How to open a foreign currency account in the US
Wondering how to open a foreign currency account in the US? Struggling to find information? Read on to find out what you need.
A Travelex Money Card®, also known as a Mastercard® multi-currency Cash Passport, is a prepaid currency card that lets you spend money abroad in multiple different currencies.
Whether you’re off on vacation or you’re working overseas, top up your card with up to 10 currencies.¹
Let’s take a look at everything you need to know about your Travelex US card, including where you can purchase a Mastercard Cash Passport and how to manage your currency card.
You can’t get a Travelex card in the US – but you can access a Mastercard multi-currency Cash Passport.
You can use your multi-currency Cash Passport to: |
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You’ll pay a foreign exchange rate whenever you load new currencies onto your card. However, Mastercard® lets you lock in your exchange rates.¹
You can use your US Travelex card across the world for transactions in 10 currencies. This includes:
British pounds (GBP)
Euros (EUR)
US dollars (USD)
Australian dollars (AUD)
Canadian dollars (CAD)
New Zealand dollars (NZD)
South African rand (ZAR)
Turkish lira (TRY)
Swiss franc (CHF)
Emirati dirhams (AED)¹
This means you can use your Travelex card all through Europe, in the UK, US, Australia, Canada, New Zealand, South Africa, Turkey, Switzerland and the UAE. |
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You can use your Cash Passport like any other Mastercard debit or credit card. Spend money in restaurants, shops, and entertainment venues while you travel – and switch between different currencies as and when it suits you.
You can also withdraw money from local ATMs. However, you’ll pay a small fee for this service.²
It’s easy to apply for your Travelex US Mastercard multi-currency Cash Passport. Let’s take a look at a step-by-step guide to getting your prepaid travel card.
Step 1. Register for your card by filling out a simple application form. This includes coming up with a secure password for your account
Step 2. Load your chosen currencies onto your card. You can top up these currencies at any time
Step 3. Pay for your US Travelex card, including any loaded currencies and additional fees and expenses
Step 4. Once you receive your card, you can use it like your regular Mastercard card
Step 5. Download the Cash Passport app to move between currencies and stay on top of your spending on the go. You can even add your Cash Passport to your Google Wallet®³
There are a few key features of your US Travelex card. You can top up your card, manage your money in multiple currencies, and access advanced Chip and PIN secure technology while you travel.
Let’s take a look at a few pros and cons of a Mastercard multi-currency Cash Passport.
Pros | Cons |
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Get fee free international ATM withdrawals, up to 100 USD/month, with the Wise card. Keep in mind that ATM operators may charge their own fees.
Open a Wise Account online or in the Wise app, to hold and exchange 40+ currencies, with the mid-market rate and low fees from 0.41%.
Get cash conveniently around the world, with some fee free withdrawals every month, and low fees of 1.5 USD + 2% after that. That can work out cheaper than using your bank card for overseas withdrawals.
Check out these other handy Wise personal account features: |
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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information
It’s easy to manage your Mastercard multi-currency Cash Passport. Once you’ve set up your card, use your email address and password to log into your account at any time.
Simply select “My Account” on your mobile, tablet, or laptop device to start managing your card.³
You don’t have to stick with the currencies you’ve loaded onto your card – you can top them whenever you want. Whether you’re traveling to one country or visiting multiple locations, move between up to 10 currencies at any one time.
There are a few different ways to top up your card, such as over the phone, via the mobile app, or online.¹
It’s important to remember that only the cardholder can make top-up payments on your Mastercard multi-currency Cash Passport⁴, and you can top up a minimum of 50 GBP or currency equivalent.²
There are a few fees and limits associated with your Mastercard multi-currency Card Passport.
Let’s take a look at a few of the fees you may need to pay while using your card.
Transaction | Fee |
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Load currencies fee - foreign currency wallets | Free |
Currency transfer fee | Free |
Paying with your card | Free |
Cash machine withdrawals | 2.30 USD |
Foreign exchange fee | 5.75% |
If a payment takes your balance below zero | 15 USD |
Replacement card | Free² |
There are some limits to your Mastercard Cash Passport. These limits are given in GBP, but they apply to all currencies loaded onto your account.
Limit | Amount |
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Minimum amount you can load or top up | 50 GBP |
Maximum amount you can have on your card at once | 5000 GBP |
Maximum amount you can load onto your card in 12 months | 30,000 GBP |
Maximum withdrawal amount over the counter | 150 GBP |
Maximum withdrawal amount from a cash machine | 500 GBP² |
There are a few different reasons why you may need support with your card. You might:
If you need help with your Mastercard multi-currency Cash Passport, make sure to reach out to customer support:
> Phone number: 1 877 465 0085
> Email: cardservices_prepaid@mastercard.com⁵
You can use your Travelex US Money Card to spend money across the world. Easily track your spending as you travel, with global assistance for your account when you need it.
However, it’s important to remember that you’ll pay a foreign exchange fee when converting between currencies in your Mastercard Cash Passport.
To start spending your money like a local in 150+ countries, check out Wise.
Sources:
Sources checked on 02.02.2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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