Currency cards are debit card-style payment cards designed to be used while you are on holiday or travelling outside the UK to pay for goods and services, usually anywhere you see the Visa or Mastercard symbol.
Best Currency Card Exchange Rates Compared & Reviewed
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How do currency cards differ?
Some currency cards are provided by banks, like Starling and Monzo, and are linked to the current account you have with them.
Other currency cards use Open Banking to connect to your main current account at whichever bank you use, so you don’t need to open a fresh account. Currensea and Revolut offer these types of cards.
Currency cards typically offer lower fees and better foreign exchange rates than your standard bank account debit card.
- Top Tool: Calculate FX Conversion Mark-Ups
The key benefits of using a currency card
- Ease: Currency cards are easy to apply for and usually arrive within a few days. If your bank already offers a travel card service as part of your account you may not even need to apply for a new card. Plus you don’t need to worry about changing up loads of cash before you go away.
- Safety: If you lose cash, it’s usually gone forever. If you lose your currency card you can cancel or freeze it in the app that comes with it to prevent anyone else using your holiday money.
- Virtual wallet: You can add most currency travel cards to your phone’s virtual wallet, so you can still pay if you only have your phone with you.
Keep an eye out for the cons too
- Charges: Fees and charges to use your currency card abroad can vary significantly so it’s a good idea to compare different providers before you choose which one to go with. Be aware the card provider – typically either Visa or Mastercard – can add its own fees of 1% to 3% on top of transactions.
- ATM limits: Some card providers limit how much you can withdraw from an ATM in another currency, after which point more charges will kick in.
- No section 75 protection: Debit card payments and purchases are not covered by section 75 of the Consumer Credit Act. But you might be able to make a claim for a refund under a voluntary scheme called “chargeback”.
James Lynn, co-founder of Currensea, said: “People historically took cash abroad for peace of mind, but post pandemic, the acceptance of cards is now ubiquitous.
“So there’s now limited upside to cash, and endless downsides: theft risk, lack of protection on spend, generally appalling exchange rates, particularly at airports, and of course being left with a handful of unusable currency at the end of a trip.
“By comparison, cards offer protection, security, better rates, and for the savvy traveller using a card which doesn’t need loading, like Currensea, no balances left at the end of a trip.”
Yes, you can withdraw money while you’re abroad using a currency card at an ATM, as well as paying for things using your card and PIN number. Fees and charges may apply.
No. Some non-bank currency card providers, like Currensea and Revolut, will give you a card without the need to open a new bank account. If you are with a bank that is already a currency card provider you will also not need to open a new account with them.
Choose a currency card with no fees for using it outside the UK. Where your card has a limit on withdrawals from ATMs, take out enough to get you through your time away within that number of transactions, and use your card to pay where possible.
Be aware the card provider – typically either Visa or Mastercard – can add its own fees of 1% to 3% on top of transactions.
In almost all cases the best (cheapest) thing to do when paying by card is to pay in the local currency. This would mean paying in dollars in the United States, or in euros in Greece, for example.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
You can contact Richard at richard@goodmoneyguide.com
