Travel money card from Phones4u causes a stir
Mobile phone retailer Phones4u has launched a pre-paid travel money card which can save customers money while abroad.
A lot of Brits plan to take a holiday this winter, with many people hitting the slopes for a week’s skiing or heading somewhere different to bring in the New Year.
A pre-paid travel money card is a good way to avoid bank charges for using a card abroad, with many also giving you free cash withdrawals from foreign ATMs.
The Escape Travel Money Card has been launched by Phones4u in conjunction with MasterCard, and works just like a normal debit or credit card.
It can be used free of charge at over 32 million MasterCard accepted locations around the world, bypassing expensive bank charges.
The Escape Travel Money Card can also be used to withdraw cash for free from over 1.5 million ATMs worldwide.
Other features include a competitive exchange rate and the ability to lock the card if it is lost or stolen while you are on holiday. Users also get the opportunity for 20% cash back on all online purchases.
More and more people are using pre-paid travel cards when they go on holiday, as it was revealed recently that up to £1 billion is ripped-off from British bank accounts through people using their card abroad.
Customer body Consumer Focus has complained that Brits are forced to pay extra bank charges which are often unclear and misleading.
Consumer Focus stated that someone taking £200 out of a foreign cash machine would incur an average charge of £10.
On top of this, someone who converts £500 into Euros will be charged around £30 for doing so, which Consumer Focus says is unreasonable.
There are several other money travel cards available at the moment, so you can avoid these high fees. These include the My Travel Cash Multi Currency Card and the Travelex Cash Passport Dollar Card.