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Cheques away - 24 January 2008

Travelling to and spending time in your property overseas could now become much cheaper and easier with the recent launch of a new service that could spell the end of traveller’s cheques.

Foreign Exchange specialists Caxton FX have recently released their pre-pay Euro and Dollar MasterCards to allow people to make sure they get the best deal on everything they pay for while overseas. The cards can be loaded up with currency online or even by SMS, and the exchange rate is fixed at the point at which the cards are credited with funds, thus protecting them from the fluctuations of the currency markets.

Unless you are planning to be permanently resident in your property overseas, you are likely still to use a UK bank account for the majority of your transactions. Getting the currency issues right for the times you are abroad can cost you significant amounts of money if you are using UK credit and bank cards for the simplest of purchases. The charges and lower exchange rates that are the hazards of using your UK cards or visiting the bureau de change can be saved in this way, and estimates suggest that the average family could recoup around £200 per year by using the cards.

The cards also have security advantages for people using them, in addition to the convenience of not having to find somewhere to cash traveller’s cheques. The card holder has the backup of having the security and payment protection of the MasterCard brand, along with the protection that your money is in fact ‘held’ in a different location to the card itself.

 

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