buying euros (1 Viewer)

[ojibway]

I have read all sorts of arguments for/against buying euros before you go, using various methods to gain maximum value for your ££ etc.

Metro Bank are the new boys on the block.

As I understand it you can use your Metro Bank card to make purchases and to withdraw cash in continental Europe at current bank rates without any charges.
Sounds pretty good to me.
Has anyone had any experience and or comments regarding Metro Bank?

 

[JJ]

Don't know about Metro but I do know about Revolut...

Please please please check it out...

Changed my life.

www.revolut.com

JJ

 

[Just smiffy]

Revolut works for us too...

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[Lenny HB]

Metro bank very good, you get the MasterCard exchange rate and no charges in Europe. Even get nice cup of coffee when you go in to open an account. What is very good is you go in to open an account ½ hr later you walk out with account set up, and debit card in hand.

Also have a Revolut account, also very good get interbank rate. Can preload it if advantageous or load it just before withdrawing, can just load with sterling and get the current exchange rate when you withdraw.

 

[EuroTrotters]

I use Revolut to pay my Spanish mortgage

Cheaper than FX

 

[TinaLes]

We just got the Caxton Card as recommended by "Our Bumble" full timers, seemed to make sense to get a pre-loaded card to make withdrawals in EU, and buy as much as possible in cash, to cut down the chance of being charged twice as seem to happen to us twice in Italy. I will check out your recommendations also, as I know we will need a Visa card to pay for a lot of things like Tolls & fuel etc.

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[Langtoftlad]

Tag @JockandRita about Metro Bank - I believe they transferred to them after N+P shut up shop

 

[Khizzie]

We just got the Caxton Card as recommended by "Our Bumble" full timers, seemed to make sense to get a pre-loaded card to make withdrawals in EU, and buy as much as possible in cash, to cut down the chance of being charged twice as seem to happen to us twice in Italy. I will check out your recommendations also, as I know we will need a Visa card to pay for a lot of things like Tolls & fuel etc.

I use a Caxton card with a Halifax Clarity card for backup which doesn't charge fees .Roy

 

[EX51SSS]

I use a Caxton card with a Halifax Clarity card for backup which doesn't charge fees .Roy

Plus one for Clarity. Revolut can be extremely good if you think the euro might go up against the pound. Then you can spend at agood rare. However, if euro went up after you'd bought and losses some, then you'd miss out but it's all a gamble.

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[Shrimp]

Look st Revolut, it's an online bank, top up with GBP, keep an eye on rate-with the app on your phone-will be better than normal-then change into Euros/dollars/or anything else, then just use the master card supplied to spend in what ever currency you need!
You can withdraw cash from atms, the app will remind you of your pin if you need it, & you can see you spend & top up history.
We've both used it for several years now and it's very convenient, the only problem is some of the automatic payment machines in France don't like the card, but it's never been a problem for us & we spend whole chunks of the year in France!

 

[Two on Tour]

We use the Halifax Clarity card as it doesn't charge transaction fees only the bank exchange rate.

 

[JJ]

Plus one for Clarity. Revolut can be extremely good if you think the euro might go up against the pound. Then you can spend at agood rare. However, if euro went up after you'd bought and losses some, then you'd miss out but it's all a gamble.

With great respect, I don't think you have got the Revolut system quite right.

You load your card with sterling from your bank any time you want... No charge.

You can change your sterling into Euros (or Dollars) on the card, anytime you want (at the interbank rate at that moment)... No charge.

You can change it back anytime you want... No charge.

You can use your card to buy anything in well over a hundred different currencies and you get the interbank exchange rate at the moment you make the purchase.

You can use your card at ATM to draw cash in Euros (in the Euro zone), pounds (in the UK), or Dollars (in the US)... no charge.

All operated from your smartphone.


JJ

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[John&Kate]

We have Halifax Clarity. I also like to take some cash with me, there are numberous posts on here where FUN members are having their cards rejected

For Euros in cash i use http://travelmoney.moneysavingexper...-16788700&utm_campaign=nt-hiya&utm_content=17

This shows me the best rates available, in the search results at the top it will always confirm the best rate to be had is using the Halifax Clairty card.

Also have an ASDA Cash card loaded with Euros

 

[sallylillian]

Revolut for all the reasons that JJ says and more; block and unblock your cards from your phone instantly, have a spare card hidden and blocked ready to release in the event of loss of card 1, block certain card features, like mag stripe use, internet purchases etc. Use proximity security, your phone has to be close by when the card is used... and loads more, this is the most innovative banking concept I have ever experienced and if developed to its obvious conclusions will be the new way for all banks. A caveat, I thought it so good I invested at their last round on Seedrs.

 

[Alistair33]

You can use your card at ATM to draw cash in Euros (in the Euro zone), pounds (in the UK), or Dollars (in the US)... no charge.

All operated from your smartphone.


JJ

You for got to mention the small limit in currency / number of times before being charged ?
Or have they dropped that?

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[EX51SSS]

With great respect, I don't think you have got the Revolut system quite right.

You load your card with sterling from your bank any time you want... No charge.

You can change your sterling into Euros (or Dollars) on the card, anytime you want (at the interbank rate at that moment)... No charge.

You can change it back anytime you want... No charge.

You can use your card to buy anything in well over a hundred different currencies and you get the interbank exchange rate at the moment you make the purchase.

You can use your card at ATM to draw cash in Euros (in the Euro zone), pounds (in the UK), or Dollars (in the US)... no charge.

All operated from your smartphone.


JJ

I appreciate that but, say for example, you charged the revolut cars at say €1.15 and the £ went up to say, €1.20 then anything you've put on the revolut has the spending power of €1.15 until it's used or do you load £ 's on it and go with the interbank rate at the time of purchase?
I do appreciate that if you loaded at €1.20 and it fell back to €1.15 then you're on a winner but there are fluctuations in the market and, yes, pick your time to load the revolut cars but it's still a gamble whether the £*goes up or down against any major currency.

Or is my understanding completely wrong?

 

[sallylillian]

You for got to mention the small limit in currency / number of times before being charged ?
Or have they dropped that?

It is a disappointing feature that you can only draw £200 or equivalent per calendar month in cash, but for me not a limitation as I have other accounts that can give me cash. But I tend to use the card as a card at most establishments rather than cash and its charge if you do exceed the ATM limit is still less than many basic bank accounts.

 

[sallylillian]

I appreciate that but, say for example, you charged the revolut cars at say €1.15 and the £ went up to say, €1.20 then anything you've put on the revolut has the spending power of €1.15 until it's used or do you load £ 's on it and go with the interbank rate at the time of purchase?
I do appreciate that if you loaded at €1.20 and it fell back to €1.15 then you're on a winner but there are fluctuations in the market and, yes, pick your time to load the revolut cars but it's still a gamble whether the £*goes up or down against any major currency.

Or is my understanding completely wrong?

In a way you are currency trading. But lets say you are sitting in your armchair at home and the pound shoots up to a level you have not seen for a while, you can immediately buy some and bank the rate. 2 weeks later on holiday you have the benefit. But it is all a gamble to a degree. So for example I have been away for a while and the Euro went as low as 1.08 and as high as 1.14 over that period, so as it started rising I bought a few hundred at 1.12, then a few more at 1.13 then a few more at 1.14. Then it went back to 1.11 but I was still spending at the average of 1.12 to 1.14 from my banked exchanges. This morning its back to 1.1266 on Revolut, so I shall watch it today and maybe buy some if it hits 1.13. So you have to become savvy to the rates you use. When I bought my van in 2015 I forward bought in lumps circa 1.30, but it went to 1.40 am I in tears, no it could have easily gone the other way to 1.20 as it eventually did.

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[joka250]

We changed to Metro a couple of years ago. Friendliest bank we have ever used. Limited number of branches can be a bit of a problem but with internet not too much. Always get a U K call centre if you phone. Branches open long hours 7 days a week. Overseas usage of cards as good as or better than others imho. Not a dog owner but we notice all branches have dog bowls and copious amounts of dog biscuits, always take a few for sister in laws dog, he loves them.
I should add that they call them shops not branches and I don't work for them.

 

[EX51SSS]

In a way you are currency trading. But lets say you are sitting in your armchair at home and the pound shoots up to a level you have not seen for a while, you can immediately buy some and bank the rate. 2 weeks later on holiday you have the benefit. But it is all a gamble to a degree. So for example I have been away for a while and the Euro went as low as 1.08 and as high as 1.14 over that period, so as it started rising I bought a few hundred at 1.12, then a few more at 1.13 then a few more at 1.14. Then it went back to 1.11 but I was still spending at the average of 1.12 to 1.14 from my banked exchanges. This morning its back to 1.1266 on Revolut, so I shall watch it today and maybe buy some if it hits 1.13. So you have to become savvy to the rates you use. When I bought my van in 2015 I forward bought in lumps circa 1.30, but it went to 1.40 am I in tears, no it could have easily gone the other way to 1.20 as it eventually did.

So basically I was right in my assumption

 

[sallylillian]

So basically I was right in my assumption

Yes, I just tried to explain it with a half full approach and an explanation of how to exploit what is a difficult process, for all of us.

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[EX51SSS]

Yes, I just tried to explain it with a half full approach and an explanation of how to exploit what is a difficult process, for all of us.

And of course if you have the time and patience to study the markets to see of its going up or down and then hoping, when you've committed a few hundred to say, €1.15, that it doesn't climb to €1.20, ok bang some more on and if it goes to €1.25, you've lost out but equally if it tumbles, you're on a winner.
However, that's assuming you've got the cash to tie up at a level and hold it (for us at least) for about 8 months.
It goes up, it goes down. It's a gamble and some times you win and some times you lose.
I understand the principle behind it but I don't want to tie up money for ages when I've other things to pay for. I take it as it is at the time whether I go away for 2 weeks or 3 months.
Sometimes I win, sometimes I lose.

 

[sallylillian]

And of course if you have the time and patience to study the markets to see of its going up or down and then hoping, when you've committed a few hundred to say, €1.15, that it doesn't climb to €1.20, ok bang some more on and if it goes to €1.25, you've lost out but equally if it tumbles, you're on a winner.
However, that's assuming you've got the cash to tie up at a level and hold it (for us at least) for about 8 months.
It goes up, it goes down. It's a gamble and some times you win and some times you lose.
I understand the principle behind it but I don't want to tie up money for ages when I've other things to pay for. I take it as it is at the time whether I go away for 2 weeks or 3 months.
Sometimes I win, sometimes I lose.

Revolut gives you another option to your choice which of course is all we had until Revolut. Risk aversion is a managed choice to be respected too.

 

[tacr2man]

If your going to Poland change pounds for Zlotys when you get there, rather than buying in UK .

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[Lenny HB]

We changed to Metro a couple of years ago. Friendliest bank we have ever used. Limited number of branches can be a bit of a problem but with internet not too much. Always get a U K call centre if you phone. Branches open long hours 7 days a week. Overseas usage of cards as good as or better than others imho. Not a dog owner but we notice all branches have dog bowls and copious amounts of dog biscuits, always take a few for sister in laws dog, he loves them.
I should add that they call them shops not branches and I don't work for them.

Agree one of the best banking experiences I've had.

 

[Lenny HB]

In a way you are currency trading. But lets say you are sitting in your armchair at home and the pound shoots up to a level you have not seen for a while, you can immediately buy some and bank the rate. 2 weeks later on holiday you have the benefit. But it is all a gamble to a degree. So for example I have been away for a while and the Euro went as low as 1.08 and as high as 1.14 over that period, so as it started rising I bought a few hundred at 1.12, then a few more at 1.13 then a few more at 1.14. Then it went back to 1.11 but I was still spending at the average of 1.12 to 1.14 from my banked exchanges. This morning its back to 1.1266 on Revolut, so I shall watch it today and maybe buy some if it hits 1.13. So you have to become savvy to the rates you use. When I bought my van in 2015 I forward bought in lumps circa 1.30, but it went to 1.40 am I in tears, no it could have easily gone the other way to 1.20 as it eventually did.

Play your cards right it works well.
We used Revolut to pay the balance on the new Motorhome, only using standard Revolut but used 2 cards to minimise charges. Brought the Euros at an average of 1.18 the day we did the transfer is was 1.16 and the rate was far better than using any of the FX companies. It was only 10k (just difference between trade in) but saved a few hundred quid.

 

[JJ]

So basically I was right in my assumption

www.revolut.com

You can check it out here


JJ

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[MitchandJenny]

Ooooooooh JJ... You are "Down with the kids" mate.
No flies on you.
But you CAN see where they've been ! ! !
Mitch. xx

 

[JJ]

Ooooooooh JJ... You are "Down with the kids" mate.
No flies on you.
But you CAN see where they've been ! ! !
Mitch. xx

Me no understand...

JJ

 

[2657]

Everybody has different needs and if they are happy that's all that matters.

Revolut suits me for many reasons one of the main ones is the conversion is instantaneous at the rate shown, which is the full interbank rate, not a few days later when the various credit cards/banks decide to talk to one another

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