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.
Advantages of Euro Currency Cards
There are numerous reasons why one ought to use a Euro Prepaid Card when travelling across Europe.
- Excellent exchange rates means that you have more Euro’s to spend than you would if you exchanged currency at the airport.
- Most Euro Prepaid cards have zero point of sale or retail transaction fees when used in the Euro Currency zone. Hence, when you spend €5,00 abroad, you are charged only €5,00 and no more for that purchase.
- The Euro Prepaid card is not linked to your bank account which means that if you are unfortunately defrauded abroad, your exposure is limited to the funds on your card and your bank account is protected.
These obvious benefits of Prepaid cards are quickly making them the most popular choice for Brits looking to travel across Europe.
Find out more about the Euro, Dollar and Sterling Prepaid Cards and the growing popularity of prepaid currency cards at Prepaid365.