There didn’t seem to be a dedicated thread for this bank so here it is.
If you have an account, how long did it take for their verification to be completed? I used my passport as a 1st piece of ID, and then driving licence as proof of address, but they didn’t seem to like that and kept asking for proof of address. I then uploaded a utility bill, that was about a week ago and it’s still showing that it’s being reviewed. I’m wondering what timelines are normal for them.
They asked me for proof of address too, I sent them a bank statement of an account I don’t really use. They then approved my account in about 2 days.
What is nice about these? Any photos of their cards so that I see if they can make it to my collection?
Well it’s an EU bank account and the card has a Maltese BIN. It should allow you to withdraw cash in EU countries either for free or cheaper.
Going to order me one, thanks.
Black will do for me.
Gonna get myself that card. Looks nice!
They first rejected my ID and address. I had to upload passport and bill again. Now approved
Mine is still under review.
I uploaded passport and Bill at 2am today. They emailed at 8 approving.
Ordered card, added to Apple wallet no issues.
I have sent €5 from Wise and was delivered immediately. Too bad I had not yet downloaded the app, not sure iff notifications work or if @Carlo1460’s much needed vibrations are there.
Does anyone know for sure if MeDirect does a hard search or soft search when applying for an account?
It’s an overseas domiciled account so it won’t do any search on your Uk credit file.
I finally received my physical card today. Ordered on 28/08 so 7 days is pretty good.
I wanted this account because I noticed at some places in Europe I’m charged a fee for using a non EU card (Denmark is my beloved). I misread and thought that there was no FX fee and naively assumed interbank rates, but you need to have the currency beforehand. You can’t transfer in other currencies through SEPA of course. So your left converting at their “low compared to other bank” fees. I haven’t checked the spread yet but I’m going to assume it’s not worthwhile.
The account itself looks relatively plain, ish. It has some nice features like virtual cards and geo blocking! Also has investments and the card is feee to order to the UK which is nice.
If anyone has any questions I’m happy to answer. Just another number for my portfolio at this point lol
They claimed here that they do not charge any fx fee. Their fee information document also mentions they use the Mastercard rate.
Hello mate. Thanks for your message. I’m left a bit confused then.
Seeing: https://www.medirect.com.mt/wp-content/uploads/MeDirect-Fee-Information-Document.pdf
If I read this, aren’t they adding 1.5% markup?
I did a $1 transaction and it came out at €0.87. Seems online rates are between €0.86-€0.87 for MC transactions. Although at such a low denomination it’s probably not going to be visible…
You can’t transfer in other currencies through SEPA of course
My understanding (but need to check) is that both Revolut UK and Wise UK support SEPA transfer both ways and without fee or very low fee.
In your case, you hold/transfer in GBP in your Revolut/Wise account, you would exchange GBP to EUR inside Revolut/Wise (so at better fx rate than MeDirect), then you would SEPA transfer EUR at low/no cost to MeDirect so you could use your MeDirect card in eurozone.
Hello mate
Yes this is what I do via Revolut it is free in the SEPA region. I was referring to avoiding FX fees for holding other currencies such as GBP or DKK. Though with the above discussion about there might not be fees (?) this might be fine.
Interestingly I’ve just tested a method to transfer EUR in that might beat Revolut. I’m sure there’s plenty of ways to find banks that do this. I have an Altery account and you can Topup via Apple Pay fee free. You can transfer SEPA zone free. So you can get Mastercard/VISA/other rates which commonly can be had at 0% markup. This might be my new method for getting EUR within my European mainland accounts
So if I understand correctly your concern is getting EUR (from GBP or DKK) at lowest [fx] cost, then transfer EUR via free SEPA into MeDirect or any eurozone account which allows you to spend or withdraw without any fee?
How does Altery (also a multi currency fintech account?) compare to Revolut, Wise, iFast GB, or T212 UK ?
