I checked how this works and their fees are dependent on the currency chosen. GBP and SEK, for example are 0.5% only. But, this does give you mid-market rates.

Meaning you would be looking at £130 for £10030 of spend. Note that if you have a card with zero foreign transaction fees, or a card in the second currency you are choosing, you can potentially make this more efficient.

As I said, for anyone with the old BMI MBNA MC that gets 2.5 miles per GBP, this could be amazing, if MBNA don't teat it as a cash advance. I'm sure there are many other possibilities with cards in different countries too.

Unfortunately this won't work for USD cards yet, but hey, finally something that gives Europeans a chance first