Cashplus Prepaid Card Review

Interested in opening a business account with Cashplus? You’ll want to know about all the features on offer, which includes prepaid cards.

In this guide, we’ll be taking a deep dive into prepaid cards offered by Cashplus. Just a note - the company recently rebranded to Zempler Bank, but for simplicity we’ll keep calling it Cashplus here.

Read on for everything you need to know about Cashplus prepaid cards, including how they work, fees, currencies and much more.

We’ll also show you an alternative - Wise Business expenses cards, which offer full control on employee spending in multiple currencies. They even pay cashback on purchases.

But more on that later. For now, let’s get back to our Cashplus prepaid card review.

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What is a Cashplus prepaid card?

Cashplus used to offer prepaid cards, that you’d top up with funds and spend just like a standard debit card.

It still has these available, but as part of the rebrand to Zempler Bank they’re now called travel currency cards.

These are prepaid cards which you can top up with either euros (EUR) or US dollars (USD) from your Cashplus business account.

They’re different to standard business debit cards in that they have to be loaded with funds - they don’t just draw from your current account. This can be seen as inconvenient, but there’s also the major advantage of giving you full control over employee spending limits.

How does Cashplus prepaid card work?

A prepaid card needs to be topped up with funds before it can be used for spending or cash withdrawals.

Once loaded with funds, you can use your Cashplus travel card to spend in your chosen currencies just like a local, without paying foreign transaction or currency conversion fees.

An exchange rate will be applied when you top up the card - as you’ll be sending from a GBP denominated account to a foreign currency card. But Cashplus claims that its exchange rates are competitive.¹

These kinds of prepaid travel cards are useful for companies which have dealings overseas. For example, if you have employees heading to business meetings or conferences in other countries, they can use these cards to cover their expenses. You’ll have full control over how much they spend, as you can load a specific amount onto the card.

They’re also useful for purchasing supplies, covering business travel and networking with clients and customers.

Cashplus prepaid card reviews

The Cashplus prepaid Mastercard offers the following features:²

• Available in Euros or US dollars
• Personalised
• 24/7 management via the app or online
• See transactions and balances in real time
• Competitive exchange rates
• Transfer leftover currency back to your account any time
• ATM withdrawals
• No foreign transaction fees.

As for what other customers think of the provider and its prepaid card, Cashplus (now Zempler Bank) has an ‘average’ rating of 3.6 on TrustPilot, based on 10,700+ reviews.³

Meanwhile, Cashplus prepaid card reviews over on Smart Money People give the company a rating of 3.64 (from 45 reviews).⁴

Cashplus prepaid card fees

While the main advantage of the Cashplus prepaid card is that it lets you spend in euros or US dollars without foreign transaction fees, there are some additional charges you need to know about:⁵

	EUR prepaid card	USD prepaid card
Loading funds	Free	Free
ATM withdrawals	Free in card currency €4 for other currencies	Free in card currency $3 for other currencies
Purchases	Free in card currency 2.99% in other currencies	Free in card currency 2.99% in other currencies
Card renewal	€4.95	$4.95
Card replacement	€7.50	$7.50
Additional cards	€7.50	$10.00

FAQs - Cashplus prepaid card

How to get a Cashplus prepaid card?

It’s pretty easy to order a Cashplus prepaid travel card. Once you’ve signed up for an account and received your standard business debit card, you can order travel cards online or in the Zempler Bank app.

Simply follow these steps:²

1. Log into the app or online banking
2. Go to ‘Add-Ons’ and choose ‘Currency card’.
3. Choose which currency you’d like - if you want both, you’ll need to order one card at a time and repeat the process
4. Check/edit your details.
5. Once your card arrives, you’ll need to activate it in the app or in Online Banking by going to ‘Cards’ and then ‘Currency’
6. Request your PIN by calling 0330 024 0924.

How do I put money on my Cashplus card?

You can load funds onto your Cashplus prepaid card in your Cashplus business account. Simply login online or via the app, and select the amount you want to transfer and choose a currency card (if you have more than one). There are no fees involved, but remember Cashplus will need to convert the currency using its own exchange rates.

Can I withdraw money from my Cashplus prepaid card?

If you have leftover currency on a Cashplus travel card, you can transfer it back to your business account.

It’s easy to do this via online banking or the Zempler Bank app, using a similar process to loading up funds. Simply follow the on-screen instructions, choosing the amount you want to transfer and confirming.

There’s no fee for this, but remember that Cashplus will need to convert the currency using its own exchange rates.

You can also use your Cashplus prepaid card to withdraw cash at an ATM. This works just like with an ordinary debit card. Just make sure you have enough loaded onto the card to cover the transaction, and remember that a fee may apply if withdrawing in a different currency to what is loaded onto the card.

What's the downside of using a prepaid card?

Prepaid cards do have some potential drawbacks, starting with the need to load money onto the card in order to use it. While it’s easy to do in the app, it takes a little extra effort that isn’t required with ordinary debit cards.

There’s also the issue of coverage, as not all vendors will accept prepaid cards as a form of payment.

If this doesn’t sound like it’ll work for your company, Wise Business expense cards could be a better option. There’s no need to pre-load them with funds, yet you can still set and manage employee spending limits easily.

They work for spending and cash withdrawals in 150+ countries worldwide, with no foreign transaction fees or subscription fees.

All money is converted at mid-market exchange rate, with just a small conversion fee. As an added bonus, you’ll get 0.5% cashback on all eligible spending.

Get started with Wise Business 🚀

How long does it take to get a Cashplus prepaid card?

Once you’ve ordered your Cashplus travel card, it should arrive within 3-5 days.² Unfortunately, there isn’t a virtual card available, so you will need to wait for the physical card to arrive.

Does Cashplus do credit checks?

No, Cashplus doesn’t carry out credit checks when you apply for a business account.³

Wise Business Expenses: an international debit card alternative

If your business operates internationally and your employees are regularly spending time abroad for work, Wise Business expense cards could be the ideal solution.

These contactless international debit cards work for spending and cash withdrawals in 150+ countries worldwide, with no foreign transaction fees or subscription fees.

Whenever someone spends or withdraws cash overseas, the currency is converted at mid-market exchange rate, with just a small conversion fee to pay.

There’s also 0.5% cashback paid on all eligible spending.

Once you have a Wise Business account, you can order unlimited expenses cards for just a one-off fee of £3 a card. You can add employees to your account, with controlled access - and you get full control over spending their limits.

What’s more, it’s easy to integrate Wise with your accounting tools, and your accountant can view team spending for smarter collaboration.

Get started with Wise Business 🚀

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After reading this, you should have a better idea of what to expect from Cashplus prepaid cards.

We’ve covered all the important stuff, including how they work, fees, supported currencies and how to order them. You should be all set to decide if it’s a useful add-on feature for your business.

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Sources used:

1. Zempler Bank - Travel Cards
2. Zempler Bank - Applying for a travel currency card and using it abroad
3. TrustPilot - Cashplus/Zempler Bank
4. Smart Money People - Zempler Bank (formerly Cashplus): Prepaid Card reviews
5. Zempler Bank - Zempler Bank Currency Card Terms and Conditions
6. Zempler Bank - Step-by-step application process and what information you’ll need

Sources last checked on date: 23-Aug-2024