Travel Debit Cards - Which is the best?

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Bank Accounts

Starling Bank

  • Fully licensed bank
  • Mastercard

Monzo

  • Fully licensed bank
  • Mastercard

Money Cards

These companies are ’electronic money’ institutions, they’re not classified as full banks in the United Kingdom, and while they are regulated by the FCA they are not be part of the Financial Services Compensation scheme.

On the positive side, they can offer better and more flexible services than some of the existing banks, with many targetting travel money.

Revolut

Revolut started in 2015, and has a European banking license, but not one in the UK. It is well known for offering simple GBP and Euro accounts accessible by physical and virtual Mastercard.

  • Not a fully licensed bank
  • Mastercard
  • Rate can vary, and fees as well on the size of transaction
  • More currencies
  • Monthly fee on some account types
  • Faster transfers are on higher account types

Wise

Wise started out as another name, Transferwise, which had been a mainstay of international money transfer websites in the 2010s.

In 2021 the company rebranded to Wise and launched its debit card service and app.

  • Not a fully licensed bank
  • Visa
  • Real USD / EUR bank accounts
  • Always mid-market rates + fee
  • Fewer currencies
  • Charge for issuing a physical card
  • Can pay for faster transfers

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