Virgin Money is a UK-based bank and financial services company founded by Sir Richard Branson in March 1995. Virgin bought Northern Rock plc in January 2012 and rebranded the business as Virgin Money. As a UK bank, Virgin Money offers more than 15 services including credit cards, mortgages, stocks and shares, pension accounts and pet insurance. International transfers and travel money are among the services available in the UK, while other products like credit cards are the only services available in South Africa. Some insurance products and the credit cards are available through Virgin Australia.
Since October 2015, Virgin Money has partnered with WorldFirst to provide International Transfer services. With more than 75,000 people and businesses exchanging more than £26billion through WorldFirst, Virgin Money’s website includes a WorldFirst micro-site, which is branded as Virgin Money.
Personal International transfers made through WorldFirst available in the UK, only:
A currency calculator is available online as well as a live interbank exchange rate. When a visitor uses the calculator it shows the interbank rate with the caveat: ‘The interbank rate is the rate that banks buy and sell currency to each other. It shows you the market rate of your chosen currency pair for information purposes and is not our offered rate or an indication of price.’ The only way to discover what Virgin Money’s great rate might be is to telephone a UK phone number since the currency calculator isn’t a rate quote estimator.
Virgin Money is partnered with WorldFirst, who transact more than £5 billion annually. As WorldFirst is able to access interbank rates, these savings are passed on the Virgin Money International Transfer service. If client has already registered with Virgin and has a better quote from a competitor, Virgin Money ( or rather, WorldFirst) will endeavour to beat the exchange rate.
Travelex handles Virgin Money’s travel money services, which is convenient for clients looking to sell back any travel money unused after a holiday.airport travel money
Currency calculator and the day’s live exchange rates on Virgin Money show rate of GBP to USD at 1.38, although the mid-market rate at the time was 1.42, so there’s that fee for purchasing travel money. Additionally payment by both Visa and MasterCard credit cards costs an 1.5% handing fee. Provided by Travelex, Virgin Money’s travel money doesn’t compete with airport bureau de change rates. Virgin money can be ordered online and collected at Virgin Money stores, Travelex airport shops and-with a Virgin Airline ticket, also picked up at MoneyCorp airport stores.
Virgin Money’s site seeks to make banking feel groovy. Hippy dog images promote ’groovy readymade ISAs’ and pigs likewise promise investors ‘kickass ISAs’. Your Money has awarded Virgin Money for best online cash ISA provider and best direct stock and share provider, which gives these products the weight of reliability lacking elsewhere on the site. The range of financial products Virgin Money offers feel strangely packaged given that most clients will seek a more sober approach to investments, credit cards and banking. Rather than offer values other banks don’t, Virgin Money re-packages the same services with a youthful irreverence that doesn’t inspire trust.
No use of video content is seen, which would go further than static graphic branding, which is passé. No hint of customer reviews is seen, either, as the focus is firmly on Virgin Money, not the clients. Also some tabs on the site aren’t activated- business news content doesn’t exist.
TRUSTPILOT rated Bad at 2.2 with 36 reviews. The full range of Virgin Money bank services was found untrustworthy by reviewers who cited very poor customer service across all sectors of services. Virgin Money’s inexperience was seen as very detrimental to fostering stable products banking customers expect. None specifically cited transfers-which are actually carried out through WorldFirst, and so may escape the issues seen with all other Virgin Money services.
WorldFirst has a 98% rating from 4138 reviews on feefo, so perhaps Virgin Money co-joining with WorldFirst saves their international transfer clients from Virgin Money’s myriad complaints.
ReviewCentre rates Virgin Money Services at 1.75 out of 5 stars, with 17% satisfaction rate out of 47 reviews. In every case customer service let down clients with mortgage, savings and insurance complications caused by Virgin Money service complications.
It’s impossible to expect Virgin Money to offer WorldFirst money transfer service for free, so we know there’s some mark-up involved. If you wished to trade with WorldFirst, why would you go through Virgin Money to do so? Likewise, since Virgin Money’s travel money is provided by Travelex, why not avail oneself of one of their 1,500 stores? Hanging out at a Virgin Money Lounge is simply not enough to compensate clients using Virgin Money exchange services.
2 out of 5 stars
Virgin Money International transfers are provided by WorldFirst, a large industry provider capable of offering very competitive exchange rates. Travel money services are provided by Travelex, available in all major airports.
Virgin Money transfer service is provided by WorldFirst offering more services across the global marketplace- why bother going through Virgin Money to reach a WorldFirst micro-site?