In today’s modern world, even the most exotic destinations will typically accept bank cards. However, there are a variety of cards to choose from, and you’ll need to pick between providers as well as choose between credit or debit cards. If you’re heading overseas, one of the best options is to have a prepaid MasterCard.
This card gives you the flexibility and convenience of a typical MasterCard credit card, but it only contains the assets you want available to you. This eliminates the worry of losing large amounts of money or having a criminal steal your card and access the rest of your bank accounts.
Use this guide to find out how to use a prepaid banking debit card overseas.
Open a Compatible Bank Account
A prepaid banking card works by allowing you to transfer the amount of your choosing onto the card. In order for that transfer to take place, you will need to have assets in a compatible bank account. If you’re planning to use a prepaid MasterCard, then it makes sense to also have a checking or savings account with Caye International Bank. Anytime you want to transfer funds, you can do so in the currency of your choosing through Caye Bank’s convenient online banking function.
Enroll Into the Prepaid MasterCard Program
Next up, it is time to officially enroll in the prepaid MasterCard program through Caye International Bank. This is simply a matter of filling out a basic form and submitting the requisite information. As long as you have the assets available to transfer to the card, you will quality. Since there is no actual lending, you don’t need to have your credit score brought up. Just supply basic information like your name, your address, identification like a Social Security number or a passport number and the necessary details affiliated with your bank account. You can fax, email or call with this information to begin the enrollment process. Be prepared to transfer a minimum of $50 and maintain that as a minimum balance as long as you use the card.
Familiarize Yourself With Any Potential Fees
There are very few fees involved with using a prepaid MasterCard, and most users find that the benefits far outweigh the minimal expenses. However, be prepared to pay a small loading fee as well as possible annual fees, transaction fees or ATM fees when using your prepaid MasterCard overseas.
Load Your Prepaid MasterCard
You can load your prepaid MasterCard with as much or as little cash as you want. As long as you meet the minimum balance requirement, you can load as often as you wish up to a total balance of $10,000 USD. The loading process is straightforward and can even be done online.
Shop Anywhere MasterCard is Accepted
This is the easiest step of all! Your prepaid MasterCard will be accepted anywhere you see the MasterCard logo, offering you the chance to safely shop around the world and even withdraw cash from an ATM.
Whether you’re heading to Tokyo for work or Belize for a vacation, a prepaid MasterCard banking debit card can be the perfect way to keep your finances secure without missing out on any of the fun.