5% Potential Exchange Fees Saved

Hi - received a marketing email in the UK which states that using Curve abroad offers 5% savings in fees compared to some card. And I got a marketing email from Shachar in December that said that compared to some cards you saved 7%.

Which cards charge so much for purchases abroad?

Most I have seen on my cards are the 3% non-sterling fees. Only if you withdraw cash then you’ll get charged an additional fee.

No idea which cards are charging that much. I’ve got a ton of different cards and not one charges more than 3%.

7% sound insane
Thats alot of lost money for nothing
Never heard of any that charge that much

I don’t think it make sense to talk about the bottom of the list. Always look on the best!

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mBank in Poland takes 6% fee on FX transactions on their regular (non-premium) debit cards, on top of using their own unfavourable exchange rate. The real difference between their rate post-fees and live Forex rate is somewhere around 10%. Shocking, but true.

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Thats sound like stealing

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I’ve gone through every card listed on MSE, and can’t find a card that charges more than 3%.

This implies that the card that charges the most in the UK for foreign transactions could actually be Curve itself! (Blue cardholders have variable fees, from 0%-3.5%).

@Curve_Marie Can you check which cards the marketing guys are referring to when they say Curve can save you up to 5% (or even 7%)? I don’t know if I’m missing something, but I wouldn’t want you guys to get dinged by the ASA.

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Hi @Curve_Marie, is there any update on which cards are being referenced when Curve say there’s a 5% / 7% fee for purchases abroad?

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@Curve_Marie & Team: do you know when you’ll be able to say which cards are being referenced when Curve say you save 5 or 7% when buying stuff abroad?

What happens in the app when I’m using the card abroad and it’s charging me 3.5% - does it still tell me I’ve “saved” money, or does it assume my underlying card would charge 2.99% and say I’ve lost out?

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I’m pretty sure it’s the FCA not ASA that are in charge of advertisements for Financial Services.

As much as I believe they should come down hard on Curve, I don’t see it happening without a lot of attention being drawn to it.

If you get hit by free and Curve advertise you as having saved though you could definitely take it to the Financial Ombudsman Service assuming Curve refuse to uphold your complaint (I would actually encourage you to do so) as the more FOS complaints exist the more the FCA will have to pay attention (every FOS complaint is forwarded to FCA)

As for what your resolution would be, I would recommend you demanding changes to the advertising within the app to make things more transparent although this is obviously your choice :slight_smile:

I personally will be raising multiple complaints shortly despite being a somewhat satisfied customer with the actual core product.

Paweł, I have mbank account and last year ditched the debit card entirely for two reasons - they charge for it and I don’t really need it anymore. Now I have Starling account and can use it same as any Polish debit card while in Poland, being charged straight from British bank account. Strongly recommend to you. Of course, there’s also Revolut, Monzo and others to choose from. The very idea of using different bank cards in different countries is becoming a thing of a past.

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Sounds like a curve card would benefit

Thanks for advice, but I don’t really use the card I mentioned. I still have an account and a debit card in mBank, mostly because it’s free and I didn’t bother to close it. I bank in other institutions as well, so it doesn’t really matter that much for me.

I’m not sure if I made it clear in my previous post, but I am not a British resident, therefore offers made by British banks doesn’t really apply to me. I also prefer having Polish IBAN number for my accounts, for obvious reasons.

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If they’d not mislead their customers I wouldn’t be be forced to go this route - I have informed @Curve_Marie and she told me to make the complaint :slight_smile:

Hi @Curve_Marie & co - was there any progress in finding out which cards are charging 5 & 7% in fees when you purchase something abroad? I would have thought this would be at your marketing team’s fingertips as it’s so regularly promoted.

Hi guys - it’s been over a month and still no answer. I’ve look at all the UK cards I could find in that time, and the most expensive one at 3% was cheaper than Curve’s top fee (3.5%).

Curve have put out a load of marketing on Twitter etc. saying that you will save money when travelling with Curve, as it’s up to 5% cheaper.

There must be a British card out there that you’re using for this comparison - does it really take over a month for you to check which one it is? Or can anyone else find this card? I’m concerned it might not exist now, but the claim is still on the website.