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How to exchange money cheaply?

 

by @neutron 8yr  | 26 comments

Just thought I would give a tip for something thats been amazingly useful for me recently.

Itโ€™s basically a pre-paid debit card, where itโ€™s free to exchange into Euro GBP and Dollar.

There are no costs to use it. You upload money into it and then it exchanges it at โ€œinter-bank ratesโ€ - the same rates as the banks get I believe.

No commisions, No costs, No discrepancies in FX rates.

I reckon I must have saved around ยฃ150 this month in various fees for things.

Another good one is transferwise - if you have to send money direct to someones bank account - there are charges but very small (like ยฃ2 to send ยฃ400)

Hope it can help a few people out there and give the banks a good duff up at the same time :slight_smile:

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@neutron 8yr

oh well, all good things come to an end.

Revolut are putting limits on atm withdrawls now -

You can only get ยฃ500 per month and then after its 2% which is pretty much the same as the banks are offering.

Im just gonna get my ยฃ500 per month and then not use it after that!

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@nomadtax 8yr

Revolut isnโ€™t a good option anymore, especially since they now charge a spread of 2-5% on each transactions (yes even ATM withdrawals below 500).

Iโ€™ve tried a few of these fintech products but the good ones keep going bankrupt, being acquired or changing their offering. Considering we are talking about actually money, Iโ€™d recommend going with a real bank for now. I understand that banking sucks in most countries but then there is always offshore banking.

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@neutron 8yr

Thanks nomadtax - Iโ€™m not a fan of bait and switch tactics - so I will drop them completely now! Surprising that this type of strategy can be valid in todays world. I donโ€™t think I could sleep at night working at a company like this. Sad :confused:

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@robetus 8yr

Just wanted to give a quick update on my experience with Revolut. I tried to add money with a mastercard debit card and it doesnโ€™t work regardless of it saying it does work with both visa and mastercard debit cards. I asked support about it and they said theyโ€™d get back to me, that was two weeks ago. I have one visa debit card that I donโ€™t use often but wanted to check out the exchange features of the Revolut app so I added some money. It only allows me to exchange USD to EUR or GBP. I tried to add a currency to exchange with no luck so I asked support again about that and havenโ€™t heard anything back in over week. Very disappointing.

I know theyโ€™re still in business because they just updated their iPhone app but the donโ€™t answer me. I emailed them at their support email today to see if I get a response. Iโ€™ll update when I do.

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@neutron 8yr

Just a quick update on this.

The card is great when it works well.

We have lost some money somehow on the card (multiple cash withdrawals that arenโ€™t accounted for - maybe fraud, maybe a glitch in their system - it is impossible to tell unless we get in touch with the bank where the money was taken out). Quite a lot of other people are saying the same thing. After the fraud happens they block your card - so you canโ€™t use it any more - and maybe lose the remaining money on the card -I donโ€™t know?

I donโ€™t recommend using the card as a debit card - you wont be able to track your spendingโ€ฆ

Highly recommend to just put the money on you want to withdraw, and then withdraw it at a cash point - straight away. Do not leave any money on the card/in the app - unless you want to lose it.

Weโ€™ve found the customer service pretty patchy in places. You also cannot get a detailed breakdown of transactions - which makes life really difficult.

Stay safe!

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There is a tool to exchange money cheaply : http://neomy.io

It checks in real-time exchange rates, spots and alerts you automatically when it is best time for you to transfer money, in terms of which money corridor you follow. So you can save even more money when you do your transfer, because it is at the best exchange rate. I use it and it works very well.

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@nomadtax 8yr

Iโ€™ve written a review of Revolut on my blog. You can read it here:

For those in the EU, Number26 is also a good alternative. For those who want true offshore banking, check out the Unionpay debit card from Standard Chartered in Hong Kong. No withdrawal fees, no forex fees, no monthly fees.

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@robetus 8yr

Just ordered my revolut card for my trip to India and SEA. Iโ€™m a US citizen currently living in Germany and had no problem getting my card sent to my German address. Itโ€™s cool how they give you a digital version of the card right away. Thanks so much for the recommendation neutron!

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Hi all,

I spent many hours reading about & trying banking services.

I finally got to write an article on my new blog regarding โ€œBanking solutions for travellers, expats & Digital Nomadsโ€.

I believe it will help many people to save ton of research & time consuming try-and-error.

Please feel free to give me your feedback & let me know if there is a service I forgot to mention.

Andโ€ฆ Merry Christmas from Ko Toa! :blush:

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@borowiis 8yr

Hey, @neutron I think you should provide a referral link to anyone who appreciates your advice. I most definitely do.

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@neutron 8yr

Yeah, unfortunately referral links arent allowed on here. Iโ€™m happy just to know that a few people can benefit really.

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@borowiis 8yr

Hey guys revolut seems great, thanks! Iโ€™m only not sure how to put money to the account if my debit card is issued in Ukraine, I certainly do not want to pay for SWIFT transfer as per their FAQ : ( Is there anyone here with a similar situation?

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@borowiis 8yr

Ah, seems like this fee applies only to bank transfer. So, allโ€™s good, thank you.

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If have you do an international bank transfer & exchange currency at the same time, then you might want to use CurrencyFair or TransferWise for that purpose.

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@neutron That looks like a great solution!

I love currencyfair & transferwise for exchanging & transferring money, revolut would be a nice addition to these tools.

One question: this company seems UK based, can resident of other (any?) countries use this service?

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@neutron 8yr

Hi,

I really donโ€™t know. Maybe download the app and give it a try. It seems to work anywhere that debit allowsโ€ฆ

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I just successfully signed up to Revolut & I am NOT a UK resident :smile:

Will try to actually use this & see how it goes. Thanks again for the tip @neutron, this could change quite a few things in my personal finances.

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@borowiis 8yr

Yes, they work in other coutries as well.

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Iโ€™ve been using Revolut now for awhile and itโ€™s awesome and you get the exact same rate you see on Google. Iโ€™ve taken money out at ATMs in at least 20 countries with no issues (other than Bosnia where they donโ€™t operate). Their customer service is also great - highly recommended.

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@richardh 8yr

Thereโ€™s a few of these zero/low fee prepaid debit cards cropping up. I use WeSwap. Those guys are very cautious about complying with AML/KYC, and as such do not permit P2P transfers.

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@RichardH: WeSwap seems pretty good too!

Only supports 16 currencies though, versus 90 currencies for Revolut.

Just like Revolut, the exchange rate used is the โ€œmid-market exchange rate โ€ฆ Also known as the interbank rate or spot rateโ€.

One question: this company is UK based, can resident of other (any?) countries use this service?

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+1 for transferwise. Use it all the time.

I also use azimo.com (the do some currencies/countries that transferwise does not.

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This sounds really great!! Iโ€™m considering using when coming from Canada to Portugal in a few weeks.

Any downsides I should know about? Are the physical cards accepted everywhere? Any issue using in particular ATMs etc?

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@neutron 8yr

No downsides I have found. There is only one place here (portgual) that wouldnt accept and that is because its mastercard not visa.

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I know a similar (?) service, https://www.monese.com/ but never use it

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@nunoarruda: Monese seemed like an interesting solution too. And they provide a VISA debit card.

However, it only supports GBP & EUR. Not much of a solution when traveling! This company is UK based btw, and I assume they wonโ€™t let anyone who is not a UK resident sign up for their card.

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Read and participate in 14,117 discussions on Nomad List

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What features would you like to see on Nomad List?


by @levelsio 3yr 3 years ago  | 3 comments

Hi everyone,

I would love to hear what you'd like me to build next on Nomad List, or any other product/feature feedback ideas you have.

It's been 6+ years now but I'm in this for the long term and with the boost remote work got last year it's even more exciting to work on Nomad List than ever.

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by @orangutan3 3yr 3 years ago  | 1 comment

What are the best places right now in the Caribbean/LatAM? (Also cheapest flights/accommodation?) Asking from the US.

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List of Visa/Residency Information in Table/Spreadsheet format?


by @innovatelife 3yr 3 years ago  | 2 comments

As part of signing up for this website I was hoping I would come across a list of Visa and/or Residency requirements by country ideally in a table format to assist with decision making. Does anybody recommend any other websites that might present the information in this format (or Google Spreadsheet)?

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Most Walkable Neighborhood / City In The World ?


by @dannybooboo 3yr 3 years ago  | 1 comment

I love living in walkable areas of town. I can always find them. But now I'm wondering where in the world are the most walkable places? I'm imagining walk streets (no cars), zoning allowing both business and residential, parks or beaches ,etc.

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Any nomads in Arizona, US?


in Netherlands by @info132 3yr 3 years ago  | 4 comments

Hi guys,

After the Netherlands, the Bay Area, Colorado and being on the van life for 8 months, I am now in Sedona, AZ with a few other digital nomads. We are sharing a home here and are wondering if there are more like minded people in the area.

We do a bunch of hikes and campouts in the northern of Arizona. If you would like to connect with us, please do so :)

Val

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International number & internet?


by @leobassam 3yr 3 years ago  | 1 comment

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Are there any tax issues I have to be aware of?


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Hi everybody. I live and work in Germany and want to go to Canary Islands for 6 months to work from there. I'm going to keep my current job, just change the "home" in the home office part of things. Are there any tax issues I have to be aware of? I was reading about becoming a residence after 183 days, thus having to pay taxes there plus my employer having to register there. Does anybody know how it works exactly? Thanks a lot!

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Chiang Mai accommodation


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Can anyone recommend a good accommodation website for Chiang Mai?

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Is anyone travelling right now?


by @viktor 3yr 3 years ago  | 3 comments

Winter is coming and Iโ€™m feeling the ache of travelling after being stuck in the same place since the Pandemic started. Wondering if anyone is travelling right now? If so, where are you currently located and how is the situation where you are?

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Anywhere to exchange talent/interests, find collaborators?


by @vladepap 8yr 8 years ago  | 1 comment

Hi there nomads,

Iโ€™m currently working on a project (or attempting to) but am struggling to find collaborators. I need someone with a specific talent/ability but donโ€™t know where to look.

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What is the situation with exchange rate on ATM's in Argentina after lifting peso regulations?


in Argentina by @janjiss 8yr 8 years ago  | 5 comments

Hello folks,
I wanted to know what is the situation with exchange rate in Argentina after deregulation? Has taking out money from ATM became reasonable?
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by @nomadtax 8yr 8 years ago  | 5 comments

Some of you may be aware that the OECD agreed a while ago on a reporting standard for all itโ€™s members and partners. This standard comes into effect today in some countries.

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This also means that tax reporting has just got a bit more complicated for many now that those foreign accounts must be declared (often in another currency). If you arenโ€™t sure about whether you are tax compliant, nowโ€™s the time to talk to your tax adviser. I offer an international tax consulting service for those who might be interested.

Hereโ€™s more details about the new standard (see page 36-37 for the list of participating countries):

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