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Currency card - worldwide
kem1
Posts: 29 Forumite
Hi,
I'm travelling to Mexico in 6 weeks and I'd like to order a pre-paid currency card (we don't have a good enough credit rating for a decent credit card). I've used them before in the US and Europe, but never had to order a 'Worldwide' one before and I'm getting myself confused with the different transaction fees and rates!
We're taking in excess of £2000, some we'll take in cash but we tend to use all cash when abroad rather than pay by card (find it easier to monitor spending) so still could be making 5/6 cash withdrawals. I've seen that some cards charge for ATM withdrawals, and also some charge a transaction fee, so my first instinct was to go for one that does neither (AA and My Travel Cash are the ones I've considered) - but then I've read that although the likes of Caxton and Fairfx levy these charges, their exchange rates more than make up for it, so I'm back to square one!
I wondered if anybody had any experience and could advise me on the best option? I don't want to take lots of cash or travellers cheques, and our Halifax current account is one of the worst for charges abroad.
Thanks in advance.
I'm travelling to Mexico in 6 weeks and I'd like to order a pre-paid currency card (we don't have a good enough credit rating for a decent credit card). I've used them before in the US and Europe, but never had to order a 'Worldwide' one before and I'm getting myself confused with the different transaction fees and rates!
We're taking in excess of £2000, some we'll take in cash but we tend to use all cash when abroad rather than pay by card (find it easier to monitor spending) so still could be making 5/6 cash withdrawals. I've seen that some cards charge for ATM withdrawals, and also some charge a transaction fee, so my first instinct was to go for one that does neither (AA and My Travel Cash are the ones I've considered) - but then I've read that although the likes of Caxton and Fairfx levy these charges, their exchange rates more than make up for it, so I'm back to square one!
I wondered if anybody had any experience and could advise me on the best option? I don't want to take lots of cash or travellers cheques, and our Halifax current account is one of the worst for charges abroad.
Thanks in advance.
0
Comments
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Are you sure that Halifax won't give you a Clarity Card? It could make a difference that you have an account with them.
Other options are the N&P Gold account or the Cumberland Plus account. Both have no-charge debit cards.
Failing that....
If you don't have access to a mainstream card, such a the Halifax Clarity, you can consider a Prepaid card, such as Kalixa Pay.
Beneficial as you get access to the wholesale exchange rate and your money stays in Pounds. So anything left over can be spent without any fees, anywhere.
It's the only Prepaid card that charges nothing for purchases, both here and abroad. Free here.
Unbeatable for purchases anywhere. No exchange rate fee at all.
If using at an ATM, take a decent chunk out. The equivalent of £100 will cost out at 2.25%. £200, 1.5%, £300, 0.75%
Considering that other currency cards shave 2% to 3% off the exchange rate, it's easy to see that you can match or better them when it comes to cash withdrawal value. The others can't compete at all when it comes to purchases.
Compare their(Kalixa Pay) offered rates (Your currency is GBP) Current rate: 22.306579 Pesos
Alternatives:Caxton Fx Global Traveller(VISA) 2.75% from everything.
Fair FX Anywhere 1.4% from everything plus £1.50 for ATM withdrawals.
My Travel Cash multi currency 2.99% from everything.
Kalixa is equal to the Halifax Clarity for purchases and better than any other Prepaid card for ATM withdrawals, as long as you withdraw a decent amount each time.
Example of costs for withdrawing the equivalent of £100.
Caxton Fx Global Traveller: £2.75
Fair FX Anywhere: £2.90
my Travel Cash Multi-Currency Card: £2.99
Kalixa Pay: £2.25
Simple when you know how.
As you can imagine, withdraw a larger amount and the other become even more expensive, whilst the Kalixa Pay card becomes even less expensive.
Don't just get one card.
Get two between you and keep one hidden from view. Don't just plonk all of the cash on the cards. Have a system wherein you can top up the other card in the case of one being lost or stolen.0 -
As above.................Turning left avoids some of the idiots (only some)0
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Thanks so much for that comprehensive reply, really helpful. No, definitely can't get a Clarity card, so Kalixa it is. You've saved me hours of research, much appreciated.0
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