Travel FX currency money card guide.

Please find below our guide on using travel money cards, money loading, fees and more. Get a travel money card - better euro and dollar exchange rates on a card.

What are FX travel money cards?

Travel money cards, also known as travel currency cards and foreign exchange currency cards; provide an alternative to buying currency at airports and bureau de change. Travel money cards offer better exchange rates than most conventional methods and even high street banks are issuing them.

They look and work like a normal credit card or debit card, but do not offer any line of credit or overdraft facility as they are a prepaid card with one added feature the advantage of getting a more competitive exchange rate. You simply buy the currency in advance, which is loaded, on to your travel money card. Then when you go abroad you simply purchase as normal or withdraw currency from an ATM.

What are the advantages of buying currency in advance?

By buying your currency in advance, say for example Euros, you know how much you have to spend. Most travel cards do not charge when making a transaction so the only additional fee you will be likely to pay is an ATM fee, which most cards charge for. By using a travel currency card you are paying or withdrawing in the same currency so there is no need to worry about conversion rates or being hit by a bill of card charges when you get back home.

How much can I save compared to travellers cheques and bureau de change?

The exchange rate changes constantly due to market fluctuations, where the travel card providers buy currency in bulk giving you a better saving. Based on averages you will save -

Approximately - 4% better rates compared to Travellers cheques.

Approximately - 8% better rates compared to Airports.

Approximately - 4% better rates compared to Bureau de change.

What happens if I am running low and need to top up abroad?

All travel money providers provide a customer service department so you can top up over the phone and some provide online facilities and SMS text top ups.

What happens if I lose my travel money card abroad?

It is suggested that you take two travel money cards with you when travelling abroad, keep one with you and the other in a safe place with your passport, that way if you lose one you can ring up the travel card provider and stop it automatically and activate your new one to use.

Why not use travellers cheques?

Unlike travellers cheques with a travel money card there is no need to carry your passport around with you so there is less chance you will lose it. In addition with travellers cheques as the currency rates change constantly you may end up getting less currency than you bargain for. But this can also be a benefit if the currency increases.

When you have exchanged your travellers cheques you are more likely to exchange more to ensure you don't run short. You have piece of mind with a travel money card knowing you can control what you spend, how much to withdraw and its safer than carrying cash or travellers cheques.

Who are travel currency cards for?

Travel currency cards are mainly aimed for people travelling abroad and wishing to get the best exchange rate available. Travel money cards are ideal also if you are a regular travellers, student or a travel abroad on business. They will save you money and have the added convenience of being a safer alternative to cash and travellers' cheques.

Where can I use my travel money card?

As a travel money card is a prepaid card your can use it like a normal debit card or credit card – so depending on where the card is issued will depend on which country accepts it. For piece of mind MasterCard or Visa are the best to use as they are generally accepted in most places. Visa Electron and Maestro are not as widely accepted.

You can also withdraw cash from an ATM, though there is usually an ATM fee, or pay using your card as most cards offer free transaction charges when using in the same currency.

Are there fees for using my card?

Fees can vary from card to card, so compare before you buy as you could save more money our comparison table

Look at the following before you buy:

Card application fee - This is the fee you pay to get your card. Some cards are free or will refund this when you load up with currency.

Transaction fee (point of sale) Most travel currency cards do not charge a fee when using your card to buy goods.

ATM fee - Withdrawing cash from an ATM will incur a small fee, this is either a fixed amount or a percentage.

FX conversion fee - This refers to using the card in another currency other than that in which it was issued. For example spending on a dollar card in the United Kingdom.

Top up / reloading fee - How you can reload your card and where you can top up, some card providers may charge for this option. So look at the costs. There is also a minimum and maximum card balance.

What if I have funds left on my card?

Your money can be used or recovered in a number of ways. Most travel card providers offer a buy back though there may be an admin cost.

You can carry on using the card in any country until the funds run out but you may be charged a fee if using in a different currency.

You can also cash out the card and have your remaining cash refunded to you, though there is usually a small charge.

Or you can just keep the card until you next go abroad.

What happens if I use my card in another currency?

Your travel currency card can be used in any country, most cards will have an additional charge if you use it in a different currency than that it was assigned for – this is usually a small percentage.