Typically, when most bank accounts are used overseas, they use a non-competitive exchange rate and also attach a commission on top of that. So basically, you're always paying to spend abroad, which sucks.
But we want to make spending abroad as easy as possible for you. You can use your Loot card anywhere globally that accepts MasterCard (and displays the MasterCard Acceptance Mark) and we use the MasterCard wholesale rate, with no added commission! So you don't pay any unnecessary charges for using your card 🚀
On your transaction list, we'll display an estimated price in the local currency along with the cost in GBP. Then, in a few days when the transaction settles, your transaction list will update and display the actual value of your transaction.
The conversion rate used is the one at the time that the transaction settles, so the value can sometimes fluctuate between the time of transaction and settlement- but it's nothing to worry about and also pretty minimal. If you'd like to learn more about transactions settling, you can read our article 'So, How Does It Work?'