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3 Prepaid Travel Card Facts You Need To Know
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Travelling around the world will offer you plenty of benefits. For one, you get to explore and experience new places. You also have plenty of opportunities to meet new people as well as make priceless memories.
However, while you may be able to plan your dream trip, there remains the fact that you need to pay the substantial amount on your dream trip. This is where the travel card plays an important role. With this prepaid card, you can load the required funds on the card and use it for all your financial requirements before and during the trip.
But before you apply for any of the travel cards, here are a few facts you need to know:
Funds on your cardare safe even if the lending institute shuts down: Plenty of banks and financial institutes offer prepaid travel cards to their consumers. In the event the financial lender who provided you with the card shuts down, you need not worry. When you load cash onto your prepaid card, your funds will go into a ring-fenced account. It will be separated from the prepaid card provider’s account. However, it is best that you keep this card only for emergency expenditures or immediate cash spendings rather than a place to store heaps of it.
You must report your card if it’s lost or stolen: Anytime you use your card, you risk losing it or getting it stolen. In the occasion is does, it is best to report it to the lender, who will take immediate steps to block the card. In this way, you will not lose out on any funds. However, you will need to apply and pay for a replacement travel card as soon as possible. Ensure that your prepaid card is contactable. If it’s stolen and used for small fraudulent transactions, then it the concerned lender will be able to track it. Additionally, it is worth alerting the local security service if there’s been a theft. This will help you recover or claim any losses on your travel insurance, as you can provide the incident number.
Providers tend to charge their own exchange rate: Unlike specialists credit cards such as Mastercard’s or Visa’s which have fixed exchange rates, others may not have the same system. In other words, anytime you use a travel card provided by a private institute, you may be charged for an exchange rate that is higher than the base rate. The typical rates used as in the exchange rate for such institutes will normally be between 1 to 2.5%. The best way to get the best out of the exchange rate is to make a comparison between the spot rate and the prepaid card’s own rates. Using this, along with the other additional charges, you can work out the best rates that will suit you even when you are abroad.
Neha Sharma is a finance student who loves to write in her free time. She has considerable experience such as travel cards and more. In this article, she talks about the facts regarding the travel card and how you can benefit from the information.
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