Top 5 Payment Apps for Travelling Abroad

Florian Winkler, COO and Co-founder at VitraCash

 

There’s nothing more frustrating than not being able to pay for products and services when you’re abroad, second only to losing your luggage. No stranger to being unable to make payments whilst adventuring across the world, Florian Winkler, COO and Co-founder of VitraCash, provides a comprehensive list of the top five payment apps that’ll make spending while you’re travelling easier.

Florian Winkler

 After a bad experience whilst travelling abroad and having the frustration of retailers not accepting my payment method, I wanted to know if there were ways for me to access my money whilst outside my home country. I quickly found that my experience wasn’t a one-off and that this was a common occurrence when travelling outside Europe.

1.      Revolut

With over 18 million users globally, over 35 supporting countries and more than 30 in-app currencies, Revolut has well revolutionised the way consumers can pay for goods worldwide. Launched in the UK in 2015, Revolut is a pre-paid debit card that allows cash machine withdrawals in 120 countries and users to convert currencies into Bitcoin, Litecoin, Ethereum, Bitcoin Cash or XRP.

Using what Revolut has coined it’s ‘Super App’, users have access to a hub that enables them to transfer money in 30 different currencies and set up vaults for budgeting and saving. Additionally, for those who subscribe, there is access to both a free UK current account and a free Euro IBAN account.

 

2.      Wise

Formerly known as Transferwise, Wise has evolved from currency exchange to a global all-in-one financial service. Wise users can spend abroad without hidden fees in more than 200 countries, supports 54 currencies and the use of technology like Apple and Google pay. Like Revolut, Wise also provides its users with their own UK account number, Euro IBAN, US routing number and more.

Its app and website offer comprehensive services to its users. It has become the go-to company for people looking to relocate across borders as it allows them to receive salaries and pensions without the need for multiple bank accounts. Additionally, Wise users can send money to 80 countries with low, transparent fees and have the ability to issue Direct Debits in the UK, Europe, US and Canada.

 

3.      N26

Europe’s first entirely mobile bank, N26 has built a customer base of over 7 million users worldwide. Available with or without a physical bank card, N26 gives users the ability to spend globally whilst also being a mechanism for smart saving. With its ‘Spaces’ features, users can manage their money wisely and even make use of Shared Spaces where they can team up with others to save together.

N26 is relatively new to the market and has quickly grown a cult following. As with many financial start-ups, signing up is currently based on a waitlist – though those interested can join the waitlist with updates on when full signup is available. Based on current customer feedback, it’s worth the wait.

 

4.      Monese

Launched in 2015, Monese’s goal is ‘making global local’. With its physical card and user-friendly app, consumers can open UK, EU and RON bank accounts, obtain excellent exchange rates and have built-in purchase protection in minutes.

Monese provides users with the ability to set weekly and monthly budgets, track money spending visually and receive salary payments directly into a digital money account. Ideal for people moving, working or travelling abroad, Monese makes spending in foreign currencies easier by allowing users to withdraw money anywhere in the world without fear of fees or unreasonable exchange rates.

The world is going digital and when travelling having the right payment options to meet your needs is critical. My experience of frustration at not being able to pay for purchases when travelling abroad because my card wasn’t an accepted payment method will soon be a thing of the past, thanks to innovation within the FinTech industry. These payment and banking and others like them ensure consumers have access to their funds no matter where they are in the world – opening the door to new, hassle-free adventures.

 

5.      VitraCash

Like Curve, VitraCash offers consumers the ability to have all their bank and debit cards in one place, providing easy payment methods worldwide. VitraCash provides a physical bank card linked to all payment methods added to its app and when purchasing at a retailer. At the point of payment, its AI instantly evaluates the purchase and chooses the best payment type for each situation based on its algorithm.

Additionally, the VitraCash app provides multi-card analytics to help users monitor their spending across multiple cards in one place. It automatically categorises spending to allow users to budget their money effectively. Like N26, this solution is currently open to a waitlist and is worth checking out in the future.

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