Answers to Frequently Asked Questions

What are Travel Money Cards?

Travel money cards are a relatively new format for foreign currency in the UK, designed to help you take your travel money abroad safely while also offering some of the best foreign exchange rates available.

Travel money currency cards are typically in one currency denomination, usually dollars or Euros, which you load up with your selected currency before use. Your card can then be used in the same way as a UK debit or credit card at an ATM, online or in shops to provide a secure way of taking money abroad.

Travel money cards are advertised under a range of names: prepaid currency cards, travel currency cards or FX cards. These cards do not require a bank account or credit rating as they offer no credit facility, and can be also be used by people under 18. However, verification of identity is usually required, to prevent money laundering.

Why should I use a travel money card as opposed to buying currency before I go, or using my credit and debit cards?

If you want to buy Euros, or dollars, or any other denomination, travel money cards offer a number of advantages when compared to credit and debit cards and travellers cheques.

• Some of the best foreign exchange rates: Prepaid travel cards typically offer some of the best exchange rates, with the rate quoted when you buy Euros or dollars and load your card rather than the rate selected by the debit or credit card provider at the time of each transaction.
• Lower fees: Travel money cards do have a number of fees associated with their use, but typically point of sale / merchant transactions in your destination country will not incur an additional commission charge unlike credit and debit cards
• Security: Your foreign currency is also protected from theft and fraud unlike if you had bought Euros or dollars in cash, with a personal PIN, as well as replacement cards issued on request.

Also, as these cards are MasterCard or Visa, you can use them worldwide, so never need to be without foreign currency abroad.

Who uses travel money cards?

Anyone and everyone can use a travel money card to exchange currency. These cards are a secure way of taking foreign currency aboard whether you are a regular traveller, holiday maker, business traveller or student. At The Currency Exchange Site we recommend using these travel cards as they offer a safe, good value and easy way to spend money abroad

If I have bad credit can I still get a prepaid currency card?

Yes.As travel money cards are prepaid, you load your card with currency before use, and the cards do not have an overdraft facility so good credit is not a requirement.

Where can I use a travel money card?

When you have bought your travel money card, and loaded it up with foreign currency then the card can be used just like a normal credit or debit card, at locations accepting Visa or MasterCard (as applicable). You can also use the card to withdraw cash from ATMs, although this can incur additional fees.

What are the fees I should look out for, when buying a prepaid travel money card?

Fees vary by each provider, and you can see an overview of the different fees and currency rate comparison of different providers in our prepaid card product reviews.

The main fees to look out for when considering using a travel money currency card as opposed to buying currency such as Euros or dollars in the UK are:

• Card application fee
• Charge for loading or topping up the balance of foreign currency on your card
• ATM Withdrawal fee
• Replacement card charge, if the existing card is lost or stolen
• Foreign exchange conversion rate

If your purchase is for a one-off trip and you have no further need for your travel money, it is also worth checking whether there is a charge to convert your foreign currency back to British pounds, or an account termination fee.

The main advantage of a currency card, in addition to comparatively good exchange rates, is that you are generally not charged for point of sale (Pos) transactions as you would be with a bank card or credit card.

How do I load money onto my travel card?

Whether you need to buy dollars to top up your dollar card, or add Euros onto your Euro card, most prepaid cards offer a range of different methods for allowing you to load or top up the currency on your card. The most common methods for buying currency for your card are face-to-face, on the internet or over the phone, but it will vary by card. Some cards even allow you to top up your travel money via SMS.

When choosing a card, bear in mind that you may need to top up your foreign currency on the card when outside of the UK though.

How do I decide which currency card to use?

Everyone has different requirements for their travel money, with different priorities for card features such as currency exchange rates or ATM charges. It is best to consider how you are going to be using your travel money card to spend currency abroad, then you can use our product reviews, which will help you to see the different charges and fees available for each card to help you make the right choice for you, and explain the advantages of some of these cards in more detail.Click here to view our currency card comparisons table

What happens if use my currency card in another country, with a different currency?

Say if you buy a travel money card loaded with Euros, and then travel to Switzerland you can still use your prepaid travel money card to withdraw Swiss Francs. However, depending on which card you are using the fees applied to this will differ, typically you will be charged an FX Conversion fee for withdrawing the new currency but there may be other fees applied. The rates and fees will vary by card, so use our travel money currency card product review site to choose the best card for you.

Will there be a charge for withdrawing cash while abroad?

Some prepaid travel money cards will charge you for using an ATM to withdraw local currency, so it is worth reviewing the charges before you decide on a final currency card.

What if I still have money left on my card when I return to the UK?

If you still have foreign currency left on your card, there are a number of options open to you:

• Spend the excess amount in your home country, where you may be charged a FX conversion rate at each transaction.
• Keep your travel money card until you next travel abroad, and require further foreign currency, saving the hassle of further currency conversion.
• Withdraw the remaining currency off the travel money card, usually for a small fee. This currency will then be converted back to pounds.

To compare these fees for different travel money cards, please see our product review section.

What happens if I lose my card or it gets stolen?

One of the advantages of prepaid currency cards are that they are safer than buying foreign currency in the UK and taking the cash abroad. When you realise your card is lost or stolen, inform your prepaid currency card provider and typically they will be able to provide you with a replacement card, allowing you to re-access your funds. The use of CHIP and PIN on these cards also helps to keep them more secure if stolen or lost.

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