Much Better Holiday Money Rates: Go With A Prepaid Currency Card

Cash, travelers checks and debit or credit cards are not the best ways to save on travel money rates. Cash exchange rates are better than traveler checks but not as good for a credit card. It is convenient to use, except for getting change in a different currency, but it has risks. If cash is lost or stolen during travel you have lost the full value of it. That could be the end of your trip. You will still need a small amount of cash but you need not try fund you entire trip with it.
You are able to get good exchange rates on credit and debit cards. These used to be a great alternative to cash. Banks are now levying fees for overseas use and foreign currency use. There are additional fees for using the ATM while traveling as well. If your debit card is lost or stolen there is a long process, sometimes taking more than a month, to get the money restored to your bank account. In some cases the entire amount is never returned. With credit cards there are finance fees and you are more likely to spend more than you intended to.
The use of travelers checks has been recommended often because they are safer than cash and there are no fees involved in using them. The only disadvantage is that the exchange rates are not as good as those for cash or credit or debit cards. There are still places that will not accept them as well.
There is a better option above all the others. The pre paid currency card. The exchange rates are better than with cash or travelers checks. They are issued through MasterCard or Visa and can be used wherever these are accepted. The card is available in most currencies and there are card specifically for the euro and US dollar.
The savings on exchange rates is just one advantage. They are not credit cards and therefore cannot incur finance fees. You have the ability to purchase the currency ahead of time and lock in good rates. It is a good way to budget your trip by loading it only with the amount you want to use. There is usually a minimum amount necessary to get the card. If there are emergency funds needed you can add them with a phone call or through the Internet. You can even have someone at home load the card for you.
There is a minimal application fee for the card but there is no credit check as it is not a credit card. It can be used at the ATM if cash is necessary. Most companies do offer to replace your card within 24 hours if it is lost or stolen. Some offer theft protection as well. One advantage is if this card is stolen there is no access to your bank account. Make sure you look at the rates on travel currency before you go, and you should be fine.
The convenience and savings of using a pre paid currency card make it ideal for travel. The amount saved on travel money rates is just one reason to use it. Rates and fees can vary greatly from one company to the next so make sure you read everything before making a decision about which one is best for you.