Compare Exchange Rates And Consider Prepaid Currency Cards

Compare exchange rates at the various banks and currency bureaus and you will soon realize that prepaid travel cards are the better option to exchanging your cash. Prepaid travel cards are relatively new but they are growing fast in popularity. This is due to their convenience and low costs. When you convert your currency at the bank you are at the mercy of the ever changing currency rates. With a prepaid currency card, you have essentially locked in your rate. You also pay less when it comes to fees. Banks charge fees of 2% plus an additional three pound transaction fee to exchange currency. Currency cards do not charge transaction fees.

If you opt to go with a pre paid card that can only be used at ATM machines there are cards with the Visa or Mastercard logo that can be used to withdraw local currency from over one million Visa or Mastercard cash machines in more than 160 countries. You have 24 hour access to your cash. This proves to be more convenient than having to constantly go to the bank or exchange bureaus to get cash.

These travel cash cards are prepaid, meaning that you have already loaded the card with a certain amount of cash that you will spend while abroad. If there is money remaining on the account once you have returned from your trip, you can either keep the funds on the card for you next trip or you can withdraw the funds from the card.

There are other prepaid travel cards that can be used as regular credit or debit cards. You can shop, pay for goods and service and hotels worldwide. They can also be used to withdraw cash from ATMs in more than 160 countries. These cards are also pre loaded with a certain amount of funds that you determine. From a financial aspect, they are a great way for you to control spending.

Prepaid are secure and protect against possible fraud or identity theft. Your personal checking account at home is safe since these cards are never linked to your accounts. There is also not waiting in long bank or exchange rate bureau lines to get your cash.

Customer service is always available if your card is ever lost or stolen. A hold will be placed on your account preventing any further funds from being withdrawn. They are also insured, therefore any stolen funds would be replaced. And like all credit and debit cards, these pre paid card has associated PINs that you assign, making your funds even more secure.

Prepaid cards offer security, convenience and a more affordable option than banks and currency exchange bureaus. Compare exchange rates They give you the flexibility to spend your money how you want without the added costs of transaction fees. You ultimately get the best currency rates since you can secure foreign currency exchange rates in advance of your visit. This will save you an additional 5 to 8% on conversion rates.


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Tom is a writer for a range of travel publications, including several blogs and e-zines. He recommends FairFX for the best deal on foreign exchange when going abroad.