Mondo [I meant Monzo, doh] payment card

[Velma's Dad]

Our main UK bank (First Direct) now charges 2.75% on foreign currency transactions, plus 1.75% ATM withdrawal fees, so we decided we need something less ruinous for travel. I know a lot of people use the Halifax Clarity credit card but I hadn't got around to getting one.

I've just opened an account with Mondo, a new UK 'challenger' bank, in order to get their Mastercard debit card which has no foreign currency fees or ATM withdrawal charges (up to £200/month). So looks like a very good card for general travel, as no faffing about loading specific currencies (the account is simply denominated in sterling), and you get the Mastercard FX rate. None of this 'unused card fee' monthly rake-off, or any nonsense like that.

They initially offered stand-alone prepayment cards, but you now have to open a current account via their phone app. But they've managed to make it super-simple to do, the card arrived in two days then just transfer some funds in from your main bank account and you're good to go.

Their revenue model seems to be to make money from overdrafts, but you can set the account to not overdraw.

We also looked at Revolut but Mondo seemed to have the edge in various ways just at the moment and I'm impressed with how slickly their app etc all work.

 

[Brian’s Dad]

Look at Starling - v impressed by it. I used to have Mondo

 

[hirsty]

Our main UK bank (First Direct) now charges 2.75% on foreign currency transactions, plus 1.75% ATM withdrawal fees, so we decided we need something less ruinous for travel. I know a lot of people use the Halifax Clarity credit card

Yes and Yes.

I've been with FD since they opened 25+ years ago (really? ) and they bought my business for life by throwing a "Base + 1%" mortgage at me in 2001. The one downside I've found is their overseas charges as above, which I've mitigated by opening a Halifax Clarity Mastercard - used exclusively for non-Sterling transactions - after seeing it recommended by folks on this forum.

I'm interested in Mondo and Revolut too, but don't have the need just yet. I've also opened a Chip savings account which I've found to be very clever. The new possibilities from the disruptors & the opening-up of Bank APIs are fascinating, we'll see more change in the next 5-years than in the last 50 & about time too.

 

[Jabberwocky]

I use a Post Office Platinum card when travelling in Europe. No fees and all transactions exchanged at bank exchange rate - Euros only. Card is in reality from one of the Irish Banks. I never use it in the UK. Worth looking at?

 

[Stoneybroke]

I had the Monzo prepay card last year, excellent, and no limit for ATM withdrawals. Once they put the limit on, I was not convinced, so did not turn it into another current account...
Shame really, because it was so easy to to up via the app.

 

[Steve&Bev]

Our main UK bank (First Direct) now charges 2.75% on foreign currency transactions, plus 1.75% ATM withdrawal fees, so we decided we need something less ruinous for travel. I know a lot of people use the Halifax Clarity credit card but I hadn't got around to getting one.

I've just opened an account with Mondo, a new UK 'challenger' bank, in order to get their Mastercard debit card which has no foreign currency fees or ATM withdrawal charges (up to £200/month). So looks like a very good card for general travel, as no faffing about loading specific currencies (the account is simply denominated in sterling), and you get the Mastercard FX rate. None of this 'unused card fee' monthly rake-off, or any nonsense like that.

They initially offered stand-alone prepayment cards, but you now have to open a current account via their phone app. But they've managed to make it super-simple to do, the card arrived in two days then just transfer some funds in from your main bank account and you're good to go.

Their revenue model seems to be to make money from overdrafts, but you can set the account to not overdraw.

We also looked at Revolut but Mondo seemed to have the edge in various ways just at the moment and I'm impressed with how slickly their app etc all work.

I have Monzo card, love it. Mondo was what the bank was called when it started up.

 

[Walrus]

I have had a Monzo card/account which I use when travelling. I really like the quick confirmation of spending on my phone and it does make keeping and eye on your spending easy. I also have a Halifax Clarity. Belt and Braces.