So travelex have finally released their travel card (Supercard) after a year pilot. As they now plan to charge ATM withdrawals, it is no longer competitive with Mondo (never really was).
Might be worth for to get their name across to users who are complaining to Supercard about the new fees. Would certainly boost the number of people wanting to join
Good shout! Been having a moan to Travelex today. Was one of the Beta Testers and have been made to wait in line with everyone else. Poor show imho
I had a Supercard to go on holiday with this year. My Beta mondo card turned up before we went so the supercard never even got used. The new supercard has various charges to be aware of so I can’t see the point in it. Mondo all the way!
The difference is that the Travelex Supercard can charge directly to a credit card at POS for no fee other than the MasterCard exchange rate which makes it a little more flexible than the Mondo card.
The two cards complement each other in my opinion and as a beta tester I was very pleased with the Travelex Supercard. They do have rather slow customer service however.
I used the Travelex card during the pilot phase, and largely it was ok but there were a few occasions when it didn’t work at all, or declined but then worked on second or third attempt. I guess it may be down to timeouts on authorisation- especially if going across two systems. So the prepay option is probably more reliable.
Unfortunately Supercard have lost their unique selling point with the ATM charges, I hope Mondo keep their card free for FX use but this looks unlikely with the comments pinned on the Travelling with Mondo board and not answering questions about their long term plans.
I did order another Supercard though and will see how that goes - there’s also Revolut which is free for low volumes of cash withdrawals- I know some users have reported problems with that one, though personally it has worked for me.
I agree with David’s comments above. I to was a beta tester for the Supercard and it was great, although it did fail to work at some ATMs abroad. I have applied for the new Supercard as I like to try these things, but do believe they have lost there selling point. Looking forward to using my new Mondo card abroad in the next couple of weeks for fee free transactions!
I signed up for the new Supercard, wasn’t part of their pilot program.
The main selling point for me is the ability to charge my UK debit/credit with my spending abroad, without having to put cash on the card beforehand (I never leave a great deal of money on my Mondo account). I’m more interested to fee-free spending than withdrawals, to be honest.
Another Supercard beta tester here who has had to re-apply for the full launch with seemingly no advance notification. My friend was not a beta tester but on the reserve list and got his launch email before me. This is the standard of their customer service.
I didn’t Beta, but used a launch card last year. Got a letter from Travelex saying they’re closing their Supercard on 24th July: https://www.travelex.co.uk/services/supercard
So Travelex, once at the vanguard of fintech with its Supercard, has fallen into administration.
Whilst my immediate reaction is to say “good riddance to inflated fx”, are there any downsides to its collapse? The thousands of job losses won’t help the economy.
It seems 1,309 jobs went, with 1,800 saved, so it is still trading, for now.
Whether it has a ripple effect on anything else in the FX fintech market, only time will tell.
Ironically, it was Travelex’s shuttering of Supercard in mid-2017 which made me look for alternatives - and found Monzo. I was only looking for a clever way to temporarily pay for things on holiday in the most efficient way!
FairFX next to hit trouble? They’ve just launched a (nice looking) multi-currency card, with cashback when used at home.
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