Best Prepaid travel cards FX products: how to choose the right option

Your money abroad - smarter, safer, cheaper

Locking in your exchange rate can protect your holiday budget.

Why this guide matters now

UK travellers face shifting exchange rates and patchy card fees. Pick the wrong product and small charges mount quickly. This Switcha guide compares leading UK options and shows how to combine prepaid and debit cards to cut costs while staying in control.

Who should consider these cards

Prepaid travel cards and fee-free debit cards suit UK holidaymakers, frequent city breakers, business travellers, students abroad, and anyone who wants to separate travel funds from their main account for budgeting and safety.

Jargon decoded - the essentials

• Interbank rate - the mid-market rate used between banks. Some prepaid cards use this or a close equivalent, often with small fees depending on provider and timing.
• Mastercard rate - the card scheme’s foreign exchange rate used by many UK debit cards, including bank-issued options such as Chase UK.
• Rate locking - preloading and converting pounds into a foreign currency before you travel, fixing your rate and improving budgeting certainty.
• FX markup - an extra percentage added to the exchange rate or charged as a fee. Watch weekend or high-volume FX markups.
• ATM fee - a charge for cash withdrawals abroad. Some providers waive their fee, though local ATMs may still charge.
• Load limit - how much you can hold on a card. Higher limits help on longer trips.
• App controls - freeze or unfreeze your card, set spend limits, and track transactions in real time for security and budgeting.

Understanding FX policy is as important as the headline fee.

Standout UK options at a glance

Sources: provider disclosures and UK consumer guides including MoneySavingExpert, CompareTravelCash, Which?, Money.co.uk, MoneySuperMarket, and Engine Business Travel.

What it could cost - and the trade-offs

• Exchange rates: Bank debit cards like Chase UK use Mastercard rates with no foreign transaction fee, keeping costs predictable. Prepaid cards may use interbank or provider rates that are often competitive when you preload.
• Fees: Revolut Standard is fee-free on weekdays but adds 1% on weekend exchanges and 1% above £1,000 per 30 days. Some prepaid cards charge withdrawal or inactivity fees. Caxton does not charge its own overseas ATM fee but has a £50 minimum withdrawal.
• Cash access: Revolut includes five free ATM withdrawals up to £200 monthly, then 2%. Chase UK allows higher ATM volumes by limit but local ATM operator fees may still apply.
• Perks: Caxton offers travel discounts such as airport taxis and lounges. Chase UK offers 1% UK cashback for the first year. Perks can offset costs if you plan usage.

Combine a fee-free debit card with a prepaid card to hedge FX timing and access cash cheaply.

Who can get one - typical UK eligibility

• Residency: Most providers require you to be a UK resident. Age is typically 18+, though some prepaid cards offer teen options with guardians.
• Verification: Expect standard KYC checks - ID, address, and sometimes a soft credit search. Prepaid cards usually do not require full credit scoring.
• Account setup: Chase UK needs you to open a current account. Revolut and FairFX use app-based onboarding. Caxton also supports app registration.
• Limits: Providers set daily spend, ATM, and maximum balance limits. FairFX stands out with up to £50,000 - suited to longer or business trips.
• Device: A modern smartphone is usually necessary for real-time controls, notifications, and instant card freezing.

Set-up and use - a clear sequence

1. Download the provider app and complete ID checks
2. Add your UK debit card or bank transfer to load funds
3. Choose currency wallets and convert at a favourable time
4. Set spend limits and enable location or travel settings
5. Add the card to your mobile wallet for contactless
6. Test a small purchase to confirm everything works
7. Use ATMs that show fees upfront - consider cash needs
8. Track spend in real time and freeze the card if needed

Advantages and trade-offs

• Pros: Budgeting control through separate travel funds, improved security with instant freeze and zero cash exposure, potential to lock in FX rates in advance, clear app tracking, and travel perks on select cards.
• Cons: Preloading requires discipline and timing. Weekend FX fees or ATM charges can erode savings if unmanaged. Some cards have minimum ATM withdrawals or inactivity fees. Rate caps and fair usage limits can apply during peak travel periods.

Key checks before you commit

• Timing your exchange: Use weekday windows for Revolut to avoid the 1% weekend fee. Consider preloading Caxton or FairFX when rates look favourable.
• Cash strategy: If you need regular ATM cash, compare limits and fees. Chase UK’s daily and monthly ATM limits may suit frequent withdrawals, while Revolut suits occasional cash.
• Destination costs: Local ATM operators may charge their own fees. Always review on-screen notices before accepting.
• Backup plan: Carry at least two cards from different providers in case of outages or declines.

If this is not quite right

• Specialist credit cards with 0% foreign transaction fees can be cost-effective for purchases, but cash withdrawals often accrue interest immediately.
• Traditional bureau cash is useful for tips and taxis but is riskier to carry and can be expensive without comparing rates.
• Budgeting apps with jars, like HyperJar, can help plan spend categories, though withdrawal limits may apply.
• Business travellers may prioritise cards that integrate with expense software and multi-currency controls.

Common questions, answered

• Do prepaid cards improve my credit score? No. They are not credit products and typically have no impact on credit files. Verification checks are for identity and fraud prevention.
• Can I lock a rate for my entire trip? Often yes. Cards like Caxton and FairFX let you preload currencies, effectively fixing your rate on those balances.
• Are weekend fees a real issue? For Revolut Standard, yes - 1% on weekend exchanges. Convert during UK weekdays to avoid it or preload in advance.
• What about ATM charges abroad? Provider fees vary. Caxton does not charge its own ATM fee, but local ATM operators may charge. Revolut gives five free withdrawals up to £200, then 2%. Chase UK sets daily and monthly limits.
• Is a bank debit card safer than a prepaid card? Both have strong in-app controls. A bank card like Chase UK benefits from bank-grade fraud protection. A prepaid card limits exposure by ring-fencing travel funds.
• Which card is best for long trips? FairFX’s up to £50,000 load limit is attractive for extended travel or business stays.

What to do next

• Decide your mix: pair a fee-free debit card for purchases with a prepaid card for rate locking and cash.
• Open accounts and verify ID well before travel.
• Preload and convert midweek, set limits, and test a small transaction.
• Pack a backup card and note emergency contacts.

Important information

This guide is general information from Switcha, not personal advice. Check each provider’s current fees, limits, and eligibility before applying. Exchange rates and terms can change. Consider your circumstances and seek regulated advice if unsure.