Whether you are planning a holiday or business trip you will no doubt want to make sure you have got the best deal on your travel money.
When you travel abroad there are a number of options available to you as you organise your travel money – from cash, travellers cheques, debit or credit cards to prepaid currency cards.
Prepaid currency cards are becoming ever more popular and are considered by many as the way to get the best deal on your travel money.
They are more secure than such as cash, easy to carry and use. You load the amount of money onto the prepaid card so that you know exactly what you can spend and as there is not credit facility you will not exceed this amount. If you do want to spend more you simply load more money onto the card.
You don’t need a credit check to get a prepaid card, meaning there are no issues around being rejected for one if your credit history is poor.
Most travel currency cards are backed by Mastercard or Visa and are therefore accepted widely by retailers and restaurants.
There are other options for your travel money. Generally their downsides are considered greater than those of the prepaid cards but of course you need to make this judgement based on your own specific needs.
Cash has some advantages in that you can exchange it for the local currency whilst abroad at relatively low cost. The big issue though is if it gets lost or stolen it’s likely that even if you have travel insurance it won’t all get replaced.
Debit cards or debit cards can be used but there are usually charges associated with making transactions abroad, plus of course you will have had to have passed a credit check to get a credit card.
Travellers cheques offer more security than cash but they can be quite expensive and are not accepted by all.