Equals Go review

Load up your card and go… is it really that easy with the Equals Go travel card?

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What is Equals Go?

Equals Go is a debit card that you can use abroad with multiple currencies. It takes away the stress of changing cash before you leave, including the headache of finding the best exchange rate. With Equals Go, you load your spending onto the card and… go.

It claims to have fair exchange rates and no hidden fees. There’s a rate alert setting on the website that notifies you by email when exchange rates move in your favour to help you lock in the best rate. If you’re not the type to worry about exchange rates or you leave this sort of thing to the last minute, it won’t help you much, unless getting the Equals Go card is an attempt at drastically changing your behaviour. If you’re generally on the ball with currency exchange and keep an eye out for the best deals in the run-up to your holidays then this is right up your street.

How does Equals Go work?

With Equals Go you can buy, hold and spend up to 15 currencies (these are listed below). If you’re ahead of the game, you can lock in optimum rates to get more from your money by holding off on purchasing a currency until the exchange rates are favourable – this is where the organised holiday planner will thrive and those of us who barely pack a suitcase in time may fall short.

There’s a mobile app, as expected, so you can keep track of and manage your money no matter where you are in the world (presuming you’ve got an Internet connection). On the app, you can top up, move money between currencies, get a pin reminder and pause and resume your card.

Inside the app, your money is stored in “wallets”. This is where it gets a little complicated. You have a wallet for each currency that you have. Each wallet is totalled and the app gives you a valuation of all of your wallets added together in British pound sterling, handy!

When you buy something, by default it will come out of the wallet for the currency that you are paying in (for example, if you are in France, it will come out of your Euro wallet. If you then pop on a flight to London and grab a cuppa, this cost will come out of your British pound sterling wallet, magic.) If you don’t have enough money in the correct wallet for the transaction then it will transfer the money from another currency.

Where can I use Equals Go?

You can use Equals Go wherever Mastercard is accepted. On its website, Equals claims this to be more than 190 countries.

What currencies does Equals Go support?

  • British pound sterling
  • Euro
  • United States dollar
  • Australian dollar
  • Canadian dollar
  • New Zealand dollar
  • Polish zloty
  • Hong Kong dollar
  • Swiss franc
  • Japanese yen
  • Danish krone
  • South African rand
  • Swedish krona
  • Norwegian krone
  • Hungarian forint

What are the fees and limits of Equals Go?

Limits

  • Cash withdrawals.You can withdraw up to £1,500 with three withdrawals per day.

Fees

Fee typeFee
Equals accountFree
Equals Go cardFree
Replace expired cardFree
Replace lost or stolen card£6
Spend in the UK or abroadFree
Withdraw cash£1 per transaction
Spend currencies not on your card1.75% of the value of the transaction

Is Equals Go safe?

Equals Go is authorised by the Financial Conduct Authority (FCA) for the provision of payment services. It holds a Money Service Provider Licence with HMRC and your money is safeguarded in segregated client accounts to ensure that it is never compromised.

Money you load onto Equals Go is deposited to Valitor Payment Services Ltd. Valitor is authorised by the FCA to conduct electronic money service activities.

A strong alternative to Equals Go is to use a digital bank, such as Starling, Revolut or Monzo. These three all offer zero transaction and withdrawal fees abroad.

Compare travel money services

Data indicated here is updated regularly
Name Product Can you get cash? Do you get a free card? Can you load money on an app?
WeSwap
WeSwap has everything you need when it comes to travel money. It offers a debit card and app, or if you prefer cash you can get that too. Signing up takes a few minutes and the card arrives in 3-5 days.
Starling Bank
Starling offers a debit card and app (you can't get travel cash). Starling charges zero fees for spending abroad and the app enables you to lock the card if you lose it while you're on holiday. Also doubles up as a UK current account.
Caxton
Caxton's currency card allows you to hold multiple currencies in one place. You can use it worldwide and won't be charged any ATM fees. All of that can be controlled from the Caxton app.
No 1. Currency
No. 1 Currency allows you to get travel cash delivered straight to your door, or you can pick it up in store. You can also sell leftover cash back to No.1 Currency.
Currensea
Currensea allows you to link your travel money card to your everyday bank account. Get your card now and control all your spendings with the Currensea app.
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Compare up to 4 providers

Pros and cons of Equals Go

Pros

  • 15 supported currencies
  • Can be used wherever Mastercard is accepted
  • Tracks exchange rates for you to get the most out of your money

Cons

  • Fees for withdrawing cash
  • Can’t be used for everything – deposits need to go on a different card
  • Top-ups aren’t instant

Our verdict

If you’re looking for a card designed for travelling and you want to save a bit of money, this is a good card to take with you, but only if you’re an organised traveller. It takes a bit of planning to get the best rates, as you need to purchase the currency while the rates are in your favour, so it’s not something to deal with last minute, especially as you need to wait for the card to arrive.

It would still be wise to take another card abroad with you, as car rental or hotel deposits will lock down your money. Regardless of what card you are using abroad, it’s generally a rule of thumb to have an additional credit or debit card set aside for emergencies.

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