Tesco Bank Foreign Currency: travel money and fees

If you’re in the UK and planning a trip abroad you may be considering using Tesco Bank¹ to arrange your travel money. Tesco has a good range of foreign currency services, making it convenient to order your travel cash online or in a store - or to pick up a multi-currency travel debit card for use overseas. This guide walks through all you need to know.

As an alternative, we’ll also touch on the Wise account from the money services provider Wise. It’s not a bank account but offers similar features. It has flexible multi-currency account and card services which you can set up and manage with just your phone.

Does Tesco Bank offer foreign currency?²

Yes. Tesco Bank has several different options to help you arrange your travel money. We’ll dive into them in more detail in just a moment, but broadly you can select services including:

• Click and Collect - order online and pick up in store
• Home Delivery - order online and have currency delivered to your door, in some cases as soon as the next day
• Buy in store - including buying popular currencies on the spot or getting a multi-currency travel card for use overseas³

Tesco has close to 50 currencies available for online order. In store currency desks hold a selection of major currencies, but the selection will be more limited.

If you’re a Tesco Clubcard member you’ll get a preferential exchange rate - but bear in mind that the rates offered may include a markup. That’s an extra fee added into the mid-market exchange rate for your currency.

How to get foreign currency from Tesco Bank

Let’s walk through the different options to get travel money from Tesco Bank one by one. We’ll also touch on the costs involved with each method so you can see if any will work for your specific needs.

Tesco Travel Money - Click and Collect²

Tesco Travel Money offers a Click and Collect service which allows you to order and pay for your foreign currency online and then head to a store to collect it later.

Euros and US dollars can usually be collected the next day, while other currencies may take up to 4 days. You’ll be able to see when you can pick up your travel money when you place your order.

Bear in mind that as well as a likely exchange rate markup, there are some charges that may apply for this service - including a fee if you cancel late and an administration fee if you fail to pick up your cash within the given timescale. We’ll touch on this more later.

Tesco Travel Money - Home Delivery²

Tesco Travel Money has a home delivery option which lets you order your cash online and have it delivered securely to your doorstep. Many parts of the UK can get currencies delivered the next day as long as you order before 2:00pm on a weekday. Or you can pick the delivery date that works best for you.

Bear in mind that you’ll need someone to be home to collect your money, as it’ll have to be signed for. Orders can’t be cancelled or changed once you’ve placed them.

Fees apply for all orders under 500 GBP in value, and the exchange rate used to convert your pounds to the currency you need may include a markup.

Tesco Bank Travel Money - Buy in store³

Your final option with Tesco Bank Travel Money is to call into a store with an exchange desk.

Here you can buy major currencies on the spot or place an order for other currencies for click and collect or for delivery. You can also buy a prepaid travel card which you can load in the foreign currency you need, to pay for things and make cash withdrawals once you’re overseas. We’ll look at the charges involved in this option a little later.

Tesco Bank Travel Money charges

The costs you pay with Tesco Bank Travel Money depend a lot on the service you select. Bear in mind that in all cases you may find that an exchange rate markup has been used. This is a fee that’s rolled into the exchange rate that’s used to convert your GBP to the currency you need.

If you’re a Clubcard member you’ll get a preferential rate, but it’s still worth comparing the Tesco Bank exchange rate to the mid-market rate. The difference is the markup added.

Here are the fees that apply to the Tesco Bank Travel Money services:

Can I withdraw currency abroad with Tesco Bank?³

If you call into a Tesco store which has a physical currency desk, you can pick up a Tesco Bank multi-currency cash passport. This can’t be ordered online, so you’ll need to be in a local store to get set up.

Once you have your card you can load it in 7 major currencies, and there’s then no fee to spend a currency you hold. It’s important to check out the exchange rate used when loading your card.

You can pay for your top-up in pounds with cash or a card, and the rate used to convert to the currency you need to load is set by Tesco Bank. It may include a markup - which is a fee, but it’s pretty tricky to spot. This can mean you pay more than you expect for your foreign currency without even realising it.

What are the charges for withdrawing currency abroad with Tesco Bank?³

The fee for making a cash withdrawal with a Tesco Bank multi-currency travel card depends on the country you’re in, and the currency being withdrawn. Here are your options:

• 1.50 GBP in the UK
• 1.75 EUR in the Eurozone
• 2.30 USD in the US
• 2.30 AUD in Australia
• 2.40 CAD in Canada
• 3.00 NZD in New Zealand
• 20 ZAR in South Africa

Save money on your travels with Wise

Looking for a great, cost-efficient way to easily manage your money during your travels? Check out the Wise account. It’s not a bank account but offers similar features.

With Wise, you can send international transfers worldwide to 160+ countries for low fees* and mid-market exchange rates. All transfers are secure and trackable, and when you’re sending large amounts you’ll also get dedicated support.

There’s even a Wise card you can get for a one-time cost of £7 for spending in 150+ countries. This clever card automatically converts your pounds to the local currency at a great rate, only adding a tiny, transparent conversion fee – or it’s free if you already have the currency in your Wise account.

Sign up with Wise today 💰

Sources used:

Sources last checked on date: 17-June-2024