Are you planning to travel abroad? It can be difficult to organize a holiday. Don’t carry money with you, take a prepaid travel card. You can use it anywhere and easily pay for everything. This way don’t need to worry about losing the cash. Before you go traveling, load money onto the card when the exchange rates are the most attractive. You can make payments and withdraw money any time when you travel overseas.
Prepaid travel cards are better for traveling than regular cards. If you use standard card, you will pay higher charges. Be careful because with prepaid cards, you won’t avoid charges.
These cards are easy to get and use. You can request the card online or visit a bank. The next step is activation and registration. Choose the currency. Add money to the card and make payments. Check your card balance online or by phone.
Things to remember when using a card:
- Whenever you withdraw money from the card, you will pay a fee between 2% to 3%.
- Some cards will also charge you an application fee, a replacement fee or a foreign transaction fee.
- If you don’t use the card 12 months, you will usually pay a fee around £2 per month. Remember to use it regularly.
- Avoid cards with the monthly fees.
It is important to find a card which will be the right option for your holiday purchases. I will compare four popular prepaid cards: Fairfx, Revolut, Moneycorp, and Caxton.
This card is a good choice for people who frequently travel abroad. It is secure because it is not linked to your bank account.
The fees you will need to pay if you use this card:
- There is the fee of £9.95, but you can avoid it by loading minimum £50 onto this card.
- A foreign transaction fee – 1.75%
- UK ATM withdrawal fee – €1.50
- International ATM withdrawal fee – €1.50.
You can use Fairfx card 36 months, but only if you are UK resident.
Fairfx card is secure because it is not linked to your bank account.
Unlike banks, Revolut card doesn’t charge you hidden fees. With this card, you will get interbank exchange rate. There are no purchase fees. You won’t pay ATM withdrawal fee if you withdraw less than £200 per month. When you withdraw more than £200 per month, the fee will be 2% of your transaction. You can spend money in many currencies.
How can you get this card?
- Install the Revolut app on your mobile phone
- The next step is singing up
- Request the card.
- Pay an application fee – £5.
Adavantages of using this card:
- It offers you competitive exchange rates.
- There are no international ATM withdrawal fees.
- If you buy pay with it £600, you will get £10.
Here are the charges you will pay if you use this card for your next holiday:
- UK ATM withdrawal fee – £1.50
- Foreign transaction fee – 2.49%.
You can get it for free if you load £200 onto the card. The following currencies are supported: GBP, EUR, USD, AUD, CAD, NZD, ZAR, TRY, CHF and AED.
Fees you can expect:
- A foreign transaction fee – 4.99%
- Purchase fee 3%
- Internet Purchase fee 3%
- ATM withdrawal fees – €1.75.
In this table, I will compare Fairfx, Revolut, Moneycorp and Caxton prepaid cards. I will focus at their exchange rates, foreign transaction fees, and ATM withdrawal fees.
CardsExchange rateForeign transaction feeATM withdrawal (UK and international)
|Revolut||1.1428||–||– or 2%|
Revolut card offers you the best exchange rate. If you use this card, you won’t be charged a foreign transaction fee. If you withdraw up to €200 per month, you won’t pay ATM withdrawal fee. With Moneycorp, you will get the highest transaction fee and the lowest exchange rate. Moneycorp also charges purchase fees. I don’t suggest this card for your next holiday.
A prepaid travel card is the best solution for your next trip because you can save your money on currencies and exchange rates. You won’t spend more money than you planned. With debit or credit card, you can get into debts that can be difficult to get rid off.