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If you have been abroad in the last year and have needed to buy foreign currency you may have noticed the launch of a new type of card for use on your travels or holiday. So what are travel money cards? Travel money cards, also know as travel FX cards or cash passports, are a prepaid card which is loaded up with a specified currency and are used as a normal credit card abroad for purchases, in an ATM and so on.

The advantage of the card is that there are no extortionate fees travellers often face in traditional Bureaux de Changes or when using the card - there is no usage fee and you will even incur a lower fee when withdrawing money at a cashpoint. Most importantly you will get an exceptional exchange rate - much better than at normal banks. The rate is also set when you buy the card (or reload it with cash - the cards can be topped up) - so you are not subject to the fluctuations of the foreign exchange markets. The Travel cards can also be used in any country, though there will most likely be a small foreign exchange conversion rate if the card currency is different from the county’s home currency. Cards suppliers include FairFx, Caxton FX, Travelex and even Tesco. At present the cards are available in US Dollar, Euro and UK Pounds Sterling. Buy your card online and start saving abroad and stop carrying all that heavy cash!