Travel Money cards provide the following benefits:
1. You can monitor the exchange rate and load foreign currency onto the card when you think the exchange rate is favourable. So you won’t need to worry about negative currency fluctuations.
2. The cards work like a debit card, but because they’re not linked to your bank account, you won’t have the risk of your bank account being hacked into should you lose your card.
3. Travel money cards take away some of the stress of travelling because you don’t have to carry multiple currencies around or worry about not having money when you get to a new country.
4. Having the money already on your card may help to reduce the transaction costs associated with exchanging money while you’re on the go.
5. You can reload the cards with more money if you need to, using BPAY or internet transfer – at the exchange rate you had when you first loaded the money.
6. You’re usually provided with a back-up card, or you can get a new card if you lose the card, and the balance from the original card is transferred over.
7. You can keep to your budget and reduce the risk of overspending because your spending money is set when you preload your card
8. Some travel money cards allow you to earn frequent flyer points, so you don’t even need to own a credit card.
9. The cards are handy if you don’t want another credit card, you have a bad credit history or haven’t been successful in applying for a credit card.
10. It’s more secure than using cash or travellers cheques.
11. If you don’t use all the money, the remaining amount can be refunded or used when you return to Australia.