Prepaid cards

U Account holders can no longer access their accounts or use their prepaid cards to spend or withdraw cash as the digital bank closed the service from midday today (Tuesday 3 May). The app-based account is also no longer available to new users. 

Hundreds of thousands of prepaid card users, including those with Pockit, Anna Money and FairFX, have had their accounts frozen after action by the UK regulator, with many left unable to buy essentials, pay bills or access their cash. But the regulator now says it's working to lift its restrictions, and MSE founder Martin Lewis says there are signs those locked out may be able to access their money later this week.

We've long warned travellers to pay in the local currency rather than pounds to avoid hideous exchange rates – and from Friday, if you've a Mastercard prepaid card you won't be offered transactions in pounds at all.

App-based bank Monzo experienced problems today, with many prepaid card users unable to make payments.

Travellers with a Ukash prepaid card will have to pay a fee to transfer money back to their bank account if they don't spend their balance before their travel cards are shut down on Tuesday 21 February.

If you've a prepaid travel card with My Travel Cash you've until 4 October to withdraw or spend your money, after the firm announced it's scrapping the cards.

Travellers with a Ukash prepaid card will be hit with a raft of new charges from April. But they WON'T have to pay if they want to cancel the card before then, as the firm's now backtracked on plans to charge a £9-£11 closure fee.

The pound's hit it's best rate against the euro for eight years, meaning holidaymakers tripping to Europe find it far cheaper than in recent memory. Currently it's hovering around £1 buys €1.43 - €1.44, a year ago it would've bought you just €1.24.

The euro has weakened even further over the past week. It now sits at a paltry £1 buying €1.33 at the spot rate (and £1 buys €1.33 at the best travel money rate too). This would've been unthinkable last year when you'd have done well to get €1.20 and two years ago when €1.15 would've been worth whooping about.