Reply to: New supercard is out (perfect for overseas purchases)

[cojak]

Caxton were very quick to assure me that they have nothing to do with Wisecard.

[ladymuck]

Wise words from eek


Sent from my iPhone using Contractor UK Forum

Broken clock and all that

[GhostofTarbera]

That was why I binned the curve card I sought earlier this year.

Amex took one look at wirecard's business model (they supply the cards to Curve, Supercard and others) and told them to fluff off.

Wise words from eek


Sent from my iPhone using Contractor UK Forum

[Spoiler]

Again, how is a 50% shareholder not listed as a person with significant control?

They should be - my accountant is updating CH PSC register !

[DeludedKitten]

Not any longer - Starling use PSC information from Companies House. My wife is a 50% shareholder, but I'm the only Director (and the only PSC). Just opened a Starling business account no problem.

Again, how is a 50% shareholder not listed as a person with significant control?

[Spoiler]

For business, a Starling business account looks pretty good although they aren't yet available to businesses with more than one shareholder.

Not any longer - Starling use PSC information from Companies House. My wife is a 50% shareholder, but I'm the only Director (and the only PSC). Just opened a Starling business account no problem.

I believe you can apply with multiple shareholders, as long as they aren't a PSC (25% or more). I had to get my Ltd's PSC register updated on Companies House to include my wife.

[SuperLooper]

This I would definitely not do. It's not going to be covered by FSCS if something goes wrong.

I'm aware of that risk, and so I just keep a couple of $k in there, not any huge amount. Good point though.

[WordIsBond]

I have a USD borderless account because it's easier to receive payments from my US clients <snip> and now I can spend directly from it for my US expenditure without incurring any fees or exchange rates.

Me, too.

allows me to maintain a USD balance (so I can wait for better exchange rates before converting to GBP)

This I would definitely not do. It's not going to be covered by FSCS if something goes wrong. If I know I have USD or Euro expenses coming, I'll leave enough in the account to cover them, but I'm not going to leave extra funds in there on the hopes exchange rates improve. That's not a risk I consider to be worth it, especially since I can't predict what currency markets will do.

[DeludedKitten]

Have just ordered a Revolut Metal card, primarily for the vanity rather than the benefits.

£13 a month

I'd have been very very tempted but I don't use it enough to make that work.

[Spoiler]

Have just ordered a Revolut Metal card, primarily for the vanity rather than the benefits.

[SuperLooper]

2) I never understood the power or use of borderless account - Can you explain why you need them? I have a GBP / local currency account outside the UK - Why would I need borderless?

I have a USD borderless account because it's easier to receive payments from my US clients, allows me to maintain a USD balance (so I can wait for better exchange rates before converting to GBP), and now I can spend directly from it for my US expenditure without incurring any fees or exchange rates.

[LondonPM1]

Yes, I received my transferwise borderless debit card a few weeks ago. I have already used it to make payments and it works seamlessly. I would highly recommend it.

I used transferwise for regular fx currency conversions to the UK.

1) You can only send GBP to UK accounts - I have a GBP account in a different country and they wont do fx in those circumstances. Does revolt allow you to do that?

2) I never understood the power or use of borderless account - Can you explain why you need them? I have a GBP / local currency account outside the UK - Why would I need borderless?

[jmann]

Transferwise have just launched a private beta test of borderless account debit cards for business. (I'm invited to the private beta.)

This will be great for my US expenditure, I'll be able to spend directly from my USD borderless balance without ever having to convert to/from GBP.

Yes, I received my transferwise borderless debit card a few weeks ago. I have already used it to make payments and it works seamlessly. I would highly recommend it.

[SuperLooper]

Transferwise have just launched a private beta test of borderless account debit cards for business. (I'm invited to the private beta.)

This will be great for my US expenditure, I'll be able to spend directly from my USD borderless balance without ever having to convert to/from GBP.

[DeludedKitten]

TL;DR

What's the best way to spend abroad these days, I am going to Paris for a week, I usually just take cash in Euro but I fear the wife has ideas to bankrupt me so a card might be better.

I saw Revolut has a limit of £200 a month for withdrawals, or £400 if you go for the premium at £6.99 a month. This will normally do while I am over in Spain as I usually only get a smallish amount out in cash from a GBP account while I transfer cash to the Spanish bank account to use over there (can't use that in France, it's a limitation of not have full residencia in Spain yet).

I assume most people just make card payments for everything then, even the "small stuff", is contactless proliferant in the rest of the world now (again using Spain as the example I still get funny looks using anything other than cash, but that might be a foible of small town Andalucia rather than the bigger cites like Paris)

I've used Revolut for years and had no problem. These days, as long as it's not on a weekend, I rarely move money into different currencies in advance since they will do it there and then free.

If you spend a significant amount of time in Spain and need cash then I'd look at getting a Santander account in the UK and using their card. I don't know what the rates are like but there's no fees for Santander users.