fintech cards
Do not confuse the two! They differ in their nature, their support, the services offered, the functionalities…
An online bank is always attached to a traditional bank and managed from a computer. As for FinTech, they are considered as a payment institution: they facilitate the transactions of the customer who manages everything from his smartphone. They compete with traditional banks by offering a basic service but with a very attractive and intuitive interface.
The products offered are also different, fintechs do not usually allow to open a savings account, to be insured or even to make a loan. They only offer the possibility of having a current account with a credit card.
In summary, fintechs focus on the customer experience but do not replace traditional banks (for the moment). Their strong point is the instantaneous nature of transactions and ease of use. It’s up to you to see what suits you best!
Some fintechs provide multi-currency bank cards.
They offer the possibility of having several wallets in different currencies. This way, you can recharge your account in the currency you want. When you make your payments, the debited account corresponds to that of the currency in question.
So you only have to worry about the conversion twice: when you top up your bank account and when you make a cash withdrawal abroad.
Those multi-currency bank cards are secondary, to use in complement of your main bank card. Frequent travelers always recommend to bring at least two bank cards when going abroad!
Each fintech does not apply the same exchange rates!
The most common are Visa, Mastercard and interbank rates.
| Cost of the cart | Payment fees | Withdraw fees | Exchange fees | Multi-currency account | |
|---|---|---|---|---|---|
| Curve | £35 or £75 (it depends the offer) | Free | £2 in a non-domestic currency | 1% | No |
| N26 | - Free - N26 Black : 7.90 €/month | Free | - In EURO : free for the 5 first withdrawals then £2 (unlimited in Italy, Austria and Netherlands) - In foreign currency : 1,7% (free for N26 Black) | Mastercard rate | No |
| Revolut | Free | Free | -Free if the amount is under £200/€200 in the month, then 2% | Interbank rate up to 5000 € per month then 0,5% | Yes |
| WeSwap | Free | Free | £2 if the amount is under £200 | Interbank rate | Yes |
N26 is a German fintech with a MasterCard and a current account. This 100% mobile bank is entirely designed for smartphone users.
Withdrawal fees are free in the Euro zone for the first 5 withdrawals and then €2 (except in Italy, Austria and the Netherlands where they are unlimited). In foreign currencies, the rate is 1.7%.
This N26 subscription is free.
The exchange rate used for conversions is MasterCard. N26 uses this rate when the transaction is made (day/time) and not when it is processed by the bank!
N26 offers an N26 Black card which is not free: €7.90 per month
Account opening in 8 minutes and card delivery in 5 days
No bank charges in Euro and Euro Zone
No multi-currencies account
Reserved for residents of 17 EU countries only
The IBAN of your account will be German, which can cause problems especially in companies.
To be known: N26 does not offer a multi-currency account
Revolut is a British fintech that includes a credit card and allows you to carry out transactions in different currencies and crypto currencies.
The bank card is free, coChange offers you the delivery (€6)!
Transactions are free to any bank account and in the currency you want, but also to another user.
The exchange rate used is the interbank rate up to €5000 per month. For an additional exchange rate, the fee is 0,5%.
Withdrawals are free for an amount under £200/€200 in the month. Above this amount, you will have to pay 2% of the withdrawn amount.
Premium card which cost €8 per month. It allows you to collect up to €400 free of charge and also offers additional services such as travel insurance and free delivery anywhere in the world.
Free disposable virtual cards for Premium accounts.
15 currencies available
Also takes into account 3 crypto-currencies
Account opening in 3 minutes
Access to the interbank rate without commission or mark-up
Weekend rate differential (between 0.5 and 2%)
To be know : Revolut apply a differential rate during the week-end between 0,5 and 2%. This has been set up to compensate for any drop or increase in currencies when the market reopened on the Monday.
The only way to have a Revolut account is to have an address in Europe.
Curve offers you a MasterCard that will allow you to connect all your accounts to a single card. It supports 18 different currencies.
The Classic “Blue” Curve costs £3;5 to pay at delivery.
Your exchange rate will be charged only 1%, unlike 5% in most banks. So what the rate applied is the MasterCard rate + 1%.
Withdrawals abroad are subject to a fee: £2 for one withdrawal. These are the only fees applied.
No fees EXCEPTED for a withdrawals abroad (£2)
Ability to associate your bank accounts with your Curve card
Account opening cost between GBP 35 and GBP 75
The card has a “systematic authorization” which implies a verification and an approval of your bank at each payment. This will sometimes require the merchant to rest the terminal on the pedestal for authorization to be issued.
The card does not have 3D Secure and requires the internet to carry out transactions (avoid tolls and motorway parking).
The Curve Black card allows you to receive twice as many loyalty points (compared to the classic Blue Curve bank card).
How it works?
WeSwap users receive a free multi-currency card (18 currencies).
During your transactions she automatically guesses which currency is involved. Payment fees are free of charge.
The application enables you to do “swaps” that are an exchange currency between two users. Depending on your needs, it is up to you to decide when you want your Swap to be realised.
The exchange rate used is the interbank rate but at the time your swap is executed (so not necessarily when you start it).
Withdrawals are free of charge for amounts over £200. Any withdrawal less than this amount costs £1.50. It is therefore advisable to withdraw large sums of money less frequently.
Multi-currency account
Allows you to change the remaining currencies when returning from vacation
€200 for a free withdrawal, otherwise it’s €1,75 par virement
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Very interesting article!! I didn't know what a multi-currency credit card was but I think I'm gonna get one for my next travel
Curve is now free, and they don't charge for currency withdrawals or exchange fees.