Latest news with #ChaseUK
Bloomberg
9 hours ago
- Business
- Bloomberg
Zopa Launches Current Accounts to Go Toe-to-Toe With Revolut
Digital lender Zopa Bank Ltd. is launching a UK bank account as it tries to compete with the likes of Chase UK, Revolut, and Monzo on everyday banking. Zopa's Biscuit current accounts will offer cashback on spending and interest rates of more than 7% on regular savings, according to a statement on Tuesday.
The Independent
09-04-2025
- Business
- The Independent
The best bank debit cards to use for spending abroad in 2025
Planning a trip abroad soon? Choosing the right debit card can make a big difference to your travel budget. Unfortunately, many UK debit cards still charge as much as three per cent in foreign transaction fees — plus ATM charges — which can quickly add up and make it harder to keep your spending under control. Luckily, some providers now offer fee-free spending and cash withdrawals abroad, helping you make the most of your money while you travel. What should you look out for in a Travel Debit Card? No foreign transaction fees: The best cards charge zero per cent on non-sterling transactions. Exchange rates (FX) based on official market rates: Card providers should use the standard Visa/Mastercard exchange rates with no hidden markups. Low ATM withdrawal fees: If you need easy access to cash, choose a card with no ATM withdrawal fees. Bear in mind that cash is still the most common method of payment in many countries across the world and some cards may include withdrawal limits before small fees apply. A user-friendly app with strict controls: Many providers have apps that enable you to freeze a lost card, track your spending, or access support while you're abroad. Best UK debit cards for spending abroad in 2025 Here are six of the best UK-issued debit cards to spend your money with abroad. All of these offer zero per cent foreign transaction fees. Starling Bank Starling's debit card is fee-free for all overseas spending and ATM withdrawals. You'll benefit from the real Mastercard exchange rate with no added charges. There's no monthly withdrawal cap – just a £300 daily ATM limit for security and a daily cap of six cash withdrawals. HSBC-owned First Direct removed its foreign usage fees in 2023, so its customers enjoy free card payments and withdrawals abroad. Using a First Direct debit card overseas costs the same as using it at home. The daily cash withdrawal limit is £500. Chase UK The app-based Chase UK current account includes a debit card that has 0 per cent fees around the world. It uses the Mastercard rate with no foreign loading and also doesn't charge for ATM withdrawals abroad. You should note that there is a £1,500 per month ATM withdrawal limit (and £500 per day) for overseas use. Beyond this, withdrawals could be declined, though most travellers are unlikely to reach this limit as long as you plan properly. Virgin Money M Plus The Virgin Money M Plus account provides a Mastercard debit card with no fees on foreign transactions or ATM withdrawals. Whether you're spending in shops or taking out cash, Virgin won't add any charges (though an ATM provider abroad might). The card's daily ATM withdrawal limit is around £350, which should suit most travel budgets, depending on your travel location. Monzo The Monzo debit card allows fee-free spending abroad using the Mastercard exchange rate. Bear in mind that there is a stricter limit on free cash withdrawals compared to some other providers if you're travelling outside the European Economic Area (EEA). For travel outside the EEA, you can take out £200 in foreign currency per 30 days with no fee, then a 3 per cent charge applies on further withdrawals. Within the EEA, you can withdraw up to £400 per 30 days fee-free before you pay the 3 per cent charge. If Monzo is your main bank, there are unlimited fee-free cash withdrawals within the EEA. Revolut Revolut's multi-currency card offers competitive exchange rates and fee-free usage within certain limits. If you choose the free Standard plan, you can exchange or spend up to £1,000 per month with no fee and 0.5 per cent beyond that, and withdraw £200 per month from foreign ATMs free. Just be aware that a 2 per cent fee applies thereafter. Note also that a 1 per cent surcharge is added on currency conversions made over the weekend - so it might not be your best option for quick weekend getaways. Other travel cards with limited fees but more restrictions With a Trading 212 card there are no FX fees and free withdrawals of up to £400 per month, but the drawback here is you can only make withdrawals from contactless ATMs. Naturally, this means it's not suitable for all regions or nations at this point. Elsewhere with this card you can get 0.5 per cent cashback on purchases up to £20 per month and earn up to 4.6 per cent interest on your cash, if you choose to enable this option meaning the funds will be held in qualifying money market funds and banks. You need a Trading 212 investment account to get this card. Finally, Wise will give you two free withdrawals of up to £200 per month with a 1.75 per cent fee for withdrawals above that limit. There is a small FX markup based on official exchange rates and the card can be used for both regular and contactless ATM withdrawals. Final money-saving tips for travelling abroad in 2025 buy currency at the airport: You'll get far less for your money, as airports have terrible exchange rates. 2. Spend in the local currency: This prevents a local bank from doing the currency conversion, which may not be a competitive rate. 3. Avoid taking out cash with your credit card abroad: This may impact your credit report, as it could suggest you're struggling to stay within your budget. And last but not least - check your travel insurance! Many bank accounts already include this, although always check your policy to make sure you have the appropriate level of cover for your overseas trip. When investing, your capital is at risk and you may get back less than invested. Past performance doesn't guarantee future results.
The Guardian
07-03-2025
- Business
- The Guardian
‘You get sucked in': crypto scam victims on how they lost up to £162,000
A 'sprat to catch a mackerel' is how one victim describes being reeled in by the skameri working from call centres hundreds of miles away in Tbilisi, the capital of Georgia. It is the local term for scammers and a huge data leak reveals the inner workings of a fraud network that has tricked Britons out of £9m. Like in any call centre, the script is always the same. For the victim it starts by clicking on a (fake) social media ad or news alert. The promotion tips a great crypto investment but it's a trick, leading only to fraudsters impersonating a real business. Eager investors hand over a relatively small sum at first, say £250, and before they know it – thanks to clever software displaying a seemingly live trading screen – they are getting rich. But the profit is fiction, serving as bait: victims lose the big money trying to cash out. The windfall is 'just one step away', blocked by the need for one more payment – a broker's fee, or a tax bill. It only ends when the victim is broke. The 1m audio files from the Georgia leak include the stories of thousands of victims. To uncover some of them we grouped calls by phone number, reviewing calls of 60 seconds or longer, and listened to how the scam unfolded. In some cases we spoke to those targeted about the impact it had on their lives. 135 calls, 45 hours Losses: £100,000 Lucy was looking for an investment after retiring early for health reasons and was interested in the exciting world of crypto. Unfortunately this led the former retail worker to the scammers' door. The brand they were promoting (AdmiralsFX) was a clone and over more than six months she lost nearly £100,000. To make transferring money easier they told her to open an account with Chase UK (the British retail arm of US bank JP Morgan) as her current bank, Lloyds, was old-fashioned and didn't 'get' crypto. Initially it seemed to pay off as the investments she could see on her screen were rocketing in value. It was only when she tried to cash out that the stalling began. One ruse was that her cash would be released if the account balance was topped up to over six figures. So she took out loans totalling £25,000 (with the direct lender Bamboo and the online bank Zopa). Of course the payday never arrived and, unable to afford the repayments on the high interest loans she and her husband cashed in their pensions to repay them. They are now living on a single state pension. 'Talking about it now it just sounds so stupid, but there you go. It was a very dark time for me and I have tried to overcome how it made me feel,' she says. 'Now I think, 'Why on Earth did I go through with this if I didn't understand it?' But while I was on the phone I felt that I did. They were very, very clever.' Having convinced her to install a screen-sharing app when she was moving money they were in the background telling her what to do. 'It is like being indoctrinated.' When Lucy was unable to raise any more money, the scammer became menacing, sending a picture of her home. 'They threatened my house when I refused to pay any more,' she says. 'They said that they could take a charge out on my house.' The irony, she says, is that she already had an equity-release mortgage. However the threat 'was a very big wake-up call'. 'You get sucked in. It's a sprat to catch a mackerel.' 331 calls, 135 hours Losses: £162,000 One of the biggest financial casualties of the scam, the pensioner thought his crypto investments had turned him into a multimillionaire. In fact he'd lost it all. After clicking on an article in his Google News feed, Derek was contacted by a firm called Golden Currencies. But it was also a clone. But he was drawn in as his investments soared in value, with fraudsters telling him they were worth $10m (£8m). 'I had my doubts lots of times and when the guy told me 'you are a millionaire now' I said I will know it when I see the money.' Sorry your browser does not support audio - but you can download here and listen $ But Derek never did. Like other victims, every time he tried to cash out there was a problem that could only be resolved by putting in more. With such a big prize just out of reach he was pulled in deeper and deeper. He borrowed money from his brother and son, and even took out bank loans totalling £20,000 from Zopa and Shawbrook to secure the release of his small fortune. Looking back, he says the key to the scam is that you become 'so enthralled and influenced' by the person at the end of the phone. 'Every time you challenged the financial rep, he'd say something that made you think you'd been daft asking a question.' When the reality dawned Derek reported his losses to the numerous payment firms he had used as well as the authorities. So far he has been reimbursed £17,000 by the money transfer service Wise. This was only enough to repay the loans – he could not afford to keep up the repayments. While his refund claim is with the Financial Ombudsman he is trying to chip away at his other debts, with his adult son now living with him rent-free. 290 calls, 55 hours Losses: £24,000 Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Like many Britons Ken takes the word of Martin Lewis as gospel so when he came across a (fake) column by the personal finance guru tipping a currency trading site he took the plunge. He clicked on a link and handed over his details. 'I got a phone call not long after,' he says. The vulnerable pensioner was easy prey. The previous year he had been hospitalised for six months and nearly died after becoming ill with a rare autoimmune condition. He was slowly recuperating but the scammers were relentless, calling nearly 300 times. His initial stake was £250 but by the end he had lost nearly 100 times that amount. Sorry your browser does not support audio - but you can download here and listen $ His experience highlights the scammers' mercenary tactics. At one point a family member answers a call and explains he is unwell. His father is 'on drugs and not taking things in', he explains, but instead of giving up the caller urges them to pay the £2,000 that is the only thing standing in the way of Ken's £167,000 payout. In a cruel twist another caller poses as a 'recovery expert' able to get Ken's money back. The fraudulent brokerage (AdmiralsFX) he has been dealing has been shut down by Interpol … if Ken hands over £2,000, he can 'walk out of this with £72,000', he promises. 'We didn't have a lot but it is gone now,' says Ken who is on universal credit and also receives disability benefit. 'I'm still feeling a bit 'Why did you do it, you stupid idiot?'.' The pensioner reported the fraud to his banks (HSBC and Revolut) and expects about a third of his money to be refunded. 222 calls, 55 hours Losses: £50,000 Sheltered housing affords vulnerable people some protection – but it did not shield Theresa from the scammers. Living a frugal life on the outskirts of London – where her day seemed to revolve around trips to either the supermarket or the clinic for treatment – the retired NHS doctor decided to invest some of her savings in Golden Currencies. The results seemed instantly staggering. Theresa's agent told her that she had made £150,000 investing in crypto – but when she wanted to withdraw her winnings the scam kicked in. A fake demand from HMRC required a £29,000 tax payment before the profits could be released – which Theresa felt uneasy about. 'I called HMRC and they said this sounds like a scam,' a suspicious Theresa told her 'financial adviser'. 'They said don't pay it.' 'HMRC doesn't know crypto,' the agent shot back, before insisting that her colleague at the call centre had similarly been an investor, had paid the taxes and then successfully received his stellar profits. 'Don't phone HMRC again. If he had believed them, he wouldn't have got his money.' Theresa caved in, paid the fake tax bill to the scammers and then paid a second fake capital gains tax bill. The transfers wiped out her savings, forced her to borrow from family and left her nursing losses of about £50,000. 'I haven't got £3,000,' she told the scam centre about one urgent demand. 'I need to pay my rent.' The calls ended in July of last year. Public records suggest Theresa died in September. * All names have been changed
