Travelex Group, a London-based foreign exchange company, has rolled out a new prepaid card called the Supercard that does not charge fees while spending abroad.
The card does not charge any exchange rate fees or cash withdrawal fees and does not require credit check.
The free Travelex Supercard, which cannot be loaded with cash, will be available for anyone over 18 years with smartphone or tablet.
In order to apply for the card, customers need to download the Supercard app on iOS or Android and register, after which they will be issued a physical card to activate. Using the app, customers can connect to up to five cards, and switch between them.
The card that will be launched on a trial basis can also be linked to a cashback or rewards credit card.
The prepaid card does not charge fees if user pay/withdraw cash in pounds and will be accepted anywhere with the Visa logo.
It also converts the foreign exchange at near-perfect rates to the same day Visa Wholesale Rate as banks get without adding 3% on top as they usually do.