Foreign Exchange
The foreign exchange rate between the South African Rand and other foreign currencies, especially the Dollar, Euro and Pound, is very much controlled by events outside of South Africa. For example the recent huge jump in world oil prices saw the Rand : Dollar foreign exchange rate jump from 7 to 10 Rands to the dollar almost overnight. It is not a good idea to take Rands overseas with you other than what you will need on your immediate return to South Africa. The alternates are foreign cash, travelers cheques or by arranging to use a suitable credit/debit card overseas. If you are going to take cash or travelers cheques you will need to arrange this beforehand through your local bank, and this as something that you can do online these days. You can calculate your foreign exchange, get the latest foreign exchange rates and order your foreign exchange through American Express. Click here.
Prepaid Travel Card – Cash Passport (American Express Foreign Exchange)
The Cash Passport gives you access to your funds in local currency wherever you are in the world. Easier to use than a travellers cheque, and with all the convenience of a cash card, you’ll find that accessing your funds is just as simple as it is at home. Cash Passport is a card, which you simply load your spending money onto before you travel. Then, just as you would at home, you access your cash 24 hours a day using your card and PIN in any Visa cash machine worldwide or simply swipe your card at shops, restaurants, hotels or wherever the Visa logo is displayed.
Your cash is dispensed in local currency, so you don’t have to worry about banks or bureaux de change while you’re abroad. Your Cash Passport card gives you peace of mind when you travel.
Each card is covered by the same replacement service you would expect from a travellers cheque, and the card brings with it Travelex Latitude Recovery protection.
Cash Passport cards carry the Visa TravelMoney logo. This means that they can be used to withdraw cash from Visa Machines worldwide (some cash machines have a limit to the amount of cash which can be withdrawn daily) or swiped at point of sale devices wherever the Visa logo is displayed.
Each card has its own unique PIN, without which it cannot be used. The amount of each withdrawal is deducted instantly from the card balance. Transaction history and current balance can be found on the Internet site www.cashpassportcard.com or by telephone. Some, but not all cash machines will also tell you your current balance.
Additional cards can be purchased to access the same account and at then end of your trip, or when your cash runs out, you can reload your account with additional funds.
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