Travel Technology: Should I Use a Prepaid Travel Credit Card Like Wise?

How to save money and convert multiple currencies while travelling

by Carolyn Ray

Welcome to our Travel Technology column, where I attempt to answer your questions about the mystifying, ever-changing and evolving world of technology. Having spent years working in the technology industry with IBM and other notable firms, I have always been an early adopter and feel qualified to share my personal experiences or find those who know more than me, which often includes our readers. I always encourage you to review other sources and consult with experts.

Topic of the week: Prepaid travel credit cards

One of the most frequent questions on our private Solo Travel Wisdom group is about prepaid travel credit cards.

Question: “Does anyone have experience with a Wise card? How are the exchange rates going from Canadian dollars to other currencies? Thank you for any guidance you can give me.” — Cheryl T.

My take: I much prefer having a digital card like Wise on my phone versus pulling my credit card out of my wallet when I want to pay for public transit or make payments at stores and restaurants. In most European countries, you can tap on and off public transportation, such as the metro, subway, or bus with your phone using your Wallet (on iPhone) which uses facial recognition for additional protection.The other feature I enjoy is currency exchange, which can be done at the touch of a button for a small fee. For example, if I am travelling to Switzerland and don’t have Swiss Francs, I can convert my Euros into this currency at the touch of a button, and then convert unused funds into a currency I need. As a business owner, I use Wise to make payments in different currencies and have found the fees significantly lower than Paypal. Wise also has a plastic credit card as well but I just use the digital one.

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What is a prepaid travel card?

A travel money card, also called a currency card, is a type of card which allows you to keep multiple currencies and use the card while travelling the world with no hidden fees to worry about.

Two of the most popular brands are Wise (formerly TransferWise), based in the UK, and Revolut, which is used more in Europe. Both Wise and Revolut can be used to send and receive money all over the world. They come with their own debit cards and offer cheaper currency conversions and money transfers than regular banks. For the purposes of this article, we’re covering Wise as it’s the one I’ve used for the past two years.