7:00 PM Travel and Money: Using Prepaid Travel Cards | ||||
#travel credit cards # Travel and Money: Using Prepaid Travel CardsYour Money Working Harder Traveling safely and managing your money along the way is an exercise in balancing multiple risks: theft, loss, high surcharges, and confusing discrepancies. This Travel and Money series discusses various ways to address money and security issues while you are abroad. Today, the topic of discussion is Prepaid Travel Cards. which can be a useful and secure alternative to debit cards and credit cards. as well as a way to hedge against currency risk. (See also: 5 Essential Travel Tools ) Prepaid Travel Cards BasicsA prepaid travel card is generally usable in the place of a debit or credit card. You can withdraw cash at an ATM, pay for purchases, and make travel reservations. And as the name suggests, you prepay these expenses by loading money onto the card. It is just as secure as a debit or credit card, since the prepaid travel card is protected by a PIN and/or signature. In fact, some would say that prepaid travel cards are even more secure, since the money is not linked to your bank account and has a limited balance (which limits your exposure). It can also be a handy tool for budgeting. since you would load only the money you plan on spending for the trip onto the card, which helps you stick to your travel budget . Where to Get a Prepaid Travel CardPlug in a simple search for Travel Money Card and you'll find a number of financial institutions offering prepaid travel cards that are ultimately backed by credit card companies.
Watch out for:
Travelex Cash PassportTravelex has their own prepaid travel currency card called Cash Passport. They include but are not limited to cards backed by various credit card companies.
Watch out for:
UK ResidentsIf you are in the UK, check out the FairFX Currency Card. which provides US Dollars or Euros and boasts favorable currency exchange rates. Overall, I don't use or plan to use prepaid travel cards, for a few reasons. First off, as a full-time traveler. I tend to juggle many different currencies, and these cards seem a little restrictive for my needs. I also don't like the monthly charges and some of the currency conversion fees. If I didn't own a credit card, I might actually see some value in traveling with one of these prepaid travel cards; however as a devout credit card user. I think I'm pretty well covered (earning frequent flyer miles to boot). Do you have experience with prepaid travel cards? Please share in the comments! Other articles in this Travel and Money series: Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any bank, card issuer, airline or hotel chain.
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