Prepaid Cards Offers the Best Deal in Foreign Currency

This latest post on compareandsave.com discusses how many Britons are failing to realize that they will save more money purchasing foreign currency if they use prepaid credit cards, according to FairFx. Stephen Heath, FairFx's CEO, mentions "Will 2009 be the year that travellers wake up to the savings they can make by using a prepaid card for all their holiday spending?" Do you think we will see more and more Britons use prepaid cards for their foreign currency purchases?

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Currency cards reports

An interesting report at Easier.com states that men are 4 times as likely as women to have foreign currency arranged ahead of time before business trips than women. With all the instability in the current world markets, it's beneficial for companies to send their employees to other countries with pre-loaded cards.


Jonathan Bennett, Head of Corporate, Travelex says:

“Travelling abroad is often a necessary and can be an expensive investment for business today. Purchasing foreign exchange or loading a prepaid currency card in advance means businesses can exercise better control of their cash flow, lock-in better rates and avoid being vulnerable to hefty ATM or overseas usage charges. However, our research shows that many do not have a robust foreign exchange system in place.

Recently exchange rates have fluctuated wildly that makes companies more vulnerable to paying substantially more due to the time it takes for expenses to be submitted and paid. For many businesses this means losing a significant amount of money – particularly if they are processing a high volume of expenses.

Business travel solutions such as a Corporate Cash Passport card that locks in a rate or ordering foreign exchange in advance help to manage these costs, saving businesses time and money – particularly pertinent in the current economic climate. We would urge businesses that don’t have an effective foreign exchange system in place to speak to a specialist with the knowledge and ability to meet their business needs for an overseas business travel solution.”

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