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  • FIRST POST
    • Mikkelzzz3
    • By Mikkelzzz3 10th Sep 17, 5:09 PM
    • 9Posts
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    Mikkelzzz3
    Travel specialist card vs National card
    • #1
    • 10th Sep 17, 5:09 PM
    Travel specialist card vs National card 10th Sep 17 at 5:09 PM
    Hi all. I have the Aqua Reward card. I go to Denmark once a month, where I also have a debit card issued by a danish bank, and the currency in crowns.

    I usually have most of my funds here in UK, but so far I have always just used my danish card when in Denmark.

    Considering I won't withdraw any money, would the Aqua Reward card give me the exact same price as using my danish card?
Page 1
    • zx81
    • By zx81 10th Sep 17, 5:11 PM
    • 13,187 Posts
    • 13,501 Thanks
    zx81
    • #2
    • 10th Sep 17, 5:11 PM
    • #2
    • 10th Sep 17, 5:11 PM
    It will give you the Mastercard exchange rate, with no fees.
    • Mikkelzzz3
    • By Mikkelzzz3 10th Sep 17, 5:45 PM
    • 9 Posts
    • 2 Thanks
    Mikkelzzz3
    • #3
    • 10th Sep 17, 5:45 PM
    • #3
    • 10th Sep 17, 5:45 PM
    Okay. So I suppose using my danish card is better. According to mastercard online currency converter, 1000 dkk would get me, 123,66£.

    Using my danish banks currency converter 123,66£ would get me 1109,13 dkk.

    1000 dkk is 111,49£, so the mastercard is noticeable more expensive costing 12.17£ more. So Mastercard charges 10.91578% commissions. Stunningly high.

    I would not have expected the difference this big, as I thought with a 0% credit card, and Mastercards "low" exchange rate, should give me the perfect conversion rate.

    Thanks for reminding me that it uses the mastercard exchange.
    Last edited by Mikkelzzz3; 10-09-2017 at 6:44 PM.
    • bigadaj
    • By bigadaj 10th Sep 17, 6:09 PM
    • 9,989 Posts
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    bigadaj
    • #4
    • 10th Sep 17, 6:09 PM
    • #4
    • 10th Sep 17, 6:09 PM
    Your calculations don't sound right, there may be a difference but it would be nowhere near that high.
    • Mikkelzzz3
    • By Mikkelzzz3 10th Sep 17, 6:29 PM
    • 9 Posts
    • 2 Thanks
    Mikkelzzz3
    • #5
    • 10th Sep 17, 6:29 PM
    • #5
    • 10th Sep 17, 6:29 PM
    I am definitely right though.

    1: went to Mastercard currency converter, typed 1000 dkk, and it showed me what I would get in pound.

    2: Then I went to my danish banks currency converter, and typed in the same amount of pound Mastercard showed, and it showed me the 1109 dkk for the same amount of pound.,

    So my calculations are right.
    • Nebulous2
    • By Nebulous2 10th Sep 17, 8:24 PM
    • 1,571 Posts
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    Nebulous2
    • #6
    • 10th Sep 17, 8:24 PM
    • #6
    • 10th Sep 17, 8:24 PM
    You can't possibly be right - unless your bank is trading currency at a significant loss. Mastercard rate gives 1000 kroner for £123.66, as you said.

    The mid-market forex rate, which no-one actually gets, is 1000 kroner for £122.60 Less than that is not likely to be possible without breaking the bank.

    What you must be looking at with your bank is how many kroner they want to give you £123.66, which is something quite different.
    • bigadaj
    • By bigadaj 10th Sep 17, 8:30 PM
    • 9,989 Posts
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    bigadaj
    • #7
    • 10th Sep 17, 8:30 PM
    • #7
    • 10th Sep 17, 8:30 PM
    I am definitely right though.

    1: went to Mastercard currency converter, typed 1000 dkk, and it showed me what I would get in pound.

    2: Then I went to my danish banks currency converter, and typed in the same amount of pound Mastercard showed, and it showed me the 1109 dkk for the same amount of pound.,

    So my calculations are right.
    Originally posted by Mikkelzzz3
    Danske bank calculator shows very much the opposite, are you calculating the inverse somewhere?
    • eDicky
    • By eDicky 11th Sep 17, 1:51 AM
    • 2,792 Posts
    • 1,212 Thanks
    eDicky
    • #8
    • 11th Sep 17, 1:51 AM
    • #8
    • 11th Sep 17, 1:51 AM
    I am definitely right though.
    Originally posted by Mikkelzzz3
    Obviously not, but you need to give a link to the Danish bank's currency calculator and other details for us to see why.

    Is the source of the DKK on your debit card Danish, or transferred from a GBP account? If the latter, how transferred?
    • Roger1
    • By Roger1 11th Sep 17, 9:14 AM
    • 1,287 Posts
    • 562 Thanks
    Roger1
    • #9
    • 11th Sep 17, 9:14 AM
    • #9
    • 11th Sep 17, 9:14 AM
    i don't follow the OP's theory, but using MSE's Travelmoneymax @ 08:59 this morning, I get these results for spending 1,000 DKK:
    • £117.54 using Nationwide FlexPlus Visa debit card for cash in ATM
    • £117.54 with Nationwide Select Visa credit card purchase
    • £122.77 with Halifax Clarity MC credit card purchase
    • £122.77 with Santander Zero MC credit card purchase
    • £122.77 using Aqua Reward MC credit card purchase

    On this limited example, Visa beats MC, but FlexPlus may not be available to everybody.

    Aqua Reward beats the other MasterCards as it earns 0.5% cashbasck.
    • SnowTiger
    • By SnowTiger 11th Sep 17, 9:37 AM
    • 3,036 Posts
    • 2,000 Thanks
    SnowTiger
    i don't follow the OP's theory, but using MSE's Travelmoneymax @ 08:59 this morning, I get these results for spending 1,000 DKK:
    • £117.54 using Nationwide FlexPlus Visa debit card for cash in ATM
    • £117.54 with Nationwide Select Visa credit card purchase
    • £122.77 with Halifax Clarity MC credit card purchase
    • £122.77 with Santander Zero MC credit card purchase
    • £122.77 using Aqua Reward MC credit card purchase

    On this limited example, Visa beats MC, but FlexPlus may not be available to everybody.

    Aqua Reward beats the other MasterCards as it earns 0.5% cashbasck.
    Originally posted by Roger1
    Are those figures from the app? I couldn't find them at http://travelmoney.moneysavingexpert.com/, which suggests Halifax's Clarity as the best card.

    Visa's exchange rate for Danish Krone yesterday would have bought 1,000 Danish Krone for £123.69.
    • Roger1
    • By Roger1 11th Sep 17, 9:44 AM
    • 1,287 Posts
    • 562 Thanks
    Roger1
    Are those figures from the app?
    Originally posted by SnowTiger
    Yes, on my mobile.
    • zerog
    • By zerog 11th Sep 17, 10:14 AM
    • 2,264 Posts
    • 760 Thanks
    zerog
    I am definitely right though.

    1: went to Mastercard currency converter, typed 1000 dkk, and it showed me what I would get in pound.

    2: Then I went to my danish banks currency converter, and typed in the same amount of pound Mastercard showed, and it showed me the 1109 dkk for the same amount of pound.,

    So my calculations are right.
    Originally posted by Mikkelzzz3
    Your calculations may be right but your understanding of the numbers you are seeing is completely wrong.

    1. The Mastercard site shows how much you would pay in GBP when you spend in DKK. So, if you buy something for 1000 DKK in Denmark and pay with your UK card, you will be charged £123.66.

    2. The Danske Bank site shows how much you would pay in DKK when you spend in GBP. So, if you buy something for £123.66 in the UK and pay with your Danish card, you will be charged 1109 DKK.


    That sounds about right to me. Scandinavian banks are raking it in with their crap exchange rates.

    All those people living in Malmö and commuting to Copenhagen are losing so much money on exchange rates if they don't pay attention. And this is part of the reason why the banks (at least in Sweden) are anti-cash - they love getting all this extra money from nowhere.

    If you have 75000 DKK and you want to convert it to SEK, by far the cheapest way to do it is to book a low cost flight to Gdansk in Poland and exchange cash. The only problem is that your Swedish bank will probably fire you as a customer for trying to deposit more cash than they usually get in a month.

    In fact if you get a cheap enough flight, it will be cheaper to fly all the way to Thailand and exchange cash there, than going to the scam artists known as Forex Bank.

    Back on topic, the general rule if you have accounts in several countries which all have money in them, is to always spend in the same currency! Only when you don't have enough (or predict that you don't have enough) of one currency, then you consider converting - unless you live in Thailand and enjoy spending your day queueing at a currency exchange to crystallise gains in the rate.
    Last edited by zerog; 11-09-2017 at 10:17 AM.
    • PeacefulWaters
    • By PeacefulWaters 11th Sep 17, 10:40 AM
    • 6,854 Posts
    • 8,441 Thanks
    PeacefulWaters
    I am definitely right though.

    1: went to Mastercard currency converter, typed 1000 dkk, and it showed me what I would get in pound.

    2: Then I went to my danish banks currency converter, and typed in the same amount of pound Mastercard showed, and it showed me the 1109 dkk for the same amount of pound.,

    So my calculations are right.
    Originally posted by Mikkelzzz3
    you are definitely arrogant.
    • bigadaj
    • By bigadaj 11th Sep 17, 5:41 PM
    • 9,989 Posts
    • 6,388 Thanks
    bigadaj
    you are definitely arrogant.
    Originally posted by PeacefulWaters
    He's definitely something.....
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