Pre-paid currency cards?
Discussion
I’m going on holiday to the US at the end of next month and as far as I can tell the best way (i.e. safe, convenient, etc.) to carry money whilst on holiday is on a pre-paid currency card, such as the Travelex Cash Passport Currency Card. As I’ve never used one of these before I have a few questions, can anyone offer any advice?
Does the money on the account stay in GBP until you decide to withdraw from a cashpoint in another country or do you have to specify what currency you want in the account?
If it is in a specific currency can you change that into a different currency at a later date (accepting that there will be some loss through exchange rates)? For example, after I get back from the US could I change the remainder to Euros?
Any recommendations on which is the best card, or are they all very similar?
Does the money on the account stay in GBP until you decide to withdraw from a cashpoint in another country or do you have to specify what currency you want in the account?
If it is in a specific currency can you change that into a different currency at a later date (accepting that there will be some loss through exchange rates)? For example, after I get back from the US could I change the remainder to Euros?
Any recommendations on which is the best card, or are they all very similar?
We went to the us last year and used a fairfx card. When applying for the card iirc we had to specify which currency we wanted. I think you can get an anywhere card but I'm unsure as to how that works, when you want to switch to a different currency.
We couldn't check the balance at any ATMs we needed to do it online, topping up was easy. And they did give us a good exchange rate at the time.
We couldn't check the balance at any ATMs we needed to do it online, topping up was easy. And they did give us a good exchange rate at the time.
We have used the Thomas cook cash passport in the US last year. Once you load up the card it goes on as dollars.
This year we need Canadian dollars so will need to close our current card, withdrawing any leftover dollars, and converting them to Canadian dollars on the new card.
We do it all in branch, it's very easy, and then check the balance and top it up onliine. I'd check moneysupermarket or moneysavingsexpert websites, they should help you pick the best card for you. The fees on each card will probably vary, eg withdrawals from a cashpoint can cost a couple of pounds. And also I think there is an inactivity charge if you don't use it for 12months...just make sure you know the fee's and the card will be very handy.
Adam
This year we need Canadian dollars so will need to close our current card, withdrawing any leftover dollars, and converting them to Canadian dollars on the new card.
We do it all in branch, it's very easy, and then check the balance and top it up onliine. I'd check moneysupermarket or moneysavingsexpert websites, they should help you pick the best card for you. The fees on each card will probably vary, eg withdrawals from a cashpoint can cost a couple of pounds. And also I think there is an inactivity charge if you don't use it for 12months...just make sure you know the fee's and the card will be very handy.
Adam
The cards all operate in the same way, you can get them in EUR, GBP and USD. The funds on those cards are in those currencies. You can use them anywhere that takes MasterCard, but any non-same-currency purchases will be exchanged at the point of sale. Rates (and potentially commissions) at that point will be dreadful, so best to use a euro card in Europe, dollars in the US, and sterling (with exchange at POS) everywhere else.
There are lots of variables to take into account before deciding. The one known variable is that Travelex is really expensive and their rates poor.
Generally if you have funds left on a card you just take it out of an ATM (and you'll incur fees doing so if it needs to be exchanged). Any transferal from the card will probably incur an admin charge, that will depend on who you get it from, and if they let you do that.
MSE is a good place to get advice.
There are lots of variables to take into account before deciding. The one known variable is that Travelex is really expensive and their rates poor.
Generally if you have funds left on a card you just take it out of an ATM (and you'll incur fees doing so if it needs to be exchanged). Any transferal from the card will probably incur an admin charge, that will depend on who you get it from, and if they let you do that.
MSE is a good place to get advice.
rxtx said:
The cards all operate in the same way, you can get them in EUR, GBP and USD. The funds on those cards are in those currencies. You can use them anywhere that takes MasterCard, but any non-same-currency purchases will be exchanged at the point of sale. Rates (and potentially commissions) at that point will be dreadful, so best to use a euro card in Europe, dollars in the US, and sterling (with exchange at POS) everywhere else.
There are lots of variables to take into account before deciding. The one known variable is that Travelex is really expensive and their rates poor.
Generally if you have funds left on a card you just take it out of an ATM (and you'll incur fees doing so if it needs to be exchanged). Any transferal from the card will probably incur an admin charge, that will depend on who you get it from, and if they let you do that.
MSE is a good place to get advice.
Thanks, that's really helpful. I've just been looking through MSE. I think it makes more sense for me to have a US card and a Euro card rather than a global globe due to the rates issue you've highlighted. CaxtonFX seems to be a good bet.There are lots of variables to take into account before deciding. The one known variable is that Travelex is really expensive and their rates poor.
Generally if you have funds left on a card you just take it out of an ATM (and you'll incur fees doing so if it needs to be exchanged). Any transferal from the card will probably incur an admin charge, that will depend on who you get it from, and if they let you do that.
MSE is a good place to get advice.
Be careful with the Tavelex Cash Passports. Here is my experience with them:
I had the misfortune of using one for my holiday earlier this year. First things first, you can get a Travelex Cash Passport at a number of locations - Sainsburys, at a Travelex Currency exchange booth, Tesco, Co-op BUT.. you can only reload the card through whichever company you got your cash passport from in the first place. i.e. If you got from Sainsburys, you can only reload in person at Sainsburys NOT at the airport Travelex currency exchange counter. This is despite all the cards looking the same, all carrying the 'Travelex' logo on it. I wasn't told about this when I got my card from somewhere other than the Travelex Currency Exchange booth at Heathrow terminal 3. (I got mine from Sainsburys)
When I got the card, you have to load some money onto it, what they do is basically charge you in uk pounds, but it gets loaded onto your card in whichever currency you want (at their exchange rate). It stays on the card as that exchange rate. For all intents and purposes, it is a foreign card. My trip was to both the US and Canada. Unfortunately, it is not possible just to load the single card and withdraw from US and Canada wherever, whenever. You have to get a separate card for each currency. This is a pain since that means two lots of cards to carry as well as two different PINs (unless you change them).
I had actually spent the night before (at around 12am) packing up, etc. During that time, I tried to add extra funds to the card(s) as I had only loaded up the minimum amounts (USD$70 & CAD$100 I think) to get me going. Unfortunately, the website wouldn't let me top up. I then decided to call their support who told me the same. For some reason, the system wasn't letting them load my cards. I was advised to try reload in person at wherever I got my card(s) from. Unfortunately, I was leaving in about 7 hours at around 6am, well before any branch of Sainsburys Travel money Bureau would be open. I was then told that maybe my best option would be to go to the Travelex Currency Exchange booth at Heathrow, where I was departing from.
I duly did so, and I was advised there again that it's not possible to load up from them since I got the card from Sainsburys. All I was interested in was trying to get some money onto the card automatically since I'd have access to the internet whilst abroad and I can just micromanage the amounts needed. They assured me that this would be possible as it must be a fault with the Sainsbury purchased cards. So, I duly obtained another set of cards - this time, they charged me a fee for the cards (Sainsburys did not) and also they tried to lie to me about the minimum amounts required to load the card up with - they stated $400USD until I pointed out the leaflet stating minimum amounts. This was also whilst offering a horrendous exchange rate (it was around 1.40USD to the £1 when the previous day I got at around 1.50USD to the £1). I could see that they were trying it on.
After a huge faff, I ended up with four(!) cash passport cards (each with the minimum amount allowed to obtain the cards). And four PINs to remember. 2 US currency ones and 2 Canadian currency ones. Of each 'set', they both looked the same, save for the fact that they began with slightly different numbers, (i.e. 5654 0000... & 5654 8200...). Since this took up an inordinate amount of time, I was now rushing to the gate, trying to make my flight. I was on the phone trying to load up the cards just bought and... again it failed. I tried to call the helpline but I was literally boarding the plane and so phones had to be switched off - I actually called but was kept on hold for over 20 minutes without any help.
Since I was jumping onto the plane, I called up my brother to quickly pass him on my details and see if he could load my cards over the internet or by phone. He agreed to help me. Due to the rules, you can only load up the cards with the credit/debit card you've used to purchase the currency cards with. My brother got passed all my details to carry this out for me.
Upon my arrival in the US, I was greeted by an email from my brother telling me that it wasn't possible to load up the cards. He got through to speak to someone about it and they would only tell him that it was because some data they had on me didn't match. They told me that there was nothing more they could do.
Again, I phoned up their support line and they told me the same thing. I was then advised that I could do an internet transfer to load the cards up but would take up to 48 hours to process. Luckily, I had taken my internet security key thing with me (HSBC) and managed to do a transfer online. It took about a day and a bit for the money to show up on the cards.
If you do use them, bear in mind that in the US and Canada at least, they are treated as credit cards, not debit cards. It is not possible to withdraw cash from them at stores (like cashback), only at ATMS - all of which charge you an ATM withdrawal fee it seems (from $2 to $5). Also, I seemed to remember there was one ocassion where I got charged and extra $10 somewhere - and when I phoned up to enquire about it, I was told that this was some kind of security processing fee and was put on and then given back over time. I didn't argue too much about it since they insisted that's what happened.
In any case, it was a most frustrating experience and I will never be using them again. The first day or so was spent over the phone arguing with their customer support and with little to no money to spend (the initial load of $140USD on both cards got used up very quickly upon arrival for transport to hotel and something quick to eat). I had to use my UK credit cards to get by for the first day or so.
I had the misfortune of using one for my holiday earlier this year. First things first, you can get a Travelex Cash Passport at a number of locations - Sainsburys, at a Travelex Currency exchange booth, Tesco, Co-op BUT.. you can only reload the card through whichever company you got your cash passport from in the first place. i.e. If you got from Sainsburys, you can only reload in person at Sainsburys NOT at the airport Travelex currency exchange counter. This is despite all the cards looking the same, all carrying the 'Travelex' logo on it. I wasn't told about this when I got my card from somewhere other than the Travelex Currency Exchange booth at Heathrow terminal 3. (I got mine from Sainsburys)
When I got the card, you have to load some money onto it, what they do is basically charge you in uk pounds, but it gets loaded onto your card in whichever currency you want (at their exchange rate). It stays on the card as that exchange rate. For all intents and purposes, it is a foreign card. My trip was to both the US and Canada. Unfortunately, it is not possible just to load the single card and withdraw from US and Canada wherever, whenever. You have to get a separate card for each currency. This is a pain since that means two lots of cards to carry as well as two different PINs (unless you change them).
I had actually spent the night before (at around 12am) packing up, etc. During that time, I tried to add extra funds to the card(s) as I had only loaded up the minimum amounts (USD$70 & CAD$100 I think) to get me going. Unfortunately, the website wouldn't let me top up. I then decided to call their support who told me the same. For some reason, the system wasn't letting them load my cards. I was advised to try reload in person at wherever I got my card(s) from. Unfortunately, I was leaving in about 7 hours at around 6am, well before any branch of Sainsburys Travel money Bureau would be open. I was then told that maybe my best option would be to go to the Travelex Currency Exchange booth at Heathrow, where I was departing from.
I duly did so, and I was advised there again that it's not possible to load up from them since I got the card from Sainsburys. All I was interested in was trying to get some money onto the card automatically since I'd have access to the internet whilst abroad and I can just micromanage the amounts needed. They assured me that this would be possible as it must be a fault with the Sainsbury purchased cards. So, I duly obtained another set of cards - this time, they charged me a fee for the cards (Sainsburys did not) and also they tried to lie to me about the minimum amounts required to load the card up with - they stated $400USD until I pointed out the leaflet stating minimum amounts. This was also whilst offering a horrendous exchange rate (it was around 1.40USD to the £1 when the previous day I got at around 1.50USD to the £1). I could see that they were trying it on.
After a huge faff, I ended up with four(!) cash passport cards (each with the minimum amount allowed to obtain the cards). And four PINs to remember. 2 US currency ones and 2 Canadian currency ones. Of each 'set', they both looked the same, save for the fact that they began with slightly different numbers, (i.e. 5654 0000... & 5654 8200...). Since this took up an inordinate amount of time, I was now rushing to the gate, trying to make my flight. I was on the phone trying to load up the cards just bought and... again it failed. I tried to call the helpline but I was literally boarding the plane and so phones had to be switched off - I actually called but was kept on hold for over 20 minutes without any help.
Since I was jumping onto the plane, I called up my brother to quickly pass him on my details and see if he could load my cards over the internet or by phone. He agreed to help me. Due to the rules, you can only load up the cards with the credit/debit card you've used to purchase the currency cards with. My brother got passed all my details to carry this out for me.
Upon my arrival in the US, I was greeted by an email from my brother telling me that it wasn't possible to load up the cards. He got through to speak to someone about it and they would only tell him that it was because some data they had on me didn't match. They told me that there was nothing more they could do.
Again, I phoned up their support line and they told me the same thing. I was then advised that I could do an internet transfer to load the cards up but would take up to 48 hours to process. Luckily, I had taken my internet security key thing with me (HSBC) and managed to do a transfer online. It took about a day and a bit for the money to show up on the cards.
If you do use them, bear in mind that in the US and Canada at least, they are treated as credit cards, not debit cards. It is not possible to withdraw cash from them at stores (like cashback), only at ATMS - all of which charge you an ATM withdrawal fee it seems (from $2 to $5). Also, I seemed to remember there was one ocassion where I got charged and extra $10 somewhere - and when I phoned up to enquire about it, I was told that this was some kind of security processing fee and was put on and then given back over time. I didn't argue too much about it since they insisted that's what happened.
In any case, it was a most frustrating experience and I will never be using them again. The first day or so was spent over the phone arguing with their customer support and with little to no money to spend (the initial load of $140USD on both cards got used up very quickly upon arrival for transport to hotel and something quick to eat). I had to use my UK credit cards to get by for the first day or so.
Sounds like a right nightmare. I avoid Travelex because they're a rip off compared to everyone else - airport terminals contain a captive audience.
A lot of places recommend you take two cards in case one gets lost, or you find yourself somewhere you can't reload your card. ATM fees are common alas.
As regards the rates, when you buy a (say) USD card with Sterling you are getting the exchange rate at that time. The funds on the card are then in USD, and it is a USD card. You could use it to spend in Sterling for example, but you'll be subject to a USD-GBP exchange.
Caxton's rates are slightly lower than FairFX's at the moment, but the overall "cost" of a card includes more than just the exchange rate.
A lot of places recommend you take two cards in case one gets lost, or you find yourself somewhere you can't reload your card. ATM fees are common alas.
As regards the rates, when you buy a (say) USD card with Sterling you are getting the exchange rate at that time. The funds on the card are then in USD, and it is a USD card. You could use it to spend in Sterling for example, but you'll be subject to a USD-GBP exchange.
Caxton's rates are slightly lower than FairFX's at the moment, but the overall "cost" of a card includes more than just the exchange rate.
I will avoid Travelex, looks like its between CaxtonFX and FairFX.
FairFX's rate is slightly better than CaxtonFX's but FairFX charge $2 to withdraw from a cashpoint and there is no charge with CaxtonFX. Based on the rates given on their respective sites today (CaxtonFX 1.517 & FairFX 1.521) the difference is only 40p per £100 in FairFX's favour. I think that small advantage would be wiped out by the $2 cashpoint fee unless I only made one or two large withdrawals, which isn't something I want to do. Does that make sense?
FairFX's rate is slightly better than CaxtonFX's but FairFX charge $2 to withdraw from a cashpoint and there is no charge with CaxtonFX. Based on the rates given on their respective sites today (CaxtonFX 1.517 & FairFX 1.521) the difference is only 40p per £100 in FairFX's favour. I think that small advantage would be wiped out by the $2 cashpoint fee unless I only made one or two large withdrawals, which isn't something I want to do. Does that make sense?
I see that you aren't going for a while yet, if you're up for it, it's possible to get a credit card, such as the Halifax Clarity card (offers a 'perfect' exchange rate and 0% loading fees). Of course, the usual rules for credit cards apply such as having to pay off in full but if you're getting out a prepaid card, then that's a given.
See: http://www.moneysavingexpert.com/travel/cheap-trav...
for a more indepth breakdown of the best way to get travel money.
See: http://www.moneysavingexpert.com/travel/cheap-trav...
for a more indepth breakdown of the best way to get travel money.
Yep, you need to factor in your usage to come up with how much it's going to cost you in the longer run. Also consider any loading or renewal fees.
It's entirely possible you may be charged an ATM fee on cash withdrawals even with a Caxton FX card. They just mean they won't charge you a commission on top of the ATM fee issued by the owner of the ATM.
It's entirely possible you may be charged an ATM fee on cash withdrawals even with a Caxton FX card. They just mean they won't charge you a commission on top of the ATM fee issued by the owner of the ATM.
I looked into these and, on balance, they aren't really worth it. Particularly if you want to use a currency they don't specifically support and then pay 2 exchange fees... Lots of charges at every step of the way.
I always take my Lloyds debit card to withdraw cash and then use various credit cards for purchases. The Lloyds card does charge cash withdrawal fees as do most foreign ATMs but its easy, and provided you withdraw big chunks no big issue.
I always take my Lloyds debit card to withdraw cash and then use various credit cards for purchases. The Lloyds card does charge cash withdrawal fees as do most foreign ATMs but its easy, and provided you withdraw big chunks no big issue.
RedWhiteMonkey said:
I will avoid Travelex, looks like its between CaxtonFX and FairFX.
FairFX's rate is slightly better than CaxtonFX's but FairFX charge $2 to withdraw from a cashpoint and there is no charge with CaxtonFX. Based on the rates given on their respective sites today (CaxtonFX 1.517 & FairFX 1.521) the difference is only 40p per £100 in FairFX's favour. I think that small advantage would be wiped out by the $2 cashpoint fee unless I only made one or two large withdrawals, which isn't something I want to do. Does that make sense?
I've used a CaxtonFX Euro card for a few years, once you have loaded the card then there are no further fees, (provided it is used in Euroland), which I prefer as then I can draw a reasonable amount to carry about.FairFX's rate is slightly better than CaxtonFX's but FairFX charge $2 to withdraw from a cashpoint and there is no charge with CaxtonFX. Based on the rates given on their respective sites today (CaxtonFX 1.517 & FairFX 1.521) the difference is only 40p per £100 in FairFX's favour. I think that small advantage would be wiped out by the $2 cashpoint fee unless I only made one or two large withdrawals, which isn't something I want to do. Does that make sense?
If there was a fee for each withdrawal then I'd probably withdraw more each time and worry about my wallet being nicked.
Edited by Porkbrain on Tuesday 10th July 17:17
I have just come back from using CaxtonFX Global Card in Central America (Mexico, Belize & Guatemala). It was spot on. The exchange rates were fair, where other people were being charged to use an ATM (In Guatemala at least) I wasn't! It saves money with the usual bank charges, and I now have a Euro one for my trips to Europe. You transfer money online or by text (depending on your situation) and it just works (without your bank calling you up, costing you £10 asking if you had used the card somewhere (and no, Nat West won't let you tell them where you are going, for some reason!))!
Considering they're free, the dodgy cash machines & people don't get your bank details... what is there to lose (apart from what you have loaded on the card instead of what you have in your main account?!)
Considering they're free, the dodgy cash machines & people don't get your bank details... what is there to lose (apart from what you have loaded on the card instead of what you have in your main account?!)
RedWhiteMonkey said:
I will avoid Travelex, looks like its between CaxtonFX and FairFX.
FairFX's rate is slightly better than CaxtonFX's but FairFX charge $2 to withdraw from a cashpoint and there is no charge with CaxtonFX. Based on the rates given on their respective sites today (CaxtonFX 1.517 & FairFX 1.521) the difference is only 40p per £100 in FairFX's favour. I think that small advantage would be wiped out by the $2 cashpoint fee unless I only made one or two large withdrawals, which isn't something I want to do. Does that make sense?
If you have to draw cash - draw a larger amount less often, since the ATM fee is fixed. BUT - paying using the card costs you nothing extra at all, and you won't be hit with any extra charges as long as you are paying in the same currency as your card.FairFX's rate is slightly better than CaxtonFX's but FairFX charge $2 to withdraw from a cashpoint and there is no charge with CaxtonFX. Based on the rates given on their respective sites today (CaxtonFX 1.517 & FairFX 1.521) the difference is only 40p per £100 in FairFX's favour. I think that small advantage would be wiped out by the $2 cashpoint fee unless I only made one or two large withdrawals, which isn't something I want to do. Does that make sense?
Don't think of it as a cash card, think of it as a fee-free credit/debit card.
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