New to Curve and have some questions

#1

Hey,

So, I’m new to Curve and I just had some quick questions I wasn’t able to find the answer to in the FAQ.

  1. Is there anyway to see the conversion rate when using my card abroad? I bank with both Lloyds and N26 and I’d like to see whether Cruve’s rates at the time are the same/better than N26.

  2. Can we use a Curve card to withdraw cash inside a bank (not via ATM) abroad or should we use our base card for that?

  3. If we are buying something in a currency that’s not currently supported how do conversions work?

Thanks :slight_smile:

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#2

No.

I’d assume so. Do the cashiers inside charge the card in a different way?

AFAIK you will be charged in GBP.

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#3

The currency conversion will be done by mastercard, at the mastercard rate

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#4

Hi, welcome to the Curve Community!

At present, there isn’t a way to view the conversation rate in the app or on our website. Curve uses a wholesale rate to convert your currency when you make a transaction abroad. This means you will be making a transaction at the rates that banks use in order to exchange money between them, which is also known as the interbank rate.

You can use your Curve card to withdraw cash from an ATM as you would be with any other debit card.

This isn’t something I had heard of before, when would this be done instead of withdrawing from an ATM directly?

You make purchases in every currency with Curve. However, Curve can only charge your underlying cards in our supported currencies. This means that if you make a transaction is an unsupported currency, Curve will convert this transaction (at 0%) to the supported currency of your selected card and charge you in that currency only.

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#5

Hello Ivo,

Thank you for your reply :slight_smile:

An example of why you may withdraw from inside a bank is if the ATMs have a low limit withdrawal allowed per day/per card.

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#6

I understand now :grinning:

I experienced this issue when on a trip to India last year and I didn’t know that money could be withdrawn over the counter in this way!

Thank for sharing this with us.

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#7

On another note, I received my beautiful Red metal card today! I love it

Since Banks can see the transaction type on their end, is it possible they could apply forgiven transaction fees to a Curve card ATM withdrawal?

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#8

The transaction type has nothing to do with whether it’s foreign, but some banks do indeed charge cash advance fees for curve ATM withdrawals. If your bank charges fees for foreign transactions, not just foreign currency transactions, then you may also be charged fees - my Australian bank charges foreign transaction fees for Curve even if charged in AUD, as the transaction from Curve is processed in London.

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#9

We are very happy to hear this!

If you make an ATM withdrawal with a credit card selected in the app, you may be charged by your card issuer, if they charge for ATM withdrawals. We would advise to check the terms and conditions of your card programme before hand.

If you are withdrawing cash from a selected debit card, you will not be charged any fees. Always use free ATM where possible - no one wants to be charged £2.50 to access their own cash!

As Curve process all transactions through the UK, occasionally banks may charge what we call an “origination fee”. This isn’t a common occurrence but some card issuers unfortunately still insist on charging these fees!

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#10

Yep, appears to be particularly common with Australian and Singaporean card issuers. ING Australia do at least waive all these fees for 5 transactions & A$1k pay in per month.

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#11

A question just added Revolut to my curve card (so my wife has access to it) but should or could this be set up as Euro currency as I usually have an amount in Euros it comes up with a mesg! Which makes we wonder if it will cost more? image|281x499

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#12

Yes, you could set the underlying card currency to EUR and it would bill your Revolut card in Euros (which would then use up your EUR Revolut balance preferentially until it ran out, when they would automatically start converting GBP balance). The only downside would be at weekends for non EUR transactions where Curve would charge 0.5% to convert then Revolut would charge 0.5% to convert back if you didn’t have any money left in EUR.

Overall I’d say potentially doable but adding a layer of complexity that could add a cost…

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#13

Thanks. its really only for a backstop as my wife wouldn’t normally carry the Revolut card but have a Curve I’ll experiment but thanks cheers

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#14

Just wanted to (sadly) confirm that the ‘Cash Advance’ option of withdrawing funds from inside a bank and not an ATM does not work. I assume this is so that people can use ATM’s, hit the limit and pay the 2%.

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