What are prepaid FX currency cards?

Prepaid Currency cards or travel money cards are a relatively new idea in the UK. These Prepaid Currency cards are a great alternative to traveller's cheques and far safer than carrying lots of cash around on holiday with you. They operate similarly to how you would use a  normal debit card but because they are pre-loaded you will not  need a bank account to be able to use one and no credit checks will be performed but under UK money laundering laws an online identity check will be performed. The Euros or Dollars are pre-loaded on to the card before you leave the UK and it can then be used to withdraw cash or make payments overseas if you do want to top up your prepaid currency card while you are abroad you can do so with a debit card online or over the phone. One of the big advantages they have is that you will not be charged a foreign useage load fee which is normally applied to a debit card and this can save as much as 2.75% to the transaction cost plus the ATM fee abroad can be as much as £1.50. James Hickman, sales and marketing director of Caxton FX, says pre-paid currency cards can also be a good way to budget on holiday. 'You can load your Caxton FX prepaid curreny card up with exactly the amount you want to spend so you are not tempted to overspend as you might be with a debit or credit card.' This makes the cards a good option for young people travelling abroad as parents can top up the cards with currency as and when required. If you lose your card while you are away, it is Pin-protected in the same way as an ordinary debit or credit card. When you report it lost or stolen it will be blocked and the balance can be transferred to a new card. Most providers will be able to send you a replacement card.

FX CURRENCY CARD

Caxton fx offers a choice of 3 currency cards. These are the Euro Card, The Dollar card and The Global Traveller card. The first two cards are designed for use in Europe and the USA while the Global Traveller card is for those travelling outside the Euro or USD zones. The caxton cards are valid for 2 years and they will send out a replacement before the expiry date so that you can transfer any funds remaining on it to the new card. The rates offered by caxton fx are competitive and can be found on their website and as of 20.08.2009 caxton were offering better rates than the post office, travelex,m & s and lloyd to name a few. The caxton prepaid currency card can work out 10% cheaper than using a debit or credit card abroad and because they are chip and pin protected they offer greater security than cash plus you can receice your card within days of your application. To apply for one of the caxtonfx currency cards takes about 2 minutes online and then you will need to send them a copy of your passport and a utility bill to confirm your identity so that they can process your application. Some of the features of the caxton cards if used abroad are No charge for card purchases No monthly or annual charges No purchase transaction fees No ATM cash withdrawal fees No charge for loading the currency No charges for checking the balance on your caxtonfx prepaid currency card  Currently Caxton are offering the currency cards for free when you load £10's worth of currency onto the card.