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Lock in Exchange Rate in Euros or British Pounds

Submitted by on June 23, 2008 – 12:28 pmNo Comment

If you plan to travel to Europe, check out this article from the Wall Street Journal regarding locking in your exchange rate with a prepaid foreign currency card in either Euros or British Pounds.

The card is called the Cash Passport and is issued by Travelex with the Visa or Mastercard symbol. All you do is pre-load the card in Euros or British Pounds before you travel and then you’re free from currency fluctuations once you arrive abroad. The card can be used at ATMs throughout Europe or you can use it to pay directly at millions of shops, hotels and restaurants. With a weak U.S. Dollar, this card is worth your consideration.

Other factors to take into account when looking at the card is that although the Dollar is not as strong as it has been in the past, you lose out if the U.S. Dollar actually strengthens while you’re abroad. You can reduce this risk, though you won’t eliminate it, by buying this card close to your departure date. There is also a cost for the card that you pay at the time of purchase as well as ATM usage fees.

The Cash Passport by Travelex is only available at Travelex Retail Branches at the moment, but the company plans to increase distribution with partner locations coming soon. If you purchase this card, be sure to use or withdraw all the money by the end of your trip or plan to use it on your next trip to Europe.

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