Virgin Money Essential Current Account No Forex Fee

[Jiu-Jitsu]

 

https://uk.virginmoney.com/virgin/current-account/essential-current-account.jsp

http://uk.virginmoney.com/virgin/downloads/Debit_Card_Leaflet.pdf

 

A basic account with no charge for overseas purchases and only £1.50 for ATM withdrawals. So especially useful for those who don't have access to a full current account.

 

It supplies a VISA debit card. 

 

 

[Ricardo]

Minimum transfer is GBP 1,000.

 

https://uk.virginmoney.com/virgin/international-money-transfer/

 

and " Free withdrawals at almost all high street cash machines.* ", which probably means in-the-UK.

 

" Earn 1.00% Gross¹/AER² (variable) interest on the balance you hold in your account, up to a maximum balance of £100,000. Interest is paid monthly. " which isn't bad for these days. Many (relatively) high-interest accounts have very low maximum balances.

 

Lastly  " You must be 18 or over and resident in the UK to open an Essential Current Account. "  https://uk.virginmoney.com/virgin/current-account/eca-opening-your-account.jsp

[Jiu-Jitsu]

6 hours ago, Ricardo said:

Minimum transfer is GBP 1,000.

 

https://uk.virginmoney.com/virgin/international-money-transfer/

 

and " Free withdrawals at almost all high street cash machines.* ", which probably means in-the-UK.

 

" Earn 1.00% Gross¹/AER² (variable) interest on the balance you hold in your account, up to a maximum balance of £100,000. Interest is paid monthly. " which isn't bad for these days. Many (relatively) high-interest accounts have very low maximum balances.

 

Lastly  " You must be 18 or over and resident in the UK to open an Essential Current Account. "  https://uk.virginmoney.com/virgin/current-account/eca-opening-your-account.jsp

 

You are confusing different products.

The International Money Transfer has nothing to do with the Essential account...apart from the fact that it is offered by the same company.

 

The Interest Rate is connected with the Essential account.

I already mentioned the £1.50 ATM withdrawal charge abroad. No forex fee levied on cash advances or purchases.

Yes, you need to produce ID and perhaps a utility bill to obtain an account. Doesn't mean that you aren't allowed to live elsewhere.

 

[Ricardo]

1 hour ago, Jiu-Jitsu said:

 

You are confusing different products.

The International Money Transfer has nothing to do with the Essential account...apart from the fact that it is offered by the same company.

 

OK, sorry about that, I got there by clicking on your first link, and then on the "Currency" tab on that page, so it wasn't clear to me that it wasn't anything to do with the new Essential account.

 

1 hour ago, Jiu-Jitsu said:

The Interest Rate is connected with the Essential account.

 

Yes, and the maximum-limit (GBP 100k) is higher than with many other accounts, a positive feature.

 

1 hour ago, Jiu-Jitsu said:

I already mentioned the £1.50 ATM withdrawal charge abroad. No forex fee levied on cash advances or purchases.

 

No, just the usual VISA exchange-rates, on the day.  This would avoid the 3% surcharge applied by some card-issuers, on all foreign-currency transactions, but might not avoid charges by some retailers (I think Air Asia are an example) for using a card whose base is another currency ?

 

They do say to warn them, before you go off on holiday overseas, to avoid any problems  ...  presumably to avoid triggering their security-systems ?

 

1 hour ago, Jiu-Jitsu said:

Yes, you need to produce ID and perhaps a utility bill to obtain an account. Doesn't mean that you aren't allowed to live elsewhere.

 

 

I'm not sure how that would work, to open the Essential Current Account you are required to be UK-resident, so how can you also be living elsewhere ?

 

Perhaps open the account before leaving, to live overseas, and using an accomodation-address in the UK, for statements ?

 

[KittenKong]

5 hours ago, Jiu-Jitsu said:

Yes, you need to produce ID and perhaps a utility bill to obtain an account. Doesn't mean that you aren't allowed to live elsewhere.

 

The account application does specifically say "UK resident" which would exclude people who live elsewhere. Of course this is almost impossible to prove or disprove in the UK so the odds are that anyone with ID and a UK address would be accepted.

[Jiu-Jitsu]

4 hours ago, KittenKong said:

 

The account application does specifically say "UK resident" which would exclude people who live elsewhere. Of course this is almost impossible to prove or disprove in the UK so the odds are that anyone with ID and a UK address would be accepted.

I travel up to nine months every year....

I don't know why this point is being laboured. You have to apply in person anyway. So you either have the relevant paperwork or you do not.