Lucky Hit 24

 We have looked at such topics as money transfer channels, and today I would like to look at the fx card.  Just what is this and what can it do for consumers?  Is it secure and will I save cash in the use of this?  To start off with, let us concentrate on the main features.  It looks like a payment card – it has similar features such as the magnetic strip, the Chip and PIN facility and it even bears your name on the front.  As with a credit card, it will also carry the brand of one of the main credit card providers eg Mastercard.  But while a usual credit card will give the customer availability to a line of credit, and while a debit card will allow for a borrowing facility, the fx card will only give the holder the allowance to spend what he or she has loaded onto the card.  So, in essence: it is a “pre-pay” card, where the user “loads” their own funds on to the card, and can then spend this.  Once the funds are used up, it is up to the individual 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 cash?  Well there is something key to fx cards – and that is their added advantages.  To start with, it is in the name – fx – which is shorthand 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 usual payment card.  Every time you go to make a purchase in a foreign country, you are being charged a “transaction fee” – and then add to that the ATM fee.  All these may be applicable to your fx card as well – but they will be much more attractive.  They will be designed to suit an individual who is on a trip and needs to use money in the best way.  Many of us have been overseas and withdrawn money using our usual cards.  There will be a fee which cuts out a chunk of your money, and then the exchange rate will sting you.  On an fx card, you’ll save some funds.

Naturally 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 poor in comparison.  You can also get travellers cheques – but more and more fewer countries offer exchange services on these, and the commission rates can also be a negative.  Not only that, but travellers cheques are cumbersome!  An fx card is little, fits into your wallet 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 cash left on the card will be available. 

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