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Prepaid card holders 'could take advantage of the good exchange rate'

Prepaid cards could be a good option for those looking to take advantage of the good exchange rate against the US dollar, it has been suggested.

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13 August 2009

Prepaid card holders 'could take advantage of the good exchange rate'”

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The cards, which are similar to credit cards except users can spend only what they preload, can provide a better rate of exchange than buying cash, according to CaxtonFX.

When card holders load a prepaid card, they lock into the rate they buy at so they are not affected by changes in the exchange rate.

Since the pound is currently at a ten month high against the dollar, CaxtonFX has suggested that those going to the US may want to consider fixing their currency exchange rate now using a prepaid card.

James Hickman, managing director of Caxton FX, said: "Buying currency on a prepaid card is a great budgetary tool.

"If you're concerned about sterling falling again, a prepaid card is a great way to protect yourself."

Meanwhile, Phones4U has also recently launched two prepaid Mastercards called Neon and Escape.

The Escape card is available to those over 18 and has no foreign transaction fee.

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