Has anybody else used "Revolut" for foreign payments? I downloaded the app a couple of months ago, loaded a hundred quid onto it, verified my identity, then ordered a physical card, very easy to set up. My first two online purchases failed, the Revolut helpdesk told me that I needed to exit the app and sign in again to update the CVV on the virtual card shown in the app, this had changed when the physical card was issued. Third time lucky, I purchased a Cambodian e-visa online for 40 US dollars, Revolut charged me £30.31 which was just about the interbank mid market rate shown by XE at the time, no foreign currency fees or commissions. Beats any other payment method I have, seems like a winner.
The cost is the advantage, even Caxton FX type cards charge about 2.75% commission on the FX rate, if I had used my Citibank card there would have been a 3% charge, other cards can be even more expensive. Looking in the app you can see their current exchange rate, 1 GBP = 1.3237 USD 1 GBP = 1.1766 EUR 1 GBP = 62.7993 PHP Compare with XE.com currently showing interbank mid point: 1.32378 USD 1.17672 EUR 62.82069 PHP 3% might not seem much, but on larger purchases it can be significant.
As I have said before I prefer to find a decent money changer rather than using cards or ATM's, but that is not possible for online purchases. On a £700 airline ticket charged in USD, Revolut would save about £21. The physical card can also be used in ATM's but there is a 2% charge on any ATM withdrawals over £500 per month, and of course any local ATM charges.
As you say you're going to have to spend a bob or two to save, unfortunately I'm far to lazy for that and would use a regular credit card
I had one of those travelcash cards. I think I used it once while overseas. Let it lapse now. Usually I just stick my UK bank card in the Phils ATM. Can't be arsed to muck about to save a couple of quid. I'm just relieved when the ATM pays out and doesn't swallow the card. Credit card is used for bigger items where I want to be covered by their 'insurance'... or for Amazon.
Its very rare I use a card to withdraw cash from an ATM whilst overseas, like you say you have that nervy 20 seconds or so waiting and wondering will it or wont it swallow my card I will only use a credit card to pay hotel bills or at an outlet that I think I can trust. Pre payment cards too have their place, I'd feel better about wondering the streets of Manila with one of those in my pocket compared with a credit card, personal choice I suppose, whatever suits the individual.
I invoice all my expenses and guess on the topside of any credit card charges. Basically I use the XE currency website and stick a couple of quid on each transaction to cover, I don't submit the exchange rate I have used on the expense breakdown. Probably like you I do not know exactly what the credit card company is going to charge me until I get the monthly statement by which time I have already submitted my invoice, in most cases at least.
One question @Dave_E with a prepaid card can it be credited for example if you overpaid a hotel and they want to reimburse you?
