Why Your Banking Experience Changes the Moment You Leave the UK

Imagine leaving the UK and going on a short weekend trip to France by train. You get off the train, check into your hotel, and go out for lunch. The bill comes in euros, you pay, and leave. Repeat for every purchase you make. When you get back to the UK, you realise that you’ve spent a good bit more than you thought. Why? That extra isn’t an accident, it’s a hidden hook designed to punish you for spending abroad. This guide runs through exactly what that hook is, and how banking with iFAST Global Bank helps you avoid getting snagged by it. 

What’s the extra fee? 

The reason why you always pay a little extra when spending abroad is because of your card provider. When you use your local UK bank card to spend abroad, you use a card that’s built around spending GBP. However, establishments abroad don’t take GBP, so they’ll have to convert your GBP into whatever the local currency is. Banks and card readers take the opportunity to demand bad FX rates and exchange fees, usually 2-3% of the purchase, as a result. You as a buyer have no recourse, because as a captive audience, it’s not possible to pay another way. So you’re stuck on your holiday, paying extra out of your pocket because you don’t have the right card to pay with. 

Keep your money in your pocket 

Paying an extra fee is frustrating, but there’s an easy workaround that can save you your money. Using a multi-currency account allows you to pay in different currencies, avoiding the extra 3% fee and poor FX rates. The iFAST Global Bank Multi-Currency Current Account allows you to hold and spend in up to 11 currencies worldwide, ensuring that your money stays with you. The iFAST Multi-Currency Current Account also allows for internal exchange of currency at competitive market rates with no fees, ensuring that even if you’re running low on a specific currency, iFAST Global Bank empowers you to settle your bills on your terms. 

18+, Interest rates are variable and are subject to change. Details regarding the interest rates can be found on our website at www.ifastgb.com. Please refer to our website for full terms and conditions. Deposits up to £120,000 are fully protected by FSCS (Financial Services Compensation Scheme). https://www.fscs.org.uk/ has further details on the scheme. 

Pay a different way 

While iFAST’s multi-currency current account covers 11 different currencies, there are more than 11 different currencies in use around the world. What happens when you can’t use your debit card to pay in a specific currency? Worldwide Scan & Pay allows iFAST Global Bank customers to scan participating QR codes to make cross-currency transactions worldwide, even if that currency isn’t available in iFAST Global Bank’s Multi-Currency Current Account. With Worldwide Scan & Pay, your money will be exchanged fee-free, ensuring that no matter which way you want to pay, your money stays yours. 

Scan & Pay is for cross-currency payments only. Availability of QR payments may vary by country and merchant. T&Cs apply. 

Bank like an international 

Just because holidays are temporary, doesn’t mean that your money should be drained more. Paying in the local currency allows you to skip bad FX rates and transaction fees, and iFAST Global Bank’s Multi-Currency Current Account empowers you to make those payments fee-free. Your banking experience doesn’t have to change, just because your location does. 

iFAST Global Bank: The bank that moves with you.