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TRAVEL FX CURRENCY MONEY CARDS
Please find below more information on using travel fx cards, money loading, fees and more. Just click on the links to get more information.
- What are Travel FX Money Cards?
- Who are Travel FX Money Cards for?
- Where Can I use my Travel FX Money Card?
- Where can I load funds / top up my card?
- What are the fees for the card?
- What if I come back from Travelling and have funds on my card
- What happens if I use my card in another currency?
WHAT ARE TRAVEL FX MONEY CARDS?
Travel Money Cards, also known as Travel FX (foreign exchange) Cards and Travel Currency Cards; provide a value for money way of spending abroad.
They are used as a normal credit and debit card, but have the advantage of a very good exchange rate – very much better than using a bureaux de change or traditional banks. They also avoid many of the seemingly surreptitious charges that you find with many traditional credit and debit cards – the charges are very upfront and well defined so there are no unpleasant surprises when you get your bill.
Additionally when you buy the cards, you buy at the exchange rate as it stands at that moment. So you know exactly what you have bought, how much it has cost you and you are not at the mercy of fluctuating foreign currency markets.
It's very much like buying foreign cash; but instead of having to carry and worry about a quantity of notes; you have it safely in a card that can be cancelled if lost and easily replaced. Plus you have the advantage of a great foreign exchange rate and low fees.
Just buy in the right currency for the country you're visiting and use as a normal card!
WHO ARE TRAVEL FX MONEY FOR?
FX cards are principally aimed at people travelling abroad – this applies to anyone going abroad: regular travellers, holiday makers, GAP year students and especially business man who travel regularly. They will save you money and have the added convenience of being a safer and less bulky alternative to cash and travellers' cheques.
WHERE CAN I USE MY TRAVEL FX MONEY CARD?
Essentially you can use the card as a normal credit card – so it is accepted everywhere which accepts the issuing bank (EG Mastercard or Visa etc.)
You can also withdraw or buy cash with it, though there is usually an ATM fee (usually less though than you would incur using a standard card.) You can use it in any country; in any currency, although this will incur a fee generally.
WHERE CAN I LOAD FUNDS/TOP UP MY CARD?
When you buy the card initially; you have the option of loading funds immediately using a credit or debit card. For subsequent funds; you can generally add funds online or you can order further currency by telephone, and even in some cases SMS text.
WHAT AREA THE FEES FOR THE CARD?
Fees can vary from card to card, so you want to think about how you will use the card and look at our comparison table to check these side by side.
But here are a number of fees to look out for:
Card Purchase fee: This is the fee you pay when you buy the card. Some cards will refund this when you load up with currency.
Top Up / Load fee: How and where you top up the card can sometimes accrue a small fee. Most cards usually have a number of methods that are free – so try to top up in this manner and check the individual card details.
Purchase Fee (point of sale fee): Most Travel FX cards do not charge a fee for using the card to buy or pay for something – this is one of the major advantages of the card.
ATM Fee: Withdrawing cash from an ATM will usually incur a small fee, though often this will be nominal or capped if it is a percentage.
FX Conversion Fee: This refers to using the card in another currency other than that in which it was issued. So for example spending on a Euro card in say the UK which uses pounds sterling.
WHAT IF I COME BACK FROM TRAVELLING AND I HAVE FUNDS LEFT ON MY CARD?
If you come back from abroad and you haven't spent all the money on your card; don't worry – the money can be used or recovered in a number of ways.
You can of course carry on using the card in any country until the funds run out. So EG when you come back home with funds on say your Euro Currency card; you can keep spending as normal until the funds run out. Some issuers will charge a standard fee for using the card in a different currency – so check the fees to see if this applies for your card.
You can also cash out the card and have your remaining cash refunded to you, though there is usually a small charge (usually around £5.)
Or you can just keep the card til you next go abroad and load it afresh before heading out!
WHAT HAPPENS IF I USE MY CARD IN ANOTHER CURRENCY?
Your Travel FX card can be used in any country, wherever the issuer (Mastercard / Visa etc) is accepted.
Most cards will have an additional charge if you use it in a different currency than that it was assigned for – this is usually a small percentage.
For example, if you buy a card in US Dollars, you can use it in any country and even when you return as you would a normal card. Just be sure to check what the individual card charges for transacting in this manner.
Please Note: www.whichwaytopay.com is not authorised to give advice under the Financial Services and Markets Act 2000.
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