7 Things You Ought To Know Before Getting One
In 3 minutes, you will find out if the Travelex Card is your most suitable option.
(I will also guide you when there may be a more acceptable option)
The Travelex card is a multicurrency prepaid Mastercard you can top up in your regional currency and use around the world in other currencies and save on costly ATM fees.
Good or Not?
In some conditions, it may be the most pleasing choice, but in others, there are probably better options.
- The card holds different currencies; the actual number changes by country
- No fees for ATM withdrawals globally
- Open in various countries, including the USA, Australia, UK, & New Zealand
- Physical sites (like airports universal)
- Less competitive exchange rates and expenses (compared to the competition)
- Mandatory initial loading and increased inactivity fee
- Limited to maintaining the following currencies or less USD, GBP, HKD, JPY, NZD, SGD, THB, AUD, CAD, EUR
Is a Travelex Card Right for You? Compared to using your debit and credit card from home, the Travelex card can help you conserve some money on exchange rates and hold numerous currencies in your account. Also, because there are no ATM withdrawal costs, it can be a better choice when you’re traveling overseas.
But that accomplishes not mean it is right for everyone.
Although not open in the US, the TransferWise Card may be a better option.
Travelex is fairly simply not the most competitive card of this kind. While the company was one of the foremost to offer a travel card – many emerging companies offer a far cheaper service, and some actually let you hold many more currencies.
Travelex may be good for you if:
- You live in a nation where travel cards like Travelex are restricted (like in the USA)
- You plan to visit nations where you have to withdraw high sums from ATMs. Most identical cards apply ATM withdrawal costs.
1. How Does the Travelex Card Function(or Not)
Travelex is a prepaid card given by Mastercard. You can top it up through bank transfer from your bank account (using the 16 numbers on your card as payment reference) or from the Travelex app. The latter is the quickest method, and you can use either your debit or credit card to add accounts to your Travelex Card.
It is achievable to add funds either in your local currency or top-up in foreign currency instantly.
You can then utilize your card to withdraw cash from ATMs worldwide or complete payments in any place that accepts Mastercard.
Because Travelex is a prepaid card, it even has some limits. To begin with, you can only spend accounts that have already been added. This could be an optimistic thing if you want to keep your spending under management, but it’s not likely to arrange overdrafts.
As is the case with many prepaid cards in general, some dealers may also refuse to accept your card; for instance, it is improbable to be able to use it for leasing a car or to make online bookings at some tourist structures.
2. Travelex Card Against Bank Debit Card: Main Differences
The main distinction between Travelex and a bank debit card is theopportunity to hold multiple currencies on an identical card. While some banks offer multi-currency accounts, their debit cards are given in local currency only.
Established in the pre-internet era, Travelex has over 1,000 shops and ATMs in 26 countries. If you have any trouble with your card, you can ask for help in any of these locations.
Alternatively, you can profit from online and in-app support.
3. How to Get a Travelex Card
Unless there is a Travelex store close to you, the easiest way to get a Travelex card is by requesting it online. The card is usually providedin the next business day, although delivery times could differ from country to country.
You can also request the card online and opt for store collection. In this case, you will usually be able to gather the card after 14 days.
You will have to trigger your Travelex Card upon arrival. It is possible to activate it from your desktop or the mobile app or by calling Card Services.
4. Travelex Card Countries
Travelex is presently present in 26 countries, including the UK, USA, Canada, Australia, New Zealand, some nations in the EU, as well as countries in Asia, the Middle East,& South America.
The Travelex Card may hold more or more infrequent currencies, depending on the country where you request it. For example, it holds ten currencies in the UK and Australia, but US clients can only hold six.
5. Travelex Card Fees and Limits
Despite its complimentary ATM withdrawals, Travelex Card is one of the most costly prepaid foreign currency cards.
Here are the costs and limits you can expect.
|Card purchase fee||Varies by location|
|Additional card fee||$7.5/£5|
|Loading money||2% for GBP loads; no fee for FX loads|
|Using your card internationally||Free of charge|
|Using your card in the UK (depending on currency being used)||£1.50 / €1.75 / $2.30 / AUD$2.30 /CAD$2.40 / NZD$3 / ZAR20 / TRY5.40 / CHF2.20 / AED8|
|FX fee||5.5% for the USA card|
|Card inactivity fee (charged after 12 months of inactivity)||$3/£2 per month|
For comparison reasons, the TransferWise card has an FX cost of 0.35% and 2% analogized to 5.5% for Travelex.
In the video above, this traveller means the solution is cash, but the problems with this is that you always get levied a conversion fee by you bank which is potentially actually less competitive. The solution is a multi-currency card that offers a good dealings rate of which there are many in current years, such as TransferWise, WeSwap, & Revolut.
Final VerdictTravelex Card could be a significant financial product, but many of its opponents offer better deals and more favorable currency exchange rates which is where the plurality for fees often get charged.
Currently, the card is prevalent mainly in the USA, due to a shortage of solid competition in this country.
However, it will probably lose clients as soon as other similar services start to extend their business.
Is Travelex Card worth it? If you live in the US and require a card for traveling, Travelex is definitely a great alternative to a traditional bank debit card. Clients in the UK, Oceania, and the EU surely have more useful options to choose from.