Preloaded Multi-Currency Card
Prepaid currency cards are a versatile spending solution for anyone about to travel overseas on holiday or for business. Just like any regular debit or credit card, you can use a preloaded currency card in bars, restaurants or shops to pay in the local currency. A card can also be used to withdraw cash from an ATM – without needing to worry about currency conversion fees.
A prepaid currency card can be used by anyone – whether you are travelling alone, with a loved one or in a group of family and friends. By preloading the card with the chosen currency before you go abroad, you can keep tight control over your spending because you cannot spend more than what is on the card. You can also benefit from a set foreign exchange rate.
Euros, dollars or yuan – it can be expensive to use a normal UK debit or credit card when you are overseas. Not only do some providers charge a foreign transaction fee when you spend in other currencies apart from sterling, but you might be offered uncompetitive rates. This can be if you buy your currency before you go or by paying in pounds with dynamic currency conversion.
Using a prepaid currency card means you can avoid expensive fees and charges when spending abroad. Pre-load the card before you leave, and your exchange rates could be more favourable than other providers. Preloaded currency cards also let you pay in the applicable local currency with no need for any conversion to be made.
If you want to keep track of your spending and stick to a budget when overseas, your prepaid currency card will only have a set amount loaded onto it. Once you use up that amount, you are unable to use the card again until you have topped it up.
If you are successful in your application for a PFS prepaid currency card, you will be invited to create a secure online account, which is where you can manage your card and check your balance. The card will be sent to you in the post, along with a PIN and instructions on how to activate it.
Once activated, you can put money on a preloaded currency card either through your online account or by bank transfer, as well as by SMS.
When you are travelling abroad, you can use your prepaid currency card like any other debit and credit card. It will let you buy goods, products or services at any location that accepts Mastercard as a method of payment. It can also be used at an ATM.
The amount spent will be deducted from your balance in the local currency that will have been preloaded before travelling.
If the balance runs out, you can simply log into your secure online account and top up if planning to use it again. It can also be reloaded using any of the methods listed in our FAQs.
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