| One of the newest financial tools for travellers is | | | | when the credit card bills arrive. |
| the prepaid Visa travel card, called TravelMoney. | | | | With the prepaid visa travel card, only the amount |
| This is essentially a loaded debit card, but | | | | that is placed on the card can be used, so there |
| specifically designed for travellers, using the widely | | | | are no surprises at the end of the trip. If you do |
| accepted Visa name. It is meant as a | | | | require additional funds, you can always load more |
| replacement for unwieldy travellers cheques, | | | | onto the card. Keeping track of your balance is as |
| which are becoming increasingly difficult to have | | | | simple as making a phone call, or checking on the |
| cashed in many places. | | | | internet. |
| The prepaid visa travel card can be loaded with | | | | The prepaid travel card can also be used for |
| anywhere from $250 to $10,000, and can be | | | | partial purchases, for instance if you have some |
| reloaded anytime from a bank account or credit | | | | cash you want to use up but require more to |
| card by telephone or at a financial institution. It is | | | | cover the whole amount of the purchase. The |
| a better choice for travellers than a regular | | | | merchant need only charge the amount you wish |
| prepaid debit card because it carries the Visa | | | | to use on the card, the rest you can pay in cash, |
| name, and because the protection against loss or | | | | or by credit card. |
| theft is higher. It is important to keep the card | | | | The prepaid visa travel card only costs $9.95, no |
| number elsewhere, so that you can call to | | | | matter how much you load on. Re-loading the |
| immediately have a new card issued and a stop | | | | card costs about $2.50, and there is a re-load limit |
| placed on the stolen or lost card. The card is not | | | | of 3 times before you need to purchase a new |
| connected to your bank accounts, so only the | | | | card. Also, there are the usual ATM withdrawal |
| amount on the card is at risk, and with reloading | | | | fees, plus a 3% foreign transaction fee, $2.50 |
| so convenient to do, there is no need to carry a | | | | dormant account fee, and a $10 charge for |
| large amount on the card itself. | | | | overdraft. So initially the card is cheaper than |
| The prepaid visa travel card can be used to get | | | | paper travellers cheques, however if you use the |
| local currency, simply by using an ATM in the | | | | card at ATM's a lot for cash withdrawals, you |
| place you are visiting. Local funds can be | | | | could easily end up spending a lot more. |
| withdrawn, and the adjusted amount is removed | | | | Overall, the prepaid visa travel card is a |
| from the card. The card can be used for online | | | | convenient, safe way to carry cash when |
| purchases, as well as for car rentals, hotel | | | | travelling. It is much easier to use than travellers |
| reservations, movies, dinners, and travel tickets. | | | | cheques, and more widely accepted. There is |
| For budget conscious travellers, this card is a | | | | sometimes a stigma attached to paper travellers |
| great option versus a regular credit card. Due to | | | | cheques, even with trusted brands, and many |
| the unwieldy way in which transactions are | | | | merchants still refuse to accept them. Also, |
| recorded, particularly when travelling, it is often | | | | converting travellers cheques to cash requires |
| difficult to gauge how much has been charged to | | | | lining up in the bank, or paying exorbitant fees at |
| a card. This is especially true when dealing with | | | | a hotel or money exchanger. The prepaid travel |
| foreign currency transactions. Often, after | | | | card is a much better system. |
| returning from a trip, there can be a nasty shock | | | | |