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
- Low Cost – These cards help you avoid the high fees linked to the usage of traditional charges associated with using bank issued debit or credit cards overseas
- Safety and Security – The cards are Chip and PIN cards which provide enhanced security and protection against loss, theft and fraud as these cards are usually not linked to your bank account.
- Replacement or Additional Cards – A number of currency card providers provide additional or replacement cards which can be extremely useful if you lose your original currency card.
- Brilliant for Budgeting – With a currency card, you can only spend up to the value of funds that you have on your card which means no overspending and no surprises on your card statement when you return home.
- Complete flexibility and Accessibility – Your prepaid currency card gives you complete flexibility and you can use your card anywhere in the world online, instore and over the phone wherever you see your card acceptance mark.
- Unbeatable Exchange Rates – Exchange rates available on prepaid currency cards are much better than what you would get at the airport or on the high street. This means that you get more spend money for your travels.
One of the main reasons for the growth of Prepaid Currency Cards is undoubtedly down to the worldwide growth of ATM networks and greater card acceptance in countries around the world where it is easier to find an ATM machine but almost impossible to encash traveller cheques
Find out more about how prepaid credit cards are overcoming some of the drawbacks of traveller cheques at Prepaid365.