Virgin Money Debit Card - Uses Travelex Exchange rate - is it cost effective?

Rich1234a

Hi,

My bank has recently been taken over by Virgin Money and I now I have a new virgin debit card.  I spoke to them and it is charge free for buying things and also it is charge free for withdrawals.  They say they use Travelexs exchange rate when you use it, my question is, is this a cost effective way to spend / withdraw money versus exchanging money and taking cash?  Thanks in advance, Rich

eDicky

Rich1234a said:

They say they use Travelexs exchange rate when you use it,

They are mistaken, or perhaps you misheard. The MasterCard exchange rate is used, without markup. It's ideal, forget about exchanging cash, a mug's game.

Rich1234a

Many thanks for your reply.  A member of virgin money staff told me over live chat whilst logged on to my account.  I have the transcript.

Okay that’s reassuring thanks & easier than changing the cash. 

StuieUK34

i got same bank...
in short, withdraw cash for what u need, but use the chip&pin and pay in local currency if prompted on the card reader....
lot easier...
I dont use my virgin card, as i got the MBNA horizon card, but overall, u are better off using the card, just as eDicky says