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Holidaymakers beware of hidden charges on prepaid cards

A PIN protected prepaid currency card allows cardholders to travel light along with some coins and notes for tips and small transactions.

As prepaid currency cards gain in popularity as a means to lock in the exchange rate and take money on holiday, ICE – International Currency Exchange is suggesting travellers check out the terms and conditions and fees related to prepaid currency cards before they apply. Some card charges add up to over £40 according to research conducted by ICE. The ICE Travellers Cashcard in Euros and US Dollars is free of many of the charges levied by competitor currency cards and comes with additional benefits such as cashback and airport premium lounge access.

Koko Sarkari, COO of ICE said: “A number of prepaid currency cards apply inactivity fees that could easily catch out unwary consumers. Some also charge customers for the privilege of giving them any cash left on the card at the end of the holiday. Others apply fees for additional cards, replacement cards or for ATM withdrawals – it all adds up. While the rate of exchange offered is important and we can understand it’s tempting to make a choice selected on this alone, we do suggest travellers weigh up all the pros and cons before they make their decision on which Prepaid currency card is right for them.”

“Look for added extras, for example, The ICE Travellers Cashcard is the only prepaid currency card to offer a 1.5 % cashback on qualifying purchases. We also offer complimentary annual membership for DragonPass, the premium service global airport lounge provider, when you order or top up an ICE Travellers Cashcard with £1,000 or more plus 1 year’s Gourmet Society Membership with top ups of £550 or more or on orders £1,000 or more of Travel Money.”

A PIN protected prepaid currency card allows cardholders to travel light along with some coins and notes for tips and small transactions. It may help protect against fraud, but also helps holidaymakers budget as you can only spend what’s on the card. An additional benefit of a prepaid currency card is that the rate of exchange will stay fixed at the time you loaded money to the card.

Co-Founder & Chief Editor - TravelDailyNews Media Network | Website | + Posts

Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.

She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.

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