Half of travellers worry about overspending on their holiday, with one in ten so concerned that it ruins their break, according to new research conducted by Opinion Matters on behalf of prepaid currency card expert my Travel Cash (www.mytravelcash.com).
The average Brit spends around £300 on holiday but only a third of travellers check the best exchange rates before they leave and just over a quarter (26%) calculate how much a pound is worth prior to travel, increasing the likelihood of overspending while away.
Myles Stephenson, CEO my Travel Cash, comments: “my Travel Cash prepaid MasterCard®cards offer a competitive exchange rate compared to purchasing currency in the airport or on the high street, allowing cardholders to save up to £40 on every £500 they changed.
“Our research shows that one in five people take their UK debit or credit cards abroad, often incurring ATM, foreign exchange and transaction fees each time they use them. Not to mention the interest accrued on outstanding credit card balances and charges for going overdrawn. With my Travel Cash’s Euro and US Dollar cards there are no fees on each transaction made in the card’s currency and best of all there is no commission to pay when you buy your foreign currency.
“The cards work like a pay-as-you-go mobile phone, you load them with money before you travel and top them up when needed, meaning you only spend what you load allowing travellers and their families to relax on holiday.”
Mintel estimate that in 2008 Brits withdrew £6.7 billion abroad on their debit cards, with Barclays, NatWest and HSBC charging foreign exchange fees of 2.75% and cash withdrawal fees of 2% around £300m will simply be accumulated by the banks as fees[ii]. In contrast, as my Travel Cash’s prepaid Euro and US Dollar currency cards hold money in Euros and US Dollars respectively, each transaction in the local currency is free of charge and ATM withdrawal fees are capped at €1.25 or $1.50 respectively. The company’s Multi-Currency card, or Sterling card, charges 1.5% on foreign exchange, that’s a saving of around £84 million on foreign exchange fees alone when using a Multi-Currency card compared to one of the debit cards listed above. In addition, there are no purchase fees when used abroad and ATM withdrawal fees are fixed at £1.
In addition to saving consumers money on exchange rates, my Travel Cash’s currency cards offer secure Chip & PIN protection as well as access to the MasterCard® network, meaning the cards can be used at over 30 million merchants and 1.5 million ATMs around the world.
my Travel Cash currency cards are available with no credit check, only proof of identity and of course funds to load them, which can done at any time and for free by debit card and bank transfer. For more information on prepaid currency cards and my Travel Cash’s Euro, Dollar and Multi-Currency card please visit www.mytravelcash.com