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Travel Money Cards Explained
Officially, there is no legal limit on the amount of cash someone can travel with to a foreign country. But it is important to note that each country has regulations on how much money you can bring. For example, if you are moving to the United Kingdom from overseas, you must declare cash of £10000 or more to the UK customs. Travelling abroad with cash is not ideal as you can be exposed to thieves.
An alternative solution to travel with large amounts of money is to use your bank or travel money card. We know what is a bank account as we use it daily, but what do we know about travel money cards?
A travel money card also known as a prepaid travel card or currency card is a prepaid card designed specifically for overseas travel usage. Users of this card can load money onto the card in their home currency, and it can then be converted into one or more foreign currencies to use for purchases or withdrawals while you're in another country. Travel money cards are a convenient, secure alternative to carrying cash or using your regular debit or credit cards, as they help you avoid many foreign transaction fees and can often provide better exchange rates.
Travel money cards have some key features and benefits. Some benefits include
Multi-currency accounts: Some travel money cards support multiple currencies, allowing you to hold several currencies on the same card (e.g., USD, EUR, GBP, etc.), which is especially useful for multi-country trips.
Fixed Exchange Rates: When you load funds, you lock in an exchange rate, protecting you from fluctuations in currency rates. However, the rates may vary based on the provider.
Can be used globally: These cards are usually branded by major networks like Visa or Mastercard, allowing you to use them in most places that accept debit or credit cards.
Reduced Fees on Transactions: Many travel cards have lower or no foreign transaction fees compared to regular credit or debit cards. However, some may charge fees for reloading funds or for certain ATM withdrawals.
Secure and safe: Travel money cards are not directly linked to your bank account, which minimises the risk of unauthorised access to your main funds if the card is lost or stolen. Most come with PIN protection and allow you to freeze or cancel the card through an app if needed.
Availability: Everyone can have a travel money card as long as they can present proof of ID and address.
- Travel money cards have limits and it is important to know them before buying one.
- Travel money cards can have limits on the amount of money you can load. You should check with the card provider.
- Withdrawing money with a travel money card can lead to additional fees from the card provider or the ATM.
10 travel money cards in the United States
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Wise Multi-Currency Card |
Advantages: Real-time exchange rates, low conversion fees, support 50+ currencies, widely accepted (Mastercard). Cons: No ATM fee-free withdrawals after a certain limit per month, no rewards program. |
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Revolut Travel Card |
Advantages: No fees for currency exchanges up to a certain amount per month, real-time spending notifications, multiple currencies, and virtual cards for online security. Cons: Monthly limits on free currency exchange (paid plans required for higher limits), fees for ATM withdrawals after a certain amount, available only in certain states. |
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Travelex Money Card |
Advantages: No foreign transaction fees, supports 10 different currencies, easy reloading through the app, emergency card replacement. Cons: Fees for card issuance and ATM withdrawals outside the U.S., limited to supported currencies, inactivity fee. |
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Capital One VentureOne Travel Card |
Advantages: No annual fee, no foreign transaction fees, earn miles on every purchase, and miles can be used to cover travel expenses. Cons: Rewards may have limited redemption options, and higher interest rates on carried balances compared to debit-based travel cards. |
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American Express Serve Cash Back Card |
Advantages: 1% cash back on all purchases, no foreign transaction fees, easy to reload funds, available in many major retailers. Cons: Monthly maintenance fee, limited to U.S. dollars (no multi-currency support), not accepted as widely as Visa or Mastercard. |
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PayPal Prepaid Mastercard |
Advantages: Linkable to your PayPal account, real-time balance check and reload Mastercard global acceptance, no foreign transaction fees. Cons: Monthly maintenance fees, and limited direct currency support (transactions are automatically converted to USD). |
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Chase Sapphire Preferred Card (Travel Credit Card) |
Advantages: No foreign transaction fees, significant travel rewards and redemption options, high acceptance rate, and points transferable to travel partners. Cons: Annual fee, requires good to excellent credit, not a prepaid card (credit card with travel perks). |
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Netspend Visa Prepaid Card |
Advantages: Easy to get without a credit check, widely accepted (Visa network), cash-back rewards on select purchases, no overdraft fees. Cons: Monthly maintenance fees, high ATM fees for international withdrawals, USD-only balance (no multi-currency support). |
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Bluebird by American Express |
Advantages: No monthly fees or foreign transaction fees, free ATM access at MoneyPass locations, and optional family cards. Cons: Limited international acceptance (Amex), no multi-currency support, fewer reload options outside the U.S. |
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Charles Schwab Bank High Yield Investor Checking account Card |
Advantages: No ATM fees worldwide, no foreign transaction fees, linked to a high-yield current account, offers easy currency conversion. Cons: Requires a linked Schwab brokerage account, not a prepaid card (requires bank account), longer setup process. |
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