• What is a Prepaid Travel Money Card?
• Best Multi-Currency Prepaid Cards for 2024
  Wise Multi-Currency Card
  Revolut Travel Money Card
  Travelex Money Card
  Zing
  Caxton Travel Money Card
  
  
• Other travel card alternatives
  Currensea Travel Card
  Monzo
  
  
• What Are the Pros and Cons of Prepaid Travel Money Cards

More frequent travellers opt for prepaid travel money cards that provide the flexibility of holding multiple currencies in one place and with lower fees. And this could be one way to save money on your next holiday. We explain what you need to know and look at some of the more popular multi-currency prepaid cards in the UK.

What is a prepaid travel money card?

If you've been abroad, you'll know the hassle of carrying different currencies in cash or cards in your wallet or purse. Prepaid Travel Money cards help resolve that issue, allowing you to have multiple currencies in one place, with relatively easy access and competitive exchange rates.

You can convert the money to the needed currencies once you've loaded Pounds Sterling to your prepaid card account. Even if you have more than one currency in one card, most cards will automatically use the correct currency, depending on where you're spending. Or you can simply choose the currency you want to use. Any money left over from your trip can be transferred to Pounds Sterling within your account.

Apart from loading your card with money, prepaid cards work like a debit card. You can use these cards in most places worldwide (normally either Visa or MasterCard), withdraw cash from ATMs or send money to an overseas account. Using a prepaid card for holidays abroad has many other benefits, such as helping you budget as there are no overdraft or credit facilities.

Best multi-currency prepaid cards for 2024

We've listed five popular UK multi-currency prepaid cards that may help you decide what to use for your travels, plus two alternatives to prepaid cards. We’ve also compared exchange rates, loading fees, and foreign ATM withdrawal fees.

We've put these in order of number of currencies supported.

Wise Multi-Currency Card

The Wise Multi-Currency Card (previously called TransferWise) offers real-time real-time mid-market rates and supports over 40 currencies. Foreign exchange fees are shown before you make a conversion, so you decide whether to proceed or not. A Wise account is an option for frequent travellers looking for a quick solution and fee transparency.

• Currencies Supported: 40+
• Exchange Rate: Real-time mid-market rate (additional Wise fees apply, normally under 1%)
• Load Fees: There is no fee for a bank transfer top-up in GBP. However, top-ups using debit or credit cards incur a fee.
• Foreign Withdrawal Fee: 2 free withdrawals per calendar month with a total of £200 - after which charges apply.
• Monthly admin fee: Free

Revolut Travel Money Card

The Revolut Travel Card lets you spend in over 30 currencies. You can enjoy free withdrawals up to £200 per month and the Revolut app makes it easy to manage your money. It's popular among expats and frequent travellers due to some of the international banking options.

• Currencies Supported: 35+
• Exchange Rate: Live exchange rates (normally there are no additional fees, except for foreign transactions in the weekend or transactions over £1,000)
• Load Fees: Bank transfers in GBP and UK debit card top-ups are free. Fees may apply to other methods.
• Foreign Withdrawal Fee: Free withdrawals up to 5 withdrawals or £200 per month - after which charges apply.
• Monthly admin fee: Free

Travelex Money Card

The Travelex Money Card is a prepaid travel card that locks in exchange rates, helping you avoid fluctuations. With zero ATM fees abroad and instant top-ups via the Travelex app, it's another hassle-free way to manage your money on the go.

• Currencies Supported: 20+
• Exchange Rate: Travelex uses own rate (additional fees can apply)
• Load Fees: 2% fee when you add GBP
• Foreign Withdrawal Fee: Free

Zing

Zing is part of the HSBC Group and is an example of how big banks are trying to catch up with many other providers offering competitive exchange rates, including challenger banks like Monzo and Starling. Like other e-money products, Zing is not covered by the Financial Services Compensation Scheme.

• Currencies Supported: 20+
• Exchange Rate: Real-time exchange rates (zero conversion fees for the first £500 or equivalent amount per calendar month until December 30th 2024)
• Load Fees: Free
• Foreign Withdrawal Fee: One free monthly withdrawal, after which charges will be applied.
• Monthly admin fee: Free

Caxton Travel Money Card

The Caxton Travel Money Card offers hassle-free spending abroad. Caxton sets its exchange rates daily, and accounts can hold 15 currencies. Overseas withdrawals are free.

• Currencies Supported: 15
• Exchange Rate: Caxton sets its rate daily (additional fees can apply)
• Load Fees: Free
• Foreign Withdrawal Fee: Free withdrawals (fees apply to domestic ATM transactions)
• Monthly admin fee: Free for the Caxton Black Travel Money Card.
  Note: Dormancy fee applies when inactive for 12 months

Other travel card alternatives

There are many travel card options you can choose for holidays, not just prepaid cards. Here are two alternatives:

Currensea Travel Card

Currensea is not a bank or a prepaid card. Technically, it's a Card-Based Payment Instrument Issuer (CBPII). It works like a travel debit card in that it is linked to your bank account, and you do not need to top up the card (as long as there is money in your bank account).

While transferring money to foreign accounts may be limited to Euro, US Dollar, Hungarian forint and Polish Zloty accounts, Currensea allows you to spend in 180 currencies without the usual bank charges.

• Currencies Supported: NA (not a multi-currency card)
• Exchange Rate: Live (interbank) exchange rates for 16 major currencies (the MasterCard exchange rate applies for other currencies). A 0.5% fee applies to Essential plan users
  Load Fees: NA (not a prepaid card, linked to your account via Open Banking)
• Foreign Withdrawal Fee: ATM withdrawals are free when under £500 a month - after which charges apply.
• Monthly admin fee: Essential plan is free (charges apply for Premium and Elite)

Monzo

Monzo is a UK-based online only bank, that offers personal banking services through a mobile app. Known for its user-friendly interface and features like budgeting tools and instant notifications, and fee-free spending abroad.

• Currencies Supported: NA (not a multi-currency card)
• Exchange Rate: The MasterCard exchange rate (normally, there are no additional fees)
• Load Fees: NA (not a prepaid card)
• Foreign Withdrawal Fee: Unlimited free withdrawals in the European Economic Area and up to £200 every 30 days anywhere else (Monzo must be your main bank account).
• Monthly admin fee: Free

What Are the Pros and Cons of Prepaid Travel Money Cards?

Pros of prepaid travel money cards:

• Control Over Spending: You load a fixed amount, so there’s less risk of overspending.
• Security: There is no need to carry large amounts of cash; if your card is lost or stolen, most providers offer easy freezing and recovery options via their app or by contacting the provider. MustCompare has a directory for lost and stolen cards you can use while overseas.
• Better Exchange Rates: Many travel prepaid cards offer better exchange rates than most high-street banks and currency exchange bureaus.
• Multi-currency: Carry multiple currencies on one card and avoid additional conversion fees when switching currencies.
• Budgeting: Easy to budget with fixed amounts for specific trips.

Cons of prepaid travel money cards:

• ATM Fees: Some cards (for example, Revolut and Wise) charge a fee for withdrawing cash abroad after a certain limit, although many banks will do the same.
• Reloading Delays: In some cases, it can take time for new funds to appear on the card.
• Limited Currencies: Not all cards support every currency, so options might be limited depending on your travel destination.
• Potential Inactivity Fees: Some cards charge a fee if the card isn't used for a certain period (for example, Caxton Travel Money Card)
• Not covered by the FSCS: Electronic payment services (such as PayPal) and E-money accounts, including prepaid cards, are not covered by the Financial Services Compensation Scheme. The FCA regulates prepaid card providers, and consumer money is normally ring-fenced or separated from the provider's finances in case it goes bust.

Conclusion

Prepaid travel money cards allow you to hold and spend multiple currencies on a single card, making them ideal for trips to multiple countries. These cards often offer better exchange rates and lower fees than traditional bank cards, helping you save money on transactions abroad.  Be aware of potential ATM withdrawal fees, currency limitations, and inactivity fees.

One final tip when using your card abroad, if asked whether you want to pay in British Pounds on a cash machine or a shop card machine, choose "pay in the local currency" (not British Pounds) or "without conversion".

You can compare prepaid cards, including travel money cards on MustCompare. It’s free, and there are no forms to fill out.