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Virgin money debit card for use in Portugal - used Travelex exchange rate?

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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
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