Multi-Currency Prepaid Cards

What are multi-currency Currency Prepaid Cards?

Prepaid multi-currency cards are a payment method that is designed to be cheaper to use than standard UK debit and credit cards when used in a country that accepts them. The fees are typically lower than you would usually be charged by your bank.

Most prepaid cards are free to purchase subject to the initial top-up, which is typcially £50.

How do I get and use a multi-currency Currency Prepaid Card?

1. Choose the provider you wish to use
2. Sign up on their website, register and choose the card you want to use, this will usually ask you to to-up the card with a payment at the time of registration
3. You will receice your Prepaid multi-currency card within a couple of days, along with instructions on how to activate your card and how you will be receiving your PIN
4. Use the card as you would any other debit or credit card - you cannot go overdrawn as its pre-paid
5. Top-up the card as you wish using the information and method detailed by the card provider, this typcially includes online, via text or a phone call
6. If you no longer wish to use the card you can withdraw any remaining balance

Are there any charges to use a multi-currency Currency Prepaid Card?

Pre-paid multi-currency cards offer some excellent benefits, but you should be aware of some potential charges
Buying the card - some companies may have an initial fee to get the card
Minimum top-up - you may need to add an initial deposit in order to get and use the card
Regular charge - some may change a monthly or annual fee, although there are not many of these
Spending on the card - each purchase or transaction you make with the card may incur a fee
Lost or stolen cards - some providers many charge you for a replacement card, its owrth noting that as long as you report the card lost or stolen your balance should be protected
Taking money off the card - if you want to withdraw any remaining money left on your card you may be charged a fee

What are the best ways to avoid charges?

Add and remove cash in bulk - rather than lots of smaller topups try adding more money in one go
Keep your card safe - avoid any replacement card fees
Use local currency - when paying by card you may be offered the choice of of paying by the local currency or sterling, always choose the local currency
Choose the best card for you - check all fees and any restrictions to make sure you pick the best card for your needs

Do rate changes affect my card?

The exchange rate at the point you add funds to your card is the only rate used.