Lock in Euro rates?


(Brendan Webster) #1

Hi,

New to Monzo. Just wondered if you can top up the card with Euro’s from a UK account, to lock in a rate?

I got the card thinking this was possible, however cant see how/if it can be done.

Thanks


(Bob) #2

The card is in GBP only. There are no plans to change that.


#3

You would need to get another sort of card like WeSwap

http://swp.to/invite/voz8783


(Alex Sherwood) #4

That’s not quite correct, Monzo will be launching accounts in other currencies (they’re testing EUR & USD at the moment) but only when their international expansion starts, which could be a while yet.


#5

Hey! It’s not possible on Monzo I’m afraid, using Monzo you will get the precise MasterCard rate at the time of clearance. Revolut allows you to lock in a rate because it has different pots for each currency and you get the interbank rate when moving currencies between pots.

Out of interest why do you want to lock in a rate? Are you an ex Revolut user leaving because of their charges and lack of support? The net difference of currency movement is zero so it seems like a non-offering to me, but something that Revolut have popularised.

For me personally using monzo on holiday means I could be a couple of pounds better off or worse off than if the rate was fixed when I set off for the holiday, which i am indifferent to. I found it slightly annoying with Revolut - before I gave up being a user -to go back to the app and move the euros back to pounds after the holiday, and then you can’t be sure if you’re being charged a spread (without deep research into their policies) because of their weird less-than-transparent policy on (higher) weekend rates.

Hope you enjoy your Monzo card!


#6

may be, but if you have regular long term commitments in Euro such as rent or mortgage it is better to have the amount fixed than volatile


#7

You could also get on the short list for a Monese EUR account as it looks like Monzo having a EUR account is a year or two behind them

https://www.monese.com/euro?refcode=7d532f311835


(Brendan Webster) #8

Thanks all. This is the first time ill be taking one of these cards away with me (I prefer cold hard cash). I suppose realistically there ‘should’ only be small fluctuations so the risk is small.


(Alex Sherwood) #9

That’s the thing, unless my budget is so tight that I’d miss out if the rate becomes worse, I save myself the hassle & stick with Monzo.

The rate might get better too :slight_smile: