Travel Money Companies in the UK and How They Work

Recently in the UK (as well as in Australia) has been yet another addition to the global online financial industry. The recent addition was the travel money company. Travel money companies are sensational because they offer another way for consumers within the UK to get the desired amount of currency that they need available to them when they are traveling.

What travel money companies essentially allow UK citizens to do is to purchase multiple currencies on a single pre-paid debit card with the most competitive currency rates. Consider the recommendations below about how to take advantage of this new service and why it will end up being an essential consideration for you each and every time you travel from the UK to an exotic international locale.

How Travel Money Companies Work Exactly

Consider travel money companies as if they were the modernized digital travelers cheque that possesses far more efficiency and versatility. What a travel money company enables the traveler to do is to purchase currency on a pre-paid debit card and withdraw it or use it for purchase while traveling in foreign countries.

What makes these pre-paid debit cards remarkable is that they are able to have multiple currencies on them, which is quite useful for Europeans that are hopping to many different countries on one single vacation. For the UK national that wants to go to France and Switzerland while using Euros and Swiss Francs on their trip, the pre-paid debit card from travel money companies is a spectacular investment.

Another brilliant aspect of these pre-paid debit cards is that they allow customers to set a fixed budget for their travels and stick to that budget. Budgeting is something that many travelers have problems with. To this end, it is a very beneficial feature to only be able to purchase a certain amount of currency and then have to be accountable to manage it well without exchanging again. This is a great psychological tips for travelers that are doing long term trips to consider that only want to spend a specific amount of money in each place.

For the international traveler from the UK that is looking for efficiency, great rates, and budgeting motivation while traveling, pre-paid debit cards from travel money companies are a spectacular option to consider. These companies are greatly gaining popularity within the UK and it is highly likely that they will begin to make their way to other jurisdictions in the coming years due to their practicality and versatility to a plethora of different global markets.

The Recommended Company to Use Within the UK

At the current moment, the ideal company to utilize as a travel money company in the UK is FairFX. In addition to pre-paid debit cards, FairFX also offers other beneficial financial services such as: international payments and travel cash. FairFX has an established reputation in the industry given that it has been in successful operation since 2007. FairFX has been praised by many prominent publications in the UK such as the Guardian.

What makes Fair FX have an excellent reputation in the local industry is that they provide the most competitive rates in the industry while simultaneously getting customers the currency they need with efficiency. UK consumers that are making travel plans that involve different currencies should absolutely consider utilizing FairFX for their pre-paid debit cards, international payments, and travel cash. Doing so will be a major asset to consumers within the UK.

Final Remarks on the Subject 

To conclude, travel money companies are an industry that has experienced a great deal of momentum in recent years. Even though many travel money companies began their business model less than ten years ago, we are already seeing them begin to wipe out traditional airport exchange kiosks in the international airports and major cities around the globe. It will be no surprise that travel money companies will begin to dominate the currency trading industry in regards to customers that do not necessarily want to complete international money transfers, yet still need to get their hands on foreign currency. These customers will greatly respond to the option of possessing a pre-paid debit card in multiple currencies.

The other aspect that these customers will greatly respond to is the potential to have multiple currencies on the same card while traveling through many different countries. Out of all of the options, the multiple currency option is what is going to catapult this business model to a plethora of jurisdictions around the globe. In addition to money transfer companies, travel money companies will carve their own creative niche in the market in that they will be able to service a direct need of consumers that has been an inconvenience to them for a substantial period of time.