Compare Travel Money Cards to Save Abroad
As new research shows that British holidaymakers withdraw nearly £4 billion in currency each year, we look at how you can cut the cost of your foreign travel with a prepaid travel money card.
11.3 million Brits have withdrawn the equivalent of £3.87 billion in foreign currency whilst they were abroad over the past 12 months, Sainsbury’s research shows.
Most of us know that that you'll pay a fee or a minimum charge for withdrawing cash abroad using a debit or credit card, but many prepaid travel cards do too, which is why it is always advisable to shop around for the best deals and rates and compare prices and services online.
72 percent of travel money cards charge a flat fee for overseas ATM withdrawals. Withdrawal fees on a flat rate charge can range from 1.25 Euros to 3 Euros per transaction.
"We believe that many Brits travelling abroad who purchase a pre-loaded currency travel card are getting a raw deal,” says Scott Gorman, Head of Sainsbury's Travel Money.
The average amount Brits withdraw at cash machines while away from the UK is equivalent to £150, but 2.49 million typically withdraw less than £50 a time, running up expensive and unnecessary currency commission tariffs in the process.
How do Prepay Travel Cards Work Exactly?
Travel money cards are like prepaid cards which are used for everyday purchases but are ideal for taking your money abroad.
A prepaid travel money card can be preload with the currency of your choice to be used as you would a debit or credit card.
Before you depart you can buy a travel prepaid card from your provider of choice for a small sum, and once you have loaded the card with the amount of currency you wish to spend abroad, most will reimburse you the money you paid for the card.
It is always advisable to shop around for the best prepaid cards and travel money cards as some charge for use, others do not.