Great Online Exchange Rates Through Prepaid Cards

This article on Birghingham Post discusses that online exchange rates for 'Brits' might be at an all time best especially if they are thinking about traveling. Brits that are coming to America should take advantage of great rates which can approach $1.80 to the pound by Christmas. FairFx, a prepaid MasterCard that is available in euros and dollars currently has an exchange rate of $1.67 to the pound. Consumers should be able to lock a great rate through prepaid cards when exchange rates are to their favor. We should be seeing a lot more people taking advantage of these rates by the end of the year.

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Prepaid Card Fees are Being Dropped

This article in This is Money highlights that many prepaid cards are becoming cheaper to use, followed by Caxton FX's recent removal of their cash withdrawal fee.

While other companies have not yet removed their cash withdrawal fees, many have lowered the rate. The cheapest prepaid cards after Caxton FX comes from Barclays, FairFX, Lloyds TSB, the Post Office, Ice, Thomas Cook and Travelex. It will be interesting to see how this will progress over the next couple of years.

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Prepaid Cards Help Reduce Costs when Spending Abroad

This article on MoneyHighStreet.com gives a warning to consumers who will be using debit and cards out of the country this Easter break. The article highlights how debit cards carry transaction fees and even foreign exchange conversion fees, which can be pricey.

An alternative to this is using prepaid currency cards. Compared to debit and credit cards, it can help you save on overseas transaction fees. Some cards that are offered now include: Caxton FX, FairFX, Travelex, Lloyds TSB, Indigo Traveller and ICE Traveller.

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Tips on How to Beat the Flunctuating Pound with Prepaid Cards

The pound which has plummeted against all major currencies this past year has added extra costs incurred by UK business travelers. According to this article on TimesOnline, the best way to cope with this dilemma is by loading prepaid debit cards with dollars or euros when the exchange rate is favorable. Some of the better known prepaid cards that are supplied by the exchange companies are Caxton FX and FairFX.

Mark Bodega, marketing director of HiFX offers this advice before shopping for a prepaid card,“It is worth shopping around before deciding on a prepaid card. Some levy a fee every time you spend, either a percentage of the amount or a flat fee per transaction. If you make a high number of small purchases, go for a percentage fee; for fewer but higher-value purchases go for a set fee.”

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