Best account for travel + everyday use ?

SparkandShine

I have been trying out a few different accounts lately for both travel and everyday spending, and it got me wondering why more banks don’t offer simple things like holding multiple currencies in one place (under one login) while still earning interest on your main current-account balance.

I previously used Revolut, but recently I have been looking at some of the newer digital banks such as iFast Global Bank, Kroo, Chase, etc. A couple of features have genuinely been convenient, such as having several currencies available in one account (one login in iFast case), being able to withdraw money abroad without fees, and earning interest on the day to day balance rather than only through a separate savings pot. It’s a small but useful boost for money that’s just sitting there for bills or weekly spending.

Curious what others are using? Are there any alternatives that work even better?

grumpy_codger

Wise allows different currencies, but why do you want different currencies unless your intention is to gamble with the exchange rates? Do you really withdraw loads of cash?
IMO, it's easier to have a card in £ that doesn't charge for currency exchange abroad and offers cashback on all purchases. My choice - Lloyds Ultra CC for spending, some debit card, e.g. Chase, for cash. For cash you can also use Barclaycard Reward that doesn't charge for cash abroad (if the balance is paid in full). It also pays 0.25% cashback on purchases.

flaneurs_lobster

RBS/NatWest have an optional "Travel Account" linked to your current account/debit card that can hold EUR and*/or USD, you convert to/from your current account as/when needed. Gets round the 2.75% transaction fee that is normally charged on foreign currency xtns & ATM withdrawals.

No real advantage over a proper fee-free card like Chase or Revolut but I guess it's a backup.

* not sure if you can hold both simultaneously.

SparkandShine

grumpy_codger said:

Wise allows different currencies, but why do you want different currencies unless your intention is to gamble with the exchange rates? Do you really withdraw loads of cash?
IMO, it's easier to have a card in £ that doesn't charge for currency exchange abroad and offers cashback on all purchases. My choice - Lloyds Ultra CC for spending, some debit card, e.g. Chase, for cash. For cash you can also use Barclaycard Reward that doesn't charge for cash abroad (if the balance is paid in full). It also pays 0.25% cashback on purchases.

Yeah, I get why some people think multi-currency is just for FX gambling, but for me it’s more about practicality than taking a bet.

I go back to my home town from time to time, and having some HKD ready actually helps because I can just spend directly in HKD on the Visa card instead of relying on whatever FX rate I’d get on the day. Same with EUR when I travel I prefer converting a bit ahead of time so I amnot at the mercy of airport/high street rates. Sometimes I withdraw cash from ATM abroad just in case (and indeed not everywhere is cashless). 

One of the newer banks I am using lets me hold a few currencies in one account and use them directly when I spend abroad, plus the idle balance earns interest while it’s just sitting there before the trip. That combination has turned out really convenient for my situation. For day to day spending in the UK I still use the £ in the same multi-currency account, but having a multi-currency setup in the background just makes travel (and trips home) a lot smoother for me.

Cisco001

General day to day use would be chase for their cashback on supermarket & no oversea fee

If you need multi-currency account, it usually be revolut or wise. But they are not FSCS protected

Natwest travel credit card worth a look. I only use credit card to do these travel booking for the section 75 protection. 1% Cashback on travel agent/ hotel/ ticket booking and no oversea fee.

Lloyds Ultra CC could be another one for its 1% cashback, but cashback only last 12 month

Maegi

flaneurs_lobster said:

RBS/NatWest have an optional "Travel Account" linked to your current account/debit card that can hold EUR and*/or USD, you convert to/from your current account as/when needed. Gets round the 2.75% transaction fee that is normally charged on foreign currency xtns & ATM withdrawals.

No real advantage over a proper fee-free card like Chase or Revolut but I guess it's a backup.

* not sure if you can hold both simultaneously.

The RBS travel account had a very poor rate to buy USD and EUR but that may have changed?

HSBC Global Money is generally a decent rate (not as good as Wise) but has UK FSCS protection and  withdrawals at HSBC ATMs to make it appealing.

TwiceNightly

No the rate is still really bad on the NatWest Travel account!

I've recently been comparing HSBC Global Money against Revolut and there has hardly been any difference in the rate on the occasions that I've tried. I've settled on HSBC as it has all the protections, branches (for now) and whole variety of products compared to Revolut.

jimjames

SparkandShine said:

I have been trying out a few different accounts lately for both travel and everyday spending, and it got me wondering why more banks don’t offer simple things like holding multiple currencies in one place (under one login) while still earning interest on your main current-account balance.

I think the reason is that so few people would actually need it. If it was offered I can see that there would be no interest paid in order to fund the features. I travel quite a lot and just use Halifax Clarity card.

SparkandShine

Cisco001 said:

General day to day use would be chase for their cashback on supermarket & no oversea fee

If you need multi-currency account, it usually be revolut or wise. But they are not FSCS protected

Natwest travel credit card worth a look. I only use credit card to do these travel booking for the section 75 protection. 1% Cashback on travel agent/ hotel/ ticket booking and no oversea fee.

Lloyds Ultra CC could be another one for its 1% cashback, but cashback only last 12 month

Yes for multi-currency I am using iFast Bank they are FSCS protected, they also have a flash promo 1.5% cashback now but only for Dec. I have also just recently applied the Lloyds Ultra CC 1%, realised that they credit CashBack a year later... Didn’t hear about the NatWest travel cc before sounds gd is it user friendly?