Coronavirus Travel Rights
23 April 2021
Prepaid Travel Cards
Prepaid travel cards, also known as currency cards, allow you to load them before you go abroad then use them as you would a debit card to spend or withdraw cash as you wish. And because they're pre-loaded, it allows you to keep tight control of your spending. Most also allow you to lock in a rate in advance.
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With these cards, you can lock in a rate days, months or even years before you go on your hols, so you know the rate you'll get before spending – or you can just spend on them in pounds and you'll get the rate on the day you spend.
Revolut* gives perfect interbank rates on most currencies from Mon to Fri UK time when you spend abroad or exchange pounds in advance in the app (1%-2.5% fee at weekends).
You get a free virtual card which you can use with digital wallets (eg, Apple Pay/Google Pay) but physical cards cost £4.99 for delivery.
Application fee: £4.99 for delivery of physical card
Exchange rate: Perfect interbank rates except at weekends, and for Thai baht and Ukrainian hryvnia (see FAQs)
ATM withdrawal fee: None up to £200 per rolling month, then 2% after
Currencies you can exchange in advance (locking in the rate): 30 incl euros and US dollars (see FAQs for list)
Spendable currencies: 140+ currencies incl euros and US dollars
Is my cash protected? Revolut is authorised by the Financial Conduct Authority. Any money you deposit is ring-fenced in a Barclays account, so if there are problems with Revolut, the money's safe (as long as Barclays still exists).
Transferwise's* multi-currency account allows you to spend abroad or exchange pounds at the perfect interbank rate – though it does charge small fees of around 0.3% to 1%. For example, exchanging pounds to US dollars or Euros will cost you a 0.35% fee.
Cash withdrawals are fee-free up to £200 in any 30 day period (2% fee above).
Application fee: £5 for delivery of physical card
Exchange rate: Perfect interbank rates, but small fees apply (see Transferwise's cost calculator)
ATM withdrawal fee: None up to £200 per month, then 2% after
Currencies you can exchange in advance (locking in the rate): 50 incl euros and US dollars (see full list)
Spendable currencies: 150+ incl euros and US dollars
Is my cash protected? Transferwise is authorised by the Financial Conduct Authority. Any money you deposit is ring-fenced in a Barclays account, so if there are problems with Transferwise, the money's safe (as long as Barclays still exists).
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