![]() ![]() Revolut's customer funds are not guaranteed by the Financial Services Compensation Scheme (FSCS) in the UK. Customer accounts are kept segregated from Monese's own accounts and their customer would receive 100% of their balance back if Monese go bust. But Monese is an agent of PrePay technologies Limited licensed as an Electronic Money Institution (Number 900010). Monese current accounts are not protected by the FSCS protection (which guarantees deposits up to £85,000). Customers with an account in the UK are protected up to the equivalent amount in GBP. N26 is holding a banking license regulated by the German Financial Regulatory Authority and a member of the German deposit protection scheme, which insures all deposits up to €100.000 held in the member states of the European Union. Carrying the local currency avoids exchange rate margins on every purchase. So the question now is… how can you avoid them? Thankfully, the best travel money cards will allow you to hold the local currency, which you can access instantly with a tap or swipe. ![]() All the while, the provider will claim that they charge zero commission or zero fees. In other words, you or your recipient will receive less foreign currency for each unit of currency you exchange. They pocket this margin between the actual rate and the poor exchange rate they apply, allowing the bank or money transfer provider to profit from the currency exchange. Instead, you will get a much worse exchange rate. However, the money transfer provider or bank you use to exchange currencies rarely offers this exchange rate. You’re often charged a hidden fee in the form of an alarming exchange rate.Īt any given time, there is a so-called “ mid-market exchange rate” - this is the real exchange rate you can see on Google. Currency Exchange Fees Eating My Lunch? What’s That? Keep reading below to make sure you recognize and avoid them. Don’t Let Banks, Bureaux de Change, and ATMs Eat Your Lunch □!Īre you withdrawing cash at an ATM in the streets of Paris? Exchanging currencies at Gatwick airport? Paying for a pizza with your card during a holiday in Milano? Every time you exchange currencies, you could lose between 2% to 20% of your money in hidden fees. ![]()
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