ZenBanx.ca • the mobile bank account for everyone who lives in multiple currencies

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Re: ZenBanx.ca • the mobile bank account for everyone who lives in multiple currencies

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HardWorker wrote:Thanks PMJ. Car rental is something I'm looking at as well, but still haven't decided where else to visit besides the UK, and if we should drive vs taking the train.
I visit the UK most years - family & vacation. I've been through the pro-con process re cars and trains, with different outcomes for different trips. Car rental is very competitive, and significantly adds to your flexibility. You also get to drive all kinds of cool cars we don't have here! Trains can be economical when booked in advance, or if you can tailor your trip to the rules of a railcard. Depending where you're going, not flying via London - eg using KLM or Air France to a non-London destination - can also save quite a bit.
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Re: ZenBanx.ca • the mobile bank account for everyone who lives in multiple currencies

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pmj wrote:
HardWorker wrote:Thanks PMJ. Car rental is something I'm looking at as well, but still haven't decided where else to visit besides the UK, and if we should drive vs taking the train.
I visit the UK most years - family & vacation. I've been through the pro-con process re cars and trains, with different outcomes for different trips. Car rental is very competitive, and significantly adds to your flexibility. You also get to drive all kinds of cool cars we don't have here! Trains can be economical when booked in advance, or if you can tailor your trip to the rules of a railcard. Depending where you're going, not flying via London - eg using KLM or Air France to a non-London destination - can also save quite a bit.

A few years ago when in London, it turned out to be a fair bit cheaper to fly 45 minutes to Paris, vs taking the train, so you're right booking in advance is definitely required.

Sorry, we're getting off topic here, but I'd welcome any suggestions of where to drive to from London? We've got roughly 2 weeks, and don't want to spend all of it in and around London.
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Re: ZenBanx.ca • the mobile bank account for everyone who lives in multiple currencies

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leoc2 wrote: Added: At a quick glance TranferWire does not accomplish my goal. Buy foreign currency over the next few months and use the Zenbanx debit card in the foreign country I visit. I use CurrencyFair to send money to family in UK.

No Transferwise won't do for your DCA goal, unless you have a UK bank and do a few transfers to that account. Transfer wise offers the best rate for transfers. The one issue with them is that very large amounts can take a while, as they're using peer to peer transfers for their model.

I'm wondering though, if you have a bank account at your chosen European destination, can't you load up your Amazon card, and have a trusted relative on the other end withdraw the cash and deposit it into the European account?
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Re: ZenBanx.ca • the mobile bank account for everyone who lives in multiple currencies

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HardWorker wrote:...I'm wondering though, if you have a bank account at your chosen European destination, can't you load up your Amazon card, and have a trusted relative on the other end withdraw the cash and deposit it into the European account?
I don't have any European bank accounts. My game plan is to DCA using Zenbanx for part of the funds needed for Euro trip. When I travel to Europe in September I will have the Zenbanx cash (access with Zenbanx debit card) for part of funds needed and then use front loaded Amazon Visa for the other part of funds needed. A hybrid approach. If the Zenbanx access backfires then it will be 100% front end loaded Visa card (the method I used in 2015 for a trip to Spain). I will deal with Zenbanx when I get home.
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Re: ZenBanx.ca • the mobile bank account for everyone who lives in multiple currencies

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leoc2 wrote:Reviving this thread
Does anyone have any new comments to make about Zenbanx. I have an upcoming trip to Austria in September and I'm wondering if I should consider this option. My current method is to front load my Amazon Visa (no FX gouging fee) card before I travel and then do a cash advance at a visa ATM in the foreign country. No cash advance interest charges because I carry a credit balance on my account. No ATM fee if I use a Visa ATM. I only pay $5 cash advance fee for each cash withdrawal so I make sure it is a hefty one to last the week.
I have the Amazon Visa and an upcoming trip to the Netherlands/Belgium and I think I'll try this trick instead of getting some Euros from the banksters ahead of time.

Is it as simple as sending in an overpayment, getting there and getting cash from a Visa ATM ? ie: I have a C$50 Visa balance. I EFT them roughly a C$1550.00 payment against it (say a couple days before I leave), get there and withdraw €1000.00 ? (to which I will pay the cash advance fee later)

Nothing more complicated than that ?
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Re: ZenBanx.ca • the mobile bank account for everyone who lives in multiple currencies

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Koogie wrote:
leoc2 wrote:Reviving this thread
Does anyone have any new comments to make about Zenbanx. I have an upcoming trip to Austria in September and I'm wondering if I should consider this option. My current method is to front load my Amazon Visa (no FX gouging fee) card before I travel and then do a cash advance at a visa ATM in the foreign country. No cash advance interest charges because I carry a credit balance on my account. No ATM fee if I use a Visa ATM. I only pay $5 cash advance fee for each cash withdrawal so I make sure it is a hefty one to last the week.
I have the Amazon Visa and an upcoming trip to the Netherlands/Belgium and I think I'll try this trick instead of getting some Euros from the banksters ahead of time.

Is it as simple as sending in an overpayment, getting there and getting cash from a Visa ATM ? ie: I have a C$50 Visa balance. I EFT them roughly a C$1550.00 payment against it (say a couple days before I leave), get there and withdraw €1000.00 ? (to which I will pay the cash advance fee later)

Nothing more complicated than that ?
:thumbsup:

p.s. there is a $5 cdn charge by visa and the bank machine may limit you to 500 euro (can't remember that part).
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Re: ZenBanx.ca • the mobile bank account for everyone who lives in multiple currencies

Post by Bylo Selhi »

leoc2 wrote:p.s. there is a $5 cdn charge by visa and the bank machine may limit you to 500 euro (can't remember that part).
Yup.

OTOH if you use a bank card, even if the bank waives the $5 ATM fee as TD does for All-Inclusive customers, they hit you with 2.5% FX vig. That's ~$19 on a €500 withdrawal.

Make sure you have a 4-digit PIN. European ATMs are fussier about that than NA ones. That may have changed in recent years so if your PIN isn't 4 digits, call the card issuer for advice.

Also if you carry a phone/tablet/notebook you can monitor credit card usage and, if necessary, pay more money into the Visa account as needed to keep the balance above water. It does take a couple of days for the transfer to go through, at least in my experience from TD/CT, so plan ahead.
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Re: ZenBanx.ca • the mobile bank account for everyone who lives in multiple currencies

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On all my recent trips I've had good wifi connections - otherwise I might load-up in advance. I usually transfer on the same day, and when it arrives, it's credited on the payment date - just like any regular CC bill payment. Even at 20% annual interest, on $1000 the daily interest would only be $200/365 = abt 55¢ - so a delay of a day or two is not a deal-breaker!
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Re: ZenBanx.ca • the mobile bank account for everyone who lives in multiple currencies

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leoc2 wrote: ... My game plan is to DCA using Zenbanx for part of the funds needed for Euro trip. When I travel to Europe in September I will have the Zenbanx cash (access with Zenbanx debit card) for part of funds needed and then use front loaded Amazon Visa for the other part of funds needed...
Update: Zenbanx account is open. I am now accumulating Euros for Austria trip. There is a bout a 2% markup on my Euro purchases comparing it too the Amazon credit card exchange rate which very close to BoC rate. So Amazon credit card is still king. The main reason I use Zenbanx is to allow me to choose when I accumulate funds for my trip. Zenbanx does pay interest on money held in the account. They mailed me a debit card very quickly. I have dropped into a local credit union and successfully changed the pin. I will test the card out in the USA before I the trip to Austria.
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Re: ZenBanx.ca • the mobile bank account for everyone who lives in multiple currencies

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Visited Pittsburgh over the long weekend. The Zenbanx debit card at an Accel network ATM worked as a swipe card with no surcharges. It didn't work as a chip card. So far so good!
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Re: ZenBanx.ca • the mobile bank account for everyone who lives in multiple currencies

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Going to give this a try when I visit the UK later on this year. Thank you for the information everyone!
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Re: ZenBanx.ca • the mobile bank account for everyone who lives in multiple currencies

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As reported elsewhere, ZenBanx is shutting down.

"""To our valued customers and applicants:
When Zenbanx was acquired by SoFi in February, we promised to keep our customers and applicants apprised of any changes to the Zenbanx account. In conjunction with our partner DUCA Financial Services, we’ve made a decision to close accounts in Canada, effective June 30, 2017 at 12AM EST ("Account Close Date").
Here at SoFi, we are working to build out an expanded line of revolutionary consumer financial products and hope that we can serve you again in the future."""

https://www.highinterestsavings.ca/foru ... s-closing/
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