-payment currency cards

[enfable]

Just wondering if an AB'er had looked in to or had pre-payment currency card when travelling. I am looking for a multi-currency one and an considering my My Travel Cash or Caxton FX. Caxton looks better but they work differently. With caxton you pay a fee based on when you load the money 2.75% off the interbank market rate and with My Travel Cash you pay 2.99% when you take the money off the card. Anyone know which is better and if they are a easy to use in less industrialised countries.

[dzug2]

Have a look at Money Saving Expert. You can better both of your choices.

There aren't actually any multi currency cards that I know of - they are either a single foreign currency you choose when you get the card or sterling. Effectively multicurrency though as it's converted when to spend

[Fitzer]

That's not how I remember the Caxton Global card working, you load it in Sterling and then get the exchange rate minus x points whenever you use it, it may have changed in the last couple of years though. I've got their Euro card as well and found them very easy to deal with and never had any problems with them being accepted although I was never very far off the beaten track. Things to remember are that you shouldn't use them for deposits on hire cars or hotels as they reserve (shadow) part of your available balance and you can't use them at toll booths or car parks as they need a connection back to base to see if you have a big enough balance, I suppose that means they won't work in the back of beyond either if there's no data connection.

[enfable]

They are both sterling based cards. From what I can see Caxton load the card with your say £100 and then charge you 2.75%, on each withdraw, off the Interbank Market Rate - whatever that is at the time you withdraw. My Travel Card charge 2.99% on whatever you spend.

So if IMR is 1.59% Caxton would take a further 2.75% off that = 1.546
& if IMR was 2.5% = 2.43%.
My Travel card would charge a fixed fee, I think of 2.99%.

To me Caxton looks better but suppose that depends on IMR on the day. May be worth me considering whether to get a US$ card for US and Caxton (I think) Sterling card for other countries. Caxton say they don't charge an ATM fee so I be able to draw money over the counter if no ATM without incurring a charge?

[Buenchico]

Is there any reason why you can't just use your normal debit card? It always works out a lot cheaper than using any of the pre-paid cards.

[enfable]

Buenchico. My bank, Santander, charge 1.5% with a min charge of £1.99 per ATM use so if I am drawing out less than $100 it would cost me more to use. So only cheaper if drawing larger amounts. I don't want to carry too much cash in poorer contries. Their card use at point of sale is 2.75% so less than My Travel Cash. But against Caxton I'm still not sure as one conversion is on the amount of money and the other is a % off the IMR. Also unsure if Santander still take a currency exchange commission on each transaction.

[friedgreentomato]

I disagree Chris, I always get the prepaid cards as Natwest stings me badly.

Post office money card free to purchase and free to top up.