Buying foreign currency with Monzo

Legacy_user

Would like to buy foreign currency (from Tesco) and I want to pay with my Monzo card. but will that be considered a cash withdrawl? Am I then stuck with not being able to withdraw more than £200 (per 30 days) and wont be able to withdraw cash while abroad? What is the deal with this?

Enterprise_1701C

It almost certainly will be. I say that because I have a Tesco CC and one of the advantages of having that is they specifically say that foreign currency purchased with it would NOT be counted as a cash withdrawal, almost certainly meaning that if you use any other CC it would be.

System

That's a bit annoying but OK.

System

Using my curve card (with an underlying debit card) I assume will not be a problem?

System

Well it doesn't seem to work with my Curve card. Keeps being rejected. Alas I don't have access to the underlying card (It's at home). Annoying. Need to order this now for pickup tomorrow.

eDicky

Why don't you just use your Monzo card directly to pay for purchases/services while overseas?

Any cash that you do need, above the £200 monthly fee free withdrawal limit, will still be cheaper to withdraw with your Monzo card at 3% than buying foreign cash at Tesco.

System

eDicky wrote: »

Why don't you just use your Monzo card directly to pay for purchases/services while overseas?

Any cash that you do need, above the £200 monthly fee free withdrawal limit, will still be cheaper to withdraw with your Monzo card at 3% than buying foreign cash at Tesco.

I intend to use my Monzo card directly where and when I can. But I still think it's prudent to carry a bit of cash for emergencies while abroad. And I want to arrive with it. Not rely on pulling it out of a spanish ATM at 1AM when we arrive and the kids are crying etc etc. It definitely wont be cheaper withdrawing cash at 3% (above the £200 limit) than getting from tesco. Not even close.

eDicky

beany_bot wrote: »

It definitely wont be cheaper withdrawing cash at 3% (above the £200 limit) than getting from tesco. Not even close.

Have you compared the Tesco exchange to the current mid-market, which will be roughly equivalent to Monzo's MasterCard rate? What's the margin, less than 3%?

If you happen to be flying from Stansted, Southend or Gatwick, there's another solution I could explain

System

eDicky wrote: »

Have you compared the Tesco exchange to the current mid-market, which will be roughly equivalent to Monzo's MasterCard rate? What's the margin, less than 3%?

If you happen to be flying from Stansted, Southend or Gatwick, there's another solution I could explain

Yes, less than 3%.
Flying from EDI sadly.

£200 limits on these modern "future of banking" cards is starting to show it's annoyance. £200 cash withdrawal every 30 days Monzo?? Really? It's literally my own money I've loaded on the card. And for Curve. £200 limit a day... of my own money, in the UK. Also ridiculous. This isn't 1994.

eskbanker

beany_bot wrote: »

£200 limits on these modern "future of banking" cards is starting to show it's annoyance. £200 cash withdrawal every 30 days Monzo?? Really? It's literally my own money I've loaded on the card. And for Curve. £200 limit a day... of my own money, in the UK. Also ridiculous. This isn't 1994.

....which is why cash use continues to decline steadily!

System

eskbanker wrote: »

....which is why cash use continues to decline steadily!

Indeed. I haven't used cash in years.
However. Would you travel to a foreign country with literally no cash in your back pocket for emergencies? I'm not chancing it with kids and a pregnant wife.