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

Rich1234a
Rich1234a Posts: 49 Forumite
First Anniversary First Post Combo Breaker
edited 6 September 2021 at 2:06PM in Flights, currency & car hire
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

Comments

  • eDicky
    eDicky Posts: 6,564 Forumite
    First Anniversary Name Dropper First Post
    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.
    Evolution, not revolution
  • 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
    StuieUK34 Posts: 2,098 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    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 :)
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