Challenger banks

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Tiger Martin
Posts: 10
Joined: Wed Apr 17, 2019 11:05 am
Location: Algarve

Challenger banks

Post by Tiger Martin » Wed Apr 24, 2019 7:28 pm

Great for avoiding commission, I've saved thousands already.
I use Revolut who give you a free account with card and a €200 ATM cash withdrawal limit per month and unlimited pre-paid card purchases. You can pay an annual fee and get a much higher cash withdrawal limit and super-fast transfers but 8’ve not found this necessary. With the free card international transfers say they take between 1-4 days but I’ve always had them next day or same day so far.
You can convert GBP to Euros and back with no commission at the interbank exchange rate via the app on your phone. It’s really a no-brainer. You can also request money and send money and create virtual cards to use for online purchases if you are worried about security breaches and companies storing your card details.
Posts: 16
Joined: Tue Apr 16, 2019 7:49 pm

Re: Challenger banks

Post by MrBife » Sun Apr 28, 2019 11:13 am

Can you clarify please and add a link? Because it sounds good. I think we are heading for a time when this is done online with an 'app' and the days of the currency broker are gone
Posts: 8
Joined: Sun Apr 28, 2019 1:39 pm
Location: Suffolk,UK/Alentejo

Re: Challenger banks

Post by macliam » Sun Apr 28, 2019 2:07 pm

Moons back, I used booth a broker and an "official" system via Caixa Geral for moving funds to Portugal.

The broker (now defunct) gave a slightly higher rate (but nothing to write home about)..... but the method of transfer led to my bank raising a charge for accepting the money!! The Caixa Geral system was to transfer funds to a linked British bank account, which was then converted by CG into Euros and deposited in my Caixa Geral account within a couple of days, at the rate indicated on the transfer screen (pretty much interbank) and no other costs.

I have just needed to use the latter method again, but I could not find reference to the UK bank details, etc., online (CG, like most Portuguese companies it seems, put out a lot of words without actually saying anything useful) So, I emailed the London branch to re-establish the process. The first two emails went into a black hole (!), but the third gained me a response that provided the required information and the process was simple and straightforward after that. Why CG do not have this info on their website and provide it by email, I have no idea...... after a while you stop asking why! The money arrived, no issue, happy with the exchange rate and no charges. AOK.

For day-to-day use, as I still divide my time between Portugal and the UK, I have a Metro Bank account and can use their Debit card via multibanco to draw funds in Euros at no charge and at Mastercard exchange rates (and I can transfer/top up this account from my main UK account). I also have a Halifax Clarity credit card to do the same for purchases with a high credit rating and deferred credit. Works for me!
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