eurorivertravel.com

Even though travel money cards are relatively new, their popularity is quickly increasing. With this in mind, this article is designed to help you understand why they were developed, why the are usually better than any credit or debit card, and which card is the best value in travel money cards.

Old forms of travel money – travelers cheques or bank cards

If you were going to be traveling anywhere, then it was always the rule of thumb and safety to get travelers cheques. This was the easiest way to access your available cash and you could have some security if your money was stolen. But travelers checks have been on the decline since most banks now make it very easy to use your debit or credit cards, worldwide.

Due to the internet and money saving expert websites, people are beginning to understand that different banks have different fees they charge cardholders.

You are not in business to make the banks richer and they claim that they charge such high international fees because they are also charged high rates. That might be the case, but they make plenty of money, as is evident because they always have the nicest buildings in town!

Travel money advancement

Over the last few years there have been amazing advancements in technology. The use of the Internet and the availability to broadband connectivity have increased exponentially. This allowed for many people to begin managing their money using the Internet.

This explosion in public acceptance of the internet has created a financial niche which in the past was available only to banking institutions.

One of the forerunners – The FairFX Travel Money Card:

FairFX.com, a website geared toward currency rates and exchanges, realized the importance of having a great value travel money card and so they created a travel money card with better features than other cards out there.

In the beginning FairFX provided 2 travel money cards. The one card used US dollars, while the other was in euros. These cards were designed to charge about 1% on exchange rates, charged nothing for making purchases, and only charged $1-$2 at ATMs.

The procedure for these two cards is to guarantee the currency exchange rate in force at the time that you designate, and this guarantees that you will keep this rate. Occasionally you win, occasionally you lose. These products are still out there.

Do you really want to bet with your travel money?

And that makes sense, since they may have a limited amount of travel money to go places with. They would like to be able to use their travel money at whatever exchange rate their current currency is going for so that is what they choose to do.

Many folks who traveled abroad could not seem to wrap their heads around the fact that the FairFX travel card had better rates and fees than their banks credit or debit card. Because of this, an easier card was needed and that is where the FairFX travel money card comes into play since it offers these exact things!

You Can Explore the World with A FairFX Anywhere Card!

FairFX realized that the general public still did not understand that they were paying too much in bank fees by using their standard credit card when they went overseas.

FairFX realized they could step in and create a card that anyone in the world, from just about anywhere in the world could use without having to take out a second mortgage on their home just to access their money! And now we can explore the world with the FairFX Anywhere Card.

So, bottom line, how much is a FairFX Anywhere Card going to cost you?

Would you believe, nothing? That’s right. The FairFX Anywhere Card features NO loading, ATM or exchange rate fees! It does, however, charge a 1.5% transaction fee for any and all transactions. That being said, it is still one of the cheapest travel money cards on the market for UK folks.

At the present time, there is no charge to acquire this card, and you are only required to make a minimal initial deposit to get started. But there is no guarantee this will not change soon, so it would be a good idea to acquire this new card while it is still free.

Don’t miss the special offer right now with travel money card FairFX where you can get a free euro card, free dollar card or free sterling global travellers card and save the normal 9.95 setup fee (Subject to a very small initial load). Start saving on exchange rates with a travel money card!

There are a lot of people living in the United Kingdom that have postponed trips to the U.S or Europe because of the horrible currency exchange rates; however, you can solve this situation by using travel money cards, which are not extensively know but provide an appealing alternative.

So what are travel money cards, you ask?

A new entry into the plastic money family, travel money cards let you load up a card at a known exchange rate, which you can spend at your leisure when you arrive at your destination.

You can get these cards on the providers’ websites online, and the transfer of funds to the card can be made on the phone, the internet, or through SMS services, in some instances. At this time, only the pound, euro, and U.S. dollar can be uploaded onto currency cards.

So what are the perks of using this card?

Importantly, the rate of exchange is usually better than you’ll find in a high street foreign currency exchange office. Also, the exchange rate is fixed in stone at the time you upload money to the card — so when you spend while travelling, you already know what it’s costing you. This is certainly different than credit and debit cards, which use an exchange rate that’s dynamic — whatever the going rate is at the moment you use the card.

Is there more?

Not at all. When you use a traditional credit card or debit card to make a point of sale abroad, you are typically charged around 2.75% of the transaction as a fee for the foreign currency exchange.

These foreign currency exchange fees also apply in shops and eating establishments; however, a travel money card does not have these associated charges. The rates charged for obtaining cash with a credit or debit card can be very high, but since you have prepaid the amount on your currency card, it is not a loan, and there are no fees for the service.

Wonderful. Are there disadvantages to having a currency card?

Currency cards are different from credit cards, so you do have to load them up before you travel, which means your holiday spending has to be funded in advance, rather than paid for on credit. I’m not sure, in this economy, that this is such a bad thing. There is still an ATM withdrawal fee linked with these cards, but this, too, is not entirely off-putting — the fees are still a great deal lower than credit or debit cards.

RBS and NatWest (for example) currently have a withdrawal fee of 2%, which is a whopping 10 if you withdraw 500! For reference, you’d pay a flat-rate fee as low as 1.50 for an ATM withdrawal on a currency card.

The real downfall for you is the cost you’re charged for using your card to pay for something in a currency other than one fixed – and FX convert fee; using the example of a dollar transaction which is made with a euro currency card, you could be looking at a fee of up to 2.75%. However, there are a number of cards that don’t charge this fee (see list below).

Aren’t there some good companies offering credit cards intended for use abroad?

Yes, there are such cards (Post Office classic, Nationwide Gold, and Abbey Zero), but the first two — even though they’re good deals, and include no conversion charges — still have large withdrawal fees (3 minimum, 2.5% of withdrawal) and this doesn’t compare favourably with travel money cards — unless you absolutely need credit while travelling.

The Abbey card is an excellent best-buy – no cash withdrawal costs or foreign exchange, however there is a rather high interest rate of 25.9% on cash withdrawals! (Note: currently the rate is 22.9% for Nationwide and 20.83% for the Post Office).

Keep on going, I’m convinced! So what are considered the best travel money cards out there?

The top card available for euros is the FairFX Euro Currency card, because its ATM fee is the least at 1.50; it has no foreign currency exchange costs and has fantastic exchange rates. Another euro card, the Indigo Travelcard Euro has just a slightly higher ATM fee of 1.95, but its convert fee is high at 2.75%. There is no convert fee associated with the ICE Travellers CashCard Euro, but the ATM fee is a whopping 3.

When it comes to dollar cards, FairFX ranks at the top again: its Dollar Currency Card gives you a low $2 ATM fee with no costs for converting. Another fine deal is ICE Travellers CashCard Dollar with its’ $3 ATM fee and again, no convert charge. Bare in mind no convert fees gives you the option of using these cards in any country.

What’s the best travel money card for world travel?

FairFX have just launched what they call an ‘Anywhere Card’ which at the moment of writing appears to be the top value of all the travel money cards for worldwide use.

With a FairFX Anywhere Card there are no loading costs and no ATM fees! The only charge that applies is a 1.5% transaction fee which definitely beats every other similar type of card in the market.

Currently, FairFX is offering a free dollar, euro or sterling ‘Anywhere Travel Card’, which usually costs 9.95, for a very small initial load. Why are you dragging your heels? Save yourself more money by getting a travel money card today!