Bunq launches travel card to make foreign exchange fees disappear
Curated by: Startups
Fintech startup Bunq provides full-fledged bank accounts. But if you’re happy with your existing bank, the company is launching a new free tier so that you can cut down on banking fees.
The Bunq Travel Card is a Mastercard without any foreign exchange fee. The company uses the standard Mastercard exchange rate but doesn’t add any markup fee — N26 also uses Mastercard’s exchange rate. Most traditional banks charge you 2 or 3 percent for foreign transactions.
When you get a card, you can then top up your account in the Bunq app. You can also send and request money with other Bunq users. But it isn’t a full bank account.
While there is no fee on foreign transaction, you still have to pay €0.99 per ATM withdrawal. It also costs €9.99 to order a card, but there’s no monthly fee.
The company insists on one thing in particular. The Travel Card is a credit card. Revolut has been issuing prepaid cards for years, and it can create some issues. For instance, some hotels, rental car companies or gas stations don’t accept prepaid cards.
It isn’t a normal credit card as you can’t spend money you don’t have. You have