FX spend – choice of NatWest Mastercard, Curve legacy Black or MBNA Horizon Visa

[rjn21]

I have some significant FX spend upcoming, and 3 choices of card. All are FX fee free.

NatWest Black Mastercard, Curve legacy black Mastercard, MBNA Horizon Visa.

As Curve now use Mastercard rather than inter bank FX rates, that “should” be the same as Natwest, provided Curve isn’t used at a weekend, and I’ll be below the annual fair use cap.

MBNA horizon uses Visa rates.

So, I’m intending to spend, say, AED1000 on each card, see how that finally settles on each card, then decide which card offers the better rate for the remaining balance.

Does anyone have experience of comparing post settlement final charges between the networks?

• This topic was modified 54 years, 4 months ago by .

[Harrier25]

Do Curve now use Mastercard rather than inter bank FX rates? When did this change happen? If this is the case then you would be better using Revolut because, as far as I’m aware, they still use the inter bank FX rate.

Didn’t Curve do away with their weekend FX additional charge?

[MattB]

Don’t forget to factor the 0.5% cashback on Horizon, surely that will offset any small differences in the rates you get?

Obviously would have to wait until year end for it to be paid out.

[points_worrier]

I’ve tendend to find the Mastercard rate is 0.3 % better than the visa rate. Visa rate ends up 0.8-1.2% off the interbank rate.

[Andrew.]

There are multiple versions of MBNA Horizon, mine doesn’t have free FX, are you confident that your version has?

[rjn21]

All of my FX fee free cards result in 0.5% back whether via Curve or otherwise, although the MBNA horizon only pays out at the end of the year and NatWest is 1 month in arrears. So the only variable is the FX.

Curve changed to mastercard rates from “Currency Layer” (broadly inter-but bank with random Curve oddities) around 20 Jan 2022. Careful reading of the email announcing that means that weekend surcharges have not gone away. They have removed the distinction between weekday and weekend FX rates from their terms and conditions. However, they have left the distinction, with the corresponding weekend surcharge, in the fee schedule.

[rjn21]

And yes my MBNA Horizon (issued following the withdrawal of the Etihad card) is FX free.

[Harrier25]

rjn21 wrote:

All of my FX fee free cards result in 0.5% back whether via Curve or otherwise, although the MBNA horizon only pays out at the end of the year and NatWest is 1 month in arrears. So the only variable is the FX.

Curve changed to mastercard rates from “Currency Layer” (broadly inter-but bank with random Curve oddities) around 20 Jan 2022. Careful reading of the email announcing that means that weekend surcharges have not gone away. They have removed the distinction between weekday and weekend FX rates from their terms and conditions. However, they have left the distinction, with the corresponding weekend surcharge, in the fee schedule.

Yet another change to make holding a Curve card even less attractive.

[rjn21]

I made 3 transactions of AED1,000, on a Friday, within 90 seconds of each other.

Curve legacy black and NatWest black (both Mastercard) finalised at £223.81. 4.468 AED/£.

MBNA horizon (visa) finalised at £224.04. 4.463 AED/£.

The Mastercard rate was therefore slightly better.

True inter-bank was 4.490 AED/£. Mastercard was about 0.5% off true inter-bank as best I can tell.

[SteveJ]

Useful data points, thanks @rjn21

Doesn’t the Curve come with a limit on Forex spend before they apply a fee? I guess you’re able to avoid that as you’re legacy Black?

[rjn21]

SteveJ wrote:

Doesn’t the Curve come with a limit on Forex spend before they apply a fee? I guess you’re able to avoid that as you’re legacy Black?

Yes correct, I think. Legacy black has no fees on FX up to the fair use cap.
Curve has a habit of hiding fees within the fx rate so you don’t know you’ve been charged a fee, and unless you check the rate, don’t realise it’s a poor rate. I recall many many years ago Amex used to do that but now explicitly break down any fee on the transaction.