Derin Clark

Derin Clark

Online Reporter
Published: 06/03/2020

From today, Virgin Money current account holders will be able to make transactions using their debit card while abroad without incurring any foreign currency fees.

Virgin Money Current Account customers can now make payments and withdrawals from cash machines while abroad without being charged. Previously, customers were charged 2.75% on foreign currency purchases and 3.75% on cash withdrawals, with a minimum charge of £1.50 per transaction for each, when using their Virgin Money debit card abroad.

This account is available to over 18s if opened online or over 16 if opened in branch. It includes an overdraft facility. The fee on overdrafts will depend on the customer’s credit score, but Virgin Money has stated that the majority of its customers will be on a rate of 19.9% EAR. The overdraft facility is only available to those aged 18 and over.

Commenting on the removal of foreign transaction charges, Zack Hocking, head of personal deposits at Virgin Money said: “We launched our new Virgin Money current account to offer the best in digital and mobile technology and help customers manage their money easily. Removing foreign currency fees makes using the account even more straightforward, giving customers the certainty of having no additional fees or charges when paying in a foreign currency using their debit card or taking cash out when abroad.”

Using cards abroad

This move by Virgin Money to remove its foreign transaction charges offers consumers more flexibility when using their debit card. The majority of current accounts will charge customers fees when they use their cards overseas to make transactions and withdraw money. This means that consumers wanting to use a card abroad will normally have to apply for a travel credit card that will enable them to use their card abroad without incurring extra charges. For consumers who do not want credit cards or who have a poor credit score, it can make using a card while travelling highly restrictive and expensive.

Rachel Springall, finance expert, said: “It’s great to see Virgin Money improving its current account package for use abroad as many of the biggest bank brands charge each time a customer uses their debit card outside of the UK. This is well-timed for anyone looking to travel within the next month or so over the Easter holidays and may wish to use their debit card as a convenient payment method. It’s easy and quick to switch current accounts if consumers are thinking of moving to Virgin Money, as it is part of the Current Account Switch Guarantee service.”

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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