The Revolut card allows you to spend money abroad without any fees. But is it the best option out there?
I’m not sure about you, but one of the last things I think of when booking my holiday is how I will spend when I get there. The chances are, you won’t want to take a load of cash with you on the plane. If you take your debit card, every time you withdraw cash you’ll be charged a fee. You could change money at the airport, but you will always get terrible value. So why not try the Revolut card?
What is the Revolut card?
It is a prepaid card from Mastercard. It’s controlled using an app on your phone. The app allows you to load and withdraw funds from the card in seconds.
Why use it?
When spending abroad, the card uses the best exchange rates available (the interbank rate). That means, there aren’t sneaky charges every time you spend.
You can hold multiple currencies (up to 16) on your card at any one time. Meaning, when you get home from holiday, you could transfer your money back into pounds and spend the rest here.
How much does it cost?
There are no fees. You will have to pay £5 for delivery of the card (or £12 for express delivery.
Any downsides to the Revolut card?
When abroad, you can withdraw £200 worth of currency every month. Any more, and you will be charged a 2% fee. For short stays, this shouldn’t be a problem. However, for larger families staying away for a couple of weeks, £200 may not be enough. If this is the case, you may need to look at taking some extra money out with you.
Is it the best?
I think a Revolut card is a great option. Personally, I would opt for the Halifax Clarity card. It’s another cheap option for spending abroad, and you are not constrained to a £200 withdrawal limit. But with the Halifax card, you will be required to pass a credit check. The Revolut card is a better option for those with a poorer credit rating.
To find out more about the Revolut card or to apply, visit here.