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  • dj1471
    dj1471 Posts: 1,968
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    bsgbees wrote: »
    So we took out the halifax clarity card as suggested by Martin Lewis but we've ended up needing more cash than expected as many places in the Algarve (Amarco de Pera) only accept cash.

    The best rate we can find is £1 - €1.01. One bank was offering £1 - €0.96. I feel a bit conned. Is there anyway to boost our money?
    Use an ATM, decline conversion. You will get the MasterCard rate, which is currently £1 = €1.13.
  • bsgbees
    bsgbees Posts: 16
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    Find an ATM and use your Clarity card to withdraw the cash.

    The exchange rate is likely to be close to 1.14

    Sorry the rates I gave was from the ATM.
  • bsgbees
    bsgbees Posts: 16
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    dj1471 wrote: »
    Use an ATM, decline conversion. You will get the MasterCard rate, which is currently £1 = €1.13.

    Ah I see that's really cheeky. Like you said it does give the options but i assumed that if you declined conversion it would spit out your card. I'll try this later.

    Many thanks. :)
  • Gloomendoom
    Gloomendoom Posts: 16,550
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    If you want the exact rate you can expect, use this tool...

    https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html

    Unfortunately, it's always a day behind. The rate yesterday was 1.135966
  • I can think of a couple of reasons:

    1. Not everywhere accepts Mastercard (see my post #884 above)

    2. I had a message from Monzo one day last week advising me to use another card for that day as their system was down.

    You should never just rely on one card.


    Thanks, so do you think taking Monzo and Starling for most use would be ok? I will also take my main bank cards for backup.
  • eDicky
    eDicky Posts: 6,547
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    bsgbees wrote: »
    The best rate we can find is £1 - €1.01. One bank was offering £1 - €0.96. I feel a bit conned. Is there anyway to boost our money?
    bsgbees wrote: »
    Sorry the rates I gave was from the ATM.
    These outrageous rates are certainly a con, the screen is cleverly worded so that most people will assume that they have to accept, as you did, and even if you decline the ATM often asks a second time. Make sure you select 'Without Conversion' or 'NO' (or 'YES' if you are then being asked if you are sure) and proceed without any further mention of pounds and exchange rates. Conversion is then done by your Clarity card using the MasterCard rate applicable a day or two later when the transaction is settled.
    Evolution, not revolution
  • WAYT
    WAYT Posts: 694 Forumite
    If you want the exact rate you can expect, use this tool...

    https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html

    Unfortunately, it's always a day behind. The rate yesterday was 1.135966

    Of course that is a ridiculous statement. :)

    It just gets updated later in the day UK time. Perhaps 7pm or earlier.
  • eDicky
    eDicky Posts: 6,547
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    Thanks, so do you think taking Monzo and Starling for most use would be ok? I will also take my main bank cards for backup.
    Monzo and Starling Bank are the best (non credit card) choices at the moment. You can top up either instantly at any time with your 'normal' bank debit card.

    Monzo could be topped up (I assume) by the Starling card, and possibly vice versa. But if the same problem of a few days ago recurs, all such fintech products are affected at the same time, so have your 'normal' bank card available. Metro Bank (fee-free in Europe) and Virgin Money Essential current account (fee-free purchases worldwide, £1.50 per ATM withdrawal) will not be affected by the fintech payment processor glitches.
    Evolution, not revolution
  • eDicky wrote: »
    Monzo and Starling Bank are the best (non credit card) choices at the moment. You can top up either instantly at any time with your 'normal' bank debit card.

    Monzo could be topped up (I assume) by the Starling card, and possibly vice versa. But if the same problem of a few days ago recurs, all such fintech products are affected at the same time, so have your 'normal' bank card available. Metro Bank (fee-free in Europe) and Virgin Money Essential current account (fee-free purchases worldwide, £1.50 per ATM withdrawal) will not be affected by the fintech payment processor glitches.


    Thanks eDicky, I was thinking of taking both cards with minimal amounts loaded on and load them from my debit card when I know they are working but was just wondering if one didn't work could I use that to top up the other, thinking about it there is nothing to stop me trying that when I get the Starling card through the post is there?? Will let you know if it works :)
  • I applied for the Monzo card after reading the weekly E mail at the end of June. It arrived by 1st class post the day after I applied, and the initial £100 top up appeared as soon as I registered the card on the app. I've been using it in Spain for the last 2 weeks with no problems at all and topping up is easy and virtually instant via the app. I now see the wisdom of Martin's advice not to have the transaction in £'s, I did a spend the other day of roughly 50euros and was given the option of £'s but went for Euros, when the transaction appeared on the Monzo app the £'s amount was nearly £1.50 less than the conversion on the retailers machine. Many thanks to MSE for the advice
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