The prepaid Visa travel card is one of the newest finance tools available for travellers. Called TravelMoney, the card is basically a loadable debit card specifically made for travellers. The Visa name lends credence to the card, to help ensure it is accepted at by as many merchants as possible, unlike many standard preloaded debit cards that are often brands unrecognized in foreign countries. The prepaid Visa travel card is a great alternative to increasingly difficult to cash travellers cheques.
For the budget conscious traveller, this card is a great alternative to a standard credit card. Often it is difficult to know how much has been charged on a credit card, particularly if foreign transactions are involved, until your statements arrive well after the trip is over. The beauty of the prepaid travel card is that you can decide your budget in advance and load the card accordingly. This will help keep your discipline in spending when on vacation.
If you should require more money, however, it is easy to load the card. All you need to do is call the card centre, and load funds on using your bank account or credit card. The card allows anywhere from $250 to $10,000 to be deposited into it, giving maximum flexibility for travellers. Imagine having to carry that much in travellers cheques!
Checking on your balance is also simply a matter of calling in, or using the internet, to see how much you have left on the card. Transactions are all in real time, so that there are no sudden charges that show up later, which can happen with a credit card.
Besides convenience, one of the real advantages of this card is that it is easily replaced if lost or stolen. However, it is imperative that the number of the card be recorded somewhere, so that it is just a matter of calling it in, to have a replacement card issued and the missing card blocked. The card is not connected to your bank account, so in the event it is stolen, only the funds on the card are at risk. It is not possible for someone to drain your bank account, or rack up massive charges, unless you have a large balance on the card. But Visa also protects you, with its anti-fraud service that protects your balance.
For those times you must use cash, the prepaid Visa travel card can be used at any ATM to withdraw funds in the local currency. This is a real convenience, saving you the trouble of lining up at the local bank, or paying the high charges of hotel currency exchanges.
The cost of the card is quite reasonable compared to travellers cheques. The standard cost is $9.95, and some bank institutions sell them for $7.95 to customers. However, there are a number of fees associated with the card that can really add up. For instance, re-loading the card carries a $2.50 charge and a three-time limit before you would need a new card. All foreign transactions are subject to a 3% charge, ATM withdrawal fees are $2.00, statements cost $3.00, and there is 'dormant account' fee of $2.50 if you don't use the card for six months. If it is used smartly, however, the prepaid travel card can save overall, since travellers cheques generally charge based on the amount you are converting to cheques.
The prepaid Visa travel card is a great option for travellers. Safer than carrying a credit card, and more convenient and widely accepted than travellers cheques, this is the new evolution in carrying cash on your travels.
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