Prepaid Travel Cards guide

adindas

I have read somewhere here that Monzo and Starling Bank are own by the same guy.

I understand that Starling Bank has been offering a Mobile Banking Bank account with Zero fee for non sterling transaction which is currently a Beta Version
https://www.starlingbank.com/faq/

But what confuse me is that in Monzo they also mention about their next plan to offer a Bank account.
https://monzo.com/about/

If they are the same institution why Monzo does not just put link to Starling bank Account ? If they are different I prefer to wait for Monzo plan for Bank Account, so I only need install one app instead of two. Too many app in my phone is a waste of memory and space.

Any info / link to answer this question is welcome

WAYT

adindas wrote: »

I have read somewhere here that Monzo and Starling Bank are own by the same guy.

I understand that Starling Bank has been offering a Mobile Banking Bank account with Zero fee for non sterling transaction which is currently a Beta Version
https://www.starlingbank.com/faq/

But what confuse me is that in Monzo they also mention about their next plan to offer a Bank account.
https://monzo.com/about/

If they are the same institution why Monzo does not just put link to Starling bank Account ? If they are different I prefer to wait for Monzo plan for Bank Account, so I only need install one app instead of two. Too many app in my phone is a waste of memory and space.

Any info / link to answer this question is welcome

This will explain it all for you.

In short, they worked together on Bank Possible, then went their separate ways and became rivals.. Bank Possible became Starling. Mondo, the new rival, became Monzo.

WAYT

DeeDog2149 wrote: »

I am flying out on Sunday and worried about carrying cash but, after trawling through these threads, I am torn and even more confused!! Should I bother to get one (I am already with Utilities Warehouse but that option seems risky) and worry that it won't be accepted in bars and restaurants or be anxious that it won't arrive on time? Sorry if this post is going over old ground, but I am not sure about which to go with - if at all!
Many thanks for all your help. (I don't live in London).

It is already Sunday.

If next Sunday. order Monzo via this link and it should arrive mid-week.

eDicky

Last week I topped up my Loot account with £20 and made a couple of euro transactions. I was glad to see that, unlike before, the app updates to the final figure in GBP upon settlement of the transaction. So it took them a while to fix the bug, but finally managed it at some point during the last few months, although the exchange rate on the transaction is not shown (I'm not sure if it was before).

Back in June I was sent a questionnaire, the very first question asking how disappointed I would be if Loot were to close down. I did not find this very confidence inspiring, and there seems to be a continued lack of active promotion of their product, which is actually very good in it's simple and functional way and I hope they can keep going.

eDicky wrote: »

The Loot prepaid debit card and account (provided by Wirecard) may be a new addition to the range of useful travel cards.

There are no fees at all for both UK and overseas use, except £1 per ATM withdrawal after the first two per month free. It gives the MasterCard exchange rate with zero loading. The limits for ATM withdrawal are £250 per day / £3,000 per month / £15,000 annual - more generous currently than other fee-free cards.

It features a sort code and account number and uses Faster Payments for receiving funds from, and sending to, anyone's UK bank account within two hours. I already tried both with small amounts and it works well. Top-up by debit card is planned. The in-app CS chat is quite quick to respond (on weekdays).

I must have installed the Android app sometime last year, then forgot about it when put on a waiting list - maybe there is still one.

https://loot.io/

eDicky wrote: »

A brief update. Loot can now be topped up by debit card as well as by transfer from a UK bank account, and there is no waiting list to sign up. I have used the card in several European and Asian countries and in my experience it works well for purchases and withdrawals.

However, I have to point out that for non-sterling transactions the app does not update the GBP amount on settlement, it remains shown in grey as the authorised/estimated amount at the time of transaction. The CS say that their engineers are working on this bug and the actual account balance is always correct. They can provide a list of the authorisation and settled amounts, with the running balance, but I've noticed that deductions from my balance correspond to neither, being a third figure in between those two. As they say, this 'mishap' in the transaction list for non-sterling payments is taking them some time to rectify, it has been a couple of months since I noticed it and I've not seen any app updates.

So, although the anomalies are only plus or minus a couple of pence or so on the cost of a meal, until they demonstrate that they have the resources to sort this issue out I am not going to recommend this card, except as backup. In all other respects it functions well and would be very useful for travel, so I hope they can fix it. Meanwhile I don't leave any balance on my Loot account, it can be topped up any time by FP or debit card when needed.

kids9698

Hi. I have a prepaid currency card with Sainsbury. They charge £2 a month for inactivity after 18 months. How can I avoid this please? Am I able to cancel the card when I no longer want it. Also, will the existing card be automatically renewed when it expires as I don't want another card. Thanks

eDicky

kids9698 wrote: »

Hi. I have a prepaid currency card with Sainsbury. They charge £2 a month for inactivity after 18 months. How can I avoid this please? Am I able to cancel the card when I no longer want it. Also, will the existing card be automatically renewed when it expires as I don't want another card. Thanks

You can avoid being charged if there is no money on the card for them to take. Try unloading all funds by using it to top-up a different prepaid card - this will be Revolut if your card holds euros or dollars. If it works you can then exchange and transfer the pounds to your bank, or order the Revolut card (£5) and use that next time you travel.

Sammyg

Hi


I am a bit of newbie to this forum and I have been reading with interest about all different card, confusing or what. I have never used a pre paid card and it appears or so I think you get charged somewhere down the line, so saying that it seems that rather then one of these a Metro Bank Debit Card the way to go, as I am going to Cyprus on the 20th Sept and am getting a Clarity Card, as I have used this before and always pay it off in full when I return, and would like a back up plan.


Thus my question is as well as the Calrity Card is the Metro Bank Cebit Card a good bet as well, I assume you have to open a Current Account but to open a Current Account to get their Card are there any rules, any advice greatly received and can you access your account online?

eDicky

Sammyg wrote: »

Hi


I am a bit of newbie to this forum and I have been reading with interest about all different card, confusing or what. I have never used a pre paid card and it appears or so I think you get charged somewhere down the line, so saying that it seems that rather then one of these a Metro Bank Debit Card the way to go, as I am going to Cyprus on the 20th Sept and am getting a Clarity Card, as I have used this before and always pay it off in full when I return, and would like a back up plan.


Thus my question is as well as the Calrity Card is the Metro Bank Cebit Card a good bet as well, I assume you have to open a Current Account but to open a Current Account to get their Card are there any rules, any advice greatly received and can you access your account online?

Metro Bank is fine for Europe, entails the normal checks for opening a bank current account, and has good access online and smartphone app.

But for only occasional travel backup when you already have a clarity card it may be simpler to use Monzo or Loot, which cost nothing and can be used normally in UK also.

Sammyg

eDicky wrote: »

Metro Bank is fine for Europe, entails the normal checks for opening a bank current account, and has good access online and smartphone app.

But for only occasional travel backup when you already have a clarity card it may be simpler to use Monzo or Loot, which cost nothing and can be used normally in UK also.

Thank you so much eDicky, I will have to have a look at those, although having not used pre paid cards I have a couple of questions already. Are they easy to apply for, can you apply for them through this site, and don't they charge you somewhere along the line either for putting money on them, I assume you put it on in sterling and they convert it, but wouldn't they charge then?

WAYT

Sammyg wrote: »

Thank you so much eDicky, I will have to have a look at those, although having not used pre paid cards I have a couple of questions already. Are they easy to apply for, can you apply for them through this site, and don't they charge you somewhere along the line either for putting money on them, I assume you put it on in sterling and they convert it, but wouldn't they charge then?

For Cyprus, get a Metro Bank card. Monzo might introduce ATM withdrawal charges at some point.
Monzo, Loot, Starling Bank are better for worldwide travel.