Revolut - choosing which currency to use

[calisherewecome]

I know im been a bit thick but rather have REVIEWS from fellow Calis beach forum users than reviews from the companies itself:

So do you upload cash onto cards and then in Shops, Bars, Restaurants etc use it like a Debit card (no charges), but dont take currency out of cash machines due to charges.

If i get currency from FX at moment the rate is 11.42tl, what rate is it currently via  Revolut (Similiar) cards?

Any other info you could provide - pro`s/Cons would be appreciated

Thanks in advance
Andy

[KKOB]

Yes, you just load a Revolut card with £s. It's the same with Monzo, Starling, Post Office etc cards that are linked to Mastercard. Then use them just as you would any other debit card making sure you ask for the local currency rate. (Don't use the card to pay in £s when out of the UK).

The current rate on Revolut is 11.85      Monzo is 11.92       

No cons that I've come against. If you've got a good WiFi connection you get an almost instant notification of any transaction and your current remaining balance.

[calisherewecome]

Thanks KKOB so if was to get Monzo card and add £1000 into TL does card top up with TL at the 11.92 rate currently so 11920TL and then spend using TL always

[Fran]

With the wise debit card you choose the currency you want to load and can have more than one. I have TL and pounds but you can have many others. The rate at the moment is 11.8554. I use it in shops, restaurants etc.


Sent from my iPhone using Tapatalk

[KKOB]

Thanks KKOB so if was to get Monzo card and add £1000 into TL does card top up with TL at the 11.92 rate currently so 11920TL and then spend using TL always

It'll obviously depend on the Mastercard rate on the day. Get the card, put your GBP onto it, and then exchange to TRY at whatever the rate is on that day.

Personally, I use Revolut, Monzo and Starling, which are all very easy to obtain, and bank credit cards and keep them separate. That way if one's nicked or doesn't work for some reason, I've got options with the others. They're also very easy to block and to transfer funds from one card to another using the apps.

[calisherewecome]

Thanks to all who replied.

Much appreciated

[KKOB]

Revolut are offering a very good 12.05 while the XE.com rate is currently at 12.09.

[KKOB]

Although the xe.com rate is 12.14 at the moment Revolut are only selling TL today at 11.986.

[hornedfrog]

The reason for the difference is that Revolut adds a markup on weekend currency exchanges. If you trade during the week, it will be much, much closer to the interbank rate. Here's the explanation from the Revolut site:

"The foreign exchange markets are illiquid, effectively closed, between Friday 5pm New York time and Monday 7am Auckland time. Therefore if you transact any FX between these times with Revolut, either changing money between currencies or spending on the card in a currency in which you do not hold a balance, then Revolut has no FX market rate to use. Consequently Revolut takes Friday’s closing rate and applies a markup of 0.5% for currency pairs containing any combination of USD, GBP, EUR, AUD, CAD, NZD, CHF, JPY, SEK, HKD, NOK, SGD, DKK, PLN or MXN, and 1% for any other currency pair. This markup protects Revolut against any market movement when the FX markets reopen on Monday morning."

[KKOB]

Yep. I forgot to point-out that it was the weekend rate.

It's now 12.02 at Revolut compared to the Xe rate of 12.06

Just been looking at the exchange rate for August 2004 when we moved out there. It was a 'record breaking' 2.75 to the £ !