Compare Prepaid Currency Cards

Prepaid Currency Cards

Prepaid currency cards operate in a similar way as prepaid gift cards or phone cards. You pay money onto a currency card which can then be used at a cash point or in shops or restaurants abroad. The cards are issued by Visa, MasterCard and Maestro and are available in all currencies. You simply load the card with your chosen currency e.g. Dollars or Euros at a set exchange rate and then can top the card up at any point using a variety of methods.

With so many companies now offering prepaid currency cards you need to shop around to find the best deal for you.

Why use a Prepaid Currency Card?

Prepaid Currency Cards offer a secure way of carrying a large amount of foreign currency with you whilst you travel. Unlike travellers cheques (another alternative to cash whilst abroad) the prepaid currency card does not require you to show identification each time you use it. By using a card which is separate from your main bank account, in the event that it did get lost or stolen, a thief would only have access to the money on the card and nothing else.  In the event that the card is lost or stolen it can be replaced and your money is protected. Currency cards provide flexibility in allowing you to withdraw money from any cash point abroad without having to worry about exchange rates.

Paying or making a withdrawal with a prepaid currency card works in pretty much the same way as doing so with your normal debt or credit card. You will have a pin number and will be able to use the card wherever you see a VISA, MasterCard or Maestro sign. One of the many great advantages of using a prepaid currency card instead of using your debit card is that there is absolutely no risk of building up any debt whilst on holiday. This card only allows you to spend up to the amount you have loaded onto it. Another great plus is that you are not credit scored when applying for the card.

You can apply for additional cards for family members or travelling companions.

Who offers prepaid cards?
Check out our comparison table to see what the leading providers are offering in terms of Prepaid Currency Cards. Prepaid cards are available from the Post Office, Travel agents, Banks and specialist currency firms. They can be purchased online, via telephone or on the high street.

How can I top up my card?
Generally most currency card providers will allow you to top up your existing card online, by telephone or by text. During the application process you will state which bank account you would like the card linked to and funds are simply transferred at your request from this account onto your card.

Fees and Charges
When shopping around for a currency card you must compare the exchange rate, fees and charges offered by each provider. Please bear in mind pre-paid cards are not necessarily free, some providers will charge an application fee or a monthly usage fee.
Look out as well for transaction fees on purchases or withdrawals and also any charges for topping up or renewing your card.

Left over money – Selling it back
Investigate how easy it is to get your money back off of the currency card once you have returned home. You can withdrawal the remaining money from a cash point abroad and convert the funds into pounds once back in the UK or alternatively withdraw the cash in pounds sterling via a cash point in the UK but with this option you are likely to incur a fee as well as taking into consideration the exchange rate offered at that time. If you are planning to go away again shortly the easiest solution is to leave the funds on your card.

Exchange rates
Exchange rates change by the second; however each prepaid currency card provider will offer a set rate for that day. When comparing the rates offered by competitors make sure that the rates you are looking at are from the same day. Using different day rates will make your findings inaccurate and won’t allow you to see who is offering you the best deal.

There are so many factors that can cause exchange rates to fluctuate and go up and down making it difficult to know when the best time to buy your foreign currency is. The best advice is to simply buy at a rate that you feel happy with, if time is on your side and rates do drop you can wait to see if the rate will improve before making your purchase however this is a gamble as rates could drop even further. Monitor the rates well in advance of your trip so you can understand if that has been any recent large movements in the rate.

Top Travel Money Tips

• Research currency cards in advance of your trip.
• Use our comparison tables to find the best deal
• Plan how much you are likely to spend.
• Consider taking a combination of travel money and other methods of payment such as traveller’s cheques or pre-paid currency cards especially if you want to take a large amount of money with you.
• Keep small notes handy for taxis and paying tips whist on holiday.
• Exchange any currency notes back into pounds sterling on your return home.