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Are all zero-fee travel cards equal?
Comments
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I have a Revolut card for a yer now. it is bloody awesome!
But it was better when it was unlimited cashing out. now you are limited to 200£ a month.
but in addition to that, you get IBAN EURO bank account!
highly recommended
Looking at the Revolut forum on their website, people are complaining about the IBAN Euro bank account. Something to do with it being Bank of Lithuania?0 -
I have a Revolut card for a yer now. it is bloody awesome!
But it was better when it was unlimited cashing out. now you are limited to 200£ a month.
but in addition to that, you get IBAN EURO bank account!
highly recommended
If your money is already converted into Euro currency in Revolut, presumably people could use this IBAN number to transfer money to Euro current account such as KBC, Commerz Bank, Credit Agricole Britline ??0 -
Yes, but Revolut can be used this way even without the IBAN, as I've been doing for two years already and often explained here.If your money is already converted into Euro currency in Revolut, presumably people could use this IBAN number to transfer money to Euro current account such as KBC, Commerz Bank, Credit Agricole Britline ??
The recent introduction of a personal IBAN now enables euros to be received from anywhere, previously you could only load them yourself. This is very useful for receiving salary and other euro payments, converting to pounds and withdrawing, etc, with no fees (conversion up to £5k/mth, 0.5% thereafter).
So in this way it's another travel card that's not 'equal'.Evolution, not revolution0 -
In Thailand, there are many bureaux de change that will be better than using a card, as long as you find the right branches, and you are not exchanging obscure currencies like Ghanaian cedi.
In Poland, kantory that do not have ripping off tourists as their business model, usually pay more PLN for euro cash than you would get if you used a fee-free euro card at a cash machine. Furthermore, if you have PLN to exchange to GBP, you can do better than the current interbank rates if you ask for Scottish banknotes and GBP coins (obviously they may not always have them, as they only get them in when Polish or other tourists bring them out of the UK and exchange them).
A few years ago, I sold 2500 euros in Bayswater at ~85p per euro, during standard UK/European banking hours, when the interbank rate was only ~83p per euro. I don't know why they overpaid me, but the interbank rate went up to ~86p the next day, so they didn't actually lose out.0 -
Furthermore, if you have PLN to exchange to GBP, you can do better than the current interbank rates if you ask for Scottish banknotes and GBP coins (obviously they may not always have them, as they only get them in when Polish or other tourists bring them out of the UK and exchange them).
I can imagine that that might also apply in the coming months where places are stuck with old £5 notes or the soon-to-be old £10 notes. In Vietnam they don't like torn or marked notes. I got to know a bureau-de-change particularly well, and would often take torn/marked UK bank notes off their hands to help them out.0 -
In Thailand, there are many bureaux de change that will be better than using a card, as long as you find the right branches, and you are not exchanging obscure currencies like Ghanaian cedi.
I think this is because in Thailand any Cash machine will charge 200-300 Baht for each withdrawal. There is also daily limit in the card so people cannot minimize the impact by withdrawing large sum of cash in one go.In Poland, kantory that do not have ripping off tourists as their business model, usually pay more PLN for euro cash than you would get if you used a fee-free euro card at a cash machine.
Is the exchanged involved a few grands of or about the daily withdrawal limit of the Zero fee debit / credit card (say £300- £500) ?? If not then the comparison is not like for like.
It is not uncommon that money broker that also work as a big money changer that people use to wire reasonable amount of money abroad could beat Master / Visa global exchange rate.Furthermore, if you have PLN to exchange to GBP, you can do better than the current interbank rates if you ask for Scottish banknotes and GBP coins (obviously they may not always have them, as they only get them in when Polish or other tourists bring them out of the UK and exchange them).
Good to know this but I think, not many ordinary people/tourists are happy to carry large quantity of coins or Scottish bank note.A few years ago, I sold 2500 euros in Bayswater at ~85p per euro, during standard UK/European banking hours, when the interbank rate was only ~83p per euro. I don't know why they overpaid me, but the interbank rate went up to ~86p the next day, so they didn't actually lose out.
When a few thousand pounds involved, it is possible to find a better exchange rate then Visa / Master card in a large money changer which is also work as global money brokers. This is especially true if people are doing their desk job prior to doing the exchange. I remember this is also the suggestion from MSE in their articles about exchanging reasonable amount of currency or wiring money abroad.
But when people are using their card to withdraw cash when traveling the sum is limited to about £300-£500.0 -
Yes, but Revolut can be used this way even without the IBAN, as I've been doing for two years already and often explained here.
The recent introduction of a personal IBAN now enables euros to be received from anywhere, previously you could only load them yourself. This is very useful for receiving salary and other euro payments, converting to pounds and withdrawing, etc, with no fees (conversion up to £5k/mth, 0.5% thereafter).
So in this way it's another travel card that's not 'equal'.
I managed to open Euro current account with KBC bank account. I have not got experience to load a Euro account before. What is the best way to do that to avoid a pitfall.0 -
No, except in rare local circumstances. Money changers' revenue comes from putting a buy or sell margin on the mid-market rate, whereas Visa and MasterCard don't significantly do so.When a few thousand pounds involved, it is possible to find a better exchange rate then Visa / Master card in a large money changer which is also work as global money brokers.
After adding pounds to your Revolut GBP balance, convert to euros when you are happy with the rate and on a weekday when there is no spread from the interbank rate. Then transfer them to your KBC account.I managed to open Euro current account with KBC bank account. I have not got experience to load a Euro account before. What is the best way to do that to avoid a pitfall.Evolution, not revolution0 -
After adding pounds to your Revolut GBP balance, convert to euros when you are happy with the rate and on a weekday when there is no spread from the interbank rate. Then transfer them to your KBC account.
Thanks for the head up. Since I got confirmation that my KBC is open. I have been trying to fund my KBC account from my Revolut.
I already got some Euro left over in my Revolut account.
- I open Revolut
- Press Double side Aroor to set up to choose transfer option which is "to bank account".
- I set up beneficiary using the IBAN and BIC number whhc is coming with my KBC account.
- After setting up, I start to fund the account. I choose Euro account the amount is EUR 1.
- Add reference I use KBC
- There is a button to press 2 Continue" but it does allow me to go any further ?? The Button is greyed. I have been trying this multiple time, still does not work
Did you encounter the same problem ? Do you have any suggestion to make it work ? Thanks0 -
It sounds like you haven't completely filled in all the necessary details. The 'Continue' button doesn't become active until everything is entered. For the new beneficiary transfer type, did you choose "To myself"? Then there is less to enter, otherwise they need the beneficiary's address etc. If you think everything is correct and 'Continue' is still greyed you can ask on the support chat, they can check what's wrong hopefully.Did you encounter the same problem ? Do you have any suggestion to make it work ? ThanksEvolution, not revolution0
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