Overseas card fees

As an international pilot, I spend most of my time travelling the world and the one things that really annoys me is when you are asked ‘do you want to pay in your home currency or local currency’ The answer of course is ALWAYS LOCAL CURRENCY. If you pay in your home currency you will loose up to 20% ON FEES AND EXCHANGE RATES, the bank and shop/hotel will make a small fortune. An example:
I buy a gift fro my girlfriend in Loius Vuitton, it costs 1400 MYR (Malaysian Ringit) The cost charged to my MONZO card if I do it in UK pounds is 295.66 but if I buy it in Ringit the local currency it is converted to 259.65 on my MONZO card, a saving of 35 pounds. As MONZO has a commercial rate and no fee its the ONLY way to spend overseas… Remember always use LOCAL currency.
Well done MONZO on your rates


How does Monzo perform on a cruise, I’m heading to Miami in March to board MSC for a 7 day cruise, Grand Cayman who use cayman dollars and us$, Jamaica, Cuzamel which I think belongs to Mexico and an overnight stay in Havana Cuba who use CUCs and prefer you exchange with € or £, also there is on board spending to consider. X

Most cruise ships use US $ so the Monzo card will still give you the best rate it’s no different to using it on land. But ofcourse make sure you are charged in USD not in your home currency




Many thanks Martin

@Avishai wrote an excellent post on avoiding being ripped off by DCC, and it includes lots of info and photos on the various ways merchants try to trick you.

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