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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Travelex Launches Prepaid MasterCard

According to this article in BTN Online Travelex has launched a prepaid card in conjunction with MasterCard that will allow corporations to save money and enhance controls when traveling internationally.

Travelex's Corporate Cash Passport Tool is loaded with US dollars and is accepted at ATMs and vendors that accept MasterCard products globally. Corporations can use these cards to set spending limits and budgets for its employees. This card also eliminates costs associated with currency exchange fees by reducing the amount of money that will need to be exchanged. This card has already sparked interest in big corporations like Virgin Atlantic and British Airways just to name a few.

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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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Travelex Cash Passport

According to this article on PayBefore.com, on May 1, Travelex launched a new Master Card branded prepaid card. This card, Cash Passport, is geared specifically at travelers who are dealing with converting currencies. This card allows travelers to lock the exchange rate at the time that the card is loaded.

Launching at the beginning of this month, the card has already shown to be very successful, selling 46 cards on it’s launch day.

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