Paypal Moneypool

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davep12345
davep12345 Posts: 35 Forumite
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in Overseas holidays & travel planning
Hi All

This Summer 3 families are holidaying together in France, I was thinking of setting up a paypal moneypool for joint spending whilst in France

Can anybody who has used Paypal Moneypool please respond as I need to know can a debit card be linked to a money pool so we can easily spend the pooled money.

I have a spare monzo card which I could link to money pool if possible.

Any other options to suit this scenario, I'd be interested in hearing about it please.

Thanks

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  • Voyager2002
    Voyager2002 Posts: 15,285 Forumite
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    I had never heard of "Moneypool" before, but I do know that Paypal exchange rates are excessive. Maybe get a good prepaid card so that everyone can contribute?
  • eDicky
    eDicky Posts: 6,574 Forumite
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    It's something that I also had never heard of, and a quick look shows it to be unsuitable. No card for common use of the collected funds is provided by PayPal and no way to 'attach' some external card. Fees are involved in currency conversion.

    The idea of pooling money for collective use is probably impractical anyway, there could be untold complications, perhaps a good recipe for wrecking holiday harmony and relaxation.

    What do you mean by a 'spare' Monzo card? It's a bank account that's ideal for foreign travel. If everyone opens a Monzo account, and I think £5 can be earned each time by referring each other, they can be used for fee free spending in euros and amounts can be sent to each other instantly for sharing bills etc.
    Evolution, not revolution
  • davep12345
    davep12345 Posts: 35 Forumite
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    Thanks E dicky,

    Since my 1st post I have set up the money pool in paypal, & linked the monzo card to the money pool.
    What I meant was I have a spare monzo personal account/card. As it not used for anything I can dedicate it for the France trip.

    So now all people can add funds via the money pool to be used by monzo card.
    shame multiple cards cannot be ordered for 1 account with monzo.
  • budgetflyer
    budgetflyer Posts: 5,949 Forumite
    edited 21 June 2019 at 9:13PM
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    The problem may be Monzo's free cash withdrawal limits abroad. If you could link a Starling account it may work better
    Personally, I wouldn't put large amounts of money in to PayPal. I just don't trust them. Too often customers are locked out their accounts due to "fraud prevention" actions. It happened to me, for no justifiable reason.
    I'm pretty sure the same pool could be set up to transfer funds by bank transfer in to Monzo or Starling
  • eDicky
    eDicky Posts: 6,574 Forumite
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    davep12345 wrote: »
    So now all people can add funds via the money pool to be used by monzo card.
    Wouldn't it be simpler if they just send funds directly to your Monzo account, without involving PayPal..?
    Evolution, not revolution
  • mattyprice4004
    mattyprice4004 Posts: 7,492 Forumite
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    budgetflyer wrote: »
    The problem may be Monzo's free cash withdrawal limits abroad. If you could link a Starling account it may work better
    Personally, I wouldn't put large amounts of money in to PayPal. I just don't trust them. Too often customers are locked out their accounts due to "fraud prevention" actions. It happened to me, for no justifiable reason.
    I'm pretty sure the same pool could be set up to transfer funds by bank transfer in to Monzo or Starling

    I wouldn’t panic too much, I’ve taken a good £2m through PayPal and no issues to date.
    I’d rather they were hot on fraud to protect the rest of us :)
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