Prepaid travel cards let you load foreign currency before your trip, lock in an exchange rate, and spend abroad without worrying about fluctuating rates or surprise fees. They sit between traditional credit cards and cash in the travel money toolkit. This guide reviews the best options available to Canadians in 2025.
A prepaid travel card works like a debit card loaded with foreign currency. You pre-purchase USD, EUR, GBP, or other currencies at a set exchange rate, and the card draws down from those balances as you spend. Key characteristics:
Technically not a traditional prepaid card, but Wise functions as one when you pre-load currencies. You can hold 50+ currencies and spend from each balance without foreign transaction fees. The Wise Mastercard is the top choice for most Canadians because the underlying exchange rates are the best available to individual consumers.
Revolut's free tier allows Canadians to hold and spend 30+ currencies. Exchange is fee-free up to ~$1,500 CAD/month during weekday market hours. The card is a Visa or Mastercard accepted internationally.
Canada Post sells Cash Passport prepaid travel cards at post office locations. These are traditional prepaid currency cards that can hold multiple currencies. They are a reasonable option for Canadians who prefer to deal with a physical institution and set up their travel card in person.
| Fee Type | What to Look For | Typical Amount |
|---|---|---|
| Loading fee | Charged when you add money | 1–3% |
| Exchange rate spread | Hidden in the rate itself | 1–5% |
| ATM withdrawal fee | Per ATM transaction | $2–$5 flat |
| Inactivity fee | Charged if card unused | $1–$5/month |
| Closing fee | To get remaining balance back | $5–$15 |
| Replacement card fee | Lost/stolen replacement | $10–$30 |
For Canadians with good credit, a no-foreign-transaction-fee credit card is generally a better travel payment tool than a prepaid card:
Where prepaid cards win: no credit check required, hard spending limit helps budgeters, good for giving kids or family members a travel allowance, and useful in countries where credit card fraud is a concern (card can be zeroed without risk to main account).
For Canadians under 18 or young travellers heading abroad for the first time, a prepaid card can be an excellent tool. Parents can load a specific amount and know spending is contained. Wise works well here since even minors can be set up with a Wise account through a parent's account.
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