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Sainsbury’s Bank is based in Great Britain and is owned by the second largest chain of supermarkets in the United Kingdom. They offer different banking services, such as insurance, credit cards, savings, mortgages, and loans. One of their leading products is “Travel Money” offer, which allows you to use Multi-currency Cash Passport Mastercard. This way, you can easily spend multiple currencies when abroad. The exchange rates on Sainsbury's cash passport are locked. Therefore, you always know how much money you have, and you don’t have to worry about additional fees or forex market fluctuations and exchange rates.
The main features include holding up to 10 different foreign currencies on your card, which you can spend without worrying about additional charges for overseas payments. The bank explains that you can “Buy a bagel in New York, a cappuccino in Rome or a tour of Barcelona with the card you loaded up at home. You can use your card to shop, eat out, and withdraw local currency from ATMs worldwide.” The card automatically chooses the best currency for the location. There is no direct link to your account, so you don’t have to worry if the card gets stolen.
It is free to apply for the Sainsbury's Cash Passport, and there are no additional monthly or yearly fees for the card. If you don’t use your card for more than 18 months, you will be charged 2GBP per month.
Topups in GBP cost 2% of the amount, but it’s free to load any other foreign currency. There are no additional fees for paying in stores or withdrawing money from ATMs.
If your balance falls below zero, you will be charged an additional 10GBP for the overdraft.
Most operations with the Sainsbury’s card are free. However, the exchange rate fee is set at 5.75%. You can load the foreign currencies for free, but if you need to convert them within your card and between your currency wallets, you will need to pay this additional percentage fee.
If you make a transaction in a currency, which you don’t have on your card, or there are insufficient funds in one currency wallet to cover the whole transaction, you will be charged at a usual Mastercard exchange rate increased by 5.75%.
You can’t load more than 5,000GBP on your card at one time, and the yearly limit is set at 30,000GBP. The minimum top-up amount is 50GBP. You can’t withdraw from the ATM more than 500GBP in cash per day.
While many banks have their own travel offers, Sainsbury’s card has no additional fees for transactions. You can easily pay with it all over the world without worrying about the exchange rate. It is also free to maintain if you use it frequently. It’s very easy to order the card and load your first balance. The potential drawback may be the high exchange rate if you happen to be short on funds, as it’s higher than offers from other banks or online platforms.
Once you get the card, all you have to do is load at least 50GBP, sign the back, and you are ready to spend your money all over the world. You can load up to 10 currencies on your card: Euro, United States Dollar, UAE Dirham, Australian Dollar, Canadian Dollar, Swiss Franc, Turkish Lira, New Zealand Dollar, South African Rand, and Great British pound.
You can visit bank’s local branch or other the card online and have it delivered to your house. Once you have everything set up, you will get access to an online banking platform, where you can easily manage the currencies, order exchanges, and load balances.
The bank itself is fully regulated by the government’s financial agencies and needs to comply with all of the regulations and financial laws. The card itself isn’t connected to your personal account. Therefore, if you lose it while traveling, you don’t have to worry about thieves stealing all of your money, and you can easily lock the card. The bank also has an extensive offer for travel insurance, which can be easily combined with the card offer. The card itself follows Mastercard’s standards, which means you can expect reliable payments.
It is very easy and fast to apply for your Sainsbury’s Cash Passport. You can have the card delivered to your house even the next day, and you can load your first balance quickly online. The offer and all of the costs are transparently explained on Sainsbury’s website. As an advantage acts the fact that you can hold multiple foreign currencies and load them for free. However, the fee for exchanging them between your wallets is quite high. On the other hand, you can spend the money everywhere in the world without additional payment fees.
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