Monthly Archives: October 2011

The growing popularity of Prepaid Euro cards is unsurprising given the benefits that currency cards provide. One of the main reasons for the growing use of Euro prepaid cards is down to the increase in card theft and fraud abroad which is being driven higher with the recession across global economies which has raised fraud levels around the world and Brits on European holidays find themselves an attractive target for fraudsters. APACS figures indicate that in 2009, overseas fraud cost Brits £122.7m in card fraud losses. It is also unsurprising that with Spain and France being popular holiday destinations, they also represent destinations with high card fraud loss statistics.

Euro Prepaid Cards have various other benefits in addition to representing one of the most popular methods of minimising your exposure to fraud abroad.

What are Euro Prepaid Cards

Prepaid Euro Cards are prepaid cards on which the transactional currency is in Euros. Similar to all prepaid credit cards, these prepaid cards need to be loaded with funds prior to those funds being available for spend. The funds on the card are stored in Euro currency. This effectively means that when British consumers load their prepaid card with sterling currency, it is converted into Euros at the existing exchange rate and stored on the card in Euros and the cards have a Euro Balance.
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Travel Money Cards are fast becoming the most popular way of carrying holiday money safely and securely whilst providing all the benefits that one would expect from using money on a plastic card. However, even though prepaid cards are excellent for travel abroad, there are a few things that you should be aware of when using prepaid travel money cards abroad.

1. Choose the Currency Card that suits your needs – Some prepaid currency cards come with free ATM and others have a better exchange rates. Choose the currency card which suits your needs best. Free ATM is useful if you are going on a long trip but on a short trip, you may actually be better off with a travel money card which gives you a better FX rate.
2. Load your card when you get the best FX Rate – Currency rates fluctuate daily. You should load your currency card when the rate suits you best to make sure you get the maximum spend money for your travels at the best exchange rate.
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As Brits grow more adventurous and travel beyond the America’s and Europe, the market for Sterling prepaid cards has also started growing in popularity as well. Sterling currency cards are prepaid currency cards on which the main transactional currency is GBP Sterling.

UK Currency cards are generally available in Euro, Dollar and Sterling although some providers now provide travel money cards in South African Rand and Australian Dollars as well. It is usually ideal to purchase a travel card in the currency of your travel destination but if you are unable to find a card that matches your travel destinations transactional currency, it is best to get a sterling prepaid currency card.
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The face of the money transfer market is rapidly evolving. Traditional channels are being quickly replaced by quicker, cheaper and more efficient channels which are revolutionising the way we send money elsewhere in the world today.

No longer do customers have to spend on expensive wire transfer and get short changed on currency conversions when transferring money outside the United Kingdom.  This is possible with Money Transfer Cards.  These money transfer cards are essentially prepaid credit cards that you can purchase and provide you with great alternatives to wire transfer and other models of money transfers.  The simplicity of the entire process of sending money is so convenient for everyone who needs to send money to anyone across the globe.  If you have family members travelling overseas or living overseas, using such Money Transfer cards makes it extremely easy for you to share travel money or remit money to them as additional funds for their everyday use.
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Currency cards are fast replacing foreign currency and Travellers cheques as the preferred way of taking money on holiday abroad and these currency cards are spending money on your holiday safely and securely especially when you are abroad.  In fact, research in 2010 suggested that prepaid currency cards are outselling traveller cheques by 70 to 1 and a 50% decline in the number of travellers cheques used by Brits the year before.

Mintel market research further suggests that the UK market for Traveller’s cheques has been in decline for a number of years now even though the overall market for travel has increased. There are numerous obvious reasons why prepaid currency cards are growing in popularity but some of the key benefits of these prepaid currency cards are listed below
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The efficient management of business expenses is one of the challenges which most corporate and small businesses face in the global marketplace. Business travel is one of those business expenses which can be quite costly if not managed properly.  This is even more important in the current economic climate where each expense needs to be scrutinised even more carefully whether they are the travel expenses of Members of Parliament or the business professional working on Fleet street.

This is where business prepaid cards are playing a major part as organisations turn to corporate expense cards and business travel cards with an ever growing number of organisations issuing such prepaid cards to their employees as expense cards, per diem cards and travel cards to be used in a number of situations such as making business purchases, business expense payments and managing travel costs within the UK and abroad.
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