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Using Monzo Abroad
Monzo is a popular UK-based digital bank known for its user-friendly app and transparent fee structure. When it comes to using Monzo abroad, one of its significant advantages is the ability to use your Monzo card without incurring extra fees on foreign transactions. This benefit makes Monzo an attractive option for travelers looking to avoid hidden charges when spending money in other countries.
Monzo offers fee-free spending on foreign transactions, meaning you can use your card to pay for goods and services in any currency without additional charges. The interbank exchange rate, which is typically very competitive, is applied to these transactions.
However, while spending is fee-free, cash withdrawals are subject to certain limitations. Monzo allows fee-free cash withdrawals up to £200 every 30 days. If you exceed this amount, an additional 3% fee is applied to further withdrawals within the same period. This limit is designed to encourage digital payments over cash usage.
Using Revolut Abroad
Revolut offers similar benefits to Monzo when used abroad, providing one of the most convenient ways to manage finances while traveling. Like Monzo, Revolut provides users with the ability to spend in over 150 currencies at the interbank exchange rate, which is the rate banks use to trade currencies between themselves, typically more favorable than retail rates.
Revolut offers several account tiers: Standard, Plus, Premium, and Metal. While the Standard account is free, the other tiers come with a monthly fee and offer additional perks. With the free account, Revolut customers can exchange up to £1000 per month in foreign currencies without a fee. Beyond this limit, a 0.5% fee is charged on currency exchanges during the week.
When it comes to withdrawing cash abroad, Revolut's free Standard account allows for up to £200 in fee-free withdrawals every 30 days, similar to Monzo. Beyond this limit, there is a 2% fee applied to additional withdrawals. Upgrading to one of Revolut’s paid tiers increases this allowance, making them potentially more cost-effective for frequent travelers who prefer cash.
Which One Is Better for Traveling?
Both Monzo and Revolut provide significant advantages for UK travelers wanting to avoid extra charges when used abroad. The choice between the two depends on individual needs and preferences. Monzo is straightforward, offering no fees on card payments abroad with easy monitoring of daily expenses directly through its app.
Revolut, on the other hand, not only offers fee-free spending but also supports multiple currencies that can be exchanged in advance at attractive rates. This can be particularly useful for travelers wanting to lock in rates before their trips. Furthermore, Revolut's higher-tier plans could be appealing for frequent travelers due to their enhanced withdrawal limits and additional travel benefits.
Ultimately, whether you choose Monzo or Revolut, both are excellent digital banking solutions tailored for minimizing costs and maximizing convenience while traveling abroad.
Using Monzo Abroad
Monzo is a bank you can use online. It is from the UK. Many people like Monzo because it is easy to use and tells you about its fees clearly. When you use Monzo in another country, you do not have to pay extra for using your card. This is good for people who do not want to pay more money when they are traveling.
When you spend money in another country with Monzo, there are no extra fees. You can buy things in any money type and pay the normal amount. Monzo uses a rate called the interbank exchange rate. This rate is good and fair.
But, getting cash out of a machine is a bit different. Monzo lets you take out £200 of cash every 30 days for free. If you take out more than this, you will pay a 3% fee. This rule helps people use cards instead of cash.
Using Revolut Abroad
Revolut is like Monzo and is also good for travelers. You can spend money in over 150 different money types with Revolut and use the interbank exchange rate. This rate is what banks use and is usually better than the rates you find elsewhere.
Revolut has different account types: Standard (free), Plus, Premium, and Metal. The extra accounts have monthly fees and give you more benefits. With the free account, you can exchange up to £1000 each month without a fee. If you exchange more than that, you pay a 0.5% fee during weekdays.
When you take out cash with Revolut’s free account, you can take out £200 every 30 days without a fee, just like with Monzo. If you take out more cash, there is a 2% fee. If you use the paid accounts, you can take out more cash for free. This can be good if you travel a lot and like to use cash.
Which One Is Better for Traveling?
Both Monzo and Revolut are good for UK people who want to save money while traveling. What you pick depends on what you need. Monzo is simple. You do not pay fees for using your card, and you can easily track your spending in the app.
Revolut lets you spend with no fees and also change money to other types before your trip. This is helpful if you want to know how much you will spend. Revolut’s paid plans have more benefits, which are nice for people who travel a lot and need more cash.
In the end, both Monzo and Revolut help you save money and make spending easy when you travel to other countries.
Frequently Asked Questions
Can I use Monzo abroad without extra charges?
Yes, you can use Monzo abroad without extra charges for card payments, as they offer fee-free foreign transactions.
Are there any fees for using Revolut abroad?
Revolut allows fee-free spending abroad at the interbank exchange rate, but there are limits depending on your plan.
What is the foreign exchange rate used by Monzo?
Monzo uses the Mastercard exchange rate with no additional fees for foreign card transactions.
Does Revolut have a monthly limit for fee-free ATM withdrawals abroad?
Yes, Revolut has a monthly limit for fee-free ATM withdrawals, which depends on your plan.
What happens if I exceed the ATM withdrawal limit with Monzo abroad?
If you exceed Monzo's free ATM withdrawal limit (typically £200 every 30 days), a fee applies.
Do I need to notify Monzo before traveling abroad?
No, you don't need to notify Monzo before traveling; their system automatically detects foreign usage.
How can I avoid extra charges when using Revolut abroad?
Avoid withdrawing over your plan's limit and try to use card payments to avoid extra charges with Revolut abroad.
What benefits does Revolut offer for travelers?
Revolut offers interbank exchange rates, fee-free spending abroad, and travel insurance depending on your plan.
Is there a charge for card transactions abroad with Monzo?
No, there is no charge for card transactions abroad with Monzo as they are fee-free.
How much does Monzo charge for cash withdrawals abroad?
Monzo allows £200 of fee-free cash withdrawals abroad every 30 days; above that, they charge a 3% fee.
Are Revolut currency exchanges always free?
Revolut offers free currency exchanges up to a certain limit based on your plan; a small fee applies beyond that.
Can I use Revolut at any ATM abroad?
Yes, you can use Revolut at ATMs abroad, but be mindful of the withdrawal limits to avoid fees.
What should I do if my Monzo card is blocked abroad?
If your Monzo card is blocked abroad, contact Monzo support through the app for assistance.
Does Monzo offer any travel insurance?
No, Monzo does not offer travel insurance as standard, but they have a premium account offering that includes travel insurance.
Are there any weekend charges with Revolut for exchanges?
Yes, Revolut applies a markup on currency exchanges during weekends to account for market closure.
Can I convert currencies in advance with Monzo?
No, Monzo does not allow you to hold or exchange foreign currencies in advance, unlike Revolut.
What happens if I lose my Revolut card abroad?
If you lose your Revolut card abroad, freeze it immediately using the app and order a replacement.
Does Revolut assist with card delivery overseas?
Revolut can send replacement cards abroad, but delivery times and fees may vary by location.
How does Monzo's exchange rate compare to Revolut's?
Monzo uses the Mastercard rate, while Revolut offers the interbank rate, which may be slightly better.
Can I use Monzo or Revolut for online purchases in foreign currencies?
Yes, both Monzo and Revolut can be used for online purchases in foreign currencies without extra fees.
Can I use Monzo in other countries without paying more money?
You can use your Monzo card in other countries. You won't have to pay extra fees when you buy things.
Do you have to pay money to use Revolut in other countries?
Revolut lets you spend money in other countries without extra fees. You use the same rates the banks do. But, there are limits on how much you can spend, depending on your plan.
What money exchange rate does Monzo use?
Monzo is a bank. When you change money from one type to another, like pounds to dollars, Monzo uses a special money exchange rate.
If you want to know Monzo's exchange rate, you can:
- Look on the Monzo app on your phone.
- Check Monzo's website.
- Ask Monzo customer support for help.
You can use these tools to help understand:
- Ask a friend or family member.
- Use apps that read out text.
- Use online currency calculators.
Monzo uses the Mastercard exchange rate. This means it doesn't charge extra fees when you use your card in other countries.
Can you take money out of an ATM in another country for free with Revolut? How much?
Yes, Revolut lets you take money from an ATM without fees, but only up to a certain amount each month. This amount depends on your plan.
What if I take out more cash than allowed at an ATM with Monzo in another country?
If you take out more than £200 from a cash machine in 30 days with Monzo, you will have to pay a fee.
Should I tell Monzo before I travel to another country?
If you are going on a trip to another country, you do not have to tell Monzo before you go.
But, here are some tips to help your trip go smoothly:
- Make sure your Monzo app is updated.
- Check you have enough money in your account.
- Turn on notifications so you see when you spend money.
- Make sure your card is not frozen.
If you need help when you are away, you can contact Monzo through the app.
No, you don't have to tell Monzo before you travel. Their system can see when you use your card in another country.
How can I avoid extra charges when using Revolut abroad?
Here is how to save money on charges when you use your Revolut card in other countries:
- Use your card during the week. Try not to use it on the weekend.
- Pay in the local money, not your home money.
- Check for free cash withdrawal limits on your Revolut card.
- Turn on spending alerts in the app to keep track of your money.
You can also use tools like a calculator to quickly check conversions and budgets.
Try not to take out more money than your plan allows. Use your card when you are in another country to avoid extra fees when using Revolut.
What are the good things about using Revolut for traveling?
Revolut is useful if you travel. Here are some good things:
- Easy Money Exchange: You can change money to other currencies without paying extra fees.
- No Extra Charges: You don’t pay extra when using your card in other countries.
- Safety: You can freeze (stop) your card if it gets lost or stolen.
- Spending Alerts: You get messages to see how much money you use. This helps you keep track.
- Help Anytime: You can get help 24/7 if you have questions.
If you find reading hard, you can:
- Ask someone to read it with you.
- Use tools like text-to-speech to listen instead of reading.
- Try highlighting the words as you read to keep track.
Revolut gives you good rates for changing money, lets you spend in other countries without extra fees, and offers travel insurance. What you get depends on the plan you choose.
Do I pay extra to use my Monzo card in other countries?
No, you do not have to pay extra money when you use your Monzo card in other countries. It is free to use.
What does Monzo charge to take out cash in another country?
If you take cash out when you are on holiday, Monzo might charge you a fee.
Here are some ideas to help make it easier:
- Ask a friend or family member to explain it to you.
- Use a calculator to help with the money.
- Check Monzo's website for more information.
Monzo lets you take out £200 in cash from ATMs in other countries for free every 30 days. If you take out more than that, they will charge you a 3% fee.
Is it always free to change money with Revolut?
Revolut lets you swap money for free up to a limit, depending on your plan. If you go over that limit, you pay a little fee.
Can I use Revolut at cash machines in other countries?
Yes, you can use Revolut to take out money from ATMs in other countries. But remember, there are limits on how much you can take out before fees.
What should I do if my Monzo card stops working in another country?
If you can't use your Monzo card in another country, ask Monzo for help using the app on your phone.
Can I get travel insurance with Monzo?
Monzo is a bank. They do not give travel insurance themselves.
If you need help with travel insurance, you can:
- Ask a friend or family member.
- Use a price comparison website. This helps you see different options.
- Talk to an insurance company directly.
No, Monzo does not give travel insurance for everyone. But, if you get a special account with them, you can get travel insurance.
Do you pay extra on weekends to swap money with Revolut?
Yes, Revolut adds a small extra cost when you change money on weekends because the money market is closed.
Can I change money to another currency before I travel with Monzo?
Yes, you can change your money to another currency before you go on a trip. This means you will know how much money you have in the currency you need.
Here are some tips to help:
- Use the Monzo app to see how much the currency is worth.
- Ask someone you trust to help if you find it hard.
- Remember, changing money early can help you plan your spending.
No, you cannot keep or change foreign money with Monzo before you travel. But you can do this with Revolut.
What should I do if I lose my Revolut card in another country?
If you lose your card in another country, don't worry! Here’s what you can do:
- Open the Revolut app on your phone.
- Go to the 'Cards' section.
- Press on ‘Freeze Card’ to stop anyone from using it.
- Ask for a new card in the app to be sent to you.
- If you need help, contact Revolut support through the app.
Supportive tips:
- Use a notebook or your phone to remember important numbers.
- Travel with a friend or family member to feel safer.
If you lose your Revolut card while you are in another country, do this:
1. Open your Revolut app and freeze your card right away. This stops anyone else from using it.
2. Order a new card using the app.
If you need help, you can ask someone you trust or use the app's help section.
Can Revolut help send my card to another country?
Revolut can send you a new card if you are in another country. But, how long it takes to get there and how much it costs can change depending on where you are.
Which is better for exchanging money: Monzo or Revolut?
Do you want to compare how Monzo and Revolut exchange money from one currency to another?
Here are some things you can do:
- Look at each app and see what rate they offer for changing money.
- Check if there are extra charges or fees when you exchange money.
- You can use a calculator to help you understand better.
- Ask someone you trust if you need help.
Tools you might find helpful:
- Currency converter apps to compare rates easily.
- Online videos that explain how money exchange works.
Pick the one that gives you the most money back when you change it.
Monzo uses the Mastercard rate, while Revolut uses the interbank rate, which might be a little better.
Can I use Monzo or Revolut to buy things online in other currencies?
Yes, you can use Monzo and Revolut to buy things online in different money without paying extra.
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