Spiky Cact.us

Should I order a fx preload card

Posted March 27th, 2009 by Spike

 We have examined such subjects as money transfer channels, and today I would like to focus on the fx card.  Just what is this and what can it do for you and I?  Is it trustworthy and will I save cash in the use of this?  To start off with, let us concentrate on the main features.  It looks like a credit card – it has similar features such as the magnetic strip, the long card number, the Chip and PIN function and it even bears your name on the front.  Finally, it will also carry the brand of one of the main credit card providers eg Visa.  But while a standard credit card will give the user access to a line of credit, and while a debit card will allow for a overdraft facility, the fx card will only give the user the allowance to spend what he or she has loaded onto the card.  So, in essence: it is a “pre-pay” card, where the user “loads” their own funds on to the card, and can then spend this.  Once the cash is used up, it is up to the holder to put new funds onto the card. 

But wait a second – what’s the point of that?  Most have a credit card.  Why should I get an fx card and just load it with my funds?  Well there is something important to fx cards – and that is their unique benefits.  To begin with, it is in the name – fx – which we know means foreign exchange.  The rate of exchange you have availability to on an fx card is significantly greater to the one you will have on your usual payment card.  Every time you go to make a purchase in a foreign country, you are being charged a commission – and then add to that the ATM fee.  All these may be applicable to your fx card as well – but they will be much more attractive.  They will be tailored to suit an individual who is on a trip and needs to use funds in the cheapest way.  Many of us have been overseas and withdrawn money using our standard cards.  There will be a cost which cuts out a section of your money, and then the forex rate will negative.  On an fx card, you’ll save some funds.

Additionally there are other ways of conducting currency exchange – you can carry it out in the state you are visiting by going to a bureau de change – but again you may find the exchange rate is poor in comparison.  You can also buy travellers cheques – but increasingly fewer countries give exchange services on these, and the exchange rates can also be a negative.  Not only that, but travellers cheques are annoying!  An fx card is small, fits into your wallet and you can have it replaced if you lose it or it becomes stolen.  The company will also be able to see what you have spent, so any unspent cash left on the card will be returned. 

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