There are many good reasons to look for the best international prepaid debit card. These cards offer a convenient way to withdraw cash when traveling and help you manage foreign currency more easily. Take a look at the prepaid Mastercard and Visa cards market to see how they work.
What is a prepaid debit card for international use?
A prepaid debit card differs from traditional credit and debit cards linked to a bank account. With a prepaid card, you get the major advantage of being able to load funds in advance. It allows you to control your spending abroad more effectively and keep fees low no matter what currency you use.
Many businesses and ATMs abroad accept Mastercard and Visa cards. These cards have become established as a sensible way to use the required currency in a different country with no fuss. For instance, if you’re traveling from the UK and must pay in a foreign currency, these cards are worthwhile.
Do you want to use the most common European currencies or get prepaid dollar cards for multiple destinations? Visa and Mastercard prepaid cards designed for international use give you some of the “best debit cards for travel” options.
Top factors to consider before choosing a prepaid card
Some important factors can help you choose the best travel card for your needs. Foreign transaction fees, account limits, and other things to consider are listed below.
Foreign transaction fees
Pay particular attention to any cross-border fees when you spend money or make cash withdrawals in other countries. Some cards charge extra fees when you use your card abroad or with a different currency. Look for offers linked to accounts with 0% or low FX fees.
Reload and ATM withdrawal limits
It can be one of the biggest issues for regular travelers to check. The card’s reload limits apply to the amount you can load weekly or monthly. ATM withdrawal limits define how much you’re able to take out of ATMs using your travel card card on your next trip.
Foreign currency conversion rates
You’ll want to see competitive currency exchange rates if using multiple currencies. It is one of the areas where you’ll see the biggest differences in the travel credit card and prepaid card market. Verify the rates and fees before ordering a card with more than one currency, and check that the terms are transparent.
Network acceptance
You also need to be sure that the card brand is widely accepted abroad. It is one of the reasons why Visa and Mastercard are considered to be the best prepaid card options. Visa can be used in over 200 countries and territories, while Mastercard has a similar level of global acceptance. If you need to pay in local currency and withdraw money in certain countries, it’s a good idea to see which network is most accepted there.
Key benefits of using international prepaid debit cards
Managing your money on one card while traveling abroad has some benefits. It gives peace of mind, as you know that you always have access to your money in the right currency without paying high fees.
Budget-friendly travel
Traveling is one of the key reasons to get a prepaid card. Visiting different countries for business reasons or pleasure is exciting, with new people to meet and cultures to soak up. However, using the local currency can be expensive if you don’t plan ahead before packing your suitcase.
Using a prepaid card helps you stick to your budget more easily. It also means that you don’t run the risk of building up credit card debt or fees when spending your travel money. Using a prepaid card in different destinations is easy.
The ATMs and in-store authorization processes are virtually the same everywhere. It means you shouldn’t run into any major issues when using your card in different countries.
Security and fraud protection
A prepaid travel card offers the added advantage – you can block it quickly. It can be vital if it’s lost or stolen. Protect your travel money using a card you have complete control over.
The fact that you choose how much money to load onto a prepaid travel card makes it a lower-risk card compared to a traditional debit or credit card. You choose how much to add to your prepaid card and can top it up with just the amount of currency you need.
Common fees associated with multi-currency prepaid cards
Before you order a prepaid card, you need to know about the fees for ATM withdrawals and spending abroad. The fees will typically cover the following areas, but you should look out for any hidden fees, too.
Activation fees are charged by your card provider when you start to use your prepaid card for the first time. These fees are on a one-off basis.
Monthly charges are generally made regardless of your account activity, charging set fees for holding the card each month.
ATM fees may vary according to whether you use the card to make ATM withdrawals, as well as the amounts. These fees may be higher if you make lots of small transactions. You could save on fees by withdrawing large amounts from your account less frequently.
Currency conversion rates apply when you spend money in different currencies. Getting competitive exchange rates on your prepaid debit card helps to keep your cash withdrawal and in-store spending cost-effective in any currency.
Inactivity fees may be charged on an account that isn’t used regularly. Check for this fee before you top up if you don’t plan on using the card regularly.
You can reduce or avoid these fees by understanding how you plan to use the card. It’s then a matter of checking your options to see which of the multi-currency prepaid cards has low fees that are right for your needs.
How to load and manage your prepaid card
You can add funds using different loading methods your card provider allows. These typically include bank transfers, debit or credit card top-ups, and cash deposits. Since the ability to manage your balance based on your needs is one of the advantages of a prepaid card, it makes sense to monitor the balance online or through a mobile app.
Pre-trip preparation
Use these tips to make sure that you prepare for your trips in the best way possible. The first step is to confirm that your card is activated and the PIN is available to use in the currency you need.
If you’re going to be paying in a local currency, other than pound sterling, for instance, you might want to consider loading funds before you leave as a way to secure good foreign currency exchange rates. Check the expiry date on any existing travel credit card, too. You don’t want to find out that it’s expired once you’re out of the country.
On-the-go management
While you’re out of the country, you should keep an eye on your balance after you withdraw cash or spend money using your prepaid Visa card in a store. Mobile apps and online dashboards give you easy, constant access to your balance. Look out for transaction alerts for your online account to maintain a high level of security and be aware of any unexpected fees.
Introducing Genome’s debit card option
Genome operates as an electronic money institution that’s licensed and supervised by the Bank of Lithuania. Among the useful banking options, you can arrange to get Visa business cards, a dedicated IBAN to receive money from abroad and useful foreign currency exchange options with low fees.
Genome’s virtual and physical Visa debit cards are a perfect option for people who travel a lot – be it for business or vacation. Using our cards, you can shop online and in-store, book flights, and pay for accommodations. Moreover, the cards can be linked to your multi-currency accounts in EUR, USD, GBP, PLN, CHF, CZK, HUF, or SEK.
You can order them online and easily manage them via the Genome app. All of Genome’s cards are compatible with Google Pay, Apple Pay, and Garmin Pay, allowing you to make seamless contactless payments on the go.
These and other essential features are ideal for handling your travel money sensibly and securely no matter where you go. Whether you need to carry out a daily cash withdrawal abroad or receive foreign currency transfers, you can take greater control of your cash with our products.
Tips to maximize your international prepaid debit card usage
The best prepaid cards are ideal when you need to pay abroad and don’t want to carry a lot of foreign currency in cash. To make the most of this payment method, you should take into account best practices like keeping the card safe. Always have a backup payment method in place and track spending to avoid surprises.
The account fees may also be higher if you don’t get the right card. Foreign currency transactions can be expensive if there are high fees or you receive a poor exchange rate. Having these areas clear from the start lets you keep fees low on your travel credit card or prepaid card.
Verify local acceptance
Check the local ATM compatibility and the level of acceptance in stores when you get a prepaid card. Bear in mind that using the local currency on a prepaid travel card can lead to better rates than paying everywhere with pound sterling or US dollar cards.
Avoid dynamic currency conversion
Don’t always pay in your home currency when traveling in other countries. At first, paying in national currency might seem easier, but you’re more likely to receive better rates and pay lower fees with a travel card in the local currency.
Get a prepaid travel card for easier traveling
International prepaid debit cards play an important role for travelers by offering budget control, safety, and flexibility. Once you get a prepaid card, proper planning will help you enjoy a hassle-free trip with lower fees.
Get started by choosing the right provider and checking their fees as well as their currency exchange rates. You can then plan your trips without any worries about whether your travel money card will give you good exchange rates and help you avoid steep foreign transaction fees.
And if you are looking for a debit card that has multiple travel-friendly features, try Genome. Our secure financial services are designed to help improve your global spending experiences. If you feel that a travel debit card is the best approach for handling your travel money, you’ll find all the products and services you need for a smooth travel experience.
FAQs
Is a prepaid card the same as a travel money card?
A prepaid travel card is another name for a travel money card. These prepaid cards offer the chance to load funds in advance and then spend local currency at your destination.
Can I withdraw cash from any ATM worldwide?
Visa and Mastercard are the most widely available ATM networks across the planet, allowing you to withdraw money in over 200 countries. You should check whether your travel card is accepted at your next destination before leaving home.
How do I check if my prepaid card charges inactivity fees?
Always check the terms & conditions before signing up for a prepaid travel card or any other type of bank card. Any fees should be clearly stated and easy to understand.
What happens if I lose my international prepaid debit card?
Lost or stolen prepaid cards offer the option of blocking them immediately. Before traveling, it’s a good idea to find out how you can block the card if necessary.
Can I use a prepaid debit card for car rentals or hotel deposits?
The rules for car rentals and hotel deposits vary, so it’s worth checking in advance. Some companies require a credit card for these transactions, meaning that a prepaid Visa card or Mastercard option won’t be accepted.
Are there any age restrictions for getting an international prepaid card?
The majority of prepaid travel card issuers will only allow people over the age of 18 to open an account. Expect to be asked for proof of age as part of the opening process.
