Pre-COVID-19, many people travelled for diverse reasons. Regardless if it’s business or pleasure, travelling was made easy with international prepaid cards. Before international prepaid cards were introduced, people relied mainly on their credit and debit to help them manage their expenses while outside the country.
However, many people can attest that managing expenses can be tricky when outside the country. After all, you have the tendency to let loose and enjoy and not worry about how you’re spending and what you’re spending them on. Fortunately, this is where international prepaid cards can come in handy.
International Prepaid Cards: All You Need to Know
So exactly are international prepaid cards and why are they deemed the consummate travel companion? Discover all you need to know about international prepaid cards in this article.
International Prepaid Cards in a Nutshell
Sometimes referred to as currency cards, international prepaid cards allow users to load money onto the card before they leave the country and travel overseas. Even while outside the country, the card can still be used for purchase transactions and ATM withdrawals.
Some international prepaid cards can offer multi-currencies, something very useful when travelling overseas. Since the international prepaid card is preloaded with money, it makes it very easy for cardholders to stay on top of their spending and manage their money accordingly.
For utmost ease and added convenience, some issuers of prepaid cards give users the option to manage their cards online or through their mobile phones. Just like the typical debit and credit cards, international prepaid cards are associated with major and established financial and credit companies.
How International Prepaid Cards Work
For many, international prepaid cards are the ultimate travel companions. In fact, many people never travel to other countries without it. Why? For starters, international prepaid cards come with amazing and exciting features other plastic cards don’t offer. As if not enough, they also have very minimal costs, fees, and charges.
Just like debit and credit cards, international prepaid cards can be used for ATM withdrawals and purchase transactions, both online and through merchants. Cardholders also have the option to preload their international prepaid cards with a currency of their liking. In addition, they can also perform currency transfers while managing expenses online or through an app.
Unlike credit and prepaid cards which can be very hard to obtain (hint: tedious and time-consuming background and credit checks), getting an international prepaid card is a breeze. Since they don’t come with credit capabilities, you are spared from all the hassles associated with background and credit checks.
Once you have the card, you can immediately load money onto it and start using it for purchase transactions and ATM withdrawals. There are also several options when it comes to loading money onto the card. For instance, money can be loaded onto the card through secure online portals.
You also have complete control over the frequency of loading money onto your card. Depending on what you deem fit, you have the option to load money onto your card weekly, monthly, or daily. Basically, anytime that’s convenient for you! Once the money has been loaded onto the card, you can immediately use it again.
Since transactions are deducted from your prepaid card immediately, you’ll stay on top of your spending. Not only that, once the balance on the card has been depleted, spending also stops automatically. This is a really great feature since it puts a halt to people’s tendency to overspend.
Once the balance has been depleted, no transactions using the card will be accepted. You either wait until the next schedule to load money onto the card or you can load money again if your budget still allows.