Soldato
- Joined
- 21 Sep 2020
- Posts
- 4,367
Probably the order you’ve got them in.
However, you’re far better to get a credit card and withdraw on that.
Monzo/Starling Banking/Revolut
- Thread starter Junglist
- Start date
Probably the order you’ve got them in.
However, you’re far better to get a credit card and withdraw on that.
Man of Honour
WUT!?
Generally taking cash out of a credit card is a really silly idea, both in terms of fees and affect on your credit rating.
Soldato
For feedback, I've used Revolut for the full holiday and it's been great, just buy Euros in the app and then contactless everywhere, even the little market stalls are supporting contactless. I've only withdraw cash once.
I definitely haven't withdrew cash on my CC....
I definitely haven't withdrew cash on my CC....
It depends. You can withdraw cash via curve from your credit card and earn cashback with no penalty. There are no foreign exchange fees either over the Summer.
www.curve.com
Turn All Your Cards Into One International Travel Debit Card
Spending abroad with Curve means all your credit & debit cards are International Cards. Get great FX and cheap ATM withdrawals across all of your cards.
www.curve.com
It is massively hit and miss. It used to be absolutely as you say but a year or two ago they implemented merchant code data which your receiving credit card company can use to "map it" to a cash transaction:It depends. You can withdraw cash via curve from your credit card and earn cashback with no penalty. There are no foreign exchange fees either over the Summer.
Turn All Your Cards Into One International Travel Debit Card
Spending abroad with Curve means all your credit & debit cards are International Cards. Get great FX and cheap ATM withdrawals across all of your cards.
It is also "point 1" on their Terms:
Fair Use | Curve
Our fair use documents outlines how to use your Curve Card fairly under our companies fair use policy. For more information on our terms and conditions please see our website.
www.curve.com
ATM credit card withdrawal fair use
Curve strongly discourages using an underlying credit card in order to withdraw cash. Please note that your underlying credit card issuer may charge you fees for making such transactions with your Curve card.In addition to the above fees, Curve may charge you an additional 2% for withdrawals above £200 (or currency equivalent) per calendar month, when using a credit card as the underlying card.
It is massively hit and miss. It used to be absolutely as you say but a year or two ago they implemented merchant code data which your receiving credit card company can use to "map it" to a cash transaction:
It is also "point 1" on their Terms:
Fair Use | Curve
Our fair use documents outlines how to use your Curve Card fairly under our companies fair use policy. For more information on our terms and conditions please see our website.
ATM credit card withdrawal fair use
Curve strongly discourages using an underlying credit card in order to withdraw cash. Please note that your underlying credit card issuer may charge you fees for making such transactions with your Curve card.
In addition to the above fees, Curve may charge you an additional 2% for withdrawals above £200 (or currency equivalent) per calendar month, when using a credit card as the underlying card.
Yep the fair usage thing used to be a pain but I don’t find it so much of an issue after the rise in usage of contactless payments. Luckily my card provider hasn’t charged me (yet)!
Soldato
@LiE i think you're in a decent place to answer this as i vaguely recall we have similar financial setups with various "pots" for different spend.
I'm looking to bring everything together and try and give my wife more visibility of what we're spending. Am i right in thinking that with Starling/Monzo i can set up pots, like £400 for groceries. What then happens if we've spent that pot in a month and try and buy more, would it give a notification or just take the money from elsewhere?
At the moment, we have the issue where we have sufficient money to just buy (within reason) whatever we want and then at the end of the money look back in shock at how much has been spent. I did setup a Google Docs sheet where we were supposed to add spend onto it and have a weekly spend tracker, but the reality was neither of us updated it often!
At the moment i have an AMEX card for pretty much all spend and pay it off in full, our Santander current account for bills/non amex spend. Then we each have a "Spends" account which gets £200 a month for stuff for ourselves, which are currently old First Direct sole accounts. It'd be nice if we could have this all in a central place. I've already accepted i'd lose out on ~£60 a year on Santander cashback and have accepted it.
I'm looking to bring everything together and try and give my wife more visibility of what we're spending. Am i right in thinking that with Starling/Monzo i can set up pots, like £400 for groceries. What then happens if we've spent that pot in a month and try and buy more, would it give a notification or just take the money from elsewhere?
At the moment, we have the issue where we have sufficient money to just buy (within reason) whatever we want and then at the end of the money look back in shock at how much has been spent. I did setup a Google Docs sheet where we were supposed to add spend onto it and have a weekly spend tracker, but the reality was neither of us updated it often!
At the moment i have an AMEX card for pretty much all spend and pay it off in full, our Santander current account for bills/non amex spend. Then we each have a "Spends" account which gets £200 a month for stuff for ourselves, which are currently old First Direct sole accounts. It'd be nice if we could have this all in a central place. I've already accepted i'd lose out on ~£60 a year on Santander cashback and have accepted it.
Caporegime
Starling doesn't allow you to spend directly from a pot, you can assign DDs to a pot and schedule money to go into that pot.
Monzo appears to offer this option using virtual cards, it would mean having to know which card to use when paying each time - https://monzo.com/blog/pay-on-card-from-a-pot/
The way I do it is have a pot for groceries then pay using our spending account and manually move over say 1/4 of the amount each time. It works for us as it's mainly a way of partitioning the money away from the "spend on anything" total in the spending account that is lined to our joint debit cards.
Monzo appears to offer this option using virtual cards, it would mean having to know which card to use when paying each time - https://monzo.com/blog/pay-on-card-from-a-pot/
The way I do it is have a pot for groceries then pay using our spending account and manually move over say 1/4 of the amount each time. It works for us as it's mainly a way of partitioning the money away from the "spend on anything" total in the spending account that is lined to our joint debit cards.
With Starling, you can setup savings pots, and link your direct debits to the pots. Tracking spend is really easy, you just look at the spending view breakdown, categorise stuff however you want.
So we have our own individual Starling accounts, plus a Starling joint account, both put our money in beginning of the month, and keep an eye on the spends. We've not actually bothered to set up spaces for bills and stuff.
You could certainly implement a budget by putting your grocery money for the month aside in a space, and just moving X amount into the account balance every week....but ultimately there's no substitute for just managing your money.
Soldato
Cheers guys, i do try and keep on top of things with Money Dashboard/Excel.
I think Amex is partly to at fault, i set a budget for Amex spend at around £1500 and generally it's a reasonable figure, but some months we can hit £3000 if we're gone out a lot and it's easy to just pay using the card and not really think about the buildup until the bill comes, and then i shift some money from savings to cover the extra spending. It's rarely big spend that's out issue, it's all the "Lets go for a bike ride, and then end up in a pub for tea and spend £50" which quickly adds up.
It's rarely an actual financial issue, just seems to be limiting how much we're saving at the moment.
I think Amex is partly to at fault, i set a budget for Amex spend at around £1500 and generally it's a reasonable figure, but some months we can hit £3000 if we're gone out a lot and it's easy to just pay using the card and not really think about the buildup until the bill comes, and then i shift some money from savings to cover the extra spending. It's rarely big spend that's out issue, it's all the "Lets go for a bike ride, and then end up in a pub for tea and spend £50" which quickly adds up.
It's rarely an actual financial issue, just seems to be limiting how much we're saving at the moment.
Caporegime
Here is my setup.
Starling Personal: My own "spending" money.
Starling Personal: My wife's "spending" money.
Starling Joint: Bills
- Pot: Savings
- Pot: Holiday
Starling Joint: Spending
- Pot: Daily savings (round ups and pay in £1 per day)
- Pot: Groceries (put in the monthly budget for groceries and transfer out as we spend)
- Pot: Petrol (same as groceries)
The key bit is having that additional joint account to keep bills and spending separate but still within Starling. The debit card is linked to the spending account.
Starling Personal: My own "spending" money.
Starling Personal: My wife's "spending" money.
Starling Joint: Bills
- Pot: Savings
- Pot: Holiday
Starling Joint: Spending
- Pot: Daily savings (round ups and pay in £1 per day)
- Pot: Groceries (put in the monthly budget for groceries and transfer out as we spend)
- Pot: Petrol (same as groceries)
The key bit is having that additional joint account to keep bills and spending separate but still within Starling. The debit card is linked to the spending account.
As I mentioned with the spending breakdown, it's really easy to just glance at it and see instantly....hey, why's the joint account light at the end of the month? Oh we spent XX on eating out this month.
Simplest setup is probably joint account, set up a bills space(s) and link your DDs to it, have a weekly budget, put your other spends budget in a space and shift a week's worth into the account at a time, if you want to have the computer say no when you bust your budget
Simplest setup is probably joint account, set up a bills space(s) and link your DDs to it, have a weekly budget, put your other spends budget in a space and shift a week's worth into the account at a time, if you want to have the computer say no when you bust your budget
Caporegime
£2 per month per additional account. You can then choose in the app which joint account your card spends from.
Chase, 1% cash back and no foreign transaction fees, plus free ATM withdrawals. and access to their 1.5% instant access saver.
I've just opened an account for exactly this reason.
Soldato
There's literally no reason to do that. Use Kraken or similar to buy your Crypto.
Revolut are just allowing you to speculate on price movement, they're not a service for providing actual Crypto.