your response appears to be misleading and careless, although the other information may be useful.0 -
So are you looking at a spread between the inverse of a currency pair in yesterday's MasterCard rates, or a spread of the MasterCard rate from the interbank rate at a particular time, or what?brianposter wrote: »From the obvious source - MastercardEvolution, not revolution0 -
Hi, thank you so much for your replies. I guess the overall answer is 'it's your luck either way, one might be good one day, one might be better another day'?
Also, if it helps, it is not a short holiday but rather a stay of six weeks. So I am keen to reduce unnecessary costs as much as possible. does that make a difference? 0 -
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VanillaSkies wrote: »Hi, thank you so much for your replies. I guess the overall answer is 'it's your luck either way, one might be good one day, one might be better another day'?
No. For Greece in principle the Mastercard rate is about 0.5% worse than the interbank rate.
Whether that matters is up to you, and you need to read the other terms and conditions carefully.0 -
Does it always remain a worse rate? (And out of general curiosity, why Greece?)0
This discussion has been closed.
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