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Cash money cards
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Hi all, does anyone have any experience with these prepaid cards. I usually take cash and travellers cheques but it is getting harder to cash traveller cheques these days in Mallorca. I was thinking of trying one of these cards just so I don't have to take all cash and don't want to use my bank cards unless I have to due to charges my bank puts on.
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For more on marking an answer as the "Best Answer", please visit our FAQ.The various charges for loading/spending/conversion on these cards may well be more than your usual bank cards.
There are still some (relatively) honest credit/debit cards around who mdon't fleece you for using them abroad - best buys are here
http://www.moneysuper...ds/overseas-spending/
There are still some (relatively) honest credit/debit cards around who mdon't fleece you for using them abroad - best buys are here
http://www.moneysuper...ds/overseas-spending/
Certainly safer than carrying cash - and often 'free to use' for purchases or in ATMs.
The hidden charge seems to be the currency conversion when you load the euros onto the cards from you UK debit card. Looks like it's about 3% - 5% depending on the card - which is still less than some standard credit cards. Another question to ask is how you retrieve any unspent cash at the ened of a holiday - you may pay again to get it back out as ££
The hidden charge seems to be the currency conversion when you load the euros onto the cards from you UK debit card. Looks like it's about 3% - 5% depending on the card - which is still less than some standard credit cards. Another question to ask is how you retrieve any unspent cash at the ened of a holiday - you may pay again to get it back out as ££
Good comparisons here
http://www.moneysupermarket.com/prepaidcards/
Click on the Euro Currency Card tab
http://www.moneysupermarket.com/prepaidcards/
Click on the Euro Currency Card tab
Have a look at Nationwide - that's the card we take for use overseas - very limited transaction charges and their current new credit card doesn't penalise you for purchasing outside the UK. We find their small charges quite acceptable.
We looked at the money cards but the charges for putting money on, and using them, are more than Nationwide.
We never take cash abroad now, just take it out of the ATM when we get there.
We looked at the money cards but the charges for putting money on, and using them, are more than Nationwide.
We never take cash abroad now, just take it out of the ATM when we get there.
here's info about Nationwide http://www.nationwide...reigntransactions.htm
ive just come back from the us having used a fairfx card. it costs £10 to set up, but i got it free via a link on a disney fan site. i paid no charges for loading it with my debit card and got a great exchange rate.
it was easy to use as a card and also at an atm (though there is a charge for atm)
i also bought a family and friends card £6 for my other half, so that i could transfer funds between the two and it meant we had a spare card should one get lost.
i still took some cash for purchases and tips but i would certainly be using this again for future holidays.
it was easy to use as a card and also at an atm (though there is a charge for atm)
i also bought a family and friends card £6 for my other half, so that i could transfer funds between the two and it meant we had a spare card should one get lost.
i still took some cash for purchases and tips but i would certainly be using this again for future holidays.
There's a proliferation of these cards as providers jump on the bandwagon of a lucrative market. Which means that most of them are going to be if not poor value, not that good.
They will all work (most of the time anyway) and most of them are fairly upfront about their charges but fairly coy about the exchange rate they use (you can usually find it but it takes a bit of work and in most of them it's not very favourable)
So what are you looking for? Convenience and safety but not too concerned about the cost? Then go ahead and get one. Doesn't that much matter where.
Concerned about the cost? Then get one of the better ones - eg Caxton or FairFx, Travelex Global (not any of their others). Possibly others - I don't keep up with the entire market. But if you are that concerned then change your bank to one that doesn't charge for overseas use and forget prepaid.
They will all work (most of the time anyway) and most of them are fairly upfront about their charges but fairly coy about the exchange rate they use (you can usually find it but it takes a bit of work and in most of them it's not very favourable)
So what are you looking for? Convenience and safety but not too concerned about the cost? Then go ahead and get one. Doesn't that much matter where.
Concerned about the cost? Then get one of the better ones - eg Caxton or FairFx, Travelex Global (not any of their others). Possibly others - I don't keep up with the entire market. But if you are that concerned then change your bank to one that doesn't charge for overseas use and forget prepaid.
We use CaxtonFX cards all the time abroad, both in Europe and the US.
We find them completely hassle-free and the exchange rates are pretty good too.
We use them both to pay for things..hotels, restaurants shops ...and to get cash. The cash advances so far have always been free.
You do have to use up the money on them, though as it is quite expensive to have it refunded. Not a problem if you don't load too much on in the first place and keep an eye on your spending.
If you have internet banking and secure access when you are abroad you can reload any time.
I wouldn't be without them now. Cheaper than using a credit card abroad, safer than carrying lots of money and much less hassle than traveller's cheques.
We find them completely hassle-free and the exchange rates are pretty good too.
We use them both to pay for things..hotels, restaurants shops ...and to get cash. The cash advances so far have always been free.
You do have to use up the money on them, though as it is quite expensive to have it refunded. Not a problem if you don't load too much on in the first place and keep an eye on your spending.
If you have internet banking and secure access when you are abroad you can reload any time.
I wouldn't be without them now. Cheaper than using a credit card abroad, safer than carrying lots of money and much less hassle than traveller's cheques.