If you’re reading this, you’re interested in finding a new card to use when travelling abroad. Specifically, a card that doesn’t charge you high, or even worse, hidden fees when spending on your trip.
So we’ve compared Zing’s Terms and Conditions for spending abroad with our own, to help you make the right decision.
What is Zing?
Zing is a new kid on the travel payments block. It is an international payments app built by HSBC, founded in 2024.
What card options and plans does Zing offer?
HSBC Zing offers a multi-currency debit card that you don’t have to pay for. Despite it being built by HSBC, you don’t have to be a HSBC customer to use it. However, you do, at the time of writing, need to be a UK resident to use Zing.
Card scheme vs interbank foreign exchange rates
The card scheme foreign exchange rate is set each day by major credit card networks such as Visa and Mastercard.
While the value of currencies fluctuates throughout the day, the card scheme rate stays the same for the whole day. The rate will contain a mark-up to protect the card schemes from fluctuation risks. It’s difficult to figure out exactly how this rate is calculated as the information isn't shared, but this is included in the rate offered by Zing.
The interbank rate, on the other hand, tracks the real-time value of currencies and is considered the fairest rate in the industry. It fluctuates throughout the day, and is the rate that Currensea uses, with an additional 0.5% markup.
So what does Zing charge you to spend abroad?
We don’t believe fees should ever be hidden - so we’ve done the calculations for you.
Using data from January to March 2023, we were able to calculate the average markup over the interbank rate applied to the card scheme rates. We did this by comparing those rates with the average highs and lows of the daily interbank rate, using a selection of the most popular travel currencies. On average, the markup built into the card scheme rate was 0.54% for Mastercard and 0.6% for Visa- since Zing uses Visa, this means that your typically being charged 0.6% above the interbank rate when you use their card to convert currency.
Zing also charges an additional 0.2% fee per transaction, meaning that you'll be charged a total of 0.8% above the interbank rate.
What other fees does Zing charge?
Replacement cards
If you lose your card, you’ll need to pay £5 for a replacement.
Withdrawals
Zing don't charge you for your first ATM withdrawal each month, however any other withdrawals after this will incur a £2 fee.
Insufficient balances
If you don't have sufficient funds to pay in the local currency, the balance would be debited from another currency you hold on your Zing card. There is a charge for this but it’s not clear exactly how much it is.
For example, you travel to the US and buy a bag for $60 but only have $30 dollar balance in your Zing account so there will be a $30 shortfall. You also happen to have £400 held in your Zing account. So in this instance, the remaining $30 will be taken from your Pound Sterling wallet and an unspecified charge will be made for this (which appears to be 0.2% + the Visa rate).
What is Currensea?
Currensea is a travel debit card that allows you to spend money directly from your trusted bank account, rather than having to open up a new one or top up a prepaid card. It is based on open banking, which was introduced several years ago to promote innovation and competition in financial services so that you have access to a wider range of options and rates.
What card options does Currensea offer?
Currensea has three travel cards, including Currensea Premium and Currensea Elite. For the purposes of this comparison, we'll be focusing on Currensea Essential, which is free.
So what is different about Currensea?
Currensea offers a card that partners directly with your trusted bank account. That means you can spend with your Currensea card abroad just as you would at home with your regular debit card. Funds come straight out of your bank account, and you can spend whatever balance you have.
Because it’s not a prepaid card (like some travel cards), 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.
What does Currensea charge to spend abroad?
We convert your currency based on the real-time interbank exchange rate and apply a markup of 0.5% per transaction no matter when you use it or how much you spend on it. No hidden fees, no weekend fees, no increases to the markup - just clear, transparent information on how much we charge and how much you save.
What other fees does Currensea charge?
Cash withdrawal
We charge our usual fee of 0.5% for withdrawals up to £500 a month, and for anything over this amount we charge 2%.
Replacement cards
While your first card is free, we charge a £5 replacement fee (but no delivery fees).
How does Currensea stack up against Zing?
We compared how much it would cost spending with Currensea versus Zing on a week-long holiday to Spain for a family of four. Take a look at the table to see the breakdown of spend- we've also included the card scheme rate that Zing charges.
| |
Currensea charges |
Zing charges |
| €4375 on card spending |
£18.48 |
£7.39 |
| €400 on 3 ATM withdrawals |
£1.69 |
£4.00 |
| Card scheme rate |
£0 |
£24.21 |
| TOTAL |
£20.17 |
£35.60 |
Total saved with Currensea vs using Zing: £15.43
% saved with Currensea vs using Zing: 43.34%
In summary
Zing and Currensea are fairly similar when it comes to charges. Both products offer competitive rates that significantly undercut those offered by high street banks, and whichever product you choose there is no doubt that you'll save a significant amount when spending abroad.
However, if you are after the best foreign exchange rates possible, then Currensea has the edge. Although Zing use the Visa card scheme rate, this includes a 0.6% markup over the interbank rate. They also charge an additional fee of 0.2%, so you'll be charged a total of 0.8% per transaction. We offer the real-time interbank rate with a markup of just 0.5%, meaning that you'll save 0.3% more with Currensea.
Furthermore, since Zing 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. 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. We offer travel, but without the hassle.
Overall, if you're looking for a prepaid card to spend with while you travel, then Zing could be a great choice. But 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.
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