Benefits of Prepaid for Consumers

Benefits of Prepaid to Consumers

Great foreign exchange (FX) rates

There is no better way to take foreign currency overseas than on a prepaid card. Simply buy the currency you desire before you go, and you will lock in your rate. Buying the currency is as simple as loading your card at one of thousands of load points. You can also register your everyday bank account or debit card of choice, enabling you to transfer money to your card at any time via a secure website.

Using your card overseas

With a prepaid card, it is easy to use your card overseas, no matter where you may be. For example, when you visit the Eurozone, your PFS prepaid card will function exactly like a prepaid euro card. This means that you will not be subject to currency conversions or commissions on your purchases. By using our card as a form of prepaid euro card, you'll be able to use it at restaurants, shops, and ATMs - just like you use your everyday card at home. And with a prepaid euro card, there will be no more attempts to calculate exchange rates on the go, as you are actually purchasing in the local currency.

Safe and secure

Traveller's Cheques are very much a thing of the past. The growth in prepaid cards for travel has exploded, and with good reason. Cards are more widely accepted because you don't present your passport and sign anything to authorise the transaction. Plus, cards are smaller, easier and fit in your wallet or purse. No hassle, no fuss, just a single card and you're away. Simple.

Not linked to your bank account

Cards are prepaid, meaning they have no credit or loan facility alongside. This means you can only spend what you load. What you load is what you can access, that's it. In the extremely unlikely event someone did obtain your card AND got access to your security PIN, the maximum amount accessible is the loaded amount (or the daily limit of the card).

Emergency functions

All Prepaid Financial Services cards have a range of simple tools, so you can manage your card. SMS functions enable the following actions almost instantly:

• Text to block card: this temporarily deactivates the card. No transactions will be processed while the card is deactivated.
• Text to unblock card: the reverse of the above, allowing you to reactivate the card
• Text to transfer funds: with a pre-registered debit card or bank account of choice, you are able to action a transfer of funds to 'top up' your prepaid card
• Text for balance: send an SMS to reveal your card balance