Hello. I have been reading up on using this card abroad and everything seems very positive, but I have become slightly confused when people start talking about having different currencies on the actual card. Can I confirm that we receive the Mastercard rate just by loading GBP onto the card and using it abroad (whether its on an ATM or just using the card for payments in restaurants/bars etc)? Or is there some special process to load different currencies on the card? Thanks in advance
nope your right load in GBP only and get the mastercard rate when you spend abroad
I think people you’ve heard might be talking about Revolut? Revolut allows multiple currencies at the same time, as well as easy conversion between them within one Revolut account. This is an easy-going forum, it’s okay to say names of competitors.
You can theoretically top up Monzo from a card in different currency, but it would convert to GBP anyway. During top up from ‘other currency card’ to Monzo account user would get rates from ‘other card’ (most likely poor high street bank rate + fees, but subject to that other bank!). If user would then spend money topped up in this way in another country, money would be converted for the second time, which is probably quite unwanted scenario… BUT, it’s doable, just not practical.
Confusion could also have arisen from the fact that everyone is constantly reminding people to choose the local currency at time of transaction. It is essential you do this but in reality all it means is that it is Monzo who do the exchange at Mastercard base rate and with no extra surprise charges. You will still be charged to your GBP balance, no need for additional balances. If you were to hit the GBP button abroad then you are relying on the merchant’s/ATM’s exchange rate/fees which in all probability will not be as good as Monzo’s
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