A few days ago I received a few emails asking me about the best way to withdraw money or the best card for making withdrawals and payments abroad if you're travelling - or even if you live abroad.
The solutions are called Revolut and Wise. While this article is mainly about Revolut, I recommend using both.
It's a card that will save you hundreds of euros in bank fees when you make withdrawals and payments abroad. The Revolut card charges no fees or commissions and the exchange rate is the same as that used by Mastercard or Visa. Revolut issues cards from both networks.
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Alternative to the Revolut Card
In addition to Revolut, I also use the Wise card, because I like to have more than one card. This allows me to have one more option in case of loss or theft. And since these cards have monthly limits up to which you don't pay any fees, by having two cards I can withdraw more money and feel more at ease. Withdrawals of up to 200 euros per month are free of charge.
Another advantage of ordering Wise is that you're served by the two main networks: Mastercard and Visa. And there are countries like Uzbekistan where sometimes only one of the networks works. I've used both and they work well, so I recommend having both.
Use this link to order the Wise card. You can copy the link and send it to friends or family or share this article on social networks.
Many travellers want to know how they can avoid the absurd bank fees charged by banks if they use a debit or credit card abroad. This card is also a great companion for those living abroad, as it allows free bank transfers in 24 currencies.
I've been using the card for a long time and even put it to the test (without any problems) during my long trip from Portugal to Macau, where I travelled through almost two dozen countries. Both the Revolut and Wise cards have more and more users all over the world, including in Portugal and Brazil.
How much you save with the Revolut card - 200€ or 400€ withdrawal
| Costs | 200€ | 400€ | |
|---|---|---|---|
| REVOLUT | Free up to 200€ 2% or 1€ over 200€ |
0€ | 4€ |
| CGD | € 3.75 + 0.60% + 2.00% + 1.00% + 4% (stamp duty) | 11,38€ | 18,87€ |
| BPI | € 3.00+ 0.33% (min. € 0.75) + 1.70% (processing fee) + 1.00% (currency conversion) + 4% (stamp duty) | 9,52€ | 15,72€ |
| New Bank | 4,00€ + 1,00% + 1,25% + 2,10% + 4% (stamp duty) | 13,21€ | 22,26€ |
As you can see, it's easy to see how much you'll save if you apply for the Revolut card when you make withdrawals and payments abroad.
In just one withdrawal of €400 you can save more than €12 with BPI, more than €15 with CGD and €22 with Novo Banco! Now multiply these examples by several withdrawals and several trips and do the maths on the money you save.
The Revolut card has three versions: Standard, Premium and Metal.
In the Standard version of the Revolut Card you don't pay any monthly fees, but you do have a monthly limit of €200 that you can withdraw (free of charge). In the case of Premium, the amount you can withdraw with Revolut without bank fees is €400, while in the case of Metal it will be €600.
The great news is that both the Premium version as Metal now allows free access to airport lounges for you and a companion (Premium version) or for three companions (Metal version) in the event of flight delays of more than one hour.
Companions do not need to be Revolut customers. In addition, both Premium and Metal also cover delayed baggage and offer flight insurance, among other advantages.
How to apply for a Revolut card
- Enter your mobile phone number
- Click on the link you receive by SMS to make the download of the application on Google Play (Android) or App Store (Apple)
- Open an account (takes 30 seconds)
- Top up the card with €10 (with a credit card or bank transfer)
- Select the type of card you want (Standard, Plus, Premium and Metal) and order the card you want. Only the standard card has a delivery charge. For all other cards, delivery is free.
- Confirm your identity (see more -> Profile -> Verify identity)
Note: In about a week you will receive the card at your address so you can make payments abroad free of charge.
Advantages of using the Revolut card to make payments abroad
- Free bank transfers in 24 currencies worldwide
- Make purchases abroad free of charge, in over 150 currencies, using the real exchange rate
- Make withdrawals from ATMs worldwide
- If you are travelling and need money for an emergency, you can ask a friend or family member to transfer money to your Revolut account. If you both have a Revolut account, the money will be deposited immediately. Otherwise, it may take a few days
- Change the PIN code in the app without having to use a cash machine
- Shopping online on foreign currency websites. For example, buying the London Pass, shopping at Amazon, at eBay or paying for Uber journeys in any country.
- Security - If you lose your card, you can deactivate it in the app and request a new one. You will receive the new card within 10 days
- Instant notifications - letting you know exactly how much you've spent and when the card has been used
- You can set a monthly spending limit in the app so you don't spend more than you want to
- 24-hour assistance through chat
Limitations of the Revolut card for making payments abroad
The basic Revolut card only allows you to withdraw up to €200 per month (for a maximum of five monthly withdrawals) - with zero fees and commissions. If you exceed this €200 monthly ceiling, each transaction will cost €2% or €1, whichever is higher. Even so, it's much lower than any fee charged by a traditional bank.
You can't also use the card to pay at bureaux de change, automatic petrol stations or toll booths. At the weekend, Revolut charges a fee of between 0.5 and 1% for each withdrawal. It's good to be aware of this.
How to top up your Revolut card
Top up your Revolut Card with a debit or credit card in GBP, EUR, USD, PLN, DKK, SEK, NOK, RON and CHF. With a credit card, transferring money to your Revolut account may incur fees and commissions, depending on the bank. It is advisable to use a debit card or top up with a bank transfer - which takes a few days.
Never change money at the airport
To make withdrawals and payments abroad, there is one thing you really should avoid: exchanging money at the airport, whether at the airport of departure or arrival, because the fees are, shall we say, obscene.
And unless you live (or have lived) in the UK - where there are no-fee credit cards for making withdrawals and payments abroad - the solution is this prepaid card.
Whether you live in Portugal, Brazil or any other country, you're certainly at the mercy of diabolical bank charges, interbank charges, commissions and a whole host of other names. These only aim to take as much money out of your pocket as possible - and they keep increasing every year.
What you save in fees on withdrawals and payments outside Portugal or Brazil is enough for a great dinner or lunch! So apply now for the Revolut card or the Wise card, the best bank cards for travelling.
If you have any questions about how to use it or any other tips for other travellers, leave your comment below and I'll be happy to help.
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Hello.
I'd like to know where to check the exchange rate in Revolut.
Hi James. You can see the Revolut card exchange rate applied in real time in the app. Just go to "More" in the lower panel and then "Rates”
on the top panel.
Hello, I'm travelling to New York soon and I have a question. Do I have to pay a fee if I withdraw money with my Revolut from an ATM at the airport? Is there any type of ATM you should avoid using?
Hello Joana. The fees will be charged by the ATM terminal, if there are any, as some terminals charge these fees.
Hi, can you tell me how to activate the Revolut travel insurance, do you have to activate it in advance or just the day before? thanks
Hi Luis. According to what I've read, you can take out Revolut travel insurance at any time, even once you've started your trip. But it's best to read up on everything that insurance covers, to make sure it's right for your trip and compare it with, for example, the IATI travel insurance. With this link you get 5% discount if you want to use it.
The revolut card isn't free, I paid 6.9€.
Hello Maria. Yes, there is a cost for sending the Standard card. The Plus, Metal and Premium plans have no shipping costs.
Hi, what about making payments on the spot with the card, are there any charges? Does it work like a normal ATM card?
Hello Jessica. Is there no charge for instant payments or any other payments? It works like a normal ATM.
Good morning.
Can you tell me if the revolut card is accepted when picking up a hire car?
Or does it have to be a normal credit card?
Thank you.
Hi Sonia. I don't think you can use it to hire a car, as it's considered a debit card. It could possibly work at a car hire company, but it's very likely that it will be rejected by the system.
You can pay for the booking with Revolut, but they will require a credit card to block the money corresponding to the excess on delivery of the car.
Honestly, I wouldn't risk it.
And can you use a normal bank credit card with a pin?
Sorry for the question...
Yes, any Master or Visa credit card (and often Amex) is accepted, as long as the allowance is sufficient to cover the excess. The amount varies with each car hire company.
It may not be for this situation (as it's also a debit card), but I'd also recommend the TransferwiseYou can use it in conjunction with Revolut, as it gives you more leeway in the amount you can withdraw each month without paying commissions. I don't have a debit card from a Portuguese bank. I don't contribute to fattening up the banks with annual fees...
If you have any more questions, feel free to ask.
Good afternoon Jorge!
Excellent post on Revolut, I appreciate a lot of the information you've shared.
One question: by using the link you have here to receive the free card, are you sure you won't be charged 5.99 euros? Supposedly, according to the Revolut website, sending the card is no longer free and they're charging 5.99 euros for it.
Thank you, hugs
Hello Roberto. Thank you for your comment. Yes, the free delivery of the card has been suspended. Note that there is a note in the article to that effect 🙂 I suggest you try the Transferwise. As there's no annual fee or anything like that, it's good to have both.
Jorge, thanks for the feedback. I don't think they both have an annual fee, considering Revolut's standard option. As far as I can tell, Transferwise is also charging 6 euros for sending the card. Is there any benefit to one over the other, or are they similar? Cheers and happy 2021.
Roberto, I think they're both very similar. I don't think there are any major differences in the service, that's why I use both and I also recommend that you do so. Of course, now there's that initial investment of sending the cards, but if you think you'd pay a lot more than that in a transaction and even in the annual fee for bank debit cards, then you're still winning! 🙂
Thank you for the very useful information!
I have two questions:
When paying abroad with Revolut, should I pay in the local currency or in euros?
And if I want to transfer money to my Revolut from MBWay, do I always do it in euros? Do I have to exchange the money myself in the app, or does it exchange automatically when I make payments?
Thank you!
Hello, Ilda. Always pay in the local currency. Because if you pay in another currency, the conversion is done by a third party and they will add fees. Either with Revolut, o Wise or a normal credit card, never accept the conversion at the time of purchase. In other words, if you're asked to pay in dollars or euros at a hotel in the USA, always say dollars.
As far as topping up is concerned, top up in euros, then the app will take the balance you have and convert it to the local currency. I don't do any conversion in the app, because it does it automatically. If you want to convert beforehand in the app, you can do that too, but I don't see the need, as the rate is the same.
I use it in the simplest way, I carry it in euros and then I use it anywhere, whatever the currency and I don't worry about it anymore.
For example, I have two revolut accounts. One in euros and one in Czech crowns. I'm going to Prague now and then Austria. While I'm in Prague, to use the money I've already converted there, do I just need to select the Czech koruna account? And then when I go to Austria change the account in the app to the euro account?
Thank you
Hi Marina. I never do the conversion in the app. I leave it in the original currency and then Revolut converts it at the time of purchase and, according to Revolut, the best exchange rate is automatically applied.
Another thing, is IATI insurance worth it? Have they never let you down in an emergency?
Thank you!
Hello, Ilda. When you're dealing with insurance companies, you're always on the back foot. Honestly, I think the service is good, although the cover could be more extensive, but that would also increase the price of the policies.
What often happens is that the most appropriate policy is not chosen. For short journeys I always use the Star or Premium policies and they are the ones I recommend. The IATI website has a good comparator of what is included in each policy. Don't forget that with this link you get 5% discount (applied automatically).
If you have any doubts about what you should and shouldn't include, take a look at these three articles:
How to choose travel insurance
12 reasons why you should never travel without travel insurance
Best travel insurance - IATI vs World Nomads
Good morning! As I understand it, with the standard revolut card there is a withdrawal limit of 200 euros per month (with a limit of 5 withdrawals), so no fees are charged.
Are the payments made with the card included in these 200 euros?
In other words, I'm travelling to the USA and I'd like to know if I can only make payments and withdrawals of up to 200 euros or if this only concerns withdrawals, with payments being free of charge. Thank you
Hi Joana. The limits are only for ATM withdrawals. For online purchases and payments there are no limits. Because of this 200€ limit on withdrawals, I recommend using two cards. Me I also use Wise. If you go to New York, check out this article.
Hello
So you can withdraw up to €200 without fees and make payments in shops and the like with a card without fees at will even if you've already withdrawn the €200 limit, if I've understood correctly?
Thank you in advance.
Hi Maria. Yes, it's exactly as you say 🙂
Good morning
I topped up my Santander Totta credit card and out of €2,000 I was robbed of €87 in commissions!
Hi Leonel. It's not advisable to use a credit card to top up Revolut or any other card. It's the banks that charge these fees, not Revolut. All the more reason not to use traditional banks or credit cards (with a few exceptions)...
Another one of those questions...
I'm travelling to Scotland for a week, and as it's business, my transactions will be hotels and restaurants - I can't imagine much else. I have a lot of questions:
1 - If I don't need a physical card, I can make payments with the App, right? How does that work, with a QR Code? Is this already working so well in the "world"? Because in Portugal there are still MANY places where this isn't possible, and if it isn't possible... there's no point in having Revolut.
2 - Standard option: I top up my Revolut card, is it straightforward to recover the unused balance on my return? Just make a bank transfer? Don't you have to pay for it? I don't want to leave money "lying around" because I don't travel often.
Thank you
Hi Paula. I'm here to help, so feel free to ask 🙂
1 - I recommend having a physical card. But if you don't want a physical card, what you can do is add Revolut to Google Pay or Apple Pay and then use your mobile phone to pay. You won't be able to pay directly with the Revolut app.
2 - Top up by bank transfer or debit card. Then you can always transfer it back. There's no charge for this. I don't recommend topping up with a credit card, as you could incur high fees - from your bank - not from Revolut.
Thank you Jorge.
One more question, the good and the bad thing about the internet is that there is so much written 🙂
I'm travelling to Scotland, how does this currency exchange thing work (as explained to a 5 year old... ie, simple and... simple)?
I top up my physical card (which I already have) with €.
When I use it in Scotland to pay for hotels and other expenses - I ask to pay in GBP so that they don't apply harmful exchange rates, right?
And "Revolut" takes care of everything else without charging me any commission, is that it?
Thank you!
Hi Paula. It's as you say, always pay in the currency of the country you're in (in this case GBP) and always load Revolut with the currency of your account (which in this case is EUR). Then you use the conversion rate of the day.
The card will automatically convert the balance into the currency you spend it in, at the best available rate. "Exchange transactions are not charged up to £1,000 per month; above these limits you are charged 0.5%." Don't forget that you also have a €200 monthly ATM withdrawal limit.
That's why I always recommend having two cards. I use Revolut and Wise - they work in the same way, but this way I have more room for manoeuvre 🙂
Thank you so much!
Yes, in fact, two could be a good option, right now I'm going to venture into this one - we'll see - I'm very absent-minded and I confess I don't like all this charging stuff at all but... I don't like paying commissions either 😀
If you do the maths on the savings, you'll enjoy it in no time 😀. Have a good trip! By the way, if you need it, find tips on Scotland here.
Good morning,
I'm travelling from Portugal to Brazil. I read that Revolut is not yet based in Brazil. What does that mean? Is it worth me transferring € to Revolut and using this card to withdraw from MB in reais and pay for things in Brazil?
Thanks in advance!
Isadora
Hello, Isadora. You can use Revolut in any country. It doesn't matter if it's based in Brazil or not. It uses the international Visa or Mastercard network, so it's accepted like any other card 🙂
Revolut Premium comes with associated travel insurance.
Can it travel to Chile?
Hi Maria. In theory, cover is available for all countries (unless there are government instructions not to travel to a particular country), but it's best to read the terms and conditions and the cover included. On the Revolut has all the details. I use the IATI for travel insurance. But compare the coverage of both to see which is best for your situation.
Hi Jorge. Thank you for sharing so much! I'm travelling to Brazil soon and I'm not sure if the standard version of Revolut will be enough. I only need it for payments and possibly one or two withdrawals. It costs around €7 to send the card, while the plus version doesn't (but it costs €3 a month and requires a 12-month stay, which is €36 a year). In reality, I'll only need it for a month, so the standard option would be enough. In terms of practical use, will the standard be enough for what I'm proposing? Thank you!
Hello Andreia. Thanks for your comment. If that's what it's really for, then the simpler version should do the trick. That's the one I use. Then I also use Wise (works like Revolut), but allows you to have two cards and more balance to use without fees each month and also allows you to have a
. If I lose one or it's stolen, I have another. It's always handy, and as you don't pay for it (apart from the postage), it's always advisable 🙂 .
Thank you for your tips. Can you tell me if it is necessary to have mobile data active when making payments with the Revolut card abroad? I have conflicting information and I don't know which one is true.
Thank you
Hi Isabel. I'd never heard that theory before... But no, the physical card has nothing to do with mobile data 🙂
Hello,
Thank you for your tips, they certainly help.
I'm travelling to the USA and I'm thinking of using my Revolut. My question is, in the App, do I have to create a dollar account and "sell" euros for dollars? Or is it enough to have the account in euros and when I use the card in the US, it converts automatically?
Thank you
Hi Raquel. You just need the amounts in euros and it converts them. It works better that way, in my opinion. Have a good trip! If you like tips on New York see this article. And also this one about hotels in the Big Apple.
Thanks for your help and tips.
I think they'll be very useful.
With regard to Wise, does it work in exactly the same way as Revolut or do you pay a commission?
It's like the Revolut. There will be small differences, but in essence it works the same way. 🙂
I'm travelling to Dubai and I've opted for Revolut Standart. This option allows me to make purchases there and I can withdraw a maximum of €200. Please confirm. Thank you
Hi. Yes, it's €200 per month of withdrawals, in a single withdrawal or a maximum of 5 withdrawals (until you reach €200). But I now I use Wise more.
Thank you for the enlightening article.
I'm travelling to London from Thursday to Monday, so half my trip is at the weekend. As the Revolut card charges the weekend fee, is it worth getting the Revolut card? Does Wise also charge this weekend fee?
In addition, are both of these cards suitable for use on London transport (like an oyster card)?
Hello, Joana. A Wise no weekend fees. If you don't have either of these cards, it's always better to use them than a bank card from your bank - even with the weekend fee (only in the case of Revolut). I have both, but I've been using Wise more recently. And as they're both contactless, you can use them on London transport without any problem. If you need information (or inspiration) there are plenty of articles about London here. Have a nice trip to London!
Can I shop and pay for restaurants with my revolut card abroad?
Hello, João. Yes, of course. No problem at all.
Hello Jorge, let me tell you that I did a lot of research before I came across your blog, which I found to be spectacular, very clear when it comes to more sensitive and serious issues that can generate many doubts. No one I've read has been as clear as you. Thank you very much. I have a few doubts after reading the comments area, one of them is when you say that if they ask what currency we want to pay in we mention the currency of the country we are in, does that mean that we have to choose at the time of payment like someone who chooses whether to pay in cash or ATM at a terminal in any shop in Portugal? is it a choice that we always have to make or if we use contactless is the choice automatic?
Another question, are the fees that the revolut card charges only for withdrawals? i.e. if I pay with a pin code or contactless, are these fees not applied? Finally, to transfer money, is it from the IBAN of my current account to the IBAN of the revolut account? (I apologise for the latter, but I'm quite a novice in this area) Regards and thank you for everything!
Hello Noémi and thank you for your comment. All your questions are pertinent, so let's go through them step by step. Yes, most of the time the currency used is that of the country you're in. Sometimes merchants may offer the option of paying in the currency of the country of origin, but the exchange rate is never to the benefit of the payer. In the case of contactless, it's always the local currency, unless you have to enter a pin.
The fees charged are for withdrawals if they exceed the free monthly amount (only at the weekend is an 1% fee applied to payments). Whether by pin or contactless, fees apply.
Yes, you can transfer money from your bank account to revolut with iban. That's how I usually do it.
I hope I've helped 🙂 See also Wisebecause then you have two cards to use the free monthly amounts. I use both.
Hello Jorge. Thank you for your clear explanations.
Do you know if the Revolut works as a credit card in the USA, for example, so that the hotel can pre-authorise an amount as a deposit on arrival?Thank you!
Hello Lia. I think so, because even when you book through the BookingSometimes the card is checked for pre-authorisation. It's always best to create a virtual card on Revolut for these situations, for security reasons. The hotel will then try to pre-authorise you. If it doesn't succeed, it will contact you. If you need any information about the USA and New York in particular, take a look at these articles.
Hi Jorge! Congratulations on your blog! It's a great help for anyone starting out on these adventures.
I'm going to ask you a question that I think will help me.
I'm travelling to Scotland at the end of this month. I've already applied for the revolut standart card. I know I have a maximum withdrawal limit of 200 euros. But if I pay for everything online there's no limit, right? Cheers and thanks
Hello Mariana. Thank you very much for your kind words. Yes, if you pay online there is no limit. Or, if you pay on the spot with a card, neither. The only limit is cash withdrawals from ATMs. By the way, if you want some tips on Scotland see these articles. Have a good trip!" 🙂
Hello, I'm travelling to New York soon and I have a question. Do I have to pay a fee if I withdraw money with my Revolut from an ATM at the airport? Is there any type of ATM you should avoid using?
One question. I'm travelling to Sweden from Portugal. My question is: with Revolut's Standard plan, will I encounter commissions on electronic payments (in this case NFC, from google pay)? Another question: do I have to have euros in my Revolut account and when I make payments, will the exchange be done automatically (without commissions?) or do I have to first exchange them into the Swedish currency (SEK)? And would this incur commissions? Thank you.
Hello César. As far as I know, there are no commissions with NFC either. And if you have Euros, the conversion is done automatically from Swedish Kronor to Euros - no commission.
Jorge, I'm travelling to Argentina and Chile, how can I transfer euros to the currency of these countries on my card?
Hello José. You don't need to transfer. If you have Euros, Wise or Revolut will convert them automatically when you use them. Always choose to pay in the local currency when making payments at Argentina e Chile.
Good afternoon. I'm travelling from Portugal to Morocco and I'd like to know if it's possible to withdraw from an ATM with REVOLUT and if there are any fees? Thank you
Hello Nina. There are no fees, except if you withdraw more than €200 a month. Some ATM machines charge fees, but this has nothing to do with Revolut.
Good article. Thanks for your help.
Thanks, Ana 🙂
Good evening! I recently signed up for the revolut virtual card and I'm travelling to Sweden (I didn't apply for the physical card), can I make payments at the POS?
Thank you
Hi Joana. Yes, in principle it won't be a problem, but it's better to take another card just in case.
Excellent article, one question, I'm going to book a trip in dollars, it's about 3K, can I pay revolut to avoid the fees of Portuguese banks?
Hello Valter. Yes, you can and you should 🙂 Also use Wise, which is just as effective.
Hi Jorge, congratulations on your blog. Very useful and really interesting. Can I transfer around 1200€ via MBway to revolut standard? thank you very much
Hi Ana. Of course, no problem.
Hello, can I use the Revolut card to receive payments from any country in Europe or the USA? Is it possible to receive my monthly salary on the Revolut card? Thank you
Hello Marco. Yes, you can receive your salary and payments. When you log in to revout you can access your IBAN just like at any other bank.
Good evening, I've been reading the article because I'm travelling to the Czech Republic, which doesn't use euros. I ordered the Revolut Standard card which I have already received and activated with the code I received. I've already transferred € to the card via a debit card. Do I need to do anything else to use it? Is it possible to transfer funds to the Revolut card via MBWAY?
Hi Rita. Yes, you can charge the Revolut with MBWAY without any problem. Have a good journey to Czech Republic.
Good afternoon, do you have a maximum amount you can pay on the spot with your card within Europe but in another currency (in shops, restaurants, hotels, etc.)? And do any charges apply?
Hi Ana. No, there is no fee and there are no limits on payments, only ATM withdrawals. You can, however, set a limit for transactions, including payments, for security reasons.
Good afternoon.
I have a question about the Revolut card.
I go to France every now and then and need to pay tolls, does this card work without a limit (as long as you have a balance, of course)?
I've got Wise and it's only given me two gantries, isn't that because I've run out of money?
Hello Manuel. Yes, this card has no limits, unless a monthly limit is set in the application.
When you say always pay in the local currency, how do you choose which currency to pay in? The last time I travelled I transferred € and bought pounds at Revolut, making an account in pounds. Is that more advantageous or not?
Hi Sofia, I always let Revolut do the automatic exchange in the app. When I say to pay in the local currency, it's because sometimes you're given the option at a shop's payment terminal to pay in the local currency or in euros. If the conversion is done by the shop terminal, the commission or exchange rate will be more unfavourable.
Good afternoon,
If I need to use Revolut at the weekend abroad to make payments, before I arrive at the weekend, should I convert the amount I might need into the local currency to avoid commissions, or do I let Revolut do the automatic exchange, what do you suggest?
If you have to exchange EUR into the local currency, is it advisable to do this in Portugal or in the country you're visiting?
I have the Standart card, is there a maximum usage limit per month for payments?
Hello, Isabel. I always leave the converse in automatic mode. I don't think the difference is significant and sometimes it's in favour, sometimes against. I don't think it's worth the effort. There is no limit on payments (unless you set it in the app), but there is a commission-free limit on withdrawals.
Hello!
Another repeated question 🤦♀️... but for those who are just starting out, the doubts are immense...
My daughter is going to study in London. Is it a good option to open a Revolut account here in Portugal and for me to transfer euros from my CGD account to her Revolut account and for her to use euros in London to pay for her shopping and let the card do the exchange on the spot?
If so, which is better - standard or premium account?
And after what amount of monthly/annual spending does it pay to sign up for a premium account?
I've read in several comments that there's no limit on the number of card purchases for the tax exemption... but if she makes purchases in London, does she not pay the 1% tax from €1,000/month spent, even on card purchases? I was confused on that point...
Thank you in advance for your availability and kind reply!
Hi Alexandra. Yes, using Revolut in London is the best thing you can do, as you won't pay any commissions.
Purchases with the card directly in pounds do not count towards the 1000€/month limit. Revolut does the exchange automatically and applies the interbank rate without adding the 1% fee (even if you spend more than 1000€). So just open the account and let the card do the exchange automatically.
If your daughter is only going to make day-to-day payments with the card, the Standard account is enough. The Premium account may pay off if she makes a lot of cash withdrawals (above the 200€/month that Standard allows without fees).
I hope I've helped.
Here are some articles about London, if you want to take a look.