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Prepaid cards 'lock in exchange rates'

03 Jul 2009

Taking out a prepaid card in a foreign currency is an effective way of locking in a preferable exchange rate, according to Caxton FX.

With exchange rates changing on a daily basis in the current economic climate, the financial services provider explains that taking a card out in the desired currency can ensure the balance remains constant.

"Caxton's Euro and Dollar cards allow customers to fix their exchange rate prior to travelling and so take advantage when exchange rates are good," the company states.

Meanwhile, sterling cards are also available, enabling transactions to take place in a variety of different countries and the balance to be exchanged into the relevant currency as each purchase is made.

Caxton FX previously advised that different cards can incur different fees during currency exchange or when withdrawing funds from a cash machine.

The organisation placed these charges at anywhere up to £6 for debit or credit card transactions of £90 per time.

Written By: Paul Gilligan