The majority of British citizens travelling abroad buy travel money before they leave the country. According to spending trends researched by First Rate many of these travellers are also purchasing prepaid currency cards due to their convenience and flexibility.
First rate have compiled data to show how travellers are most using prepaid currency cards .
Here are the top 10 ways tourists are using currency cards:
1. ATM withdrawals
2. Restaurant meals
3. Supermarkets
4. Fast food chains
5. Gift and souvenir shops
6. Hotels
7. Specialist retail stores
8. Petrol stations
9. Department stores
10. Pharmacies
A preloaded currency card allows a person to carry large amounts of cash in a safe and secure way whilst travelling overseas. Unlike travellers cheque which were previously the safest alternative to carrying foreign currency bank notes, a prepaid currency card does not require you to carry identification. Instead you simply use the card in a chip and PIN machine to make a payment as you would with any debit or credit card.
Advantages of using a currency card instead of a debit or credit card whilst overseas:
- No overspending – You can’t spend what you do have loaded onto the currency card.
- Fixed exchange rate – Your currency card is loaded with foreign currency at a pre agreed rate.
- Fees or Commission – Some currency card providers offer free withdrawals and usage whilst overseas. (Check with each provider on their fees and commission charges)
Check out the Compare Currency Blog to find out more facts about currency cards, what they are and how they can be used. To compare the features and benefits of the currency cards offered by the UK’s leading foreign currency providers visit our currency card comparison table.
