If you plan to travel this year, you want to be prepared by carrying the right type of currency. As soon as you get off the plane, you will be spending your holiday money on a cup of coffee or a taxi ride.
You can carry cash with you and convert it when you arrive in the new country, but you won't be able to buy anything or do anything until you stand in line to convert. Carrying cash is dangerous, and it is easy to lose or become stolen when you reach in your pocket for a couple of dollars to buy a cup of coffee. You should also keep in mind that there are fees charged to change travel money.
Prepaid Debit Cards
It's becoming the safest way to travel with money. Losing money is horrible and leaves you with limited options, especially if you don't have a lot of money to begin with. When you send money to a prepaid debit card to Europe, you will pay with U.S. money. Then when you are in Europe and purchasing something, it will automatically pay for it in Euro. The same thing goes in other countries as well. In England it will be pounds instead or euro. In Denmark and Sweden, it will be Kroner instead of euro. In Bulgaria, it will be Lev instead of euro.
A prepaid debit card is accepted anywhere a debit card is accepted. You can also use them at ATM locations all around the world. When you use a prepaid debit card, you can transfer large sums of money without it costing you a lot. The fees that are charged for large transfers are affordable.
Transferring frequently
If you have friends or family that are located in another country, it may be up to you to send them money. In the past, you would need to send money using Western Union. This would not only cost you a lot of money but it would require that you find a location to send them money from. Some prepaid cards are reloadable, so you can send money on a regular time schedule.
Avoid the unexpected
Before you make your initial deposit in a prepaid card, you want to make sure that you are aware of all the fees that will be charged to your card once it is activated. Although the fees may be small, there may be several small fees, which can add up to a lot of money. Some cards charge more than others and this is what you need to watch out for. Everyone who travels has their own horror story of how they lost their cash or couldn't find a place to change travel money. Having a prepaid debit card will ensure that you will have money when you need it the most.
Enjoy your vacation and don't worry about the money. You have other things to see and do.
Thursday 25 March 2010, 09:50am
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