Credit card for EUR transactions -> Neon/Revolut or bank in eurozone?

The lira is pretty extreme though :slight_smile: isn’t it one of the most volatile currency? (which is why there’s a 1% markup from revolut, it’s documented)

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I guess it would be similiar with Baht from Thailand? But I’m surprised too. The difference of 1-2% is significant!

“Today”.

Keep in mind that Mastercard uses daily rates, not live rates. I don’t mean Neon specifically, but you wouldn’t be the first payment card holder that gets show provisional exchange rates in-app - only for them to be adjusted according to official rates when/after the transaction is settled.

Please report back if there’s any adjustments until payment has cleared and been debited from your account.

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I will, it should be settled by tomorrow. Let’s see how it changes. Will report back.

Transactions got settled now. 44.42 CHF and 3’748.15 CHF, so still the same.

Neon is f…ing great :smiley:

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Were those transactions all on a weekend? Or did you pre-exchange money to TRY before your trip? Revolut is known to have bad exchange rates on the weekend.

Euro was on Saturday and TRY on Monday.

I’m not sure if the worse exchange rates (+1%) apply to card transactions too.

After about 100 transactions in different currencies I can say that in 9 of 10 transactions Transferwise was cheaper than Neon (How did I compare? Always paid with Neon but at the same time and instantly checked on TW how much they would have charged me. The final amount on Neon then is only visible after a few days). Therefore, I definitely keep sticking to Transferwise for foreign transactions. (this is just my experience)

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Did you check for a wire transfer or for a payment with their card? Genuinely interested!

I only checked for payments (online payments or payments at a check account counter abroad in a foreign country), no wire transfer.
Don’t know how it is with wire transfer. I assume the exchange rate that TW applies is the same with both, i.e. wire transfer or payment. Maybe the fees are different. And with Neon I have no idea but I assume that they don’t apply the credit card exchange rate but the bank exchange rate (Hypothekarbank Lenzburg) which, I bet, is surely less favourable than the former. This is why I definitely never will do a wire transfer with Neon.

PS: Maybe you meant something else: I checked immediately on the TW app how much I would get in CHF for the price I paid in the forreign currency, i.e. if I exchange the money within my TW accounts (e.g. 20 USD from my TW USD-account to my TW CHF-account).

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They quite state they‘re applying Mastercard rates for card payments - though not for wire transfers, which carry a fee.

Yes - in case of wire transfer - I am pretty sure that also here TW would be cheaper. This is why I have never made a wire tranfer with Neon (to/from a foreign currency account). I even don’t dare to try since I guess the outcome will be quite clear :slight_smile:

Wouldn’t it be great if there was an app or website which shows you what credit card is the best to use for any given transaction? Put together some business idea here:

I have to make a bank wire to Italy (~600€) to a standard IT Iban.

What is the best way between Neon, Revolut, Wire to minimize fees?

Thanks!

Revolut in terms of fees, if you haven’t spent you monthly free FX allowance yet.

EDIT: wait… are SEPA transfers still free with them, if you don’t live in the EUR zone?

Thanks! My limit has been reset yesterday, so all good for that!

For SEPA, no ideas! Never tried it before. How much could it be? Like <1€?

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Yes, I do them very often. Euro transfers from Revolut to Sepa enabled accounts are free.

SEPA is not equal to Euro zone and includes Switzerland.

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Thanks. That’s what I remembered though I wasn‘t 100% sure (since they’ve begun charging for GBP domestic transfers for instance).

If Revolut transfers from a GB EUR account though, that’s a reason why the Italian bank may charge for the incoming SEPA payment (more than they do for intra-EEA payments).

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Be careful with that because some (even significant) money might get “stolen” by some not better specified middleman… I’ve had this unpleasant experience a couple of times transferring EUR from an EUR CH account to an EUR Italian account thorough SEPA

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Are you sure it was the middlemen?

As far as I know, they shouldn’t, since the amount should be credited to the receiving bank in full with a SEPA bank transfer.