Lock in exchange rates with prepaid card

Published on 1 January 1970 by Raffick Marday

Travellers are being advised to 'lock in' favourable exchange rates by using a prepaid credit card when travelling abroad.

Chris Saint, head of currency at Hargreaves Lansdown, reckons that the pound may strengthen against the Euro, as the debt crisis on the continent continues.

Once the exchange rate seems to have peaked, it may be best to get a prepaid credit card before travelling abroad.

That way, the preferable rate will be fixed to the day that you bought the card, meaning that a strengthening Euro wouldn't mean you had less money to spend.

Similar prepaid cards are available for US Dollars, but for other currencies, travel money cards are kept in sterling and would be subject to variable exchange rates.

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