A Cost Insight To Currency Cards

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The online comparison website Cost.co.uk release information about Currency cards investigating the pros and cons of the new alternative to travel money.

The online comparison website

Anyone can qualify for these cards as there is no borrowing and therefore no credit checks

Online comparison website Cost is well known for constantly finding ways to help their customers across a wide spectrum of issues. The experts are always striving to provide their online users with the latest and greatest deals concerning all insurance, monetary, travel and utility needs. Cost also produces informative guides with impartial advice for their consumers. The latest information takes a look at currency cards- alternatives to traveller’s cheques, cash and using credit/debit cards when abroad on holiday.

Cost’s travel expert shares her opinion:

“Currency card awareness has increased in recent times but the amount of people who actually own one has hardly budged in the last year. This is strange because there are often more advantages than disadvantages to these cards. It is probably due to the lack of advertisement and information available regarding the scheme, which is why we produced currency card guidelines”.

  •     How They Work: The easiest way comparison of these cards is pay-as-you-go mobile phones. You preload your card with your desired currency (generally Dollas, Euros and Sterling) at a variety of outlets to use abroad for making payments or withdrawals at ATMs. These cards are widely accepted and you can even pay bills with them instead of posting cheques or setting up online accounts.

Advantages: The first benefit is that anyone can qualify for these cards as there is no borrowing and therefore no credit checks. The security of currency cards is perhaps the biggest advantage; as the cards are not linked to your bank account and are pin protected so you are much safer from card fraud and identity theft than debit/credit cards. So if you lose your card you will only have to worry about the money you lost that was on the card and nothing else.

Another big benefit is that once you have spent all of your money on these cards and your balance is zero, it stays this way- there’s no overdraft which helps budgeting your trip. An added bonus is the amount of outlets and methods available that you can put money on the cards. As well as the using the internet, you can load your cards with money at the Post Office, high-street banks and many retailers. This is most beneficial for parents whose children are on school trips or are travelling as they can load money onto the cards periodically using the internet instead of making a single transfer of a large sum.

  •     Disadvantages: The main disadvantage concerning currency cards is the range of hidden charges attached. Frequent charges include: application fees, monthly fees, top-up fees, transaction fees and UK/overseas ATM withdrawal fees. Some currency cardholders may also be charged inactivity fees if the card is not used for a certain period of time. Check the charge policy with the card companies before you sign up to one to make sure the benefits outweigh the drawbacks.

Another disadvantage to this scheme is that many cards do not offer protection from losses under Section 75 of the Consumer Credit Act. Check with the card company before you sign up to see whether you will be covered or not.

The Cost professionals are also passionate about keeping their consumers up to date with the latest news and developments in their industries.

Based in Essex, Cost is one of the UK’s leading price comparison sites. Allowing their online customers access to companies offering a range of insurance, financial and travel services, the firm specialise in providing a personal experience. Founded in 2012, the agency has a trusted reputation for sourcing the most ideal policies at affordable prices.

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Ben Austin
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