2008 News Archive - Holidays - Prepaid cards 'to replace traveller's cheques'
08 04 2008
Britons taking holidays in Florida could soon be ditching traveller's cheques for good and replacing them with a new payment form, it has been claimed.
According to moneysupermarket.com, prepaid foreign currency debit cards are likely to replace traveller's cheques as they are more "efficient" and "cost-effective way".
Suppliers of prepaid debit cards include Post Office, Lloyds TSB and Barclay's. The foreign currency cards allow holidaymakers to place money onto a debit card in a currency of their choice.
Steve Willey, head of cards at comparison site moneysupermarket.com, said: "Post Office were probably the earliest [prepaid card providers] as far as travel products were concerned. Essentially they're ... a direct traveller's cheque replacement."
Mr Willey added that for "many" people who are unable to obtain a credit card, it provides them with a way of taking money abroad at a more competitive rate than some other methods of obtaining foreign currency.