What Are Prepaid Travel Money Cards For?
Travel money cards are like prepaid cards which are used for everyday purchases but for taking your money abroad.
They work in a similar way to prepaid cash cards and are a new and popular way to carry cash abroad enabling the user to save on expensive currency conversion charges.
Whether you intend on using it for business, travel or purchasing products online in a different currency, 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.
Providers differ in the rates of interest they charge to use the card, most tend to not charge for purchases, some charge for withdrawals from ATMs, though this is often dependent on the bank you are getting it from, and others charge you when you load it up each time.
A prepaid travel money card usually lasts for up to two years, and has been proved to be a hit with travellers looking to keep a tight string around their holiday spending.
The cards are accepted in shops the same way a normal debit or credit card is but you are not borrowing money to then receive an ugly bill on return, only spending what you had budgeted in the first place.
A prepaid travel money card also ensures the card holder does not overspend and prevents them getting into debt as they cannot withdraw more than is on the card.
Furthermore, they are a popular means to carry money abroad in a safe fashion. Unlike the hassle of travellers’ cheques where you need to get them converted, or the worry of carrying around a wad of cash, a travel money card ensures peace of mind as it is also protected against fraud the same way a debit card is and can be cancelled if it is lost or stolen.