Travelex

Disadvantages

• ✗Travelex Money Card involves multiple fees: purchase, loading, exchange, ATM withdrawal, purchases, balance checks, and card closure.
• ✗Travelex exchange rates have high markups, up to 9.25% below interbank rate for USD to Euros.
• ✗Travelex Money Card has limited acceptance and may not be widely accepted abroad.
• ✗Using Travelex results in higher costs than regular bank debit or credit cards for currency access.
• ✗Normal banks and credit unions or online banks like Capital One and Charles Schwab offer significantly lower or no foreign transaction and ATM fees.
• ✗Travelex ATMs and currency exchange kiosks at airports charge higher fees compared with banks or credit unions.
• ✗Better options include debit cards from credit unions or online banks with no foreign transaction fees and ATM fee refunds.
• ✗Recommendation is to use debit cards at local bank ATMs in Europe which typically do not charge fees, avoiding costly currency exchanges.
• ✗Credit unions provide lower fees and better service than major banks for foreign currency access.
• ✗Some European banks, especially in Italy and Spain, may charge ATM fees, but many do not; use bank-owned ATMs to avoid fees.
• ✗Dynamic Currency Conversion at ATMs or merchants leads to higher costs, always opt for local currency billing.
• ✗Travelers should avoid Travelex for currency needs except for minimal startup cash upon arrival.