travel money card joint account

Joint Prepaid Cards with HyperJar.

Share expenses and save up together with HyperJar joint prepaid cards for couples and friends. Whether you are planning a vacation with a friend or managing household expenses with your partner, our join card solution offers a hassle-free way to track, budget, and collaborate on your shared expenses.

What’s a HyperJar joint prepaid card?

HyperJar’s joint prepaid card offering is the perfect way to save up and pay together for the things you share - while keeping your own expenses separate.

How does a joint card work?

HyperJar is a brilliant way to manage shared spending. To see what you’ve both got to contribute and where it’s going. To pay for joint bills, plan for a rainy day and create savings goals for the fun stuff, like holidays. All at the tap of a button in a beautifully designed app.

Both download and order your cards. It usually arrives in a few days

Load funds.

Add money from a bank to your new HyperJar account

Create Jars.

Create Jars that fit your family lifestyle. A groceries jar shared with your partner. Another for clothes, utility bills or date nights . And then some you share with the kids, whether that’s Once you’ve done the joint card basics, you can start exploring more of HyperJar’s super-smart features. Like setting up scheduled payments between jars, so you know those regular subscriptions are always covered. Or restricting the places where money in your account can be spent.You’ll see instant spend notifications every time money is spent from a shared Jar - so you can keep tabs on exactly what’s coming and going out, and who’s spending.

Once you’ve done the basics you can start exploring more of HyperJar’s super-smart features. Like setting up scheduled payments between jars, so you know those regular subscriptions are always covered. Or restricting the places where money in your account can be spent. ‍ You’ll see instant spend notifications every time money is spent from a shared family Jar - so you can keep tabs on exactly what’s coming and going out, and who’s spending.

 A prepaid joint card prepares you for everything

Managing everyday finances.

When you start living with another person - whether that's a partner or a friend - it’s important to agree how you’re doing to deal with shared finances. Learning how to budget as a couple (together or not) is super important.Which things are going to be shared expenses? Are you going to pool your takeaway budget? Who’s in charge of bills admin?When you’ve decided who’s responsible for what, HyperJar makes the rest easy. Both pay in to a shared Jar, and either of you can spend from it when you link your prepaid HyperJar cards .

Transferring money between you and your partner.

Once you both have the HyperJar app, moving money into shared Jars and between accounts is instant and effortless. Load your account anytime from the app and then divide the money between Jars however you like, or pay back your partner for money owed. Home or abroad, HyperJar makes managing money a breeze. You and your partner can pay fee-free in 36 million locations, in over 200 countries, whilst still splitting bills and sharing finances like you’re back at home. So whether you’re a couple trying low budget locations or planning to travel the world , our joint prepaid card is your perfect travel companion.  

Saving up for those big life moments.

Saving for a deposit ?  A baby on the way? Or saving for the holiday of a lifetime ? Naming your financial goals makes it more likely you’ll achieve them, and HyperJar is the perfect way to bring this to life with a partner.Create a Jar, give it a name and set a goal for the amount you’re planning to save up. Decide how much you’ll both pay into it each week or month - you can set up recurring payments inside the app. Send each other motivating messages inside the Jar (or even just a nudge to add what they owe) and see a complete list of who’s paid in, how much and when.It feels so good to save now and buy later .

And the best part - it’s free!

There are no fees with HyperJar. You won’t even be charged when you spend abroad.

Get instant cashback with gift cards.

Who doesn’t love getting cashback in their wallet? When you or your partner buy a gift card on the HyperJar app, you can get cashback back from it (up to 20% of the cost of your gift card). Moving in together? Get cashback on your furniture with an IKEA gift card . Having a lazy date night in? Get a Just Eat gift card for your takeaway treat.  

Frequently asked questions.

How is a joint prepaid card different from a joint bank account.

A joint bank account is a formal way to combine your finances. It is an admin-heavy process and usually links your credit scores, which is something to watch out for if your partner has had money problems in the past. HyperJar is an instant, informal alternative. You can create shared Jars in seconds, and close them just as fast when they’re no longer needed.

Do we both need to be verified?

You both need a separate HyperJar account, which take a couple of minutes to sign-up to, and there are no credit checks when you apply.

Can we use a joint prepaid card as a savings account?

HyperJar is a brilliant way to share everyday and longer-term joint expenses, from streaming services to planning a holiday. We’re not a bank and don’t offer interest on savings, although you can increase your spending power with a 4.8% ‘annual growth rate’ on money committed to our partners like TUI, Shell and Virgin Wines.

Can my partner and I use the card abroad?

Yes! If you’ve been sharing a holiday savings Jar, you can both spend from it when you link your cards to it once you arrive. And with HyperJar there are zero fees added for spending in another currency and we pass on Mastercard’s best FX rates to you directly

Do we get two cards with a joint account?

Yes! Both of you need to create an account and have a prepaid card before setting up the joint account, meaning you’ll both keep your financial freedom whilst sharing expenses and financial goals.

Should married couples have a joint account?

Whether or not married couples should have a joint bank account is purely down to personal preference. A joint prepaid account can help a married couple split bills and save, however some couples may find they prefer separate accounts. There are many financial benefits to being married , but managing finances together can be one of the best–approached in the right way, it can be fun for the both of you!  

Get started with HyperJar

Apply in minutes to see if you're approved with no impact to your credit score.

HyperJar Limited is a company registered in England and Wales (Company number 10130583). Registered Address: HyperJar, 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ Data Protection Registration Number: ZA286245.

The HyperJar card is issued by Monavate Ltd., pursuant to license by Mastercard International. HyperJar Limited (Firm Reference Number: 902842) is a registered EMD agent of Modulr FS Limited, a company registered in England and Wales with company number 09897919, which is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr FS Limited. Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme (FSCS) your funds will be held in one or more segregated accounts and safeguarded in line with the Electronic Money Regulations 2011 – for more information please click here. © 2024 HyperJar Limited. All rights reserved.

The Best Travel Credit and Debit Cards for Backpackers

When you’re travelling outside your home country, it can be really confusing to figure out the best way to get your foreign currency. Should you pay by cash or card? Debit or credit? Bring cash to exchange or withdraw it while you’re there? Maybe you should carry travellers’ cheques (not in this century!) – or is it safe to draw out cash from ATMs as you travel? You’ll get all the answers in my guide to the best travel cards.

Most backpackers are on a tight budget, so of course, we want to squeeze every last drop of value out of our savings while on the road. We know that treating ourselves to a night in a good hotel could cost us two weeks of travelling in India, and one drink in a Bangkok bar could cost three times the price of a Chang from the local 7-Eleven. But many of us are paying unnecessary international banking fees because we don’t know any better. Well, now you can! Keep reading to find out how to become a more savvy traveller and stop handing your hard-earned money right back to your bank.

 Quicklinks

• Foreign Transaction Fees
• Cash Withdrawal Fees
• Foreign Exchange Markup
• You need to preload a travel card
• Less exposure if your card is stolen
• Less fees and better rates
• The apps are much more sophisticated

Wise (formerly Transferwise)

• If I have a travel card, should I still bring cash with me abroad?

Where can I use my Travel Card?

Do i need to tell the bank that i’m travelling or where i’m going.

• What happens if I lose my travel card abroad?
• Help! I have a travel card but I’m still being charged ATM fees

Steph’s tips for using your travel card

What fees am i paying for a regular debit/credit card.

All bank cards are different, but generally, there will be three ways in which you will be hit financially by using your regular day-to-day banking debit or credit card abroad. These three fee amounts vary slightly from bank to bank, but I have used the average fees below. Most banks publish their fee structure on their website, so to find out what your bank charges you to use your card abroad, look on their website.  For example, here are the fees I would pay to use my First Direct card abroad.

1. Foreign Transaction fees

These fees are paid on any transaction that is made abroad – whether you’re withdrawing cash or paying by card. The exact fee varies depending on who you bank with, but usually, they are about 3%.

This may look like an insignificant amount of money per transaction, but think about how much they can add over time. If you have saved €20,000 for a 6-month trip and use your regular bank card,  €600 of this will go on transaction fees alone.  That’s €600 just handed straight back to your bank.

2. Withdrawal fees

Your bank charges These fees when you withdraw cash from an ATM.  Again, these differ from bank to bank, but they usually start at 2%, and there is a set minimum and maximum amount for this fee. This fee is charged in addition to the 3% transaction fee outlined above.

To use HSBC / First Direct as an example, the cash withdrawal fee starts at £1.75 and is capped at £5. This means that on top of paying 3% extra for your cash with the transaction fee, you’re also paying at least £1.75 to take your own money out of the ATM abroad.

Both of these fees will usually appear on your bank statement or online banking app alongside the transaction details.

3. Foreign Exchange Markup

Most people already know that using their bank card abroad comes with a set of fees. These are easily identifiable on your online banking statement, so you are aware you are paying them. However, not as many people are aware that your bank will also charge an exchange rate markup when you are taking your cash out abroad.  This is not as easily spotted on your bank statement, so most people don’t even realise they’re paying this.

Here’s how this works:

When you take out cash abroad, your bank will apply an FX rate to the local currency you withdraw to convert it to your home currency and subtract this amount from your total balance. Usually, they will apply a markup to this rate, meaning you are charged more than the mid-market exchange rate.

For example, I just paid for something for $6 USD with my First Direct account. They applied their FX rate and charged £4.65 to my current account. If I go to Wise.com and use the FX calculator on their homepage, I can see that Wise would have charged me £3.85 for this transaction.  This means I have paid 80p more for this item just by using First Direct’s FX rate. On top of this, First Direct also charged me a Foreign transaction fee of 12p, bringing the total I have overpaid to 92p.

Imagine this is happening day in and day out. These three fees, of varying amounts, are applied to every cash withdrawal or chip-and-pin transaction you make. For every online purchase you make in a different currency (don’t forget about those!), Think about how much more you spend daily using your regular bank card abroad. All this while you are using budgeting apps, haggling to keep costs down, and saving pennies here and there just to give them right back to your bank. This is precisely why we started using travel cards.

How do travel cards differ from regular bank cards?

Travel cards are very similar to your regular bank card. The setup is a little different (you have to preload the card), but the day-to-day use is the same (use it in an ATM or pay by card in a shop). Here are a few of the main differences between travel cards and regular bank cards.

You need to preload a travel card.

The main difference in using a travel card versus your regular bank card is that you need to pre-load money onto your travel card before you use it; the card is not just hooked up to your bank account (although some of the cards can be used like a regular current account).

When you open an account with one of the banks below, you will be given an account number and BSB / sort code for your account, which will be easily found in the app. Set this account up as a payee with your regular bank, and you can transfer money using your bank’s app to send it to your travel account. It’s incredibly easy and doesn’t require a laptop or any phone calls; just using your bank app.

Preloaded cards are nothing new, but what has changed in recent years is that technology is so much better! It’s now quicker and easier to transfer your money onto your travel card –  I often do it when I’m standing at a till paying for something.

But this means you have less exposure if your card is stolen

The benefit of using pre-loaded cards is that if your card is skimmed or stolen, the person who stole it will only have access to the limited amount of money on the card when they got access to it. They can’t hook into your current account and drain it; they can only take what is on the travel card.

This is why I transfer money weekly instead of monthly onto my travel card and never transfer a large sum.

You pay less fees and better rates.

The most important difference between regular bank cards and travel cards is the fees you pay. Much like banks, all travel cards are slightly different in terms of fee structure. Lucky for you, we have tried quite a few, and I have a detailed outline of the fees for different cards below so that you can compare them. Here is a quick look at the fee differences between travel and bank cards.

Bank Cards v Travel Cards at a Glance:

• Most travel cards don’t charge foreign transaction fees; most bank cards charge around 3%.
• Most travel cards don’t charge cash withdrawal fees unless you hit a certain cash limit (starting from €200 per month); most bank cards charge withdrawal fees on every cent you take out AND have a minimum fee so you can’t avoid this charge by taking out small amounts.
• Travel cards offer better foreign exchange rates than standard banks.

As you can see, using travel cards can save you a lot of money over time. They won’t completely eliminate all costs associated with spending your money abroad but will bring them down considerably.

The apps are much more sophisticated.

I first started using travel cards to save money on fees, but I’ve continued using them because the technology is so good! Travel card companies have invested heavily in tech, creating incredibly sophisticated apps that they are constantly updating and improving – which put my regular banking apps to shame!

You can easily analyse your spending, create a budget, a savings vault, order new cards, lock your card if you can’t find it – and unlock it when you find it again, open accounts in various countries, and send money to other people and accounts. All of this can be done in-app, giving you much power over your money and how you spend it. The security features in these apps were what I found so impressive to begin with. After so much time spent on hold with First Direct to unlock my card, it was great to be able to do this so easily.

Wise is my go-to for sending money anywhere in the world or finding out the best FX rates. Even if you don’t end up ordering a card, you can still download the apps below and have a look through the features.

The Top Travel cards at a glance

Here is an outline of the best travel cards we used so you can see the fees you pay and the different services they offer. There are links where you can apply for the cards; some of these offer you cash in return, and others are standard links.

• Card issuer:  Mastercard
• Available to anyone living in the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, and the United States.
• Free to create an account and order your first card but £4.99 standard delivery charge is charged.
• Fee-free cash withdrawals up to £200, 2% thereafter
• No transaction fees for overseas payments
• Interbank exchange rate with no markup (except Thai and Ukranian, and at weekends)
• Location based security – if this feature is switched on and your phone is not nearby then the transaction will be declined.
• Multi-currency accounts
• Premium accounts available with perks like travel insurance
• Great mobile app with features like savings ‘vaults’, spending analytics
• Supports Apple Pay

Sign up for Revolut here!

• Available worldwide
• Interbank exchange rate + small currency conversion fee
• Real bank account details in GBP, EUR, USD, NZD and AUD
• Allows you to send money internationally at low rates
• Top bank for digital nomads
• Mobile app allows you to view transactions, manage card security, convert between currencies, send money internationally

Sign up for Wise here!

Starling bank.

• UK residents only
• Fee-free cash withdrawals with  no limit
• You can create a joint account for shared spending

Sign up for a Starling card here

Should i still bring cash with me if i have a travel card.

Luckily, these days most countries have a good ATM network, meaning you’re never too far from cash as long as you have a debit or credit card. Drawing out money as you need it means you can avoid carrying loads of cash everywhere (or leaving it in a hotel room), which would make you a target for thieves. You also avoid local money exchanges, which often make their money ripping off tourists with terrible exchange rates and in some cases run scams to extract even more of your hard-earned dough. We tend to arrive in a country and take out cash at the ATM when we arrive.

Having said that, you should always have a bit of cash hidden away in case of an emergency. US dollars are the most globally accepted currency, so we tend to bring $100 cash with us when we travel – just in case we’re ever stuck.

Unlike regular banks, travel card providers kind of assume you’re going to be jet-setting around the world when using their card. There’s no need to notify them when you’re going away or where you are going.

Mastercard powers all of the above cards, so they can generally be used worldwide at any ATM or POS where Mastercard is accepted.  There are some countries where Mastercard is not accepted, which are:

Afghanistan, Burundi, Central African Republic, Chad, Congo and DR of Congo, Cuba, Eritrea, Iran, Iraq, Libya, North Korea, Palestinian Territories, Somalia, Sudan and South Sudan, Syria, Venezuela, and Yemen.

What if I lose my travel card while I’m abroad?

The only major downside to relying on a travel card as you travel is that if the card gets lost, blocked, stolen or eaten by an ATM, you’re pretty much stuck. Card skimming is rife in major travel destinations, meaning that even if you’re super careful if you travel for long enough, you’re bound to have a card blocked at some point. It’s tough to get a replacement card sent to you when your current address is some hostel dorm bed and you don’t know where you’ll be in 3 days!

For that reason, I recommend getting multiple travel cards so that you’ll have backups if you lose one. All of the companies in this article offer free accounts with cards, so sign up for a few and keep the cards in separate places in case you lose a bag or your wallet gets stolen. If you’re travelling with a partner or friend, make sure they do the same – that way you’re unlikely ever to be stuck without any usable cards between you. Several of these cards have monthly limits on free withdrawals, so signing up for a few also means you have a much higher limit before you start having to pay to withdraw your money!

Help! I have a travel card, but I’m still being charged ATM fees

Some ATM operators will charge you their own fees, regardless of the type of card you’re using. Your card provider does not control these fees, so you’ll be forced to pay them even if you’re using a travel card.

In some countries (such as Thailand) this is standard practice across all ATMs, so these charges are unavoidable. In this case, the best thing to do is try to pay by card when you can and to draw out as much cash in one transaction as possible so you only pay the fee once.

Most often only commercially-run ATMs will charge these fees, and bank ATMs will not charge any. These commercially-run ATMs are common around Europe and should be avoided wherever possible. Just remember, as long as you haven’t hit your monthly cash withdrawal limit, you won’t be paying any fees to your travel card provider.

We have been using travel cards for a few years now, and here are some tips and advice I have for anyone using them for the first time:

• Always pay in the local currency if you’re asked at the till or an ATM. Paying in the local currency means that your card provider will apply their own better exchange rates. Otherwise, the merchant will apply their (terrible) foreign exchange markup to the conversion, and you’ll end up paying more for your item. The merchant/ATM will usually make it look like they’re offering a better deal by charging in your home currency, but this is misleading. They want you to choose that option because it makes them a lot of money – a travel card or even a standard bank card will almost always offer a better exchange rate.
• If you are travelling in a couple, don’t share a card / account. As you can see above, cash withdrawal fees kick in when you take out more than €200 / £200 per month. Having two accounts means that you are essentially doubling your cash free allowance to €400 / £400!
• For the same reasons as above, we have Revolut cards, Wise cards, and Starling cards. This means we never pay cash withdrawal fees, and if one card gets lost / stolen / damaged we have many backups!
• If your card is skimmed or stolen, go into the app and freeze it immediately. If you’re worried about card security, like I was in Bali (card skimming is common there), here’s what I used to do. I would keep my card frozen all the time. Each time I would go to an ATM, I would unfreeze my card, take out my cash, freeze it again. It was the same for when I was paying by card. This may seem overkill, but we had five cards skimmed, and I was down to my last one! I don’t do it in Thailand.
• When you’re booking trains / flights etc as you travel, pay attention to the currency you pay in. Many booking websites in Asia automatically charge in the local currency, but you can switch to your local currency to pay. Often when you opt to pay in your home currency, they charge an FX markup here so you end up paying more than if you paid in the local currency with your travel card. This is something to be mindful of.
• If you use Revolut , you can switch on a feature that rounds up all of your purchases and puts the extra pennies into a savings vault. You barely notice the difference when you pay, but this money all adds up and you can splurge on a better hotel or activity you want to do.
• Wise has a great travel card, but they are also excellent for transferring money to different countries. When we left Australia, we wanted to move our savings back to our accounts in the UK. We looked into it and realised it is so expensive to take money out of Oz.  To avoid fees, we opened an AUD account with Wise, which gave us an Australian account number and BSB.  This way we could transfer our money from our Commonwealth bank account to the Wise AUD account with no fees, and transfer that money again from Wise to our UK account. It saved us hundreds of pounds! If you are living abroad and want to send money home – check out Wise.
• Always turn on spending alerts, so that you get a notification when you buy anything with your card. This was how we found out our card was skimmed each time and we were able to instantly lock it down and prevent more money from being taken.

Hopefully I’ve shown you how useful travel cards are, and why you need them for your next trip. Whether you’re going backpacking or just like to take shorter trips away, I recommend getting one of these cards. You’ll save a lot of money, and also be able to keep your money more secure as well as make it go further!

For more money management tips, check out my post 10 Simple Ways To Save Money For Travelling.

Thanks for reading steph.

stephmylifetravel

Backpacker visa guide to south east asia, 48 hours in florence, you may also like, 10 simple ways to save money for travelling.

Wow, this is the most comprehensive & straightforward blog on travel cards. We’re off to South America in 5 weeks and I’ve just ordered 3 cards! Thank you so much for the info. Happy travels.

What an excellent post Steph. All the questions I had were pre-empted by the text. Thank you because it takes time to compile this time of information.

Excellent up to date blog Steph. We are world traveller’s like you so have learned the hard way and endorse everything you have said plus gained some useful tips as every day is a school day. Well done ! You’ve spent time on this and will save your Western folk a lot of money.

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Here Are the Four Best Travel Money Cards in 2024

François Briod

Co-Founder of Monito and money transfer expert, François has been helping Monito’s users navigate the jungle of money transfer fees, bad exchange rates and tricks for the last ten years.

Jarrod Suda

A writer and editor at Monito, Jarrod is passionate about helping people apply today’s powerful finance technologies to their lives. He brings his background in international affairs and his experiences living in Japan to provide readers with comprehensive information that also acknowledges the local context.

Links on this page, including products and brands featured on ‘Sponsored’ content, may earn us an affiliate commission. This does not affect the opinions and recommendations of our editors.

From the multitude of bank fees and ATM charges to hidden currency conversion fees, there's no question that spending your money abroad while travelling can be costly — and that's saying nothing about the cost of the holiday itself!

As you prepare for your trip abroad, the golden rule is that you'll save the most money by using the local currency of your destination. This means withdrawing local cash at foreign ATMs and using a debit card to pay directly in the local currency. For example, if you're from the UK, using your bank's debit card that accesses your British pounds will likely lose you money to hidden fees at ATMs abroad and at local merchants.

In general, we rate Revolut as the best travel card all around. Its versatile account and card can be used to spend like a local pretty much anywhere in the world. ✨ Get 3 months of free Revolut Premium as a Monito reader with our exclusive link .

If you're from the EU, UK, or US, here are a few more specific recommendations to explore:

• Best for travelling from the UK: Chase
• Best for travelling from the US: Chime ®
• Best for travelling from the Eurozone: N26

If it's not possible for you to spend in the local currency when travelling abroad, then spending in your home currency while using a card that doesn't charge any hidden exchange rate markups from your bank (e.g. only the VISA or Mastercard exchange rates to convert currency) is still a good bet for most people.

In this guide, we explore cards that waive or lower ATM fees and that hold multiple currencies. Spend on your holiday like a local and enjoy peace of mind after each tap and swipe!

Best Travel Cards (And More!) at a Glance

Best travel money cards.

• 01. What is the best best multi currency card? scroll down
• 02. Are prepaid currency cards really it? scroll down
• 03. Monito's best travel money card tips scroll down
• 04. FAQ about the best travel cards scroll down

Revolut: Best All-Rounder

Revolut is one of the most well-known fintechs in the world because it offers services across Europe, the Americas, Asia, and Oceania.

• Trust & Credibility 8.9
• Service & Quality 7.9
• Fees & Exchange Rates 8.3
• Customer Satisfaction 9.4

Revolut is available in many countries. You can double-check if it's available in yours below:

Here's an overview of Revolut's plans:

Revolut Ultra is currently only available in the UK and EU.

Like Wise, Revolut converts your currency to the local currency of your travel destination at an excellent exchange rate (called the 'Revolut Rate', which, on weekdays, is basically on par with the rate you see on Google), making it a good way to buy foreign currency before travelling abroad. As always though, bear in mind that Revolut's exchange rates might be subject to change.

Revolut's Standard Plan only allows currency exchange at the base mid-market exchange rate for transfers worth £1,000 per month. ATM withdrawals are also free for the first €200 (although third-party providers may charge a withdrawal fee, and weekend surcharges may also apply). These allowances can be waived by upgrading memberships.

N26: Good Bank For EU Travellers

One of the most well-known neobanks in Europe, N26 and its debit card operate in euros only. However, N26 is a partner with Wise and has fully integrated Wise's technology so that you never have to pay foreign transaction fees on your purchases outside of the eurozone. While N26 does not have multi-currency functionality, N26 will apply the real exchange rate on all your foreign purchases and will never charge a commission fee — making N26's card a powerful card for EU/EEA residents who travel across the globe.

• Trust & Credibility 7.9
• Service & Quality 8.0
• Fees & Exchange Rates 9.3
• Customer Satisfaction 8.1

These are the countries in which you can register for an N26 account:

And here is an overview of the various plans and account:

This low-fee option for banking is also ideal for travellers who do not belong to a European bank but frequent the Eurozone. For example, N26 is available for residents and citizens of Switzerland, Norway, and other European Economic Area countries that do not run on the Euro.

These citizens, who are in close proximity to the Eurozone, will save each time they spend with an N26 card while in Europe. N26 provides three free ATM withdrawals per month in euros but does charge a 1.7% fee per ATM withdrawal outside of Europe.

Take a look at our guide to the best travel cards for Europe to learn more.

Wise: Best For Multi-Currency Balances

Load up to 54 currencies onto this card at the real exchange rate, giving you access to truly global travel.

• Trust & Credibility 9.3
• Service & Quality 8.9
• Fees & Exchange Rates 7.6
• Customer Satisfaction 9.6

These are the countries in which you can order a Wise debit card:

Unlike banks, credit unions, airport kiosks, and foreign ATMs, Wise is transparent about never charging a hidden exchange rate margin when you convert your home currency into up to 54 currencies. The live rate you see on Google or XE.com is the one you get with Wise.

An industry-low commission fee per transaction will range from 0.35% to 2.85%, depending on the currency.

Chase: Great UK Bank For Travel

A recent arrival from the USA, Chase is one of the UK’s newest digital challenger banks and comes with a rock-solid reputation and no monthly charges, no currency conversion charges, no withdrawal fees, and no other charges for everyday banking from Chase. It’s a simple, streamlined bank account with an excellent mobile banking app and a great cashback offer. However, it doesn’t yet offer more advanced features like international money transfers, joint accounts, business banking, overdrafts and loans, and teen or child accounts.

• Trust & Credibility 10
• Fees & Exchange Rates 10
• Customer Satisfaction 8.7

Chime: Great Account For US Travelers

Chime  is a good debit card for international travel thanks to its no foreign transaction fees¹. Unlike multi-currency accounts like Revolut (which let you hold local currency), Chime uses the live exchange rate applied by VISA. This rate is close to the mid-market rate, and Chime does not add any extra markup to your purchases, although out-of-network ATM withdrawal and over-the-counter advance fees may still apply.

• Trust & Credibility 9.5
• Service & Quality 8.8
• Fees & Exchange Rates 9.8

While Chime waives ATM fees at all MoneyPass, AllPoint, and VISA Plus Alliance ATMs within the United States, this fee waiver does not extend to withdrawals made outside the country. For withdrawals abroad, Chime applies a $2.50 fee per transaction, with a daily withdrawal limit of $515 or its equivalent. This is in addition to any fees charged by the ATM owner. Therefore, we recommend Chime primarily for card purchases rather than relying on it for withdrawing cash while traveling internationally.

• No  foreign transaction fees ¹;
• Uses VISA's exchange rate ( monitor here ):
• A $2.50 fee per ATM withdrawal made outside of the United States;
• More info:  Read our  Chime review  or  visit their website .

Best Travel Money Cards in 2024 Compared by Country

In the table below, see our comparison summary of the four best travel cards for 2024 by country:

Last updated: 8 January 2024

What's The Best Prepaid Card to Use Abroad?

Travel cards come in many varieties, such as standard credit cards or debit cards with no foreign transaction fees or cards that waive all foreign ATM withdrawal fees.

What is a Multi-Currency Card?

Multi-currency cards are a specific type of travel card that allows you to own all kinds of foreign currencies, which you can instantly access when you pay with your card abroad. By spending the local currency in the region of travel , you bypass poor foreign exchange rates. ATMs and cashless payment machines will treat your card like a local card.

We have already mentioned a few multi-currency cards in this review, but we will also introduce Travelex . Travelex's Money Card also allows you to top up several foreign currencies — albeit at exchange rates slightly poorer than the real mid-market rate .

Wise Account

Wise has one of the best multi-currency cards available on the market.

Read our full review for more details.

Revolut is impressive for its vast options in currencies and its additional services.

Our in-depth review explores Revolut's services in detail.

Travelex offers a prepaid travel money card that supports 10 currencies and waives all ATM withdrawal fees abroad.

• Trust & Credibility 9.0
• Service & Quality 5.8
• Fees & Exchange Rates 7.1
• Customer Satisfaction 9.3

Travelex charges fees, which fluctuate according to the exchange rates of the day, in order to convert your home currency into the currencies that it supports. But once the currency is on the card, you'll be able to spend like a local. Learn more with our full review .

Don’t Let Banks, Bureaux de Change, and ATMs Eat Your Lunch 🍕!

Are you withdrawing cash at an ATM in the streets of Paris? Exchanging currencies at Gatwick airport? Paying for a pizza with your card during a holiday in Milano? Every time you exchange currencies, you could lose between 2% to 20% of your money in  hidden fees . Keep reading below to make sure you recognize and avoid them.

Currency Exchange Fees Eating My Lunch? What’s That?

You’re often charged a hidden fee in the form of an alarming exchange rate.

At any given time, there is a so-called “ mid-market exchange rate ” — this is the real exchange rate you can see on  Google . However, the money transfer provider or bank you use to exchange currencies rarely offers this exchange rate. Instead, you will get a much worse exchange rate. They pocket this margin between the actual rate and the poor exchange rate they apply, allowing the bank or money transfer provider to profit from the currency exchange. 

In other words, you or your recipient will receive less foreign currency for each unit of currency you exchange. All the while, the provider will claim that they charge zero commission or zero fees.

So the question now is… how can you avoid them? Thankfully, the best travel money cards will allow you to hold the local currency, which you can access instantly with a tap or swipe. Carrying the local currency avoids  exchange rate margins  on every purchase.

Top Travel Money Tips

• Avoid bureaux de change. They charge between 2.15% and 16.6% of the money exchanged.
• Always pay in the local currency and never accept the  dynamic currency conversion .
• Don't use your ordinary debit or credit card unless it's specifically geared toward international use. Doing this will typically cost you between 1.75% and 4.25% per transaction. Instead, use one of the innovative travel money cards below.

By opting for a travel card without FX fees, you can freely swipe your card abroad without worrying about additional charges. However, saving money doesn't stop there. To make the most out of your travel budget, consider using  Skyscanner , one of the most powerful flight search engines available that allows you to compare prices from various airlines and find the best deals.

With Skyscanner's user-friendly interface and comprehensive search options, you can discover cheap flights and enjoy your holidays with peace of mind and more money in your pocket.

Best Travel Money Card Tips

When you convert your home currency into a foreign currency, foreign exchange service providers will charge you two kinds of fees :

• Exchange Rate Margin:  Providers apply an exchange rate that is poorer than the true  "mid-market" exchange rate . They keep the difference, called an  exchange rate margin .
• Commission Fee:  This  fee  is usually a percentage of the amount converted, which is charged for the service provided.

With these facts in mind, let's see what practices are useful to avoid ATM fees, foreign transaction fees, and other charges you may encounter while on your travels.

Tip 1: While Traveling, Avoid Bureaux de Change At All Costs

Have you ever wondered how bureaux de change and currency exchange desks are able to secure prime real estate in tourist locations like the Champs-Élysées in Paris or Covent Carden in London while claiming to take no commission? It’s easy: they make (plenty of) money through hidden fees on the exchange rates they give you. 

Our study shows that Bureaux de Change in Paris charges a margin ranging from 2.15% at CEN Change Dollar Boulevard de Strasbourg to 16.6% (!!) at Travelex Champs-Élysées when exchanging 500 US dollars into euros for example. 

If you really want cash and can’t wait to withdraw it with a card at an ATM at your destination, ordering currencies online before your trip is usually cheaper than exchanging currencies at a bureau de change, but it’s still a very expensive way to get foreign currency which we, therefore, would not recommend.

Tip 2: Always Choose To Pay In the Local Currency

Don’t fall for the dynamic currency conversion trap! When using your card abroad to pay at a terminal or withdraw cash at an ATM, you’ve probably been asked whether you’d prefer to pay in your home currency instead of the local currency of the foreign country. This little trick is called dynamic currency conversion , and the right answer to this sneaky question will help you save big on currency exchange fees.

As a general rule, you always want to pay in the local currency (euros in Europe, sterling in the UK, kroner in Denmark, bahts in Thailand, etc.) when using your card abroad, instead of accepting the currency exchange and paying in your home currency. 

This seems like a trick question - why not opt to pay in your home currency? On the plus side, you would know exactly what amount you would be paying in your home currency instead of accepting the unknown exchange rate determined by your card issuer a few days later.

What is a Dynamic Currency Conversion?

However, when choosing to pay in your home currency instead of the local one, you will carry out what’s called a “dynamic currency conversion”. This is just a complicated way of saying that you’re exchanging between the foreign currency and your home currency at the exact time you use your card to pay or withdraw cash in a foreign currency, and not a few days later. For this privilege, the local payment terminal or ATM will apply an exchange rate that is often significantly worse than even a traditional bank’s exchange rate (we’ve seen margins of up to 8%!), and of course, much worse than the exchange rate you would get by using an innovative multi-currency card (see tip #3). 

In the vast majority of times, knowing with complete certainty what amount you will pay in your home currency is not worth the additional steep cost of the dynamic currency conversion, hence why we recommend always choosing to pay in the local currency.

Tip 3: Don't Use a Traditional Card To Pay in Foreign Currency/Withdraw Cash Abroad

As mentioned before, providers make money on foreign currency conversions by charging poor exchange rates — and pocketing the difference between that and the true mid-market rate. They also make money by charging commission fees, which can either come as flat fees or as a percentage of the transaction.

Have a look at traditional bank cards to see how much you can be charged in fees for spending or withdrawing $500 while on your holiday.

These fees can very quickly add up. For example, take a couple and a child travelling to the US on a two-week mid-range holiday. According to this study , the total cost of their holiday would amount to around $4200. If you withdraw $200 in cash four times and spend the rest with your card, you would pay $123 in hidden currency exchange and ATM withdrawal fees with HSBC or $110 with La Banque Postale. With this money, our travellers could pay for a nice dinner, the entrance fee to Yosemite Park, or many other priceless memories. 

Thankfully, new innovative multi-currency cards will help you save a lot of money while travelling. Opening an N26 Classic account and using the N26 card during the same US holidays would only cost $13.60.

Need Foreign Cash Anyway?

In many countries, carrying a wad of banknotes is not only useful but necessary to pay your way since not every shop, market stall, or street vendor will accept card payments. In these cases you'll have two options to exchange foreign currency cheaply:

1. Withraw at an ATM

As we've explored in great depth in this article, withdrawing money from a foreign ATM will almost always come with fees — at the very least from the ATM itself, and so it's therefore the best strategy to use a travel debit card that doesn't charge in specific ATM withdraw fees on its own to add insult to injury. That said, if you need cash, we recommend making one large withdrawal rather than multiple smaller ones . This way, you'll be able to dodge the fees being incurred multiple times.

2. Buy Banknotes (at a Reasonable Rate!)

As we've also seen, buying foreign currency at the airport, at foreign bank branches, or in bureaux de change in tourist hotspots can be surprisingly expensive. Still, not all exchange offices are equally pricey . If you're looking for a well-priced way to exchange your cash into foreign currency banknotes before you travel, Change Group will let you order foreign currency online and pick them up at the airport, train station, or a Change Group branch just before you leave for your holiday. A few pick-up locations in the UK include:

• London centre (multiple locations),
• Glasgow centre,
• Oxford centre,
• Luton Airport,
• Gatwick Airport,
• St. Pancras Station.

(Note that Change Group also has locations in the USA, Australia, Germany, Spain, Sweden, Austria, and Finland!)

Although its exchange rates aren't quite as good as using a low-fee debit card like Revolut, Change Group's exchange rates between popular currencies tend to be between 2% to 3%, which is still a lot better than you'll get at the bank or at a touristy bureau de change in the middle or Paris or Prague!

FAQ About the Best Travel Money Cards

Having reviewed and compared several of the industry's leading neobanks, experts at Monito have found the Wise Account to offer the best multi-currency card in 2024.

In general, yes! You can get a much better deal with new innovative travel cards than traditional banks' debit/credit cards. However, not all cards are made equal, so make sure to compare the fees to withdraw cash abroad, the exchange rates and monthly fees to make sure you're getting the best deal possible.

• Sign up for a multi-currency account;
• Link your bank to the account and add your home currency;
• Convert amount to the local currency of holiday destination ( Wise and Revolut convert at the actual mid-market rate);
• Tap and swipe like a local when you pay at vendors.

Yes, the Wise Multi-Currency Card is uniquely worthwhile because it actually converts your home currency into foreign currency at the real mid-market exchange rate . Wise charges a transparent and industry-low commission fee for the service instead.

More traditional currency cards like the Travelex Money Card are good alternatives, but they will apply an exchange rate that is weaker than the mid-market rate.

The Wise Multi-Currency Card is the best money card for euros because unlike banks, credit unions, airport kiosks, and foreign ATMs,  Wise  is transparent about never charging a hidden exchange rate margin when you convert your local currency into euros with them.

The live rate you see on Google or XE.com is the one you get with  Wise . An industry-low commission fee will range from 0.35% to 2.85%. USD to EUR transfers generally incur a 1.6% fee.

Learn more about how to buy euros in the United States before your trip.

There are usually three types of travel cards, prepaid travel cards, debit travel cards and credit travel cards. Each have pros and cons, here's a short summary:

• Prepaid travel cards: You usually need to load cards with your home currency via a bank wire or credit/debit card top-up. You're then able to manage the balance from an attached mobile app and can use it to pay in foreign currencies or withdraw cash at an ATM abroad tapping into your home currency prepaid balance. With prepaid travel cards, as the name indicates, you can't spend more than what you've loaded before hand. Some prepaid card providers will provide ways to "auto top-up" when your balance reaches a certain level that you can customize. On Revolut for example, you can decide to top-up £100/£200/£500 from your debit card each time your balance reaches below £50.
• Debit travel cards: Some innovative digital banks, like N26 or Monzo, offer travel debit cards that have the same advantages than a Prepaid Travel Cards, except that they're debit card directly tapping into your current account balance. Like a Prepaid travel card, you can't spend more than the balance you have in your current account with N26 or Monzo, but you can activate an overdraft (between €1,000 or €10,000 for N26 or £1,000 for Monzo) if you need it, for a fee though.

Note that even if they're Prepaid or Debit cards, you can use them for Internet payments like a normal credit card.

• Credit travel cards: You can find credit cards made for international payments offering good exchange rates and low fees to withdraw money abroad, but you'll need to pay interests in your international payment if you don't pay in FULL at the end of every month and interest on your ATM withdrawals each day until you pay them back.

Why You Can Trust Monito

Our recommendations are built on rock-solid experience.

• We've reviewed 70+ digital finance apps and online banks
• We've made 100's of card transactions
• Our writers have been testing providers since 2013

Other Monito Guides and Reviews on Top Multi Currency Cards

Why Trust Monito?

You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.

Monito is trusted by 15+ million users across the globe.

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The current account for your travel money.

Great escapes, meet your match. Spend and withdraw cash with your Starling current account anywhere, for free.

T h e   c u r r e n t a c c o u n t   f o r y o u r   t r a v e l   m o n e y

Great escapes, meet your match. Spend and withdraw cash with your Starling current account anywhere, with no fees from us.

Why Starling’s current account is great for travel

Instant alerts when you spend.

In real time. And in both currencies.

Spend fee-lessly.

Pay on card or withdraw cash abroad anywhere, with no fees from us.

Great rates.

We pass Mastercard’s real exchange rate onto you, and don’t add anything on top. So you’ll get more for your money - whatever currency it’s in.

Holiday spending. But better.

Benefits of travelling with Starling’s current account

Friendly human help. If you’re awake, so are we. Get support in-app 24/7.

Lost your card? Lock it in the app , or order a new one to be sent out to you, wherever you are.

Settle payments. Paid together? Pay friends and family - or get paid back - with Nearby Payments and Split the Bill .

Flight next week? Start spending from your digital wallet straight away.

How far can £100 take you?

Use our travel tool to see how far £100 can take you in the world’s top tourist destinations.

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How does Starling’s current account stack up against other banks when it comes to travel?

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Data correct as of 8 April 2024.

Not just for travel

Get more from your money with Starling’s simple, award-winning current account. With features such as instant notifications, Spending Insights and Saving Spaces, money management has never been easier. Apply in minutes from your phone.

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Use Starling for your travel money. Apply for a current account today and enjoy app-based banking at its best.

Currency calculator.

Need to convert GBP to USD or EUR? Use our currency converter to calculate the exchange rate. We won’t charge you for spending overseas – but do bear in mind that some ATM providers may charge their own fee.

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Frequently asked questions

Do i need to let you know that i’m going abroad, what’s your exchange rate, will i be charged for using my debit card abroad, how do i work out the exchange rate i’m going to get, read our blog posts on travelling with starling, how to avoid card charges abroad.

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Global Money 

Access the world with one account

Spend, send and manage your currencies in one place using the HSBC UK Mobile Banking app.

Join the many customers who are benefitting from HSBC UK's best exchange rates, and access to more than 200 countries and regions worldwide.

Spend money at home or abroad using your Global Money debit card, or simply add it to your digital wallet for spending free from HSBC fees. Non-HSBC fees may apply.

Your currency balances are protected up to £85,000 by the Financial Services Compensation Scheme.

Available exclusively via the latest version of the HSBC Mobile Banking app.

Here's what you get with a Global Money Account

Send money internationally without any HSBC or intermediary fees

• Send money abroad via the HSBC UK Mobile Banking app with a Global Money Account with no HSBC or intermediary bank fees
• Send money free from HSBC fees in more than 50 currencies to 200 countries and regions with Global Money transfers. You can also hold up to 18 currencies securely to use at any time
• Live exchange rates during market hours so you know exactly how much you're sending
• Send up to GBP50,000 per day (or currency equivalent)
• See the estimated arrival time on screen when you send a payment

More than just a travel money card

• Order your Global Money multi-currency debit card when you apply at no extra cost and add it immediately to your digital wallet. It can be used at home, abroad and online
• With your Global Money debit card, you can spend or withdraw cash with no HSBC fees. Check for other non-HSBC charges, for example when using cash machines
• Use your card abroad and spend like a local. We'll debit the payment from your currency balance if funds are available. If not, or if the transaction is in a currency you can't hold a balance in, we'll debit your GBP balance

HSBC UK's best exchange rates

• Benefit straight away from our competitive live exchange rates
• You can view these rates in the HSBC UK Mobile Banking app before you convert
• You can add or convert currency at any time, storing it until you need it. Convert on the go or when the rate is right for you
• When you're using your card abroad and have the funds in the currency balance you are spending in, there won't be a conversion
• If there aren't enough funds in the right currency balance, but you have funds in GBP and spend in one of the currencies you can hold with us, the conversion will be done using the HSBC Global Money Exchange Rate. Any other currencies will be converted using the VISA exchange rate

Before you apply

Who can apply.

You can apply for an HSBC Global Money Account if you have:

• an active HSBC UK current account (excluding Basic Bank Account, Amanah, Appointee and MyAccount)
• a valid email address that's on our records
• the HSBC UK Mobile Banking app (Global Money is only available via the app)

Find out how to add or update your email address .

You must also read the important documents.

Important documents 

• HSBC Global Money Account Terms and Conditions (PDF, 582 KB) HSBC Global Money Account Terms and Conditions (PDF, 582 KB) Download
• HSBC Global Money Account fee information document (PDF, 181 KB) HSBC Global Money Account fee information document (PDF, 181 KB) Download
• UK FSCS Information Sheet and Exclusions List (PDF, 106 KB) UK FSCS Information Sheet and Exclusions List (PDF, 106 KB) Download
• Privacy notice (PDF, 498 KB) Privacy notice (PDF, 498 KB) Download

Apply for a Global Money Account

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New to HSBC?

If you're not yet an HSBC customer with an eligible current account, find out more about our current accounts and how to apply.

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Scan the code to get started.

Frequently asked questions

What is an hsbc global money account .

It's a digital account you can use to hold money in different currencies. It's also an easy-to-use instant payment service that lets you manage, send and spend money in different currencies securely. It's free from HSBC fees. Non-HSBC fees may apply. If a payment is sent to your Global Money Account in a non-GBP currency it will be received, but will be converted into GBP. In the future you’ll be able to receive foreign currency into your account without it being converted to GBP.

What currencies can I hold and use with an HSBC Global Money Account? 

You can send and spend payments more than 50 currencies to 200 countries and regions. If you don't hold a balance in the currency you are spending in, simply ensure funds are available in your GBP wallet.

You can hold balances in these currencies:

• GBP - pound sterling
• USD - US dollar
• AUD - Australian dollar
• ZAR - South African rand
• PLN - Polish zloty
• CAD - Canadian dollar
• NZD - New Zealand dollar
• CHF - Swiss franc
• SEK - Swedish krona
• HKD - Hong Kong dollar
• AED - UAE dirham
• CZK - Czech koruna
• NOK - Norwegian krone
• DKK - Danish krone
• SGD - Singapore dollar
• JPY - Japanese yen
• CNY* - Chinese yuan renminbi

*Whilst you can hold a CNY balance, there are are regulatory restrictions that prevent you being able to send or spend inside or outside China. Chinese regulations only allow for payments in GBP, USD or EUR, so you will need to ensure you have funds available in these currencies.

How do I use my Global Money card? 

Simply add GBP or any supported currency to your HSBC Global Money Account. Use your debit card as you would at home. We'll debit payment from your currency balance if funds are available. If not, or if the transaction is in a currency you can't hold a balance in, we'll debit your GBP balance.

If using local currency where you don't hold a balance, this will debit your GBP balance and not any other currency balance. For example, if you use Mexican pesos this will be debited from your GBP balance and not your USD balance.

Please bear in mind spending limits may apply.

Is a Global Money debit card the same as a travel money card? 

Global Money is more than just a travel card. You can convert currency as and when you need to, even on the go. You can use your Global Money debit card like a local, at home or abroad with no HSBC fees including at cash machines. Non-HSBC fees may apply. We'll debit payments from your currency balance if funds are available. If not, or if the transaction is in a currency you can't hold a balance in, we'll debit your GBP balance.

If using local currency where you don't hold a balance, this will debit your GBP balance and not any other currency balance. For example, if you use Mexican pesos this will be debited from your GBP balance and NOT your USD balance.

Are my balances in Global Money protected? 

Yes, they're covered up to £85,000 by the Financial Services Compensation Scheme. You can find the UK FSCS Information Sheet and Exclusions List under Important documents on this page where you can, view, print and download the document.

What exchange rate will I get when I use my Global Money Account? 

The HSBC Global Money Exchange Rate is made up of the cost to HSBC and a foreign currency conversion margin that we include.

Sending money - international payments

The HSBC Global Money Exchange Rate is a live rate updated by the second during market hours. This means we can always offer our most up-to-date rate. This provides you with visibility and certainty of how much you're sending. The exchange rate will be displayed in the mobile app before you confirm your payment and will be valid for 40 seconds before refreshing. This rate is quoted to you before you complete any foreign currency transaction using Global Money.

Spending - card transactions

If you have enough funds in the currency of the transaction, no exchange rate will apply. If you don't have any or enough funds in the currency of the transaction, but have funds available in GBP, we will auto convert the funds to cover the transaction using HSBC Global Money Exchange Rate.

Is the Global Money debit card a prepaid debit card? 

No, but you can convert currency before you go, and hold it in your currency balance ready to use at any time. This can help you control your budget by choosing how much you want to spend. Alternatively, you could choose to convert currency as and when you need it.

Are there any fees for using a Global Money Account? 

You can send money internationally without any HSBC or Intermediary fees. However, other banks may charge to receive a payment.

With your Global Money debit card, you can spend or withdraw cash with no HSBC fees. Check for other non-HSBC charges, for example when using cash machines.

You might also be interested in

Using your card abroad vs travel money  , using your card outside the uk  , starting a new journey  , customer support.

The bank card made for travel

🙌 Pay anywhere, in any currency, fee-free

💸 Split costs with pals in seconds

🌎 Get worldwide travel insurance and more with Monzo Premium

UK residents. Ts&Cs apply.

Your bank account for going abroad

Spend abroad with no fees.

Pay anywhere, in any currency, with no foreign transaction fees using your debit or credit card. We pass Mastercard's exchange rate directly onto you, without sneaky fees or extra charges.

Make fee-free cash withdrawals

If Monzo is your main bank account, make unlimited fee-free cash withdrawals abroad in the European Economic Area (EEA), and up to £200 every 30 days for free outside the EEA. After that, we’ll charge 3%.

Grow your holiday money

false Your interest is paid monthly and you can take out your money any time.

Split costs with pals in seconds

Track how much everyone owes and settle up whenever you like with a Shared Tab. You focus on the good times, we’ll do the maths.

Travel often? Upgrade to Monzo Premium

Sort travel insurance instantly.

Beat travel stress with multi-trip insurance for you and your family if they’re travelling with you. So you can focus on having fun while you’re away. £50 excess • Exclusions apply

Take out more cash abroad

Withdraw unlimited cash for free in the European Economic Area (EEA), and up to £600 every 30 days for free outside the EEA. After that, we’ll charge 3%.

Protect your phone, anywhere

Enjoy peace of mind with worldwide phone insurance for phones up to £2,000 (including VAT), so you feel comfortable bringing your phone with you wherever you go. £75 excess • Exclusions apply

Enjoy airport lounge discounts

Get discounted access to over 1,100 airport lounges worldwide for you and your friends and family when they are travelling with you.

Monzo Premium is £15 per month • 6 month minimum Must be aged 18-69 • Ts&Cs apply

Get more time to pay for travel with the Flex credit card

A credit card with some monzo magic.

Enjoy 0% time and time again when you pay in full or in 3 monthly payments, or 29% APR representative (variable) if you pay in 6 or 12 monthly payments. You'll need to select a monthly payment plan within a day of making a purchase. If you choose not to, we'll set it to the minimum monthly payment at your personalised rate.

Save money by paying anywhere in any currency with no foreign transaction fees. We pass Mastercard’s exchange rate directly onto you, without sneaky fees or extra charges.

Protect big purchases like flights and hotels

You could get your money back if things don’t go to plan, with Section 75 Protection on eligible purchases made with your Flex credit card.

No waiting around

If approved, you can start your holiday spending straight away with a limit up to £3,000.

Representative example: 29% APR representative (variable), with an assumed credit limit of £1,200 and an annual interest rate of 29% (variable).

Eligibility criteria and Ts&Cs apply. 18+ year olds only. Missed payments can negatively impact credit scores and you may lose the interest-free rate on existing plans.

Frequently asked questions

Are there any fees associated with using monzo abroad.

You can pay anywhere in any currency using your Monzo card, fee-free. We pass Mastercard’s exchange rate directly onto you, without sneaky fees or extra charges. You can also make fee-free cash withdrawals up to a certain limit (see below).

What is the Monzo cash withdrawal limit when using my card abroad?

Depending on how you use Monzo, you can make fee-free cash withdrawals up to a certain limit. Any fees you may have to pay are partly based on whether you’re in the European Economic Area (EEA) or not. The EEA includes EU countries and also Iceland, Liechtenstein and Norway.

Here is a breakdown of any fees you might need to pay.

The 30-day period for allowances resets exactly 30 days after your first withdrawal, rather than at the start of a new month. Your allowances are shared across any accounts you have. So if you have a joint account, your allowance is split across that account and your personal account. For example, if you take out £150 on the 2nd of the month and £50 on the 5th, your allowance would reset on the 2nd and 5th day of the next month. If you made a third withdrawal before those dates, then we'd charge the withdrawal fee.

Just be aware that some ATMs will charge you a fee for taking out cash (which we don’t receive), so we recommend using a free machine whenever you can.

What is the European Economic Area?

The European Economic Area (EEA) includes EU countries and also Iceland, Liechtenstein and Norway.

How do I know if Monzo is my main bank?

If you have a free account and meet any of the below criteria, then we consider Monzo to be your main bank:

At least £500 was paid into a Monzo account in your name over the last rolling 35-day period, and you have at least one active Direct Debit on the same account in the same period.

You’ve received a Department for Work and Pensions or a Department for Communities payment into a Monzo account in your name over the last rolling 35-day period.

You’ve received a student loan payment into a Monzo account in your name over the last rolling 8-month period.

You’re sharing a Monzo Joint Account with someone who has done at least one of the above.

Remember that if you use Monzo as your main bank, you can enjoy unlimited fee-free cash withdrawals in the European Economic Area (EEA).

Do I need to let Monzo know when I’m travelling abroad?

You don’t need to tell us when you’re travelling. You can use your Monzo card abroad just like you would in the UK. We won’t block your card if we see you using it in a different country. Instead, we'll tell you the local exchange rate when you make your first payment in the local currency.

What should I do if my Monzo card is lost or stolen while I am travelling?

If your Monzo card is lost or stolen while travelling, immediately freeze your card and contact our customer support team for assistance (you can do both through the Monzo app).

Will I be covered by the Monzo Premium travel insurance?

The worldwide family travel insurance available in Monzo Premium is provided by Zurich, powered by Qover. If eligible, the travel insurance helps you enjoy stress-free travel with insurance that includes multi-trip cover applied to you and your family when you are travelling together anywhere in the world, including the US. By “family”, Zurich means spouse or legal partner (a couple in a common law relationship living permanently at the same address) and unmarried, legally and financially dependent children up to 19 years old (or 21 if in full time education) living in the country of residence. Additionally, this covers cancellation up to £5,000, medical bills up to £10m, lost valuables up to £750, winter sports and more. Exclusions apply, please read the Ts&Cs. Learn more about our travel insurance or see the full Zurich terms and conditions, including general and coronavirus exclusions. There's a £50 excess for every successful claim. Monzo Premium is £15 per month • 6 months minimum • Must be aged 18-69 to apply • Ts&Cs apply

Apply for a Monzo account in under 15 minutes

And join more than 9 million people who’ve already changed the way they bank.

Existing customers can get help via the app

Monzo Bank Limited is a company registered in England and Wales (No.09446231). Monzo Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our financial Services Register number is 730427. Our address is Broadwalk House, 5 Appold St, London EC2A 2AG.

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Looking for a Joint Credit Card? Here’s What to Know

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

Joint credit card accounts are rare these days. Most major issuers don't offer them, as they prefer that a card account be the responsibility of a single individual.

In a joint credit card account, both account owners are equally liable for all debt on the account and can see all charges made on the card.

If you can't find a true joint account but want to share a credit card for convenience or to boost your rewards earning, consider an authorized user arrangement.

What is a joint credit card account?

Joint credit cards allow two people to share one account equally — both account holders are responsible for paying card charges and will have any debt from the account reflected on their credit reports.

The arrangement is rare these days, as most issuers prefer that a credit card account be the responsibility of a single individual. But it's possible to find cards that offer the feature, like the U.S. Bank Cash+® Visa Signature® Card , as well as the Apple Card , which allows up to six account "co-owners."

In the same way that a joint bank account or mortgage could prove problematic, there are risks that come with sharing a credit card account this way, including debt liability and possible credit damage. Still, there are cases in which a joint account may be convenient or necessary.

Here's what to keep in mind before opting for a joint credit card, as well as alternatives to consider.

» MORE: Decided to share a credit card? Some tips to avoid missteps

What to know before getting a joint credit card account

A joint credit card account is in many ways similar to a co-signer arrangement, though there may be differences depending on the card issuer. ( Cards that allow co-signers are also few and far between.)

With a co-signed account, there's typically a primary cardholder, who is the only one allowed to make purchases on the card, and a co-signer who agrees to be responsible for the account’s debt if the primary borrower can't pay. The point of getting a co-signer is to qualify for a card you might not otherwise be able to get, as you are leaning on the co-signer's good credit.

With a joint account, both account holders can make purchases and both are equally responsible for the debt. This is a fully shared account.

The key thing to remember is that with both a joint credit card and a co-signed account, the people involved are both individually responsible for the account’s debt. So consider these risks before opting for such arrangements:

You’re liable for your co-owner's debt

Joint account holders are legally responsible for paying any charges made to the shared credit card. This means that both users have equal access to the card’s line of credit and that no matter which cardholder makes a charge, both will be liable for any debt incurred. If both individuals have good spending habits, managing an account together can pose fewer challenges. But if your joint account holder is prone to racking up card charges or missing bill payments, it can prove costly for you and your credit scores .

Having an agreement between both account holders can help to avoid unearned and unwanted debt. But, again, regardless of any informal arrangements made, both individuals are legally responsible for paying the card’s bills.

Your credit scores could suffer if the relationship deteriorates

If you and your account co-holder part ways due to a falling out, divorce or death, for example, you may have to close the card account and/or open a new one — both of which can negatively impact your credit scores.

In addition to potential dings to your scores, closing the account may result in one cardholder being left to pay off any remaining debt on the card.

Because of the often unpredictable nature of personal relationships, setting expectations for managing money jointly can help to avoid any potential risks to your financial health in the future.

There’s no spending privacy

You’re likely to opt for a joint credit card account with someone you already have a personal relationship with, like a partner or child. Even so, it's important to remember that because all card charges are accessible to both individuals, there won’t be much privacy as far as spending goes. For that reason, it's important to use some discretion regarding whom you choose to share your account with.

Why you might want a joint credit card account

If you’re already sharing most finances with a partner or spouse, it may make sense to open a joint credit card. For some, having all finances under one roof may make budgeting and managing money easier. What's more, depending on your spending habits and the issuer, having two users on an account can help you rack up credit card rewards faster.

Additionally, if you have poor credit (FICO scores of 629 or lower), setting up a joint account with a partner with stronger credit can give you access to better card options. And assuming you use the card responsibly, it’s unlikely your partner will torpedo your score after a proven history of good credit, so you’ll reap the benefits of their good habits.

» MORE: Can my spouse apply for the same credit card as me?

Some alternatives to joint credit card accounts

If you’re looking to open a joint account because you’re unable to qualify for a credit card on your own, these alternative options can help you establish or rebuild credit:

"Authorized user" status. To become an authorized user , you must be added to an existing cardholder’s account. Authorized users will be given their own cards with which they can make charges. But unlike joint account holders , authorized users aren't liable for the debt. This means that you may be able to benefit from the primary cardholder's good credit habits , without being legally responsible for the card’s bills.

Some issuers allow you to give authorized users different levels of account access — not just the ability to make purchases, for example, but also to redeem rewards and make changes to the account settings online. Capital One, for example, lets you designate an authorized user as an "account manager" with permissions "near-equal" to those of the account owner. The account owner remains the only one financially liable for charges, but otherwise the arrangement can effectively function like a joint account.

Secured credit cards. Such cards require an upfront refundable cash deposit that’s equal to your credit limit. This deposit mitigates the risk to the issuer and makes it easier for individuals with poor credit to qualify for the card. The best secured credit cards report to all three credit bureaus, which means that as your credit improves, you’ll become eligible for better cards.

» MORE: Can’t get a credit card? Try these alternative options

Joint credit card accounts are rare, and getting rarer. Issuers generally prefer that a credit card account be the responsibility of a single individual. As a result, few issuers offer joint accounts. Your best bet might be a local bank or credit union rather than a major issuer.

If you want to add someone to an existing credit card account, you can make them an authorized user. An authorized user gets a card with their name on it and can make purchases, but only the primary account holder is financially responsible for paying the bill. In general, you can't simply add someone as a joint account holder with equally responsibility for charges. You'd have to apply for and open a joint account together.

If you want to share a credit card account with someone, consider adding them as an authorized user on one of your cards. Keep in mind that only the primary cardholder will be financially responsible for the account, so an authorized user should be someone you really trust.

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Travel money card faqs.

Have a question about buying a Currency Pass, or potentially you need help with your existing card? Either way, you've come to the right place! To save you scrolling, below is our top 6 types of FAQ. If your question isn't answered here, it may be further down this page.

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• What is Currency Pass?
• Who is behind Currency Pass?
• How safe is my information & funds?
• How do I change my account details?
• Do I have to be online to use Currency Pass?
• How does a Currency Pass work?
• Is the Currency Pass a credit or debit card?
• Where can I use the Currency Pass?

Currency Pass is our travel money card, and your answer to travelling safely and securely! With Currency Pass you can load up to 10 x currencies on your card, lock in your exchange rate and use it wherever Mastercard is accepted, including at ATMs. Find out more here .

Our Currency Pass is supported by Mastercard which means you can use it anywhere Mastercard is accepted, including at ATMs globally.

Safety and security is important to us. With Currency Pass, none of your personal information is stored on the card, unlike a credit card which is connected to your financial institution. Your transactions are managed by Mastercard but funds are underwritten by EML Payment Solutions Limited ('EML') ABN 30 131 436 532 , AFSL 404131. In the unlikely event that you misplace your card, you can suspend the card by giving us a call on +61 (2) 8974 0856. We can make arrangements to transfer you money via Western Union. Additionally, as the card isn't linked to your financial institution, you can rest assure that if someone has it, they can't access your accounts back home.

Easy - login to my.travelmoneyoz.com and from here, click on Account Details in the menu bar. From here, you're able to edit your email address, phone number and address. For help with changing anything us, give us a call on 13 61 95, or +61 (2) 8974 0856 from overseas.

No, Currency Pass works just like your every day debit card. You can simply tap and go for every day purchases or withdraw funds from an ATM. The only time you really need to be online is if you want to manage your funds via our easy to use app or website.

Currency Pass works just like your every day debit cards. You can use it for tap and go purchases, paywave and online shopping. But we've made it just a little bit better by being able to load up to 10 different currencies so that when you're travelling you can spend the local currency and always know how much it's costing you.

Travel Money Oz Currency Pass is a debit card. You can only spend the funds that are loaded onto the card. The best part is, you won't get caught out with hefty credit card fees and interest. You're only spending your money.

We're pretty confident we have most destinations covered however Iran, North Korea, Sudan, Syria and Crimea, Donetsk and Luhansk regions are affected by sanctions, which means that your Currency Card will be declined if you try to use it in these countries. Additionally, all Mastercards will not work at Russian merchants or ATMs. The list of countries in which the Currency Card does not work will be updated from time to time, so please check back here before travelling.

• How do I get a Currency Pass?
• How much will a card cost me to purchase?
• Can you buy a Currency Pass if you're under 18?
• Can I get a second card?
• What do I do if I can't buy a Currency Pass online?

Getting a Currency Pass is easy. You can order a card online via our website (this will take up to 14 business days to receive in the mail) or simply visit one of our stores to take one away immediately.

Our Currency Pass is free to buy - just make sure it's loaded with minimum $20 to get started. We don't charge any fees for issuing and loading your card in store either. (Although, merchant fees will apply if you are using a credit card to load funds). More info on fees and limits can be found here.

Yes, you can get a Currency Card if you are under 18. You will however, need to complete your identity verification in person at your nearest Travel Money Oz store. Only Australian Passport or Drivers License will be accepted as valid ID.

Unfortunately we can only give 1 x card per Currency Pass account.

To buy a Currency Pass online, you must verify your identity against several government sources (100point ID check). If your identification doesn't meet the online requirements, you still may be able to buy a Currency Pass in store if you're an Australian resident. Simply bring in a valid photographic Australian Passport, or Australian state driving license and we can set you up on the spot.

TOP TIPS WHEN USING YOUR CARD

• How do I use my Currency Pass overseas?
• What do I do if an overseas vendor asks if I want to pay in AUD?

Always select credit when making a transaction (including at ATMs!) and if given the option, pay in the local currency of the destination vs AUD, providing it's loaded on your card. This avoids you paying extra conversion fees (this is often called Dynamic Currency Conversion).

We recommend always paying in the local currency if it’s loaded on your Currency Pass (local currency of the destination). In some situations, ATMs and retailers may offer ‘Dynamic Currency Conversion’ (payment in your home currency). This however, simply allows them to dictate their own exchange rate and may result in you being charged fees associated with a foreign transaction. Spending in the local currencies means you always know what you're paying and have greater control over your funds.

REGISTERING

• How do I register online?
• What do I do if I'm unable to register my account?

Follow these steps...

• Go to the register page.
• Enter your details into the registration form and press next.
• Create your password and security questions.

Give us a call on 13 61 95, or if calling from overseas +61 (2) 8974 0856 and we'll give you a hand.

• How do I activate my card?

Just like your regular bank cards, for security reasons Currency Cards need to be activated once you've received it. To do this, follow the below prompts...

Call Mastercrd on 1800 098 231 or on +61 (2) 8974 0856 from outside of Australia

Press 1 to hear the card services line in English

Press 4 for Card activation or PIN Assistance

Follow the prompts and enter your card details

Your card is now active, continue to listen and follow the call options to hear your new PIN number

LOGIN/PASSWORD

• How do I log in to the portal?
• Who do I contact if I'm locked out of my Currency Pass account?

Easy - go to the login page and enter in your email and password. If this isn't proving to be easy, and you're having a bit of trouble, give us a call on 136195 (or +61 (2) 8974 0856 if you're overseas).

No stress - head to my.travelmoneyoz.com and select 'I have forgotten my password' to reset your account. If you're still having trouble, give us a call on 13 61 95, or if calling overseas +61 (2) 8974 0856

• How do I reveal my PIN?
• How do I change my PIN?

You've got 2 x options..

1. By phone - Give us a call on 136 195, or if calling from overseas +61 (2) 8974 0856. From here, press 11 to hear the card services line in English and then press 2 for Card Activation or PIN Assistance. Follow the prompts and enter you card details to hear your current card balance.

2. Reveal via desktop (note this won't work as well on mobile!) - Log into the my.travelmoneyoz.com portal. Click on the Currency Card link at the top of the screen. Reveal PIN is the 5th option.

You can change your PIN number at select RediATM's... but, not all RediATM's support this, so to save you time and effort - log into the Currency Pass portal, click on Currency Card and through to Change my PIN, you'll see the ATM finder where you can type in your suburb or postcode to find your nearest RediATM.

LOADING & ACCESSING MONEY

• How can I load my card?
• What currencies can I load?
• What is this SMS I need to get to reload?
• I'm get an error message when I try to reload, what should I do?
• How do I change my card's default currency?
• What is the maximum/minimum amount I can load on my card?
• How long does it take for funds to be loaded onto my card?
• What happens if I run out of funds in one currency, but have other currencies available?
• How do I transfer between currencies?
• How much will it cost for me to reload my card?

You have a few options. You can load money onto your card using the Travel Money Oz app, or by logging into your account on our website - from here, you can load via Debit or Credit Card (including using Google or Apple Pay), or via Bank Transfer (using Poli for secure and instant bank transfers), or you can load your Currency Pass in any of our stores nationwide. You can also reload your card with BPAY at any time from your online banking account (2-3 days for BPAY transfers to appear).

Up to 10! They include... USD, EUR, GBP, NZD, CAD, HKD, JPY, SGD, THB and AUD.

If you're heading somewhere and their currency isn't one of the above, no stress - load in AUD (or any of the others) and withdraw the local currency from an ATM. Or swipe/tap as normal and it will convert as you go with each transaction.

We use extra authentication as a security measure when you reload funds. The SMS is sent from your bank, not us. If you can't receive the SMS, you'll need to contact your bank to update your details. As an alternative, try reloading using BPAY, however, if we're a new payee, it's possible your bank still may need to send a SMS.

Received an error during your reload? This means your card has not been loaded (even if you see the funds pending in your bank balance). Please contact us via [email protected] before you re-attempt your transaction.

To start, make sure you're logged into the Currency Pass portal then...

Select Currency Card in the top menu, and Currency Card Settings

Then click on the set default currency button

Once this change is made, any unquoted Bank transfer or BPAY loads will land in the default purse.

The minimum amount you can load is $20 (AUD) but who are you kidding, you'll be spending alot more than that on your holiday.

The maximum amount your can load onto your Currency Pass in one load is $10,000 (AUD). If you need more just speak to us in store.

How quickly do you need the money? Credit / debit card transfers are instantly available. Bank transfers will take 1 business day (Mon-Fri) and prior to 2pm AEST. BPAY will take a little longer, this is on average 3 business days. Alternatively, come and see us in store at one of our 140+ locations for more immediate assistance.

If a purchase cannot be completed because there are not enough funds in that currency on your card and you do have other currencies, the card will automatically convert other currencies to complete the purchase. The transaction will be split across 2 or more currencies and will appear that way on your statement. Read more about this in our PDS.

Log into your account by clicking on the login/register button at the top of the Travel Money Oz website. Once you're in, click on the Currency Card tab, and select Transfer between currencies. Select the currency you wish to transfer from, and to. From here you can enter the amount you wish to transfer. You will then see the amount of the new currency, along with the rate in which the transfer is completed. Don't forget to click "Confirm Transfer" to complete your transfer.

Please refer to our Fees for more information.

BALANCE & TRANSACTION HISTORY

• How do I check my balance?
• How do I check my transaction history?
• Can I use my card for a pre-authorisation?
• Why are there pending transactions?

You can check your balance by logging into my.travelmoneyoz.com or through our app. Your balance will be on the home page once you've logged in. Or, give us a call on 13 61 95 or +61 (2) 8974 0856 from overseas and you can hear it over the phone.

Should you need to take a peak at the shopping damage, you can view your full transaction history online at my.travelmoneyoz.com or via the Travel Money Oz app. Both of these options also allow you load additional funds and transfer money to other currencies.

If you’re using your Currency Pass for pre-authorisation for a bond payment with a merchant (i.e for a hotel, car hire or cruise), the pre-authorisation amount may not be released back onto your card for up to 30 days. If you pre-authorisation amount hasn't cleared within this period, give us a call on 13 61 95 or +61 (2) 8974 0856 from overseas.

Any pending transactions will update as the merchant settles them. Once this happens it will be reflected on your transaction history. Should you need to dispute a transaction please give us a call on 13 61 95, or +61 (2) 8974 0856 from overseas.

• Can I use my card at an ATM?
• Why are there extra ATM fees on my statement?

Make sure you're using an ATM that accepts Mastercard Always press "credit" If you've entered your PIN incorrectly more than 3 times, your card will be blocked as a security measure. If this happens please give us a call on 13 61 95 or +61 (2) 8974 0856 from overseas.

Every time you use an ATM, it's likely you'll be charged a standard ATM fee, with this, there may be additional charges from that ATM provider where you withdrew money. We've outlined this in our PDS so you're aware. The difference in fees may also be due to the transaction being made in your local currency, versus the currency of the country you're travelling in. We always recommend making purchases in the local currency where possible, and being aware of the ATM fees before you withdrawal cash as the more you use an ATM, the more fees you're likely to incur.

LOST OR STOLEN CARD

• I have lost my card, or it has been stolen, what do I do?
• How do I get a replacement card?

You have 2 x options here (please promise us you'll action immediately!)

1. You can place a temporary block (or unblock) on your card when you're in your Currency Pass account.

2. Call us 24/7 on +61 (2) 8974 0856 and if your card is lost, we'll suspend it - and if it's stolen, we'll close it to prevent fraud. If you need emergency $$ you'll need to give us a call so we can check you're eligible and let you know where your nearest pick up location is

To order a replacement card, give us a call on 13 61 95 and we can sort you out with your 2.0 card! If you're having issues activitating your card, also give us a bell on the same number.

CANCELLED OR SUSPENDED CARD

• My card has been cancelled or suspended, what should I do?

Please give us a call on 13 61 95, or +61 (2) 8974 0856 from overseas.

• How do I cash out my remaining funds?

If you've returned home with leftover currency (well done, you!) you have a few options:

Your card is valid for 5 years, so you can hold onto it and use it again next trip. You can transfer any leftover funds to AUD and simply use the card for day to day transactions. You can have the balance transfered back into your Australian bank account. There's 2 x ways you can do this... 1. Online

Login to my.travelmoneyoz.com click on cash out to bank account. We'll need to confirm how much you want to cash out, your ID and your Australian bank details. You will also need to confirm your Mothers Maiden Name and DOB (this must be of the cardholder). This will take up to 5 x business days and you will be charged a $10 fee which will come out of your balance.

Give us a call on 13 61 95, or +61 (2) 8974 0856 from overseas. This will take up to 10 x business days and you will be charged a $10 fee which will come out of your balance.

MASTERCARD OVERSEAS CONTACT NUMBERS

• UK – 0800 056 0572
• USA/Canada – 1877 465 0085
• Japan – 00531 780 221
• Thailand – 001800 442 212
• New Zealand – 0800 444 691
• Hong Kong – 800 966 321
• South Korea – 00798 4434 1279
• Other countries – +44 207 649 9404

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Our first bank account, a guide to opening your first joint bank account.

March 16, 2022 | 3 min read

Whether it’s saving for a big trip or making quick, on-the-go purchases, a joint checking or savings account can make certain aspects of money management a little easier. But you’ve got to know how it works and whether it makes sense for you.

What is a joint bank account?

A joint bank account is a shared bank account between two people. Sharing a bank account makes it possible for either party to deposit and withdraw funds, and usually provides full access to the shared account. No more having to transfer money back and forth or discuss who buys what. You can spend together and save together with joint checking and savings accounts.

Who owns the money in a joint bank account?

The beauty (and ease) of a joint bank account is that both of you can access it at any time. Since the account will belong to the two of you, you both have equal ownership. This means you can withdraw or deposit money whenever you see fit. 1

Say you’re saving for a dream vacation to the shores of Sicily. With two people making regular deposits toward a goal, reaching it may feel easier. You’ll not only see every deposit that’s made, but you can also cheer each other on with your eye on the prize.

On the flip side, your joint account holder can change their mind, withdraw that money or use it for something else entirely. Trust, therefore, is a must for anyone sharing a bank account. While it can be a good way to start building a financial partnership, it’s a big step for any relationship. Here are some pros and cons so you can decide for yourself:

Joint bank account pros and cons

• Couples can use cash in a joint checking account to cover shared expenses such as rent, bills and date nights.
• A joint savings account can help you save more easily together for any of your wants or needs.
• Each account holder is insured by the FDIC up to allowable limits, increasing the amount of total coverage. 2
• You can share responsibilities based on who’s best at any given task, such as paying bills on time or managing a budget.
• Finally, if one account holder passes away, the other may have access to the account without having to locate a will or involve a lawyer. 3
• One partner could overdraw the account , meaning you’d both be on the hook for potential fees.
• If one account holder lets debts go unpaid, creditors can pursue money in the account for settlements. 1
• Both account holders can see all transactions in the account, bringing certain obsessions with golf, shoes, books or video games out into the light of day.
• Individuals sharing the same joint account may have different tax obligations, so it may help to get advice from a pro come tax season.

Find the best joint bank account for you

Exploring  bank accounts  together is also a good opportunity to get comfortable talking about money. As you compare features that come with different accounts, you can decide what’s important to both of you. You can also discuss what the account will be used for. Will it be for everyday bills? Managing  debt and savings ? Putting money away for a big event or purchase?

Once you find an account that works for both of you, follow the bank’s account opening process. Whether you open your joint account online or in person, you’ll probably both need your: 4

• Social Security number.
• Proof of address.
• Other general information, such as birth dates.
• Opening deposit (in some cases).

How to close a joint bank account

This may be surprising, but only one account holder may be needed to close a joint account . 5 Once you’re at a zero balance, you can take your ID to your branch and fill out the correct form. However, if you’re closing your joint account online, you may both be asked to sign in separately. In some cases, faxed or mailed requests are accepted, but not often.

Depending on where you are in your financial journey, a joint bank account may help you reach your goals, or at least get better at discussing and planning for them. Just make sure you consider the pros and cons and agree about how you’ll manage everything from saving to spending to handling mishaps.

A financial journey for two takes work—but has advantages that make it worthwhile for many.

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8 Min Read | Updated: November 30, 2023

Originally Published: February 1, 2022

Joint Bank Accounts: Pros & Cons

A joint bank account is an account you share with another person. Learn how a joint account works and the pros and cons of opening one.

This article contains general information and is not intended to provide information that is specific to American Express products and services. Similar products and services offered by different companies will have different features and you should always read about product details before acquiring any financial product.

At-A-Glance

You can open a joint bank account with anyone that you trust, such as a partner, spouse, parent, or child.

But just about every pro of having a joint bank account can become a con, depending on circumstances. 

Joint bank accounts can make sharing expenses simpler, but may lead to less privacy and greater liability for each individual.

A joint account is a bank account that is shared by multiple (in most cases, two) people. Either one can deposit or withdraw funds. It sounds simple, but sharing a bank account, especially among couples, has both pros and cons.

Who Can Open a Joint Bank Account?

Couples who live together often have joint accounts, but it’s also possible for parents to set up joint accounts with their children, siblings to share accounts, and even for unrelated people to set up a joint account – for example, housemates. One growing trend is for elderly people to set up joint accounts with relatives, caregivers, or friends to ensure that their bills continue to be paid if they become unable to manage their own finances. There are different pros and cons of joint accounts for all of these groups.

How Do Joint Accounts Work?

When two or more people have a joint account, each of the account holders has full access to the money in the account, whether or not they contributed any themselves. Joint checking accounts typically provide online banking access for each account holder as well as debit cards and checkbooks for each person. Most joint accounts only require one signature on a check, though it’s possible to set them up for multiple signatures.

Advantages of Joint Bank Accounts

Having a joint account can have considerable benefits, especially for couples. An academic study reported in UCLA Anderson Review showed that couples who pooled their bank accounts reported being happier in their relationships than those who didn’t. Researchers found that merging bank accounts acted as a way to view their possessions and financial goals as shared, fostering a sense of togetherness and satisfaction with the relationship. 1 But there also are benefits even for people just sharing a house as friends.

The pros of joint bank accounts for people in the same household include:

• Simplicity:  One account can help simplify paying for joint living expenses like rent and utility bills.
• Visibility:  Shared household income and expenses can appear on one statement that can be viewed by all contributors, making it easier to budget and track expenses together.
• Equal access:  Using a joint account can ensure that both parties have equal access to shared money, which may be especially useful if they have different income levels.
• Cost sharing:  If one person does more of the household shopping than the other, equally contributing to a joint account can ensure that neither party ends up bearing more of the cost.
• Higher total balance:  You may be able to maintain a higher positive balance in a joint account than in individual accounts, thus avoiding potential penalties and fines for things like falling below the minimum balance, unauthorized overdrafts, or payments returned due to insufficient funds.

Disadvantages of Joint Bank Accounts

The advantages of joint bank accounts can sometimes transform into disadvantages:

• Less privacy:  Since other account holders can see all your financial transactions, you have less privacy. This can complicate even positive experiences such as buying your partner a birthday present or throwing a surprise party.
• Potential disagreements:  The fact that other account holders can spend your money without your knowledge or agreement can lead to disagreements (for example, if one person regularly spends beyond an agreed amount within a household budget). Negotiating spending limits, perhaps by using credit cards with individual limits, can help to mitigate this risk.
• Liability:  If another account holder defaults on a debt, the creditor may be able to seize your money in a settlement. Similarly, if you default on a debt payment, you may put your entire household at risk.
• Logistical complications:  If housemates or family members move out, or if relationships go sour, it can be challenging to sort out who owns what in the joint account.

Many people mitigate these risks by keeping their own personal checking and savings accounts plus a joint account for household bills and other shared expenses, into which each partner pays an agreed amount every month. Separate bank accounts can be particularly helpful when one partner is carrying significant amounts of personal debt , since they can limit the risk of the other partner having to pay in the event of default. However, separate bank accounts can’t necessarily protect the household income of a married couple, so if you are considering marriage and either you or your future spouse has significant debt, you may want to consult a lawyer with a view to setting up a prenuptial agreement.

Joint Accounts with Children or Older Adults

Many parents set up joint  kids savings accounts  with their children when they’re young. This can help the child to learn how to save and manage their money, with the parent keeping a watchful eye on how they use their account. These accounts are usually closed or transferred into the child’s sole name when they reach adulthood. 

But there’s also a growing trend toward older people sharing joint bank accounts with younger people. Most often, the younger person is one of their children, but it can also be a more distant relative such as a niece, nephew, friend, or caregiver. Sharing a bank account with a younger person can seem like a good idea for someone who is physically frail or has dementia: The younger account holder can manage the older one’s money, make sure bills are paid, shop for them, and help to prevent them from being tricked by scammers. But there are pitfalls for both account holders:

• Potential asset seizure:  If the younger person gets into debt difficulties, the elderly person’s money can be seized by lenders to settle the younger person’s debts. The elderly person’s money could also be included in a divorce settlement.
• Benefits eligibility:  If the younger person pays any money into the account themselves, the elderly person’s eligibility for government benefits, including Medicaid, could be affected.
• Academic financial aid:  The elderly person’s money could be taken into account in applications for student financial aid, reducing the amount awarded.
• Gift taxes:  If the elderly person adds their adult child’s name to an existing account with a substantial amount of money in it, the IRS could view that as a gift for tax purposes.
• Risk to beneficiaries:  If the elderly person dies, “survivorship rules” can mean money in the account automatically goes to the younger person. This can enable the funeral and other expenses can be met, but it can also result in beneficiaries of the will not getting their entire inheritance.

Alternatives to Joint Bank Accounts

One alternative to a joint bank account is to add an additional cardmember or authorized user to a credit card . You and every additional cardmember would share the same credit card account which can then be used to pay for shared expenses like groceries, streaming service subscriptions, home furnishings, and maybe even gas if you share vehicles – all with the possibility of earning rewards points or cash back for purchases. However, like joint bank accounts, it’s important to note that adding additional cardmembers can have its own risks. For example, the primary account holder is legally responsible for monthly payments, so it’s a good idea to make careful arrangements with whomever you choose to share your account with. 

There are other alternatives, particularly for those caring for older adults, whose needs may be better served by one of the following options:

• Signature authority on an elderly relative’s account:  You’ll be able to write checks on their behalf, but your creditors won’t be able to seize the money and it won’t pass to you automatically on death.
• Power of attorney:  A legal agreement that gives you the power to make financial decisions and perform transactions on behalf of your elderly relative if they become incapacitated.
• Revocable living trust:  Your relative can open a revocable living trust with you as co-trustee, then open a bank account in the name of the trust with two account holders.
• Guardianship:  If your relative is unable to take responsibility for their own financial affairs, and you have no power of attorney, you can apply to the court for a guardianship order which makes you legally responsible for your relative’s finances.

If paying for funeral expenses and other bills after death is a concern, your relative can make their accounts “payable on death,” which means the money goes directly to the beneficiaries of their will without having to clear legal hurdles. It’s worth consulting a lawyer to ensure that this doesn’t conflict with a will or estate planning arrangements.

FAQs on Joint Bank Accounts

Can unmarried couples open a joint account?

Yes. Any two (or more) people can open a joint bank account together, and marital status does not impact whether two people can merge their finances.

How can joint bank accounts affect credit scores and credit reports of individual account holders?

Checking accounts, including joint accounts, do not impact credit scores. Only debts are included on your credit history and credit reports.

Is there a limit to the number of account holders that can be added to a joint bank account?

The number of people that can share a bank account depends on the financial institution. Though most commonly shared by two people, joint accounts are generally not restricted to that number. Three, four, five, or even more people can be added, depending on the bank. Check with your bank’s rules and restrictions for the number of account holders allowed on a joint account.

The Takeaway

For many people, joint bank accounts are a boon. They simplify household finances and can help with budgeting and money management. But some people prefer the additional privacy and control that comes from managing their own accounts. And separate bank accounts can help protect household income from individual debt default. There are many additional considerations, such as tax and benefit implications, and in some situations, a joint account may not be the best solution. It’s a good idea to consult with a tax professional or financial advisor before making any financial decisions.

Show Article Sources

1 “ Joint bank accounts make for happier couples ,” UCLA Anderson Review

Frances Coppola  spent 17 years in the financial services industry before becoming a noted writer and speaker on banking, finance, and economics. Her work appears in the  Financial Times , Forbes , and a range of other publications.

All Credit Intel  content is written by freelance authors and commissioned and paid for by American Express. 

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Manage your Travel Money Card

Here's how to get the most from your Travel Money Card.

Activate and set a PIN

Once you’ve got your Travel Money Card,  activate and set a PIN online  in NetBank or under Cards in the CommBank app and load at least AUD 50, or currency equivalent, to get started.

You’ll also get a back-up card to use if your main one is ever lost or stolen. Here’s how to let us know if that happens .

Load and reload currency

There are 3 ways to load currency on to your Travel Money Card:

• NetBank & the CommBank app:  Transfer money from your eligible CommBank account to your card in  NetBank  or the  CommBank app
• Using BPAY:  Enter the Biller Code 113167 then your customer reference number (your 16-digit Travel Money Card number). The money may take two to three working days to appear on your card.
• At a CommBank branch: Find your nearest branch

You can load up to 13 currencies at a maximum value of AUD 50,000 (or foreign currency equivalent) on your Travel Money Card at any one time.

Reload in NetBank and the CommBank app on the go, wherever you are. Check our fees & charges .

Set or change a currency order

The currency order determines which currency is used to pay for things. The local currency is automatically selected when you pay for something, if it’s loaded on your card.

If you don’t have enough local currency to cover the payment then the next available currency is checked.

Here’s how it works.

You have loaded three currencies on your card 1) USD 2) GBP 3) NZD. A purchase costs NZ$100 but you only have a balance of NZ$50. Your card will check if you have enough USD to pay because that currency is first in the currency order. If you don’t have enough USD then GBP will be checked because that’s second in your currency order.

If no currency can pay the transaction in full, your card will be declined.

Check and change your currency order in NetBank (Select account then Change Currency Order) or the CommBank app (Select Account then Account Settings and tap Set currency order)

Extra perks with your Travel Money Card

Save and get access to Visa ® travel perks and offers including personalised deals on hotels, travel, entertainment, music, food and film - available when you have a Travel Money Card.

Discover Visa offers & perks

Get balance alerts. Track spending.

Alerts when balance is low.

We’ll tell you when your balance is low, so you can reload currency before it runs out.  Opt in for free alerts .

Track spending 

• In NetBank and in the CommBank app under View accounts then Travel Money Card
• Call our team 24/7 on 1300 660 700 or + 612 9999 3283 from overseas (reverse charges accepted)

Daily transaction limits

It’s important to be aware of daily transaction limits.

Maximum value of purchases per day:  Unlimited, however no more than your available balance.

Maximum amount you can withdraw from ATMs per day: AUD 2,500 or foreign currency equivalent. However, most ATM operators have a limit on how much you can withdraw from an ATM per transaction which may be less than our maximum.

Maximum amount you can withdraw over the counter per day: AUD 2,500 or foreign currency equivalent.

If someone asks why the card doesn’t have your name printed on it point out that it’s a prepaid card and you’ve signed the back of the card. They can use your signature to verify the transaction.

Valid for 4 years. Request a new one.

Your Card Expiry Date is printed on the front of your card – it’s valid for 4 years. When it expires, your card isn’t automatically reissued.

Renew your card 6 months before it expires (and up to 3 months after it’s expired) in NetBank, the CommBank app or at your nearest branch . Your balance will be automatically transferred to your new card at no additional cost.

When you ask us to reissue an expiring or expired Travel Money Card, your existing one (and back up card) will stop working immediately.

If you don’t renew within 3 months after it’s expired, you’ll no longer be able to access your account in NetBank or the CommBank app.

Security & support

Purchase security insurance cover.

Purchase Security Insurance provides cover for items purchased on your Travel Money Card that are lost, stolen or damaged within 90 days of purchase.

Terms, Conditions, limits and sub-limits do apply. Read more in our Purchase Security Insurance Information Booklet (PDF) .

If you want to make a claim, call Cover-More on 1300 467 951 within Australia or +612 8907 5060 from overseas Mon - Fri, 8am - 5pm and Sat 9am - 4pm(Sydney/Melbourne time). Call charges may apply.

Problems with your card

If you are overseas and your card doesn't work at a particular merchant or ATM make sure you’re using:

• The correct PIN (some countries require a 6 digit PIN - you must add ‘00’ after entering your 4 digit PIN)
• An activated card
• A Visa or Mastercard ATM (it won’t work otherwise)

If none of these then you may be trying to withdraw more than your available balance, exceeding your daily usage limit or exceeding the ATM withdrawal limit as set by the local ATM provider. Log on to NetBank or the CommBank app to check your balance.

If you have checked all of these things and the card is still not working, please contact us on +61 2 9999 3283 (reverse charges accepted).

What to do if you’ve lost your card or it’s stolen

If you’ve lost your Travel Money card, or you think it might’ve been stolen, we can have an emergency replacement card sent to you anywhere in the world.

You may also be eligible for an Emergency Cash Advance, giving you access to cash within 24-48 hours (often on the same day).

Call us in an emergency on:

•   1300 660 700  within Australia
• +61 2 9999 3283 from overseas (reverse charges accepted) 

When calling from overseas using your mobile, standard roaming charges may apply. To avoid roaming charges, call the international operator in the country you’re in from a landline and give them our reverse charges number +61 2 9999 3283.

We can help

Your questions answered

Find your nearest branch

Things you should know

If there is any money remaining in your Travel Money Card account three months after your Cards expire, we’ll close your account and convert your balance to AUD using the CommBank Retail Exchange Rate at the time of the conversion. You can claim this money by filling out a claim form at any CommBank branch.

If you haven’t claimed this money within seven years after your account closes, we’ll transfer your balance to the Commonwealth Government’s unclaimed monies fund. You can apply to have this money returned to you at anytime by visiting a CommBank branch.

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Just pop your question below to get an answer.

• What is a Revolut joint account?
• How to open a joint account with Revolut?
• What countries can I open a joint account in?
• About Revolut joint accounts
• Opening a joint account
• Using your joint account
• Closing a joint account

How do I order a joint account card?

To order a joint account card in-app:.

• Go to 'Home' on the bottom menu
• Tap on 'Cards' (top-right icon)
• Select '+ Add new'
• Choose 'Joint' and follow the instructions

Each account holder needs to order a card separately.

Here's some additional information about our joint accounts:

• You can have up to 6 physical cards and 20 virtual cards in-app 
• We can send physical cards to different delivery addresses
• Virtual cards aren't shared between account holders
• Your personal account and joint account are kept separate in-app
• Joint account cards are available in the standard design only 

If your joint account card is lost or stolen, you can freeze it in-app:

• Tap on ' Cards ' (top-right icon)
• Select 'Joint' and tap on 'Freeze'
• Select 'Replace' and follow the prompts to order a new card

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Credit Cards

Why I applied for the new Wells Fargo Autograph Journey℠ Visa® Card

Jason Steele

Allie Johnson

“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.

Robin Saks Frankel

Published 10:32 a.m. UTC April 8, 2024

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MassimoVernicesole, Getty Images

I love earning travel rewards. For me, the only thing better than taking a great vacation is doing so for free, or very close to it. And as any award travel junkie will tell you, the best kind of rewards don’t come from a single airline or hotel program, they’re flexible points you can transfer to multiple airlines or hotel programs. There are only a handful of credit card issuers that offer these kinds of rewards, and Wells Fargo just joined this exclusive club with its new Wells Fargo Autograph Journey℠ Visa® Card * The information for the Wells Fargo Autograph Journey℠ Visa® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. . When I first heard the details, I decided to apply as soon as the card became available. Here’s why:

Strong rewards for spending

This card offers 60,000 points after spending $4,000 in purchases in the first three months of account opening. That’s decent, but not earth-shattering. What does move the needle is how many rewards points you can earn from your spending. This card features 5 points per $1 on hotels, 4 points per $1 on airlines, 3 points per $1 on other travel and dining and 1 point per $1 on other purchases. For a frequent traveler like myself, this card has serious potential.

Compelling transfer partners, and the promise of more

Cardholders can transfer their Wells Fargo Rewards points to the following airline and hotel programs, most at a 1:1 ratio:

• Choice Privileges (1:2 ratio)
• Air France-KLM Flying Blue
• Avianca Lifemiles
• British Airways Executive Club
• Aer Lingus AerClub
• Iberia Plus

While this is a modest list, Wells Fargo has indicated that more partners will be added throughout the year. But even now, Wells Fargo Rewards points are extremely valuable. For example, you can transfer points to the Choice Privileges program of Choice Hotels at a 1:2 ratio. That means that 10,000 Wells Fargo Rewards points will turn into 20,000 Choice points, which can be a great deal, especially at their high-end hotels in the U.S. and their hotels in Europe. 

You can also transfer your card earnings to Avianca Lifemiles, which can be redeemed on flights operated by the airline’s Star Alliance partners such as United, Air Canada, Lufthansa, Swiss and Turkish Airlines. Likewise, the Flying Blue program is great for awards on SkyTeam airlines such as Air France, KLM, Delta Air Lines, Virgin Atlantic and others. And the British Airways Executive Club offers strong value for awards on their Oneworld partners such as American Airlines, Alaska Airlines and Japan Airlines (JAL). 

Earning travel rewards is a long game, and by the time I’ve earned enough rewards for a big redemption, I’m hopeful that Wells Fargo might add some additional, valuable transfer partners. 

Low annual fee 

This card has an annual fee of just $95, which is common among cards of this type, such as the Chase Sapphire Preferred® Card , Capital One Venture Rewards Credit Card * The information for the Capital One Venture Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. and the Citi Premier® Card * The information for the Citi Premier® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. . However, the Wells Fargo Autograph Journey card also comes with a $50 annual statement credit with a $50 minimum airline purchase. You don’t have to purchase the flights from Wells Fargo’s travel agency — any airline should work. For me, that brings the net yearly cost down to just $45, which is very low for a card with these features. 

our partner

Blueprint receives compensation from our partners for featured offers, which impacts how and where the placement is displayed.

Chase Sapphire Preferred® Card

Welcome bonus.

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Travel℠.

Regular APR

Credit score.

Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.

Editor’s Take

• Flexible points that can be transferred to 14 travel partners or redeemed through Chase Travel℠ at 1.25 cents each.
• $50 annual statement credit toward Chase Travel hotel bookings.
• Valuable travel protections.
• $95 annual fee.
• Category bonuses are limited and not competitive against other travel cards.
• Transfer partner list is limited compared to programs like Amex Membership ® Rewards and Citi ThankYou ® .

Card Details

• Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Travel℠.
• Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more.
• Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Travel℠. For example, 60,000 points are worth $750 toward travel.
• Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
• Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2024.
• Member FDIC

Final verdict

I write about credit cards for a living, but I can’t rush out and apply for every new credit card on the market. However, the value proposition for the new Wells Fargo Autograph Journey card is strong enough to make even this veteran credit card journalist take a chance at submitting an application. Thankfully, I was immediately approved, and I’m looking forward to using this card and taking some fun trips with the rewards.

*The information for the Capital One Venture Rewards Credit Card, Citi Premier® Card and Wells Fargo Autograph Journey℠ Visa® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy . The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Jason Steele is a freelance writer specializing in credit cards and award travel. Since 2008, Jason's work has appeared in over 100 outlets and he's been widely quoted in the mainstream media. Jason also produces CardCon, which is The Conference for Credit Card Media.

Allie is a journalist with a passion for money tips and advice. She's been writing about personal finance since the Great Recession for online publications such as Bankrate, CreditCards.com, MyWalletJoy and ValuePenguin. She's also written personal finance content for Discover, First Horizon Bank, The Hartford, Travelers and Synovus.

Robin Saks Frankel is a credit cards lead editor at USA TODAY Blueprint. Previously, she was a credit cards and personal finance deputy editor for Forbes Advisor. She has also covered credit cards and related content for other national web publications including NerdWallet, Bankrate and HerMoney. She's been featured as a personal finance expert in outlets including CNBC, Business Insider, CBS Marketplace, NASDAQ's Trade Talks and has appeared on or contributed to The New York Times, Fox News, CBS Radio, ABC Radio, NPR, International Business Times and NBC, ABC and CBS TV affiliates nationwide. She holds an M.S. in Business and Economics Journalism from Boston University. Follow her on Twitter at @robinsaks.

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Here’s how investigators allege Ippei Mizuhara stole $16 million from Shohei Ohtani

Federal authorities charged the former longtime interpreter for baseball star Shohei Ohtani with federal bank fraud. Prosecutors allege Ippei Mizuhara stole more than $16 million from the Japanese sensation to cover gambling debts.

FILE - Ippei Mizuhara stands next to Japanese baseball star Shohei Ohtani and translates during an interview at Dodger Stadium on Feb. 3, 2024. The former longtime interpreter for Los Angeles Dodgers star Shohei Ohtani has been charged with federal bank fraud for crimes involving gambling debts and theft of millions of dollars from the slugger. Federal authorities announced the development Thursday, April 11, at a press conference in Los Angeles. (AP Photo/Richard Vogel, File)

• Copy Link copied

FILE - Los Angeles Dodgers’ Shohei Ohtani, right, and his interpreter, Ippei Mizuhara, leave after a news conference ahead of a baseball workout at Gocheok Sky Dome in Seoul, South Korea, March 16, 2024. The former longtime interpreter for Los Angeles Dodgers star Shohei Ohtani has been charged with federal bank fraud for crimes involving gambling debts and theft of millions of dollars from the slugger. Federal authorities announced the development Thursday, April 11, at a press conference in Los Angeles. (AP Photo/Lee Jin-man, File)

FILE - Los Angeles Dodgers’ Shohei Ohtani walks with interpreter Ippei Mizuhara at batting practice during spring training baseball workouts in Phoenix on Feb. 12, 2024. The former longtime interpreter for Los Angeles Dodgers star Shohei Ohtani has been charged with federal bank fraud for crimes involving gambling debts and theft of millions of dollars from the slugger. Federal authorities announced the development Thursday, April 11, at a press conference in Los Angeles. (AP Photo/Carolyn Kaster, File)

U.S. Attorney Martin Estrada announces charges against the former longtime interpreter for Los Angeles Dodgers star Shohei Ohtani during a news conference Thursday, April 11, 2024, in Los Angeles. Ippei Mizuhara is being charged with federal bank fraud for crimes involving gambling debts and theft of millions of dollars from the Japanese sensation, federal authorities said. (AP Photo/Ryan Sun)

LOS ANGELES (AP) — Federal authorities allege Ippei Mizuhara, the former longtime interpreter for Los Angeles Dodgers star Shohei Ohtani, stole more than $16 million from the two-way baseball sensation to cover his gambling debts.

The charges were outlined in a complaint filed with the United States District Court for the Central District of California on Thursday. The complaint, written by IRS senior special agent Chris Seymour, cites wire transfers, text messages, phone records and interviews in alleging that Mizuhara exploited his position of trust with Ohtani to fund his frequent and illegal sports betting.

Here are some notable allegations from the complaint :

Mizuhara helped Ohtani open his US bank account

Mizuhara accompanied Ohtani to a bank in Arizona “in or about 2018” and helped him open an account where his baseball salary was deposited. Investigators believe Ohtani’s earnings from endorsement deals and investments went to a different account.

Seymour writes that the first unauthorized transfer from the account appears on Nov. 15, 2021 “for $40,010 to Xoom.com, a PayPal service.” He says that debit transaction aligns with the timing of text messages between Mizuhara and a bookmaker discussing that amount.

Mizuhara later falsely identified himself as Ohtani in phone communications with the bank, managing to lift an online banking suspension on the account and begin verifying wire transfers with his own phone.

By May of 2023, transfers ballooned to $500,000 each.

Mizuhara placed nearly 25 wagers per day and lost nearly $41 million

The complaint says Mizuhara’s phone contained hundreds of pages of text messages with a number associated with a specific bookmaker — known as Bookmaker 1. The messages appear to include negotiations as Mizuhara tried to pay off his gambling debts.

“I have a problem lol,” read one message from Mizuhara on June 24, 2023. “Can I get one last last last bump? This one for real. . . . Last one for real.”

Investigators also cite a spreadsheet provided by a source in Bookmaker 1’s organization that showed roughly 19,000 wagers between December 2021 and January 2024 for Mizuhara’s account — nearly 25 bets per day on average. The wagers ranged from roughly $10 to $160,000 per bet, averaging around $12,800.

Mizuhara’s winning bets totaled over $142 million, but his losing bets were around $183 million — a net loss of nearly $41 million. Winnings were not paid to Ohtani’s bank accounts, even though those accounts were used to help pay off the debts.

Investigators say records do not show any bets from Mizuhara’s account on baseball games.

One bookmaker threatened to approach Ohtani

Bookmaker 1 claimed to have eyes on Ohtani in a text message to Mizuhara sent Nov. 17, 2023.

“Hey Ippie, it’s 2 o’clock on Friday,” the message said. “I don’t know why you’re not returning my calls. I’m here in Newport Beach and I see (Ohtani) walking his dog. I’m just gonna go up and talk to him and ask how I can get in touch with you since you’re not responding? Please call me back immediately.”

Mizuhara also used Ohtani’s money to buy baseball cards

The alleged fraud also spanned the lucrative memorabilia market. Investigators seized roughly 1,000 collectible baseball cards, including for such players as Yogi Berra, Juan Soto and even Ohtani. They discovered approximately $325,000 in transactions to online retailers from January to March. Authorities believe Mizuhara purchased the cards from the sites with the intent to resell them later.

Mizuhara admitted to stealing Ohtani’s money

The final entry in the Statement of Probably Cause includes a text exchange between Mizuhara and Bookmaker 1 on March 20, 2024 — the day Mizuhara was fired from the Dodgers amid news reports about his gambling and theft.

“Have you seen the reports?” Mizuhara wrote.

“Yes, but that’s all (vulgarity),” Bookmaker 1 responded. “Obviously you didn’t steal from him. I understand it’s a cover job I totally get it.”

“Technically I did steal from him,” Mizuhara said. “It’s all over for me.”

Don’t lose your credit card points: A guide to avoiding expiring rewards

Credit card reward expirations vary by issuer and program but can be avoided through regular card use, strategic redemptions, and staying informed about policy changes.

Dan Rafter has written about personal finance for more than 20 years. He's written for Bankrate.com, the Chicago Tribune, Washington Post, Christian Science Monitor, Phoenix Magazine, Mental Floss Magazine, and several other publications.

Hanna Horvath

Hanna Horvath is a CERTIFIED FINANCIAL PLANNER™ and Bankrate's senior editor of content partnerships.

Updated April 10, 2024, 3:50 PM EDT

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Chances are, you choose your credit cards based on the rewards they offer. Earning points, miles, and cash back ranks are the top perks offered by many cards. These rewards can be valuable, saving you money on everything from everyday purchases to travel experiences. 

But these rewards don’t last forever. In fact, some have expiration policies that can catch you off guard — you can lose your points or miles if you don’t redeem them by a certain date. 

Want to keep your credit card rewards from expiring? Here’s what you need to know.

How do credit card rewards work? 

Credit card rewards programs are fairly straightforward. There are generally three main types of rewards : 

• Cash back: These programs offer a percentage of your spending back as cash, which you can redeem as a statement credit, direct deposit, or check. Some cards offer a flat cash back rate on all purchases, while others offer higher rates for certain categories. 
• Points: Point-based programs allow you to earn points for every dollar spent. You can redeem points for various rewards, such as gift cards, merchandise, or travel. 
• Miles: Travel credit cards often offer miles as rewards, which you can redeem for flights, hotel stays, or other travel-related expenses. 

Each card issuer has its own rewards program, with varying earn rates, redemption options, and, yes, expiration policies. 

When do credit card rewards expire? 

The answer to this question depends on the specific credit card and rewards program. Some rewards never expire, while others have a set expiration date.

No expiration

Some credit card rewards programs, particularly those offered by major issuers like Chase, Capital One, and Discover, have no expiration date. This means your rewards will never expire as long as your account remains open and in good standing. For example, Chase Ultimate Rewards points earned with the Chase Sapphire Preferred® never expire, giving you the flexibility to save up for a big redemption.

Fixed expiration dates

Some programs have a set expiration date, ranging from 12-60 months from when you earned the rewards. For instance, American Airlines AAdvantage miles expire after 24 months of inactivity, meaning you'll need to earn or redeem miles at least once every two years to keep your account active.

Account closure

If your card issuer closes your account — which can happen if you fail to make your minimum monthly payment or don’t use your card over a 1-2 year period — your rewards may disappear. If you voluntarily close your account, any unredeemed rewards will be forfeited. 

This is why redeeming your rewards before closing a card is important, especially if you've accumulated a significant balance.

Policies by specific issuer

Card issuers can change their rewards programs anytime, including new expiration policies. Here’s a look at rewards expiration policies by major card issuer: 

• Discover rewards never expire as long as your account is open and in good standing. If you have unearned cash-back rewards and your account has been closed or unused for over 18 months, Discover will send you a check with your outstanding balance. 
• Chase rewards do not expire as long as you keep your account open. If you close your account, you will lose access to outstanding rewards. The same is true if Chase cancels your account. 
• Capital One points won’t expire for the life of your account, though you might lose any rewards you haven’t used if your account is closed. 
• American Express rewards don’t expire as long as you have one active American Express Card enrolled in the company's Membership Rewards program. But, if you don't make the minimum required payment on your card during any billing statement, you may forfeit the points you earned during that period. You can recover these points if you pay the amount due on your card, request those points from American Express, and pay a fee of $35. 
• Wells Fargo rewards points also don't expire. However, you might lose them if Wells Fargo closes your account or if you close your Wells Fargo card before you use your rewards.

What about airline miles or hotel points?

Co-branded cards that offer airline miles or hotel points are most likely to have expiration dates. 

Most credit card rewards are subject to the expiration policies the card issuer sets. However, airline and hotel miles often follow the expiration rules of their respective loyalty programs. 

For example, to keep your rewards with a card that earns AAdvantage miles, you'll need to either earn or redeem miles on American Airlines or with an AAdvantage partner at least once every 24 months. If you don't do this, the miles you earn can disappear. This applies to all co-branded American Airlines credit cards . 

On the other hand, Delta SkyMiles never expire — so if you have a co-branded Delta card , you don’t need to worry about losing miles. 

If you have a card that earns Hilton Honors points or Marriott Bonvoy points, your rewards will also expire after 24 months of no activity. 

With a co-branded card, it's important to understand the expiration rules of the specific airline or hotel. This ensures you don't lose valuable rewards or miles due to inactivity or expiration.

How to keep your rewards from expiring 

The most common way cardholders lose rewards is if their provider closes their account. This can happen for many reasons, but the most common is if you don't make on-time payments or stop using your card completely. 

So, to avoid losing your credit card rewards, it’s important to use your card responsibly. Here’s how.

Regularly use your card

One of the simplest ways to prevent your credit card rewards from expiring is to use your card regularly. Most card issuers require you to make a purchase or redemption at least once every 12-24 months to keep your rewards active. 

You can easily meet this requirement by using your card for everyday purchases, such as groceries , gas , or dining out . 

Even if you don't have a specific redemption goal, making small purchases with your card can help you avoid losing rewards. Consider setting up automatic payments for recurring expenses, such as streaming services or utility bills, to ensure regular card use.

Redeem rewards strategically

If your rewards are set to expire within the next few months, consider using them as soon as possible. This could be anything from redeeming cash back rewards for a statement credit to booking a flight or hotel stay with your points or miles. 

Some credit card rewards programs offer more flexible redemption options than others. For example, Chase Ultimate Rewards points can be redeemed for travel, cash back, gift cards, and even transferred to partner airline and hotel loyalty programs. This flexibility can make it easier to find a use for your rewards before they expire. 

When planning your redemptions, consider the value you're getting for your rewards. Some redemption options, such as travel bookings or transferring points to partner programs, may offer a higher value per point or mile than others, like cash back or gift cards.

Stay informed about future changes

Credit card issuers can change their rewards programs anytime, including adjusting expiration policies. To avoid being caught off guard by these changes, staying informed about your credit card's rewards program is essential. 

Review your cardholder agreement and make sure you understand the current expiration rules. You can also sign up for email alerts to stay up-to-date on program changes or special promotions. 

How to make the most of your credit card rewards 

• Choose the right card: Select a credit card that aligns with your spending habits and offers rewards that you'll use. For example, if you're a frequent flier, a travel rewards card might be the best choice. 
• Use your card: To keep your rewards from expiring due to inactivity, use your credit card regularly, even for small purchases. 
• Redeem rewards the right way: Don't let your rewards gather dust! Redeem them for maximum value , whether booking a flight or buying a gift card. 
• Stay organized: Keep track of your rewards balances and expiration dates using a spreadsheet or a tool like AwardWallet. This will help you stay on top of your rewards and avoid letting them go to waste. 
• Take advantage of bonus categories: Many rewards cards offer bonus points or cash back for spending in specific categories, such as dining, travel, or groceries. Use the right card for each purchase to maximize your earning potential. 

The bottom line 

You rarely have to worry about your credit card rewards expiring. But that doesn’t mean that there isn’t any risk that the miles or points you’ve earned won’t disappear. 

To make the most of your rewards, choose a card that aligns with your spending habits, use it regularly, and redeem your rewards strategically. Stay organized and take advantage of bonus categories to maximize your earning potential.

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.