Converting GBP/Sterling to EUR in mastercard rate?

Finances
1

Hiya,

How can I convert the GBP/Sterling to EUR in MasterCard rate without commission? Are there any Credit/Debit cards that let me take out EUR in Europe on ATM/Banks-counter while I deposit my money in GBP/Sterling to that card/account in the UK? About 5000EUR a day?
e.g. My money is in GBP/Sterling, looking to take out EUR in Europe, about 5000EUR a day. What banks offering Debit/Credit cards that allow me to take this EUR out in Europe, on ATM over the bank counter?

Tnx :blush:

2

I found the best rates to convert money is to get a credit card where they only charge 1% for foreign currency purchases. (Forget cash advances.) When you convert currency, people will charge you something. (Do you know anyone who works for free?)

Probably you’re best bet is to open a European bank account and use something like Transferwise.

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Thanks, @charmerc Converting on mastercard rate will not mean the bank work for free. I believe the mastercard rate, when I recieve the conversion rate, is a retail rate and bank will get the interbank rate from mastercard, when they have agreements. Thus they will makeing some money. Also, we should know that banks will trade on our money and will charge us a huge fee for keeping our money. I’m happy to open a bank business myself and both side, offering service for a fee and keeping money while can be trade and invest on bank money, is a win and profit for them.

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N26 premium plans offer such possibility.

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Thanks @batman

I checked N26 have a number of accounts, but I’m not sure which one mean premium?
N26(personal)-you/N26(personal)-Metal/N-26(business)-you?

And the highest one N26-Metal, as below:

  • Free ATM withdrawals in euros
  • Free payments in any currency
  • Free withdrawals worldwide
  • Allianz insurance package
  • Selected discounts and offers from partner brands
  • Exclusive access to unique Metal Experiences
  • Dedicated Customer Support

But there is not mentioned about conversion rate would be near to MasterCard rate or what is the conversion rate?

Tnx

7

It is the Mastercard rate.

That’s for purchases. For withdrawals in the free tier they charge 1.7%.

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Thanks, @spc What if I convert by transferring few thousands Sterling to Euro internally every month, from N26 Sterling to N26 Euro account if they offer multi-currency accounts? Does N26 or Revolut offer any multi-currency, GBP and EUR accounts for Europe residents?

Tnx

9

Any transfer that requires conversion will not be executed by N26 directly, but by Transferwise, their partner. Charges range between 0.3% up to 1%. N26 basically doesn’t deal with other currencies at all.

Revolut is deep into multi-currencies (including some crypto). It’s their main advantage. They allow up to 5K EUR worth of interbank-rate~ conversions per month in the free tier (unlimited when upgrading). It’s a pretty good deal as long as you make sure to never convert over the weekend (added charges) and avoid so-called “illiquid” currencies (more added charges).

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With Revolut at ATM you can withdraw max 600 eur for free with Metal plan, after it is 2 prc markup. N26 plans You and Metal offers free 5 withdraws. In some ATMs you can withdraw 2500 eur at once without extra conversation markup (MasterCard rate). For withdrawals better N26, for multi currency operations - Revolut. So open both.

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Thanks @spc

  1. I remember someone in this forum exactly mentioned that N26 has a better conversion rate than Revolut, but as you confirm there is no conversion in N26 when doing transfer between bank account, from EUR ton non-EUR accounts, then there should be a possibility of taking money out of ATM in local money by N26 EUR account and I should find the occasions that only I charged by MasterCard rate, and use this as an option? How much can the ATM withdrawal in N26 increased?

I consider Revolut as an alternative option as well.

  1. Could you tell me even N26 in UK is not offered in GBP and it’s in EUR?

  2. If I open N26 in anywhere, the only available currency is EUR?

  3. Does Revolut offer two IBAN(EUR and GBP) and two debit MasterCards, one in EUR and one in GBP upon your request, if you open it as a resident of Europe, but outside of UK?

Tnx

12

Thanks @batman

Do you know for withdrawing 2600EUR with N26, does I need to be in N26you or N26metal plan? and shall I request to increase and maximize my ATM withdrawal capacity for this? Which ATM’s and what brand, where are located, can offer me this 2500EUR withdrawal at once? How do I know that I’m getting MasterCard rate or I receive money with markup when I’m withdrawing(in case I withdraw in non-EUR currency ATM)?

Tnx :blush:

13

N26 free plan also gives you possibility to withdraw 5 times for free but with premium plans you can withdraw without extra currency change markup Worldwide. No need to request maximize capacity, how much you can withdraw it depends on countries and local ATM. You can put card in and check maximum for withdrawing. Bank Swedbank offers 2500 eur maximum per one operation. Please read more about plans here Compare Bank Accounts & Plans - N26

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