Euro accounts launching this week


#42

So my brief usage of paying in Euros digitally falls with Revolut.

I paid for a holiday rental last year - That is as far as I got (I’m not a jet setter like some!)

I can now pay for this years holiday rental with Starling, and pay virtually the same rate.

I’m yet to decide whether I’ll “top up” my Starling Euro account when I’m out there, or just use my Monzo/Starling card.

Note to self… They don’t even use Euros where I’m going :joy: It’ll definitely by the latter!!


#43

:joy: Yeah I can imagine using it for that actually, may as well get one when they offer it up to me :smiley:


#44

One question that myself and @MRMR briefly touched upon on the Monzo forum was the impacts on DCC.

When Starling release a Euro Debit card, will it still ask for the DCC when paying for things in Euros because the country of origin was the UK?


(Dan) #45

Isn’t the idea that the Euro functionality will be built directly into the UK card? IE - it automatically just debits the euro balance not the £ one? So I’d therefore think you’d still get DCC issues


#46

Oh yeah, I don’t know why I keep thinking it will be 2 cards.

I misread it the first time, and now it’s seemingly stuck in my head.

1 card - 2 accounts.

I wonder how they’ll implement which currency to pay in.


(Marcel Ruhf) #47

I’d guess it will be similar to Revolut, i.e. if it’s in Euros (and the account balance is sufficient) it will use the Euro account, otherwise the (default?) Sterling account.


(sam) #48

If the payment is in Euros, euro account, if it’s in GBP, GBP account.
I imaginne you’d have to refuse DCC for it to work properly. DCC is generally best to avoid
If they click the button for you, you can claim a charge back as they didn’t follow MasterCard rules


#49

I think for most people there will be fairly little benefit. For me:

I have a fairly significant debt in euros, that I have to repay annually. Being able to store some of my money in EUR when the rate is good is great. And I’d never feel comfortable doing that with revolut or transferwise due to lacking FSCS protection.

For me it’s less useful for debit card spending (I prefer credit cards, anyway) but more for holding EUR and making EUR transfers.


#50

Would be great if its automated. For some reason I was envisaging having to select in-app im now using my EUR account…kinda like you do on Curve.


#51

In April MasterCard will be adding a mandate on all acquirers that will require DCC to be disabled for some cards or something similar to that. AndreasK confirmed it on Revolut forums and so did CaxtonFX.


#52

The problem is that MasterCard can add whatever they want: History shows that noone give a flying pig about what mastercard “demands”, so I’ll wait and see if this is actually going to make any difference, but I’m sceptical …


#53

No. This is different. To be an acquirer that accepts mastercard you must follow these rules. It’s different from a merchant that taps ‘add DCC’ on their machine and then charges you in GBP.


(Liam) #54

Four words…
Pay at the pump.


#55

Last year Mastercard changed its DCC rules, which would make it clearer to the customer.

The Mastercard global training for DCC shows it clearly in action.

The updated version of the Mastercard rules only clarify DCC requirements.


#56

What do you mean?


(Liam) #57

MasterCard have made one or two things mandatory in terms of PatP transactions.

These are being routinely ignored, virtually everywhere.


#58

Regardless, I doubt CaxtonFX and Revolut would both mention this is effectively the end of DCC for them and risk possible backlash unless they had faith in this.

At the very least I suppose it gives an opportunity to charge back anything in a currency done by DCC.


#59

If you look at the new implementation of DCC, Mastercard obviously have no intention of removing that, considering they have only in the last 6 months changed the rules.


#60

Haven’t seen it but the rules are meant to be changing on April 1st.


(sam) #61

That wouldn’t work very well, as you could have scheduled card payments for subscriptions go out in GBP while your on holiday with it set to eur