Revolute card

[Dancinginthelight]

Can someone please explain this to me like I’m an idiot.

We are going to France this month to take the kids to Disney. All the groups are suggesting using a card like this instead of our normal UK bank accounts.

Why? How?

Idk about Revolut but I use Chase when I'm travelling because I can pay with my phone and it doesn't charge transaction fees, so I don't have to carry cash.
You can have a look at the moneysavingexpert pages on travelling and money for information.

I've had one for years.

You have a card and download the app. You transfer money from your bank account via the app to your card. You use it like a debit card.

It depends on which bank you're with as to whether you get fees for using your card abroad/making purchases abroad.

I'm with nationwide and we just use our normal debit and credit cards abroad as we don't get extra fees for foreign transactions

You just put money on it like a reverse credit card
Get the app and apply , it's very easy . You can put it on your Apple Pay

I have a revolut account. You can transfer £ into € and set the € account as the default. You pay to transfer at the standard exchange rate and no extra fees, then transfer any left over back to £ at the end of the holiday.

Where is a charge I believe if you transfer over a weekend, but I dont know what it is as I didn't do it. You get a virtual card added to your phones wallet and just choose that to pay with.

I found it cheaper than using my normal bank card.

I’m with NatWest.

It states there is no transaction fee but a 2.7% fee if withdrawing funds.

Presumably resolute is pointless for me then?

Revolut doesn't charge exchange fees, it has a good exchange rate and you can withdraw up to £250 without withdrawal fees. (Although I'd double check that).

It costs about 20 Euros for a replacement card which takes a couple of days and people can only steal what's on the card - which you can transfer back to your account.

I have Starling (as does hubster) ... I believe it's the same thing.

It was recommended by a friend, who, like us spends a lot of time abroad. Others have recommended Wise (who I believe charge a small fee).

Basically, we transfer money from UK account to our Starling account then just pay for everything with our card, in any currency. Had a small issue in Caribbean, as couldn't pay in local currency, USD instead - fine. A good thing is you can limit what is on your card in case it gets stolen or lost, whereas if you have an overdraft on your main bank account...

Also you can, alongside your card open savings accounts. I did it for a 1 year fixed term and got a good deal.

My euro exchange rate today was 1.1986 to the £. I don't get charged any fees. The rate at the local exchange was 1.16.

We have said, many times, why didn't we fo thus ages ago? It's really a no brainer. Just check rates and fees to choose the best one.

Depends on the rate of exchange I presume. Iltbe 'no transaction fee' can be a red herring.

https://www.moneysavingexpert.com/credit-cards/travel-credit-cards/
This is the page I was talking about. It lets you tell it what card you have and tells you if it's good to travel with

I have a Revolut card and love it. You open a GBP account and you can transfer money from your normal current account / Apple Pay and then once it's in your account you can transfer it into euros or any other currency. You can have a real or virtual card (or both)
You can also bill split, so if you go out for dinner and someone has Revolut that just pay it straight over. It's absolutely brilliant, I can't recommend enough

I have had a revolut card for nearly five years and it has been brilliant. It is a pre-payment card. Using it abroad, even in non-European countries could not be easier. I like the security settings and when I am abroad I put additional restrictions on. However, there are lots of cards which offer similar advantages now.

I have both Revolut and Starling. I only got Revolut recently, just because all my friends use it and it’s great for paying people quickly and bill splitting (basically seems to be replacing PayPal). We’re in the EU, so it’s very handy. With Revolut there’s a savings account option you can slush funds between. With Starling their main gbp account pays decent interest.

You can also open a kid’s account via the Revolut app; my son has his pocket money paid in there. I love the disposable one-time card number, which is great for ordering online for eg from a website overseas or one you’ve not used before.

I don't understand the point of Revolut unless you actually want to transfer currency to overseas accounts. Plus there are charges and most other accounts are free or even earn you cashback and most are app based and very quick and easy to open.

The market has developed somewhat since they started and now there's several standard bank accounts that let you spend overseas without paying an exchange rate loading like you would with Natwest or transaction fees. Worst case scenario is a card that charges a per use fee and you pay extra for every last coffee, ice cream etc that you buy.

Have a look at the MSE link above. I think Chase is the preferred one due to the cashback but Starling, Kroo and Monzo are also good (I have Kroo and earn about 4% interest on the money I keep in there so it's a hybrid spending/savings account). There's also 'normal' banks like Nationwide and Santander at least that don't charge for overseas use.