If you’re here, chances are you’re looking for a better way to spend abroad—one that doesn’t hit you with hidden fees or poor exchange rates. Travelex is a well-known travel card option, but how does it really stack up? And is there a better alternative?
Let’s dive into the details.
Travelex is a global foreign exchange and international payments company, founded in 1976.
Travelex features & plans
Travelex offers a free to use prepaid money card that enables you to load money onto it to use abroad. It is called a Travelex Money Card.
Travelex exchange rates & fees
We don’t believe fees should ever be hidden - so we’ve done the calculations for you.
The amount you get charged is very dependent on how you use the card, so bear with us...
If you top-up your Travelex card straight into foreign currency, the charges aren't actually stated but taking a few currencies over a week long period, we found the spread varies from 2%-4%. So if you then spend in that currency, that's the fee you'll have paid.
If you top up in pounds and then convert afterwards, then on top of this conversion rate you'll also face a 2% 'pound top up fee' beforehand.
In the worst scenario, if you spend abroad in a currency which you don't currently hold in your wallet, or isn't supported by Travelex, you'll incur a 5.75% foreign exchange fee. Given they only support 22 out of 180 currencies, there is a significant risk you'll be hit with this rate. So if you topped up in pounds then just spent in USD on your holiday without first "converting" for another 2% charge, you could find yourself paying 7.75% for the privilege.
In summary, Travelex charges a fee that varies from 2% to 7.75% for spending.
Travelex also have a £3000 spending limit each day- so if you stay in an expensive hotel, you may be unable to pay at the end of your stay and have to use your regular bank card with associated charges.
While Travelex don't charge for replacement cards, they do charge an inactivity fee of £2 per month if you don't use your card for a continuous 12-month period, including after your card expires.
Finally, if your balance falls below zero because of a transaction there is a £10 charge. The 5.75% charge also applies if you don’t have enough money in the transaction currency and the rest is taken from another currency wallet.
Is Travelex good for travel?
Travelex could be a decent option for those looking for a prepaid card to spend abroad with. However, given it's a prepaid card, you'll have to constantly top up and remember how much you have on your card while abroad, not to mention the general hassle of managing another account. If you’re happy managing a separate account and topping it up as needed, Travelex can be a solid choice. But for those who prefer spending directly from their existing bank account without the hassle, other options may be more convenient.
So, what is Currensea?
Currensea is a travel debit card that connects directly to your existing bank account.
Currensea allows you to spend abroad just as you would at home—without needing to transfer or manage funds separately. You simply spend, and the money comes directly from your bank account.
Currensea’s pricing plans
Currensea offers three travel card options:
- Currensea Essential (free)
- Currensea Pro & Currensea Elite (paid plans with market-leading FX rates and exclusive perks)
For this comparison, we’ll focus on Currensea Essential, which is free, just like the Travelex Money Card.
Currensea vs. Travelex – What’s Different?
Unlike Travelex, Currensea doesn’t require you to manage a separate account or worry about topping up your card.
What Currensea offers is a card that partners directly with your trusted bank account. Funds come straight out of your bank account, and you can spend whatever balance you have.
Because it’s not a prepaid card, you never have to top up your Currensea card. You don’t have to worry about losing it and any funds that might remain on it, nor do you have to constantly top it up and remember how much you have on it: we offer travel, but without the hassle.
We also check how much your bank would have charged you to use your regular debit card abroad- and we can tell you exactly how much money you saved by using your Currensea card.
Currensea Fees & Limits
Card spend:
- Essential: £500/month fee-free at the Realtime Rate, then 1% FX fee
- Pro & Elite: Unlimited fee-free spending at the Pro Rate
ATM withdrawals:
- Essential: £200/month fee-free, then 2% FX fee
- Pro & Elite: Higher limits with only 1% FX fee beyond them
Delivery:
Currensea charges just £4.95 for the delivery of essential cards. Currensea Pro and Elite customers receive free delivery when they sign up.
How does Currensea stack up against Travelex?
We compared how much it would cost spending with Currensea versus Travelex on a 10 day holiday to Florida for a family of four. Take a look at the table to see the breakdown of spend.
| |
Currensea charges |
Travelex charges |
| $10,000 on card spending |
£112.18 |
£156.24 |
| $600 on ATM withdrawals |
£7.72 |
£9.37 |
| TOTAL |
£119.90 |
£165.61 |
In this example, we've assumed the very best case - that you top-up directly into the currency that you'll spend abroad, and that the rates are at a favourable level. In the worst case, where you top-up in pounds then spend in a foreign currency, the fees can be over 3X those quoted above at £641
Total saved with Currensea vs using Travelex: £45.71
So, which one is better?
If you are looking for great rates, then Currensea is the better choice. We've been relatively generous to Travelex in the example above and assumed you solely spend in the currency you top up with- in which case you'll typically be charged between 2% and 4% for the initial conversion. However, while this is similar to some other pre-paid cards, it is still at least four times as much as Currensea charges.
On the other hand, you could have topped up in pounds and converted afterwards, in which case Travelex will charge you an additional 2% 'pound top up fee', meaning you'll be charged a total of 4%-6%. And even worse, if you forget to convert and spend in a currency which you don't currently hold, or isn't supported by Travelex, you'll incur a 5.75% foreign exchange fee. Given they only support 22 out of 180 currencies, there is a significant risk you'll be hit with this rate. So if you topped up in pounds and then spent in USD on your holiday without first "converting" for another 2% charge, you could find yourself paying 7.75%.
Since it is a prepaid card, you'll need to remember how much is on it and faff around topping it up as you spend abroad. And if you don't spend all the money you top it up with, you'll also have to remember to take the unspent balance off your card when you get home, incurring yet more charges. On average in the UK in 2023, prepay travel card users returned home with £78 on their card...
With Currensea on the other hand, you can spend abroad just as you would at home with your regular debit card, since your card partners with your existing bank account. With Travelex charging between 2% and 7.75%, versus the real-time interbank rate with a markup of just 0.5%, you'll typically pay between four and fifteen times more in charges to use Travelex. With Currensea you can also set your own limits, to provide the same spending protection as a pre-pay card. We offer travel, but without the hassle.
Overall, if you want a card you don't have to continually top up that focuses on providing the best rates possible, then Currensea is the right choice for you.
