The cheapest rates, highest security, good reviews and customer support are some of the areas we've looked at carefully for each listing. We want you to get the best product possible!
We've tried to highlight the most important factors you should consider when choosing your travel money card. We always advise comparing a few options before you settle on a final choice.
There are of course some things to know when choosing your currency card. Make sure you read the terms and conditions (which should be a must in anything you sign up for in general) which will let you know more about the requirements of using that service.
Things to be aware of:
- Is there a charge for applying for the currency card? Some providers will charge and it's not necessarily a bad thing, but it's good to know this beforehand
- Are there charges for: topping up your card, withdrawing cash, or a monthly cost to have the account itself?
This is why it's good practice to look at multiple choices, read the material and find answers to these questions.
Things to watch out for:
It's very easy to get caught out by several things when spending money abroad. Save a lot of hassle and know these things in advance, so you can get on with having the time of your life!
ATM Fees
NOT the fees on the listing results above, we mean the ATM itself may also charge you a fee to withdraw money. As you may get charged each time you withdraw money, it's best practice to take out larger amounts, less frequently. It's all about good planning, as you don't want the ATM eating away all your holiday funds!
When you go to withdraw money abroad, the ATM may ask if you want to 'convert the charge', or withdraw using an exchange rate on your home currency - CHOOSE ‘NO’. Always choose to be charged in the local currency or you will likely face higher fees for taking cash out. Basically, however it’s phrased, you only want to deal in the local currency of the place you're in.
For example, if you’re in France, then only deal in EUR when withdrawing cash, don't use an exchange rate or conversion into your home currency (say GBP). If you're in the U.S., then only deal in USD, and so forth.
Inactivity Fees
Some currency card providers may charge a small fee if you don't use your card for a certain period (say 12 months). This is known as an inactivity fee.
If you only plan on using your card on very rare occasions, or even for a one-off trip, this is something to keep in mind. Providers will make it clear on their websites whether there is an inactivity charge on the account.
Spending limits on card
There are caps on almost all accounts. It makes sense as a genuine security feature, should your card end up in the possession of someone else. But with most accounts, there will be limits things such as:
- Daily/monthly withdrawal amounts
- Daily withdrawals (e.g., no more than 5 times per day)
- Maximum purchase amounts per day (e.g., no more than £3,000 per day)
With upgraded accounts, you may have higher limits and lower fees when you spend, but remember you’ll likely have to pay for these accounts. So, it's good to know your spending habits and which type of account would best suit your needs.