Managing your money while traveling can be difficult, but a number of banking apps have emerged to help savvy travelers manage their spending and protect their money abroad.
As mobile banking grows in popularity, so does the number of apps to choose from.
Airport Parking and Hotels (APH.com) compared the 10 most popular app services for travelers, available at www.aph.com/bankingapps .
Most mobile banks offer a standard free account with the option to upgrade to a premium monthly plan for more perks and benefits.
For example, Monzo offers a standard free plan that allows you to withdraw unlimited cash fee-free within the EEA, as well as the chance to earn 3.85% AER on your travel funds with an instant access savings pot.
Monzo’s Max plan, which costs £17 per month, also comes with a host of perks, including three fee-free cash deposits, 4.35% AER on travel funds, an annual rail card, worldwide travel insurance and breakdown cover in the UK and Europe.
For travellers who want access to a range of currencies in their account, Revolut proves to be a great choice as it offers over 29 currencies across all plans, with Travelex coming in second with 22 currencies.
Other banking apps such as Starling, Curve and Monese offer both GBP and Euros, with Starling adding US Dollars as well and Monese including Romanian Leu.
Monzo only allows account holders to hold GBP and does not allow balances to be converted to another currency.
When it comes to non-GBP transaction fees, we’ve found that most banking apps, including Monzo, Starling, Currensea and FairFX, charge the Mastercard exchange rate, although some apps charge an additional transaction fee.
Monese charges a 2% fee and Revolut charges 1.99% if not converted within your banking app.
For travellers looking to withdraw cash abroad, Starling is a great option as it allows you to spend and withdraw cash without any fees.
Most other banking apps also offer fee-free cash withdrawals up to a monthly limit, but charge fees above that. At Revolut, the standard plan only allows customers to withdraw £200 or five withdrawals (whichever comes first) within a month.
Monzo allows unlimited withdrawals within the UK and EEA, with a fee of £200 every 30 days waived elsewhere.
“Digital-savvy travellers are increasingly looking for ways to track their spending and have instant access to their accounts while on holiday,” said Nick Counter, managing director at Airport Parking and Hotels.
“Banking apps are an easy way to make payments abroad and there are now many more options available. We hope APH’s research will help introduce travelers to the apps that best suit their needs.”
