Thanks to the hassle that is involved with trying to cash travelers cheques and the huge fees that are involved with exchanging your homeland currency for currency in other places of the world, more people are searching for reasonable alternatives to getting local currency while on holiday or while taking a business trip. Most people do their research and ultimately decide to buy travel money online.
The ability to buy travel money online is something that is catching on with waves of travelers, though it is not necessarily a brand new idea. This option has been available for awhile, but as more people become comfortable making online transactions and giving their private and financial information through websites, there are more people who are also comfortable enough to buy travel money online.
Why Buy Travel Money Online?
The primary reason that anyone would want to buy travel money online is obviously to save cash, especially if you decide to purchase a reloadable prepaid credit card. The following steps should be taken if you want to purchase your prepaid travel money card online:
1) Do some research to find the lowest currency exchange rate and as few fees possible.
2) Purchase your travel card with a substantial amount of money on the card.
3) Use the card while on holiday or throughout the course of your trip.
How to Purchase Prepaid Travel Cards
This first step is extremely important, though it is the first thing ignored by many people whether they buy travel money online or offline. Many people just take it as a given that they are going to have to pay some fees and a high exchange rate when they are buying holiday cash. What they don't realize is that they can save a substantial amount of cash just by going online and doing a bit of research prior to purchasing their travel money.
If you aren't totally convinced that a prepaid travel money card is the way to go, see what kind of exchange rates you can get through several different card options and compare to the fees and exchange rates being offered through banks. You will see quickly that the travel card is definitely the way to go, even if it's only due to the increased security of having a card which can be replaced with all your money intact in the event it is stolen or lost!
Locking in the Savings
Once you find a prepaid travel card that will give you a competitive exchange rate, go ahead and buy travel money online on that card. You want to put a substantial portion of your travel money on the card since you are locking in that exchange rate at the time you place the money on the card. That means they can't raise the exchange rate on you later on, which is what will likely happen if you run out of money and need to exchange money while on vacation or a trip in another country.
If you put enough money on your prepaid card and use it as often as possible while on your trip you will eliminate the problem of trying to exchange money at a foreign bank. You will also avoid the super high fees that come with using your regular credit and debit cards while out of the country. Finally, you avoid the fees that come with withdrawing money directly from a bank ATM while away from home.
Friday 09 April 2010, 03:45pm
Most everybody realizes that it is not a smart idea to travel with loads of cash in your pocket. If someone should happen to steal it or you end up dropping it somewhere, tough luck. There is absolutely no way to get your money back, as nobody is going to replace it for you.
Traveller's cheques' days are numbered
That is originally why things like traveller’s cheques took off, as they offered greater security compared to cash. If you lost your traveller’s cheques or had them stolen, you simply made a phone call and they were quickly replaced. But just like regular cheques, traveller’s cheques are rapidly being replaced by plastic cards that are both secure and convenient to use. One such card you can get is a travel MasterCard.
Prepaid currency cards are the new travel money solution
Now you may be asking why should you use a travel MasterCard when you already have a credit card sitting right there in your hands. One reason is credit cards will charge you interest on any and all purchases you make while traveling. And with interest rates climbing the way they are these days, that accumulated interest will start to add up really fast. Another reason people would rather use a prepaid card instead of their usual credit card is so that they can control their spending. A credit card will allow you to spend as much as you want until you reach the spending limit, which usually totals in the thousands of dollars for most people. With a prepaid card, you put money on the card first and then that is the total amount you have to work with.
MasterCards give you added security and peace of mind
With a prepaid MasterCard, since the card is issued by MasterCard, the most widely accepted card company there is, you should have no problem finding businesses that will accept your card. Some people may prefer to use their debit card from their own bank account, and while that certainly works too, you want to be careful in doing that.
If someone should happen to steal your prepaid card, you will only have lost the amount you put on the card to start with. With a debit card, the thief will be able to clean out your entire bank account. Now, obviously you can report either card stolen and will eventually get all of your money back, but in the meantime, having an entire bank account wiped out could cause problems, like accruing many late fees until the matter is resolved. A prepaid travel MasterCard also offers added security over credit and debit cards, in that you need a PIN number in order to use it.
Apply for the FairFX currency card today, and see how much you could save on your next trip.
Friday 05 March 2010, 01:53pm
Using prepaid travel money is quickly taking over as the preferred way for people to pay for things when travelling overseas.
Not that long ago, the preferred method was to use traveller’s cheques. But just like regular everyday cheques are being rapidly replaced by debit and credit cards, traveller’s cheques are being tossed aside in favor of plastic cards as well. Of course people can always still carry cash, but that is never recommended, as it will not be replaced if it stolen. Every payment option has its own pros and cons, and prepaid cards are no exception. But here are some reasons why more and more travelers are flocking to them.
If you get a prepaid travel money card from MasterCard or Visa, the most widely accepted cards in existence, then you should have no trouble finding merchants that will accept your prepaid card. The way the card works is quite simple. Once you sign up for one, you put in the amount you want put onto the card and the money is taken from a credit card or bank account. The card is then shipped out to you and is ready to use from day 1 as soon as you activate. There are some fees involved when putting money on the card and when you activate the card, but there are fees associated with all of the other methods of currency conversion as well.
If you should happen to run out of money while travelling, as long as you can access a computer or phone, you can have more put on the card no matter you are in the world. Another reason people like prepaid travel money cards better than credit cards is the fact that they control how much they are spending. If your budget is limited and you only want to spend a certain amount, just put that amount on the card and you won’t end up spending more than you wanted to. With credit cards, you likely have a spending limit worth thousands of dollars. You can continue to spend even if you realize you need to stop. Plus, unless you are going to pay the card off in full that month, the amount of interest accumulated across all of your traveling purchases add up very fast.
A prepaid travel money card also is very secure, offering greater security than cash, traveller’s cheques and even credit cards. You will have a unique PIN number given to you and the prepaid card cannot be used without it.
Thursday 04 March 2010, 01:57pm
When traveling overseas and visiting a foreign country, you obviously will not be able to use the same money you use every day in your own country. You will have to use some other method of paying for things while you are travelling.
You can take cash with you and simply convert it to the local currency, but that is not very safe, as it won’t be replaced should it get stolen. You can use credit cards which are safer and more secure than cash, as well as convenient and easy to carry. But some may have bad credit and can’t get a credit card, and if they can, the interest rate added up on all purchases made while travelling will be pretty high in the end. Another option is to get a pre paid MasterCard.
A pre paid MasterCard is rapidly becoming the preferred choice for currency among overseas travellers. Things like traveller’s checks are seen these days as a relic or antique just as regular checks are being replaced by credit and debit cards. Using this type of very simple, as all you have to do is put money on it and it will be sent right out to you. Once you get the card, you can use it anywhere in the world, just as you would a regular credit or debit card. Any business that takes MasterCard, which is the most widely accepted card, by the way, will accept this card.
You can use your pre paid MasterCard two different ways. You can use it like an ATM card and get cash out of a machine, with the amount subtracted from the total you first put on the card. You can also use it just like a credit card, swiping it at the time of purchase, with the total spent being subtracted from the amount on your card. So why should you use a pre paid card instead of just using a credit or debit card? For starters, some people may not have a credit card or may have bad credit, meaning their spending limit is very low. Others may not have a bank account so they can’t use a debit or ATM card.
FarFX's pre paid cards have no top up fees, no transaction fees and one of the best exchange rates around. Get your travel money card today to start saving money on your next trip.
Tuesday 02 March 2010, 09:32am
When you go on vacation, especially if you’re traveling overseas, it is never a good idea to carry cash with you, as it is not very safe. Should you happen to drop it or if someone were to rob you, you are just out of luck, as there is no way to get it replaced.
Traveller's cheques: how long will they last?
This is why things like traveller’s cheques became the chosen way most people would pay for things when they traveled. But traveller’s cheques have been replaced by the use of plastic cards, which are not only easier to carry, but also quicker to use and are more convenient, as well. Rather than use a credit or debit card you already have, you might think about using a prepaid travel money card.
Using credit cards abroad could clear out your cash
A prepaid travel money card is like a credit or debit card but it offers some advantages. For one thing, credit cards are going to pack on additional interest for anything you buy. Unless you are planning to pay your travel expenses in the full that same month, those interest charges are going to pile on really fast. With a prepaid card, there is no interest. The companies that offer these types of cards make their money from fees that are charged when you add money to it and when it’s activated. But there are going to fees with whatever method you choose, even if you exchange cash for a foreign currency, there are likely fees involved there as well.
Prepaid cards are the best way to spend money abroad
Also, with a credit card, the amount you can spend is only limited by your total credit limit on the card. This will usually allow people to spend way more than they intended to spend. With a prepaid travel money card, you are limited to the amount you put on the card to begin with. Only want to spend $1,000? Then just put $1,000 on the card and you can’t go over that unless you add more to it later.
With a debit card, you are also limited to just the money you have in the bank and cannot overspend, using money you don’t have, like you can with a credit card. The reason using a prepaid travel money card is better than a debit card is because if your debit card is stolen, a thief can easily clean out your entire bank account, rather than just the amount you put on the prepaid card. While you can report the theft and will eventually get that money back, you will likely rack up a ton of late fees on bills you can’t pay yet.
The FairFX card also has amazing exchange rates, and no hidden fees. Apply today, ready for your next trip.
Friday 26 February 2010, 12:19pm
Taking a trip abroad is an exciting experience. You get to experience new cultures, new types of food and you're going to meet many interesting people. Traveling to other countries, however, takes lots of planning. Part of this planning involves what to do as far as money is concerned. It's not a good idea to take Sterling on your trip. You wouldn't want to get into a situation where a shop owner or other proprietor won't accept your cash. That's why you should look into foreign exchange so that you can convert your money to suit the country you'll be visiting.
Finding Exchange Locations
You should be able to find foreign exchange facilities near where you live, or you can speak to your bank. It's best to do your homework first so that you know what the exchange rate is for the country you'll be traveling to. This way, you'll know that you're being treated fairly and are receiving the exact amount of foreign money for the dollars you plan to trade. There are many places to do a foreign exchange and these places deal with most forms of currency, so you shouldn't have trouble finding the money you need.
Worst Case Scenario
The reason you want to exchange your money is so that you know your money will be accepted everywhere. So you exchange every dollar you have for this new currency and you're ready to take your vacation. However, the moment you get there you are robbed of every dime you have. Now you're broke and in a foreign country. What are you supposed to do now? Instead of trading all your American Dollars at a foreign exchange location, maybe you should have thought about getting a travel money card.
Travel Money
Travel money cards are used just like credit cards. The difference is they are used all over the world. That means you won't have to worry about trading your money at a foreign exchange facility; you'll have all the currencies on your travel money card. The best part about the travel money card is that if it is every stolen, you can report it so. The travel money card company will then investigate the theft and will get you back on track so that you can enjoy your vacation without worrying about not having enough money to do so. These cards are the best way to go no matter where you're going and they should be part of your planning whenever you schedule a vacation abroad.
Thursday 25 February 2010, 01:35pm
