Tuesday, September 20th, 2011
The latest edition of Your Money Magazine shows you how using a pre-paid travel card when overseas can be cheaper and more convenient than relying on a credit or debit card.

More Australians are travelling overseas than ever before with figures from the Australian Bureau of Statistics show overseas travel increased by over 10 per cent in the last 12 months. And according to ING Direct, two thirds of Australian travellers still rely on a credit card overseas.

But while credit and debit cards are a convenient way to access money, transaction fees and exchange rates can add hundreds of dollars to your holiday spending if you are not careful. That’s where pre-paid travel cards come in.

Designed to cut out costly admin for your bank, which in turn saves you fees, pre-loaded travel cards let you lock in an exchange rate before you go and pre-load multiple currencies. Your Money Magazine compared the four brands currently available in Australia to find the best value for travellers. Managing editor Jackie Pearson said pre-paid travel cards are both safer and cheaper than conventional credit and debit cards.

“You save cash every time you use your pre-paid card because you don’t pay bank fees on every transaction,” said Pearson. “And even if the worst happens and your card is lost or stolen, your loss is limited to the money on the card, not your maximum credit limit.”

However, Pearson cautions travellers to watch out for fees when purchasing your pre-paid travel card.

“There can be fees involved in purchasing the card initially or to close it down the track, so it’s important to do your research,” said Pearson. “We found the travel cards currently on the market are all very different so make sure you compare them carefully to decide which one offers the best value for your overseas spending plans,” said Pearson.

Detailed information about the features, fees and limits of each pre-paid travel card is available in the current issue of Your Money Magazine. On sale now at leading newsagents and online at www.yourmoneymag.com.au.


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Your Money Magazine

Your Money Magazine is for all Australians looking to increase their personal wealth and achieve the lifestyle they desire. Your Money Magazine’s key focus is to educate the Australian public about money management by providing down-to-earth, easy to comprehend content, detailed product comparisons across a range of categories, and recommendations from some of the country’s leading industry experts.

Combining in-depth research and product comparison tools with shrewd financial education materials, Your Money Magazine takes a unique place in the Australian market allowing readers to not only compare existing products but to educate themselves and take decisive action all in one place.

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Lisa Narroway
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W: www.yourmoneymag.com.au


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