We have discussed such topics as money transfer possibilities, and today I would like to think about the fx card.  Just what is this and what can it do for customers?  Is it secure and will I save pounds in the use of this?  To begin with, let us focus on the main features.  It looks like a credit card – it has similar features such as the magnetic strip, the signature, the Chip and PIN facility and it even bears your name on the front.  Finally, it will also carry the emblem of one of the main credit card providers eg Mastercard.  But while a normal credit card will give the user access to a line of credit, and while a debit card will allow for a lending facility, the fx card will only give the owner the possibility to spend what he or she has topped up onto the card.  So, in essence: it is a prepaid card, where the user “loads” their own money on to the card, and can then spend this.  Once the money is used up, it is up to him or her to re-load the card. 

But hang on a minute – what’s the point of that?  I already have a credit card.  Why should I get an fx card and just load it with my money?  Well there is something interesting to fx cards – and that is their unique benefits.  To begin with, it is in the name – fx – which stands for foreign exchange.  The rate of exchange you have availability to on an fx card is far superior to the one you will have on your regular plastic.  Every time you go to buy something overseas, you are being charged a commission – and then add to that the cashpoint fee.  All these may be applicable to your fx card as well – but they will be much better value for money.  They will be geared to suit someone who is on a trip and needs to spend funds in the best way.  Many of us have been overseas and withdrawn money using our regular cards.  There will be a cost which cuts out a section of your money, and then the exchange rate will be disadvantageous.  On an fx card, you’ll save some funds.

Additionally there are other ways of conducting currency exchange – you can carry it out in the country you are visiting by going to a terminal – but again you may find the exchange rate is really not in your favour at all.  You can also get travellers cheques – but more often than not fewer countries offer exchange services on these, and the exchange rates can also be poor.  Not only that, but travellers cheques are a pain!  An fx card is portable, fits into your purse and you can have a replacement if you lose it or it becomes stolen.  The company will also be able to see what you have spent, so any unspent money left on the card will be returned. 

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