Deel review

Deel charges a 1% fee on currency conversion. That is the figure in the card terms and it sits above the site median of 1%. Spending in the account currency avoids the charge, so heavy overseas use is where the cost bites.

Yes. The card runs through Deel Payments Europe NV, based in Belgium, and the National Bank of Belgium is the regulator. Its licence reference is PSD_PI BE_NBB!0783476423, so the payments side sits inside the Belgian framework.

It is a prepaid card, not a credit card. That means spending is limited to the balance on the account, and there is no borrowing or monthly interest to pay on the card itself.

The feature list names a virtual card, alongside the multi-currency account. A virtual card is handy for online subscriptions and for adding a card to a travel booking, while the physical prepaid card covers in-person spending.

The card runs on visa, which is the most common card network in this category. For context, 57.4% of the cards reviewed on the site use the same network, so acceptance is broad.

It is built around paying contractors, so the card and the multi-currency account sit next to each other in the product. Business-focused cards are the norm in this category, with 64.6% of the cards on the site aimed that way.

The 1% conversion fee is above the 0.1% charged by Wise and well above the 0% from Bitpanda and the 0% at Monzo Flex. If conversion is the main use, a lower-fee card is the better pick.

The account is multi-currency, so it can hold more than a single currency at a time. Fees on 1% mean each conversion between them costs, so keeping balances in the currency you spend in is the cheaper habit.