Really? I never got charged anything like that whenever I’ve been there.
TBF I rarely take cash out abroad.
Monzo have an allowance for free cash abroad, and Starling has no fees at all.
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I think there is a bit of a danger of throwing the baby out with the bath water here.
I might be an exception to the rule, but a decent amount of my regular spend is in supermarkets (food, household toiletries etc, all adds up). I admit my average Apple invoice is higher than my average Tesco shop, but they occur a lot less often. Given the account is free, I’m not really sure it’s a major hassle to keep it open with a standing order moving the money over.
Looking at the other options for cashback:
Free AmEx only offers the same 1% after £10k and there are still some limits on acceptance.
NatWest rewards offers a similar proposition 1% back on supermarket spend. Yes you get 0.25% elsewhere, but that is a pretty low rate.
Santander Edge requires £3 monthly fee for cashback of only 1%.
Most other cashback cards are 0.25%
I wasn’t aware the Santander Edge current account gave cashback on debit card transactions. But then I don’t pay the fee, so don’t get any cashback on that account anyway. It is purely for access to their 7% savings account, now 6%.
Isolated yes. But there is also a higher interest savings account and the 1% includes a few larger Direct Debits that Chase wouldn’t give 1% cashback on.
So it can be more effective there even with the fee.
It doesn’t have to be an either or.
I have all four of those accounts.
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