I travel quite often and love to use my Monzo card out and about. I still use the ‘old fashioned’ cash for the majority portion of my spending money, as it’s a guaranteed rate that I’ve purchased it at.
I’ve often thought of better ways this could be done via Monzo. We all know the rate changes -all- the time, and can vary for many different reasons.
I think it would be a great feature addition to have a fixed rate.
Customer would see a fixed rate advertised by Monzo for their desired currency, knowing they intend to use their card on vacation/business in another country.
Customer locks in their dates and agrees with a rate they’re happy with.
Whenever a customer uses the card in the country they’re in, they only get charged the rate that they have previously agreed. Maybe this is protected to a certain point or percentage if the rate changes in the favour of the customer whilst there?
I’ve never seen this anywhere else, and I may be overlooking some crucial issues as to why. What do you think?
