EMI without foreign transaction fees?

[Emilio]

I travel a lot and I spend money in different currencies, my US bank charges 3% for foreign transaction fees and I want to save this amount.

Is there an EMI with a debit card , without Foreign Transaction fees?

 

[Sols]

Wise and Revolut were set up specifically for this. You can also get a credit card from Swissquote which has no FX fees on a lot of currencies although not quite as many as Wise and Revolut, IIRC.

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This is the probably the answer to your question.

 

[Elve]

There is also zen.com that I like a lot, no commission until the weekends unlike revolut that does charge extra commissions on weekends

 

[Forester]

Elve said:
There is also zen.com that I like a lot,
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Do you have some experience with them? I must admit, I am not a big fan of Lithuanian EMI's but this one seems to be worth some deeper investigation...

Elve said:
no commission until the weekends unlike revolut that does charge extra commissions on weekends
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You probably wanted to say they do not charge an extra commission during the weekends (it corresponds to the pricelist published at their webpage), i.e. “no commission not even on the weekends unlike revolut that does charge extra commissions on weekends”, right?
(Your expression is unclear a little bit...)

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Elve]

Forester said:
Do you have some experience with them? I must admit, I am not a big fan of Lithuanian EMI's but this one seems to be worth some deeper investigation...

You probably wanted to say they do not charge an extra commission during the weekends (it corresponds to the pricelist published at their webpage), i.e. “no commission not even on the weekends unlike revolut that does charge extra commissions on weekends”, right?
(Your expression is unclear a little bit...)
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Yes I have been using zen.com for over a year without any problem. But I specify that I do not use them for large amounts, between 4 and 6k on average per month recharged mainly with my Crypto visa card.

The account is echargeable in addition to personal iban: by card, google pay, Bitcoin, USDT, Ideal, sofort, Neteller, Skrill and other options. I have never recharged directly by crypto.

Yes I meant that there is no commission on weekends with Zen and yes with revolut, sorry my English is not perfect 🙂


The Zen team is Polish I believe but with LT license as Revolut. As in any EMI, there are testimonials of closed accounts, but as far as I'm concerned so far no problem.

 

[Forester]

Elve said:
Yes I have been using zen.com for over a year without any problem. But I specify that I do not use them for large amounts, between 4 and 6k on average per month recharged mainly with my Crypto visa card.

The account is echargeable in addition to personal iban: by card, google pay, Bitcoin, USDT, Ideal, sofort, Neteller, Skrill and other options. I have never recharged directly by crypto.
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Interesting. Thanks for sharing.

Elve said:
sorry my English is not perfect 🙂
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Neither mine 🙂
Absolutely no problem...

Elve said:
The Zen team is Polish I believe
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I know that the founder and the key person is a polish guy.

Elve said:
but with LT license as Revolut.
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Yes. BTW, what bank are they using for a custody? I.e., to what bank belongs the dedicated IBAN that you obtain?

Elve said:
As in any EMI, there are testimonials of closed accounts,
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This is not surprising. Generally, it is true that a remarkable number people use the account inappropriately, so it must occur.

Elve said:
but as far as I'm concerned so far no problem.
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Good to hear. BTW, do you have a personal or a business account?

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Elve]

Yes. BTW, what bank are they using for a custody? I.e., to what bank belongs the dedicated IBAN that you obtain?
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If I am not mistaken all the funds of the EMIs LT are custodied by the central bank of LT.

However, the Zen.com bic (BZENLT22) belongs to the UAB ZEN.COM institution with LT IBAN.

Each account in all currencies (including EUR) also has a GB IBAN, provided by The currency cloud and available for Swift transfers.

I'have only a personal account.

 

[Forester]

Elve said:
If I am not mistaken all the funds of the EMIs LT are custodied by the central bank of LT.
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Well, I read something like this in the past, but no background info (central banks usually work just as issue houses, emitting the money and performing the surveillance, they take deposits only exceptionally, mainly for state bodies, and for licensed banks they maintain their clearing accounts... AFAIK)

Elve said:
However, the Zen.com bic (BZENLT22) belongs to the UAB ZEN.COM institution with LT IBAN.
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Together with the abovementioned, really interesting. (Until now, I was quite confident that only banks ”“ or another comparably licensed financial institutions, as credit unions, mutual savings banks etc. ”“ can possess an IBAN...)
Does anyone (@Gediminas ? 🙂 ) know, how the LT EMI's system works in the background?

Elve said:
Each account in all currencies (including EUR) also has a GB IBAN, provided by The currency cloud and available for Swift transfers.
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Yes, The Currency Cloud Ltd. is well-known.
BTW, I have just found that they even publish these facts on their webpages ”“ https://ask.zen.com/hc/en-us/articles/4886758660892-What-currencies-are-available-in-ZEN- ”“ really exceptional, I appreciate a lot.

Elve said:
I'have only a personal account.
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I understand. Anyway, thanks a lot for the detailed info.

Last edited: Jun 11, 2022
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Emilio]

Thank you for your help and recommendations

Sols said:
Wise and Revolut were set up specifically for this. You can also get a credit card from Swissquote which has no FX fees on a lot of currencies although not quite as many as Wise and Revolut, IIRC.
Click to expand...

I will try your recommendations:
-Wise . (I didnt know Wise had cards too).
-Swissquote.
I can't get a Revolut card unfortunately for beign southamerican.

Elve said:
There is also zen.com that I like a lot, no commission until the weekends unlike revolut that does charge extra commissions on weekends
Click to expand...

Elve said:
Yes I have been using zen.com for over a year without any problem. But I specify that I do not use them for large amounts, between 4 and 6k on average per month recharged mainly with my Crypto visa card.
Click to expand...

It's good to know you're happy with their service. I just did some research on this one and I'm reading some horrible reviews/experiences with zen.com, I'm considering giving it a shot while I find a more permanent solution with a service with better reputation

 

[Forester]

Emilio said:
Thank you for your help and recommendations

I will try your recommendations:
-Wise . (I didnt know Wise had cards too).
-Swissquote.
I can't get a Revolut card unfortunately for beign southamerican.



It's good to know you're happy with their service. I just did some research on this one and I'm reading some horrible reviews/experiences with zen.com, I'm considering giving it a shot while I find a more permanent solution with a service with better reputation
Click to expand...

Just my personal opinion:

1) If you are satisfied with the currencies that Swissquote offers and they can onboard you, do not hesitate and go with them. They possess a Swiss banking licence, it is kilometers ahead of any British or even Lithuanian EMI (as the reputation is concerned).

2) You can read a lot of (true) horrible reviews/experiences with Wise as well. But it all depends of your use-case. If you regularly send to Wise a part of your salary and then use their card while travelling, you will perhaps be happy with them. If you use it as a business (or even personal) account in various irregular contexts, you must be ready for a situation that your account is closed without any warning or notice, without any reasonable explanation and the cash will be freezed for undefined time ”“ because their AI evaluated your activity as suspicious (evt. search here at forums). (Important note: AFAIK, nobody lost the money, finally they return it to the owner ”“ but of course even freezing your cash for some months can ruin your issues perfectly.)

Toggle signature
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Emilio]

Forester said:
Just my personal opinion:

1) If you are satisfied with the currencies that Swissquote offers and they can onboard you, do not hesitate and go with them. They possess a Swiss banking licence, it is kilometers ahead of any British or even Lithuanian EMI (as the reputation is concerned).

2) You can read a lot of (true) horrible reviews/experiences with Wise as well. But it all depends of your use-case. If you regularly send to Wise a part of your salary and then use their card while travelling, you will perhaps be happy with them. If you use it as a business (or even personal) account in various irregular contexts, you must be ready for a situation that your account is closed without any warning or notice, without any reasonable explanation and the cash will be freezed for undefined time ”“ because their AI evaluated your activity as suspicious (evt. search here at forums). (Important note: AFAIK, nobody lost the money, finally they return it to the owner ”“ but of course even freezing your cash for some months can ruin your issues perfectly.)
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Thank you! I'll give Swissquote a try, seems like a great option.