Multi-currency prepaid cards offer the perfect mix of security and flexibility. You can use them in numerous countries, use them as a barrier to your other personal finances, and get better rates on your foreign currency.
What’s the best prepaid currency card?
The UK prepaid market offers a diverse range of products that cater to different and specific needs. Because of this, there is no single ‘best’ prepaid currency card. What is the best product for you will depend on how you plan to use the card, how often you’ll need it and where you are going abroad (there are specific cards available for Euro and Dollar currency).
How to compare prepaid currency cards?
Although all prepaid cards are different, there are certain common elements which are directly comparable and are therefore useful when assessing which is the right credit card for you.
Setup cost - the cost payable to an issuer to establish an account with them
Transaction fees - there are a number of fees associated with different transactions, like ATM fees (at home and abroad), purchase fees, etc.
Load fees - the charges payable as the card is ‘topped-up’
For currency cards, it’s also good to have an understanding of how and when the exchange of currency takes place and when the exact rate is set.