Interesting to see how this impacts the start-ups also active in this field. Smartly the one fee Travelex does charge - it has to make money after all - is a 2.99% fee on any ATM withdrawals made abroad.
Travelex's new Supercard. Travelex Travel money specialist Travelex is jumping on the fintech bandwagon by launching a new MasterCard product called "Supercard" that lets users avoid fees and charges when spending money abroad. Supercard links to a traditional domestic bank card or credit cards. Travelex uses smart tech to re-route transactions made abroad to these domestic accounts, meaning users avoid fees usually charged for spending money on plastic abroad. Money is converted into your home currency using the MasterCard wholesale exchange rate, the best available. The company trialed the card with customers last year and is now launching it to the general public. The chip and pin-protected card is linked to an app which lets people track and monitor their spending as they're abroad.