One growing industry that is becoming popular in the United Kingdom is a service that is called the “Travel Money Providers Industry.” What this service does is that it allows the consumer who knows they will be traveling abroad to order currency in advance and essentially, achieve better rates. What this service also allows is the possibility for the currency company to have the proper amount of the foreign currency in stock in order to avoid pre-travel headaches at the airport. An additional benefit to this service is the potential to actually pay for your foreign currency prior to arriving at the airport with a credit card rather than a debit card. Due to this benefit, Travel Money has a great deal of potential for travelers to obtain travel money that has better rates than other leading travel money companies in the industry.
What will be fascinating to see is whether Travel Money companies will have the propensity to develop their business model in markets beyond the United Kingdom and later, all over the globe.
Benefits of Travel Money
Even though Travel Money is something that is solely United Kingdom based, it represents yet another growing facet of the travel money industry that is likely to gain traction going forward. The reason for this is that Travel Money also allows the consumer to take out multiple currencies at once. This is an enormous benefit to the traveler and/or expatriate that previously needed to consult multiple travel money companies to get the best rates on different global currencies.
Within the United Kingdom, Travel Money cards are able to be delivered to one’s home. This is a tremendous advantage because the companies that are offering such cards are companies that are already reliable in the United Kingdom. Example brands offered within the United Kingdom for Travel Money cards are: My Travel Cash, CaxtonFx Eice, Virgin Money, Travelex, and FairFx. View comparetravelmoney.net for a larger selection of those.
Need to Know Facts for Travel Money Cards
Consumers within the United Kingdom were at first skeptical about Travel Money cards due to the fact that they were originally difficult for consumers to conceptualize who were not well-versed in the currency exchange industry.
Below is a pertinent list of several facts that are important to know about Travel Money cards:
- If the card issuer does not work properly, the consumer’s money is still protected. The reason for this is that the card is backed by many major banking institutions or building societies within the United Kingdom. This means that your card goes into a ring-fenced account, which is separate from the prepaid provider’s account.
- As long as you report the Travel Money card being stolen, you will be able to get your money back. At the most, you will be charged for a replacement Travel Money card.
- The sellers of Travel Money cards adhere to their own exchange rates, thus, it is best to check these carefully before signing up on the currencies that you are trying to obtain.
- By locking in a currency rate, you are committing to that price regardless of whether the price fluctuates before or during your upcoming trip.
- There can be fees for failing to use Travel Money cards. As with any new card, be sure to read the fine print in order to avoid any unforeseen surprises.
- Travel Money cards are usually not accepted at petrol stations and car for hire companies. Once again, read carefully regarding this to not be stranded in an unfortunate transportation dilemma.
Many risks associated with Travel Money cards are true with any major credit card. That being said, if these risks are navigated effectively, there is absolutely a possibility for travel money companies to become a major powerhouse for consumers to utilize when they are comparing travel money rates.
What is truly remarkable about Travel Money is that it represents yet another move towards the notion of having one digital currency for travelers to enjoy when they are joyously seeing the impressive sights that the world has to offer. Given that Travel Money is still new, there are absolutely some kinks to sort out; however, if the Travel Money companies navigate their business effectively, it will not be surprising to see Travel Money companies expanding to continental Europe and North America in the coming five to seven years. There is surely a demand for this sort of service for travelers and expatriates alike in order to avoid unfortunate travel situations where the currency shop is either closed or completely out of the foreign currency that is needed. As we see a shift of more and more countries accepting international credit cards, it will be no surprise to see countries welcoming innovations such as Travel Money with open arms.