Zero FX fees^† with the Krak Card

How the Krak Card saves you money on foreign spending.

The TL;DR

It’s called the Krak Card because The Free FX Card doesn’t quite roll off the tongue. But fee-free^† foreign exchange is where it shines.

That’s right — you pay absolutely nothing beyond what Mastercard charges, whatever (and wherever) you’re spending. Find out more about the Krak Card’s exchange rates below.

What does zero markups actually mean?

When cards advertise competitive exchange rates, they rarely explain what they’re actually charging. A card transaction in foreign currency has multiple fees associated with it, and it’s worth understanding them before opting in:

The exchange rate

The card network sets its currency exchange rate based on the mid-market rate (with a few basis points added on).

The FX markup

A percentage added onto the exchange rate by the provider. Krak charges 0% at this stage.

Surcharges

When forex markets close, providers often add a surcharge to account for movement. Again, Krak charges 0%.

Many neobanks are competitive on this front — up to a point. For instance, Revolut offers limited free conversions on its free plans (up to £1,000/mo), with an added 1% fee on weekends.¹ Wise, renowned for its international money transfers, charges a variable fee on foreign spends.²

To achieve the FX benefits offered on the free Krak plan, you’d need to subscribe to a paid plan with another provider — and even then, you get none of the cashback benefits offered by Krak.

Discover the Krak Card

Get GBP back on every foreign spend

Customers like you don’t just choose Krak for the fee-free^† foreign spends. Or even the sleek Metal card. They choose Krak because they know that every purchase (locally or abroad) earns them up to 2% cashback.

Learn more

Modern multi-currency management

Your money goes further when it has no fees attached.

Move funds the smart way, whether you’re spending by card or transferring money via your phone.

Transfer type	Fee
FX card spending markup	No
Weekend FX markup	No
Mastercard exchange rate Variable based on pair/timing	~0.2–1.5%
SEPA bank transfers	Free
SEPA Instant	Free
Cash withdrawals	Free
Krak-to-Krak	Free
ATM withdrawals	Free

Check out our growing list of supported currencies here.

Discover the Krak Card

How Krak compares to Monzo, Wise and Revolut on exchange rates

Below, we compare the rates associated with foreign exchange on some of the leading UK providers' cards.

Feature	Krak Krak	Monzo (Standard)³ Monzo (Standard)	Wise (Standard)² Wise (Standard)	Revolut (Standard)¹ Revolut (Standard)
Exchange rate used	Exchange rate used Mastercard	Mastercard	Mid-market	In-house rate
£1,500 to EUR exchange rate	£1,500 to EUR exchange rate Free	Free	~0.33%⁵ (variable fee)	~0.14%⁶ (in-house rate)
Mastercard rate (over ECB)	Mastercard rate (over ECB) ~0.09%⁴	~0.09%⁴
Weekend markup	Weekend markup			1%
Added fees?	Added fees?			£5
EUR received	EUR received €1,731.75	€1,731.75	€1,728.10	€1,730.93
Difference	Difference –	–	–€3.56	–€0.82

Clearly, fee-free^† FX cards like Krak’s can make your money go further, with nominal rates charged on major currency pairs.

It’s worth noting that cards such as Revolut place restrictions on how much foreign currency can be spent — on the Standard plan, spending more than £1,000/mo will trigger added fees, as will spending during the weekend.

In the example above, Revolut’s “spending power” is less than Krak’s, even though more GBP is spent (due to the added fees). It should be noted that its proprietary rate fluctuates regularly, and remains undisclosed to the public.

FAQs

What spread is applied to the exchange rate?

The "spread" applied to foreign currency transactions refers to the difference between the rate offered by Mastercard, and the interbank (or mid-market) rate. The card network (Mastercard) manages the exchange rates — Krak charges no added fees on FX conversions.^†

Naturally, the spread differs between currency pairs and fluctuates constantly, usually landing somewhere between ~0.1-1.5% (depending on the time and currency pair).

What is the actual conversion fee for the Krak Card?

Krak charges no fees when spending fiat currencies — the Mastercard rate is passed on directly to you. Check out our full fee schedule here.

Who controls the exchange rates for a debit card?

Usually, it’s made up of two fees: the bank’s own conversion fee, and the card network’s fee.

Krak has no conversion fee for fiat currency.

¹Revolut (March 2026)

²Wise (March 2026)

³Monzo (March 2026)

⁴Calculated using Mastercard’s calculator based on £1,500 conversion to EUR (25 March, 2026)

⁵Calculated using Wise’s calculator based on £1,500 conversion to EUR (25 March 2026)

⁶Calculated using Revolut’s calculator based on £1,500 conversion to EUR (25 March 2026)

^†A variable spread will apply when spending across assets. Third-party ATM fees may apply.

Not investment advice. Crypto trading involves risk of loss. Krak Card is issued by Monavate Limited, authorised by the FCA to issue electronic money and payment services (FRN: 901097). Payward Services Limited is authorised by the FCA to carry on electronic money activities and payment services under the E-Money Regulations 2011 (FRN: 1010381). Cryptoasset exchange and custody services are offered by Payward Ltd, registered as a cryptoasset firm with the FCA (FRN: 928768). These services are unregulated and not covered by the Financial Services Compensation Scheme. Cryptoasset values can go down as well as up and gains may be subject to Capital Gains Tax. This content is for general information only and is not investment advice or a recommendation to buy, sell, stake or hold any cryptoasset.

Availability varies by jurisdiction. See Support Center to check your eligibility.

Rate depends on average assets held with Krak, Kraken and Kraken Pro. T&Cs apply. See Support Center for more info.

Spending crypto may be a taxable event, as conversion to fiat can create capital gains or losses. Consult a tax advisor for your individual circumstances. Learn more.

Cashback is generally not taxable. Consult a tax advisor for your circumstances. Learn more.