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Holly covers personal finance topics from credit cards to wills. She enjoys turning complex money matters into clear, practical advice.
Your holiday could be ruined by fees on overseas spending if you pack the wrong card to spend with.
Prepaid travel cards, also known as 'currency cards', allow you to load money in pounds and spend in another currency fee-free. They usually allow you to lock in competitive exchange rates, saving you money compared with using your everyday debit or credit card.
However, these types of cards can come with their own special variety of hidden fees. In this guide, we take the hard work out of comparing these deals and explain the pros and cons of using a prepaid card for your trip.
There are two main types of prepaid travel cards:
Travel credit cards offer fee-free spending and cash withdrawals abroad, making them a cheap way to spend overseas so long as you pay off your bill in full each month.
Credit cards also provide Section 75 protection on big purchases and can be used for pre-authorised transactions like car hire and hotel rooms.
We've rounded up the best deals in our travel credit cards guide.
Lots of banks offer debit cards with fee-free spending, meaning you can spend directly from your current account if you don't want to worry about topping up a pre-paid card. Check out our guide to the best debit cards to use abroad.
That said, pre-paid travel cards can be useful if you want to lock in an exchange rate or stick to a budget. And unlike credit cards and current accounts, you won't need to undergo a credit check, making them a good option if you have a low credit rating.
Multi-currency prepaid cards allow you to load a variety of major currencies in one place.
We've analysed the main providers of multi-currency prepaid cards including the type of currency offered, load fees (loading money onto the card), fees for withdrawing cash, and inactivity fees that could catch you out.
Please note the table is ordered alphabetically, not ranked in order of features.
Please note that the information in this article is for information purposes only and does not constitute advice. Please refer to the particular terms and conditions of the card provider before committing to any financial products.
| Card | No. of currencies | Exchange rate | Load fees | Foreign ATM fee | Min/max amount you can load | Max amount you can hold | Daily cash withdrawal limit | Other fees |
|---|---|---|---|---|---|---|---|---|
| Asda Money Travel Card | 15 (a) | Mastercard exchange rate | Free for foreign currency. 2% charge for GBP. | Free | £50/£5,000 | £5,000 | £500 | Inactivity fee: £2 per month after 12 months inactive. No fee if you have a zero balance. |
| Caxton Mastercard Prepaid Card | 15 | Caxton's own rate | Free | Free | £50/£10,000 | £12,000 | £300 | Inactivity fee: £2 per month after 12 months inactive. Replacement card fee: £5 |
| Eurochange Travel Money Card | 22 | Mastercard exchange rate | Free for foreign currency. 2% charge for GBP. | Fees apply depending where cash is being withdrawn. | £50/£5,000 | £5,000 | £500 | Inactivity fee: £2 per month after 18 months. No fee if you have a zero balance. |
| Fair FX Currency Card | 21 | Fair FX's own rate | Free | £1 | £10/£10,000 | £50,000 | £1,500 (£500 single transaction) | Inactivity fee: £2 per month once the card expires. No fee if you have a zero balance. Replacement card fee: first replacement card is free, £6 for subsequent cards. |
| Hays Travel Money Card | 22 | Hays' own rate | Free for foreign currency. 2% charge for GBP. | Fees apply depending where cash is being withdrawn. | £50/£5,000 | £5,000 | £500 | Inactivity fee: £2 per month after 18 months. No fee if you have a zero balance. |
| MasterCard Cash Passport | 22 | Mastercard exchange rate | Free for foreign currency. 2% charge for GBP. | Fees apply depending where cash is being withdrawn. | £50/£5,000 | £5,000 | £500 | Inactivity fee: £2 per month after 12 months. No fee if you have a zero balance. |
| Post Office Travel Money Card | 22 | Rates set by First Rate | Free for foreign currency. 1.5% charge for GBP (b) | Fees apply depending where cash is being withdrawn. | £10/£5,000 | £10,000 | £300, but varies per currency | Inactivity fee: £2 per month 12 months after the card expires. No fee if you have a zero balance. |
| Ramsdens Mastercard Multi Currency Card | 18 | Ramsdens' own rate | Free for foreign currency. 2% charge for GBP. | Fees apply depending where cash is being withdrawn. | £50/£5,000 | £5,000 | £500 | Inactivity fee: £2 per month after 18 months. No fee if you have a zero balance. |
| Sainsbury's Bank Travel Money Card | 22 | Sainsbury's own exchange rate. Nectar cardholders get better rates. | Free for foreign currency. 2% charge for GBP load. | Free | £50/£5,000 | £5,000 | £500 | Inactivity fee: £2 per month after 24 months. |
| Travelex Money Card | 22 | Travelex's own rate | Free for foreign currency. 2% charge for GBP load. | Free | £50/£5,000 | £5,000 | £500 | Inactivity fee: £2 per month after 12 months. No fee if you have a zero balance. |
| TUI Travel Money Card | 12 | TUI's own rate | Free for foreign currency. 2% charge for GBP load. | Fees apply depending where cash is being withdrawn. | £25/£6,000 | £6,000 | £500 | Inactivity fee: £2 per month after 24 months. |
The Sainsbury's Bank Travel Money Card and Travelex Money Card can load 22 currencies and don't charge for ATM withdrawals abroad, and Nectar cardholders can get better exchange rates at Sainsbury's.
It's worth noting that the Asda Money Travel Card also doesn't charge for withdrawals, and will soon offer 22 currencies as well.
All the cards allow you to load money that is immediately converted to a foreign currency free of charge.
However, the majority of providers charge a fee of up to 2% for topping up your wallet with pounds to convert at a later date. So if you plan on doing this often you may be better off with one that doesn't charge.
Sterling prepaid cards offer the most flexible option for travellers and our analysis shows they can be as competitive as multi-currency deals.
We looked at the exchange rates offered, as well as the fees you'll pay and maximum balances.
Please note the table is ordered alphabetically, not ranked in order of features.
Please note that the information in this article is for information purposes only and does not constitute advice. Please refer to the particular terms and conditions of the card provider before committing to any financial products.
| Card | Exchange rate | Currencies held | Load fee | Foreign ATM fee | Amount you can load up | How much you can hold |
|---|---|---|---|---|---|---|
| Revolut Standard Account | Mon - Fri interbank exchange rate and 1% fee at weekends. 1% fee if exchanging over £1,000 a month | 39 | Free | Free up to five withdrawals or £200 a month. 2% after (£1 minimum fee). | Unlimited | Unlimited |
| Wise | Interbank rate + small conversion fee (a) | 40+ | Free | Free up to two withdrawals of £200 each month. After that, you'll be charged 50p per withdrawal. There’s a 1.75% fee on any amount you withdraw above £200. (b) | Unlimited | Unlimited |
These cards are convenient as they allow you to load as much currency as you want into your account, however, you'll need to download an app to use them.
The Revolut card uses the interbank rate and you will incur no fees on top of the rate if you convert money Monday to Friday — therefore it's worth loading up and exchanging before the weekend. You'll be charged a 2% fee if you withdraw more than £200 a month.
The Wise card also uses the interbank exchange rate but charges a small fee on top every day of the week — the fee varies according to the currency and you'll need to check their website for the latest rate. It offers two fee-free cash withdrawals of up to £200 each month.
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Prepaid card providers offer different exchange rates.
Some use the 'interbank rate' (the rate banks charge one another) and others may use Mastercard or Visa's exchange rates.
In some cases, a provider may pick one of these rates, then apply a percentage on top, usually between 1% and 2.5%.
When picking a prepaid travel card you should compare the exchange rates offered as well as the card's fees.
Prepaid cards designed for spending abroad are usually cheaper than spending on your everyday debit or credit card.
However, almost all prepaid cards currently on the market come with a variety of fees and charges. Common charges to watch out for include:
Prepaid cards also often come with limits on loading and transactions, which could leave you in a tricky situation if you aren't aware of them.
If you're considering getting a prepaid travel card, here are the pros and cons to weigh up.
Each card provider will have its own terms and conditions, so read them carefully before you sign up.
Prepaid cards offer a secure way to carry cash when abroad.
They come with the same security features as credit and debit cards, so you need a Pin to withdraw cash or use them in person. However, many are now contactless so you may not need a Pin for smaller purchases.
It's also worth bearing in mind that prepaid cards offer no protection for losses under Section 75 of the Consumer Credit Act. However, redress may be possible under the MasterCard or Visa chargeback scheme.
The Financial Services Compensation Scheme does not cover deposits onto prepaid cards.
Most prepaid providers will deposit customers' cash in a ring-fenced account held in a bank or building society. So, if the prepaid company goes bust, your money should be protected by the bank holding your cash.
However, if the bank or building society fails, your cash won't be protected. So you should never store lots of money on a prepaid card, just what you need to spend in the near future.
You generally have to be 18 or over to use a prepaid travel card.
Some children's prepaid cards, like GoHenry and HyperJar, offer fee-free spending abroad.
However, watch out for costs and restrictions — GoHenry has a monthly fee and HyperJar cards don't allow ATM withdrawals.
Another option is to look for a children's bank account that offers fee-free spending abroad.
Monzo and Starling both offer children's accounts that come with fee-free spending abroad.
Currensea has launched what it calls the 'first UK direct debit travel card'. This card is linked to your bank account which means you do not need to top up the card, as long as you have money in your account.
It provides a layer over your existing bank account that will allow you to spend in all 180 currencies without charges. It uses the interbank exchange rate for 16 major currencies and Mastercard rates for all other available currencies.
There are currently three plans on offer, and the rates and fees vary depending on your subscription.
The Essential plan has no annual fee, and offers the interbank exchange rate up to £500 a month and a 1% fee after that. ATM withdrawals are free up to £200 a month. After this, a 2% fee will be applied.
Holly, our prepaid card expert, answers the top questions people have about these types of deals.