I have similar with my existing Barclays International account, seperate accounts in GBP, EUR and USD. It is very expensive to use, hence one of the reasons I migrated to Transferwise and Revolut.
I don’t see how this can be any better than Revolut, unless Barclays uses an interbank FX rate, which it won’t.
The real killer would be if a card issuer of points-earning credit or charge cards such as American Express decides to offer multi-currency settlement on a single card in the same way that Revolut offers multi-currency balances on a single card. In other words, offer for postpaid what Revolut offers for prepaid. Only Amex could make this really profitable because it’s not subject to the 0.3% EU cap on interchange fees, at least not on its non-cobranded cards.
You are right, it’s just I watch every penny lol !
At the weekend Clarity would win hands down. Although I also have Nationwide Visa which is ‘fee free’, so depending on the country I could use either at the weekends. Most of my travel is outside of Europe. I made a tidy profit on the Revolut 1% cashback over last 12 months.
You’re forgetting one important benefit of Revolut, namely the ability to choose your FX rate. I used orders (“auto-exchange”) to do the FX when the market reaches a rate of my choice. Amex offers no such ability, so even if they remove the 3% fee, you’d still be stuck with a low GBP/USD rate of 1.2111 this week for example, rather than having sold GBP/USD at above 1.2500 last week.
Auto-exchange isn’t something you can rely on last minute though, you have to plan in advance and keep the money around sitting until it hits a preferential rate
No, that’s not true. It depends on the reason for your trade. If you’re trading speculatively, i.e. buying and selling in order to make a profit, then that’s not allowed. But trading in one direction with a view to spending the bought currency is allowed and is the purpose of the product.