Advantages of a travel money credit card? Plus Expert Foreign Exchange Services for Corporations.
We have examined such topics as money transfer options, and today I would like to focus on FX credit Cards. Just what is this and what can it do for you and I? Is it safe and will I save cash in the use of this? To start off with, let us examine the main features. It looks like a credit card - it has aspects such as the magnetic strip, the long card number, the Chip and PIN function and it even bears your name on the front. Additionally, it will also carry the emblem of one of the main credit card providers eg Mastercard. But while a normal credit card will give the customer availability to a line of credit, and while a debit card will allow for a lending facility, the fx card will only give the user the allowance to spend what he or she has topped up onto the card. So, in essence: it is a “pre-pay” card, where the user “loads” their own money on to the card, and can then spend this. Once the funds are used up, it is up to the holder to re-load the card.
However hold your horses - what’s the point of that? Most have a credit card. Why should I get an fx card and just load it with my funds? Well there is something important to travel money cards - and that is their specific advantages. To begin with, it is in the name - fx - which we know means foreign currency exchange. The rate of exchange you have access to on an fx card is significantly greater to the one you will have on your regular plastic. Every time you go to buy something in a foreign country, you are being charged a “purchase fee” - and then add to that the ATM fee. All these may be charged to your fx card as well - but they will be much better value for money. They will be designed to suit a traveller who is on a trip and needs to use funds in the best way. Many of us have been overseas and withdrawn money using our regular cards. There will be a fee which cuts out a chunk of your money, and then the exchange rate will be disadvantageous. On an fx card, you’ll save more money.
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