Yes, the Tesco Multi-currency Cash Passport is a contactless prepaid Mastercard currency card, designed for overseas use. However, there is a 2% fee if you use the card in the UK and a £1.50 ATM withdrawal fee.
Tesco prepaid travel cards hidden fees
You can load up to 7 different currencies onto the Tesco Multi-currency Cash Passport and use it wherever Mastercard Prepaid is accepted. However, as we've already stated there there is a 2% fee if you use the card in the UK and a £1.50 ATM withdrawal fee. You also can't apply for one online so have to go in branch and fill out forms which can be time consuming.
Prepaid travel cards also can’t be used in certain circumstances, such as in places that require a security deposit, and some petrol stations. Prepaid travel cards also don’t offer the same level of protection as credit cards.
5 Things to consider before choosing a prepaid travel card
1. What’s the rate?
Prepaid travel cards offer a huge range of rates that might not be as good as the rate offered by your bank. Whilst almost all providers say no fees, the fee is often hidden in the exchange rate.
2. Does your prepaid travel card offer protection?
Some cards are covered by section 75 protection, but not all, it’s worth checking the T&Cs before you sign-up to ensure that all your purchases will be covered by some kind of chargeback protection.
3. Can you get back unused currency?
Once your holiday has finished you’re unlikely to want to leave any leftover currency on your prepaid travel card. Make sure that you can easily get your money back, without incurring further fees.
4. Are there any hidden fees?
Check for any fees, prepaid travel cards generally have more hidden fees than credit or debit cards. Make sure that you keep an eye out for fees such as application and replacement fees, transaction fees, and inactivity charges.
5. Are there any limitations to where you can use the different types of cards?
All providers say that they can be used wherever you see the Visa or Mastercard logo but there are some big exceptions that may impact your choice. If you want to pay at a petrol station, hire a car, or pay on a cruise - generally, you can only use a Credit, Debit, or Currensea’s travels debit card - prepaid travel cards are often not accepted.
Better than a prepaid travel card
A better solution, offered by Currensea, is their travel debit card. You simply spend abroad in any desired currency as the money will be collected from your existing bank account by direct debit.
A new way to spend abroad without worrying about fees, topping-up, and managing multiple accounts.
Plus, our free travel debit card and takes minutes to sign up.
Currensea's travel debit card can save you over £290 compared to your prepaid travel card and bank
Savings are based on a two week family holiday in Florida
TOTAL CHARGES, %
TOTAL CHARGES, £
CURRENSEA ELITE & PREMIUM PLAN
0%
£0
CURRENSEA ESSENTIAL
0.5%
£46.13
CURVE + £4.99 card delivery
2.58%
£238.29
CAXTON
2.25%
£207.60
FAIRFX
2.27%
£209.60
TRAVELEX
4.40%
£405.98
CANNYAPP
4.52%
£417.05
POST OFFICE
4.53%
£418.20
…vs travel money cards and prepaid travel cards
With Currensea's travel debit card you don’t have to worry about topping up or juggling currencies. We automatically give you the best exchange rate, every single time you spend.
TOTAL CHARGES, %
TOTAL CHARGES, £
CURRENSEA ELITE & PREMIUM PLAN
0%
£0
CURRENSEA ESSENTIAL
0.5%
£46.13
RBS
3.27%
£301.71
BARCLAYS
3.51%
£323.86
HSBC
3.38%
£311.50
LLOYDS
4.03%
£371.86
SANTANDER
3.63%
£334.61
TSB
4.56%
£421.20
…vs high street banks
You still get all the security of using your bank account, just without the fees. It’s as simple as that.
