Fee-free spending
anywhere in the world.
Forget dollars, euros, rupees—the only currency you need to take with you next time you go away is tally.
You see, we’re here to make things as simple for you as possible when you’re travelling…
And while we can’t carry your bags or tell you how much you need to tip to avoid getting a look, what we can do is ensure paying for things is exactly the same abroad as it would be at home.
It’s why, whether you’re using tally to buy a meal in a restaurant, withdraw cash from an ATM, or pay a local taxi driver…
We’ll never charge you anything for spending with us when you’re in another country.
Nothing.
Nada.
Fee-free spending.
What you see is what you get.
Seems fair, right? Why should you have to cough up for the privilege of spending your hard-earned money just because you’re away from home?
You shouldn’t. Yet still, charges for international spending are—and always have been—a disappointing reality for us Brits.
You can thank your friendly high street bank for that.
Travel Smart: how to avoid currency exchange rip-offs and enjoy fee-free spending.
In a traditional UK bank account, your money is held in pounds. So, when you use that account to buy something internationally, you’re exchanging those pounds for whatever the local currency happens to be.
You’d think it would be as simple as that. But during the process, your bank will often make a quick buck (or in this case pound) by adding their own costs.
These typically fall under two categories:
- Foreign exchange fees, which include the commission and exchange rate markups you’re charged for converting one currency into another.
- International transaction fees, which is what you pay for the processing of a transaction made in a foreign currency or with a foreign merchant.
These costs add up. Recent research suggests banks typically charge 3% per transaction and 4.75% per ATM withdrawal to customers who use their account abroad.
That £1,000 vase you’ve got your eye on in Venice? Well, if you want it, you’re going to have to give the bank £30 if you use your card or £47.50 if the vendor only accepts cash.
These are significant amounts.
The banks claim such charges compensate for the costs and risks associated with international transactions. We say it’s largely just another way for them to squeeze money out of their customers.
That’s why we’ve made sure it’s different when you hold your money in tally.
When you use tally to pay for things abroad, your tally will be converted into the local currency and you’re good to go. Simple as that.
No foreign exchange, no international transaction, and no ATM withdrawal fees—you could even use the money you save to buy a pina colada or two.
What we would advise, however, is that you make sure you pay in local currency at all times and check any ATM machine you use is free-of-charge. If you don’t, it’s the local banks who will complete the conversion of your tally to the local currency. They may very well add their own mark-ups and machine charges.
There are other reasons to use your TallyMoney account when you’re away, as well…
- STABLILITY: Tally is a gold-backed currency. This means it holds its value and is stable during times of global volatility. Fiat currencies like pounds, euros, and dollars are controlled by governments and can dramatically lose value in response to geopolitical events. Remember how weak the pound became after Brexit?
- VERSATILITY: Your TallyMoney Debit Mastercard—virtual and physical—is accepted wherever Mastercard is globally. That’s more than 37 million locations worldwide, giving you plenty of choice. Some cards aren’t as widely accepted as they charge extra fees both to customers AND retailers for their use. TallyMoney Card offers fee-free spending anywhere you are.
- SECURITY: You don’t want to lose your card in the first place. If you do, though, the last thing you want to do is spend hours on the phone trying to cancel it. With a TallyMoney account, you can lock your card instantly with the tap of a finger using our app.
- SHARING: Imagine a family member is off traveling the world and has run out of funds. Sending money tally to tally is instant and free, so wherever they are in the world they can receive tally and spend via the TallyMoney Card or take out cash at an ATM.
So, as well as the fact you can travel with peace of mind that you aren’t being stung by hidden foreign exchange fees… you know you’re covered in all the ways you’d expect to be too.
If you’ve not opened and set up your TallyMoney account yet, make sure you do today.
