• iconNews
  • videos
  • entertainment
  • Home
  • News
    • UK News
    • US News
    • Australia
    • Ireland
    • World News
    • Weird News
    • Viral News
    • Sport
    • Technology
    • Science
    • True Crime
    • Travel
  • Entertainment
    • Celebrity
    • TV & Film
    • Netflix
    • Music
    • Gaming
    • TikTok
  • LAD Originals
    • Say Maaate to a Mate
    • Daily Ladness
    • Lad Files
    • UOKM8?
    • FreeToBe
    • Extinct
    • Citizen Reef
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
Snapchat
TikTok
YouTube

LAD Entertainment

YouTube

LAD Stories

Submit Your Content
Monzo issues urgent warning over common mistake Brits make when using bank card abroad

Home> News> UK News

Published 12:36 28 Jan 2024 GMT

Monzo issues urgent warning over common mistake Brits make when using bank card abroad

The online bank have urged users not to make the same mistake when travelling overseas

Joshua Nair

Joshua Nair

Monzo have issued a warning that urges their customers not to make this mistake when travelling abroad.

Things can get away from you when you go on holiday, whether it be time, money or your calorie intake - the list goes on.

But the process of going on holiday is easier than ever before, being able to book your flights, hotel and transport online - sometimes as a package.

Even spending money abroad has been made easier with certain banks offering improved exchange rates.

Advert

Online banks such as Monzo were some of the first to offer this option, giving holiday goers an ease of mind by saving the trip to the money exchange, where rates are known to be increased.

The relaxation too involved in not carrying around cash also improves overall holiday experience, we really do live in the best time to travel.

However, there is a common mistake that Brits make when travelling abroad and using their card to pay.

Monzo have sent out a warning to customers that may fall victim to this easy error in a TikTok video.

Monzo explained that there are two options to pay when using your card abroad.
TikTok/@monzo

Advert

The video starts with: "Why you should pay in local currency when spending money abroad."

The woman explains that there are usually two options when you pay with your Monzo card abroad.

Option number one is to pay in your home currency, which would be pounds for us.

Option number two is to pay in the local currency, which could be euros or dollars, or something else depending on where you are.

The first option is the exchange rate given to you by the payment holder, so the shop or cafe you are paying.

Advert

She explains: "While this may seem like the best and most simple option because you can see the exact amount that you're spending in the transaction in your home currency,

"This may not be the best deal on your money."

When using a Monzo card abroad, it is important that you pay in the local currency, so you can save paying extra money.
Getty Stock Photos

But she continues to say that if you use your Monzo card and pay in the local currency, they pass Mastercard's exchange rate to you with no added fees.

Crisis averted!

Advert

Option one could be a higher fee as the place you are paying may want to make a bit of extra cash, according to our Monzo expert.

"Always select to pay in the local currency, you're likely to get a better exchange rate and you'll save yourself some pennies." She concluded.

I have been a victim of paying in my home currency before, so this is something I think we can all take something from.

Let's save some pennies!

Featured Image Credit: Getty Stock Photo / Monzo

Topics: Travel, UK News, Money

Joshua Nair
Joshua Nair

Joshua Nair is a journalist at LADbible. Born in Malaysia and raised in Dubai, he has always been interested in writing about a range of subjects, from sports to trending pop culture news. After graduating from Oxford Brookes University with a BA in Media, Journalism and Publishing, he got a job freelance writing for SPORTbible while working in marketing before landing a full-time role at LADbible. Unfortunately, he's unhealthily obsessed with Manchester United, which takes its toll on his mental and physical health. Daily.

X

@joshnair10

Advert

Advert

Advert

Choose your content:

7 hours ago
9 hours ago
11 hours ago
  • 7 hours ago

    Elon Musk urges release of Epstein files weeks after accusing Trump of being involved in fiery X rant

    Musk made a bombshell claim about his former 'first buddy'

    News
  • 9 hours ago

    Arne Slot releases emotional statement after Diogo Jota tragically dies aged 28

    The Liverpool forward and his brother died this morning

    News
  • 9 hours ago

    Mum says picture of her son at nursery saved his life after camera flash revealed rare disease

    Laura Davies, from Wales, says she would have 'never known' without the photo

    News
  • 11 hours ago

    Brit, 29, who fell ill moments after getting tattoo on hen do fighting for life in coma

    Poppy-Mae Crutchley began to feel unwell 'instantly' after she got the inking in the Spanish party hotspot

    News
  • Martin Lewis issues important warning to Brits abroad to avoid sneaky £6 charge
  • Ultra-fit personal trainer issues stark warning after common gym mistake triggered life-threatening brain bleed
  • What happens when coming off Mounjaro as woman issues warning to others following her experience
  • Martin Lewis issues urgent warning to anyone with £10,000 savings in the bank