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  • FIRST POST
    • MSE Helen Saxon
    • By MSE Helen Saxon 28th May 15, 11:15 AM
    • 75Posts
    • 42Thanks
    MSE Helen Saxon
    0 WOW
    Prepaid Travel Cards guide
    • #1
    • 28th May 15, 11:15 AM
    0 WOW
    Prepaid Travel Cards guide 28th May 15 at 11:15 AM
    Hi!

    This is the discussion thread for the



    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.


    Thanks folks,
Page 46
    • Gloomendoom
    • By Gloomendoom 14th Jul 17, 10:59 AM
    • 13,084 Posts
    • 17,301 Thanks
    Gloomendoom
    I cant think of any reason the Monzo wouldn't work I just want to cover all the bases.
    Originally posted by Pedrobandito
    I can think of a couple of reasons:

    1. Not everywhere accepts Mastercard (see my post #884 above)

    2. I had a message from Monzo one day last week advising me to use another card for that day as their system was down.

    You should never just rely on one card.
    Advice; it rhymes with mice. Advise; it rhymes with wise.
    • dj1471
    • By dj1471 14th Jul 17, 11:03 AM
    • 907 Posts
    • 602 Thanks
    dj1471
    So we took out the halifax clarity card as suggested by Martin Lewis but we've ended up needing more cash than expected as many places in the Algarve (Amarco de Pera) only accept cash.

    The best rate we can find is £1 - €1.01. One bank was offering £1 - €0.96. I feel a bit conned. Is there anyway to boost our money?
    Originally posted by bsgbees
    Use an ATM, decline conversion. You will get the MasterCard rate, which is currently £1 = €1.13.
    • bsgbees
    • By bsgbees 14th Jul 17, 11:14 AM
    • 16 Posts
    • 2 Thanks
    bsgbees
    Find an ATM and use your Clarity card to withdraw the cash.

    The exchange rate is likely to be close to 1.14
    Originally posted by Gloomendoom
    Sorry the rates I gave was from the ATM.
    • bsgbees
    • By bsgbees 14th Jul 17, 11:15 AM
    • 16 Posts
    • 2 Thanks
    bsgbees
    Use an ATM, decline conversion. You will get the MasterCard rate, which is currently £1 = €1.13.
    Originally posted by dj1471
    Ah I see that's really cheeky. Like you said it does give the options but i assumed that if you declined conversion it would spit out your card. I'll try this later.

    Many thanks.
    • Gloomendoom
    • By Gloomendoom 14th Jul 17, 11:31 AM
    • 13,084 Posts
    • 17,301 Thanks
    Gloomendoom
    If you want the exact rate you can expect, use this tool...

    https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html

    Unfortunately, it's always a day behind. The rate yesterday was 1.135966
    Advice; it rhymes with mice. Advise; it rhymes with wise.
    • Pedrobandito
    • By Pedrobandito 14th Jul 17, 11:51 AM
    • 51 Posts
    • 5 Thanks
    Pedrobandito
    I can think of a couple of reasons:

    1. Not everywhere accepts Mastercard (see my post #884 above)

    2. I had a message from Monzo one day last week advising me to use another card for that day as their system was down.

    You should never just rely on one card.
    Originally posted by Gloomendoom

    Thanks, so do you think taking Monzo and Starling for most use would be ok? I will also take my main bank cards for backup.
    • eDicky
    • By eDicky 14th Jul 17, 11:55 AM
    • 2,918 Posts
    • 1,282 Thanks
    eDicky
    The best rate we can find is £1 - €1.01. One bank was offering £1 - €0.96. I feel a bit conned. Is there anyway to boost our money?
    Originally posted by bsgbees
    Sorry the rates I gave was from the ATM.
    Originally posted by bsgbees
    These outrageous rates are certainly a con, the screen is cleverly worded so that most people will assume that they have to accept, as you did, and even if you decline the ATM often asks a second time. Make sure you select 'Without Conversion' or 'NO' (or 'YES' if you are then being asked if you are sure) and proceed without any further mention of pounds and exchange rates. Conversion is then done by your Clarity card using the MasterCard rate applicable a day or two later when the transaction is settled.
    Evolution, not revolution
    • WAYT
    • By WAYT 14th Jul 17, 12:06 PM
    • 711 Posts
    • 315 Thanks
    WAYT
    If you want the exact rate you can expect, use this tool...

    https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html

    Unfortunately, it's always a day behind. The rate yesterday was 1.135966
    Originally posted by Gloomendoom
    Of course that is a ridiculous statement.

    It just gets updated later in the day UK time. Perhaps 7pm or earlier.
    • eDicky
    • By eDicky 14th Jul 17, 12:08 PM
    • 2,918 Posts
    • 1,282 Thanks
    eDicky
    Thanks, so do you think taking Monzo and Starling for most use would be ok? I will also take my main bank cards for backup.
    Originally posted by Pedrobandito
    Monzo and Starling Bank are the best (non credit card) choices at the moment. You can top up either instantly at any time with your 'normal' bank debit card.

    Monzo could be topped up (I assume) by the Starling card, and possibly vice versa. But if the same problem of a few days ago recurs, all such fintech products are affected at the same time, so have your 'normal' bank card available. Metro Bank (fee-free in Europe) and Virgin Money Essential current account (fee-free purchases worldwide, £1.50 per ATM withdrawal) will not be affected by the fintech payment processor glitches.
    Evolution, not revolution
    • Pedrobandito
    • By Pedrobandito 14th Jul 17, 12:40 PM
    • 51 Posts
    • 5 Thanks
    Pedrobandito
    Monzo and Starling Bank are the best (non credit card) choices at the moment. You can top up either instantly at any time with your 'normal' bank debit card.

    Monzo could be topped up (I assume) by the Starling card, and possibly vice versa. But if the same problem of a few days ago recurs, all such fintech products are affected at the same time, so have your 'normal' bank card available. Metro Bank (fee-free in Europe) and Virgin Money Essential current account (fee-free purchases worldwide, £1.50 per ATM withdrawal) will not be affected by the fintech payment processor glitches.
    Originally posted by eDicky

    Thanks eDicky, I was thinking of taking both cards with minimal amounts loaded on and load them from my debit card when I know they are working but was just wondering if one didn't work could I use that to top up the other, thinking about it there is nothing to stop me trying that when I get the Starling card through the post is there?? Will let you know if it works
    • Martinb16
    • By Martinb16 17th Jul 17, 8:47 PM
    • 1 Posts
    • 0 Thanks
    Martinb16
    Monzo Prepaid Card
    I applied for the Monzo card after reading the weekly E mail at the end of June. It arrived by 1st class post the day after I applied, and the initial £100 top up appeared as soon as I registered the card on the app. I've been using it in Spain for the last 2 weeks with no problems at all and topping up is easy and virtually instant via the app. I now see the wisdom of Martin's advice not to have the transaction in £'s, I did a spend the other day of roughly 50euros and was given the option of £'s but went for Euros, when the transaction appeared on the Monzo app the £'s amount was nearly £1.50 less than the conversion on the retailers machine. Many thanks to MSE for the advice
    • shafiq
    • By shafiq 18th Jul 17, 6:07 PM
    • 30 Posts
    • 15 Thanks
    shafiq
    Prepaid card-contradicting info, which is correct regarding Interbank/Mastercard rat?
    in this link, the following is written:

    1) This card from Monzo* charges no fees at all – it's free to spend and withdraw cash (though individual ATMs may charge). Plus, it uses the rate set by Mastercard, which is near perfect.

    While the exchange rate's theoretically not as good as the interbank rate used by some of the cards below, we've heard of the Mastercard rate beating it occasionally. Let us know what you've experienced.

    2) For Revolut, it say "The prepaid Mastercard from Revolut works using its app and gives perfect interbank rates..."
    Then under Key Questions, it says "How good is Revolut's exchange rate? Revolut's exchange rate is the best you can get for the majority of currencies, as it uses interbank rates, which tend to be slightly higher than Mastercard's or Visa's rates. "
    Should that be that it is "lower" as under Monzo text, it says the exch rate is not as good as the interbank rate?
    • dj1471
    • By dj1471 18th Jul 17, 9:16 PM
    • 907 Posts
    • 602 Thanks
    dj1471
    Should that be that it is "lower" as under Monzo text, it says the exch rate is not as good as the interbank rate?
    Originally posted by shafiq
    There's very little difference between the interbank rates and MasterCard rates. Every time I've done a direct comparison MasterCard has won, but if you're lucky you'll get a decent interbank rate and that'll win.

    Revolut don't offer interbank rates on all currencies and apply a markup during weekends, so which card is better for you will also depend on which currencies you spend and when you spend.
    • eDicky
    • By eDicky 18th Jul 17, 9:38 PM
    • 2,918 Posts
    • 1,282 Thanks
    eDicky
    it uses interbank rates, which tend to be slightly higher than Mastercard's or Visa's rates. "
    Should that be that it is "lower" as under Monzo text, it says the exch rate is not as good as the interbank rate?
    Originally posted by shafiq
    The word 'better' should be used instead of 'higher'. The writer is presumably thinking in terms of a higher number of euros, for example, per pound - but it's just as valid to view it the other way around, as you seem to be doing.
    • Rupesh Mishra
    • By Rupesh Mishra 19th Jul 17, 12:25 PM
    • 1 Posts
    • 0 Thanks
    Rupesh Mishra
    Hello everyone I'm Rupesh and I'm new to the forum and I need some travel money advice. I'm travelling to southeast Asia more specifically Cambodia, Malaysia and India for a couple of months in September and i'm currently looking for the cheapest way to spend my pounds in Cambodia with minimal charges.
    Cambodia is a essentially a dual currency country where US Dollar is used for transactions above $1 and Cambodian Riel for below. I've been reading advise on the website in regards to travel credits cards, debit cards and pre-paid cards. However I'm unsure as to which one I should use as I don't want to carry a lot of cash.
    I currently have money saved up in my HSBC current account however I do not currently have a regular source of income so I'm not eligible for a credit card as I found out from the Eligibility calculator on MSE. So currently only prepaid cards/overseas debit cards seem to be the only options available to be.
    Would you guys be able to advise me as to which I should get as i'm guessing in i will need to withdraw money more often in Southeast Asia.

    Regards
    Rupesh Mishra
    • REDROB
    • By REDROB 19th Jul 17, 7:49 PM
    • 2 Posts
    • 0 Thanks
    REDROB
    Balance available on prepaid cards
    My daughter got a pre loaded Euro card from Thompson (it was convenient at the time) She has noticed that the amount available for withdrawal is less than the amount she put on it. She has paid HER moneyto get the card why are they keeping some of HER money?
    I guess that they will caherge her some fee to discharge the final balance back to her.
    Has any one any thoughts on this?
    I have just got a Fair FX card. I cannot see any small print saying the amount I have to spend is restricted.
    • eDicky
    • By eDicky 19th Jul 17, 8:08 PM
    • 2,918 Posts
    • 1,282 Thanks
    eDicky
    My daughter got a pre loaded Euro card from Thompson (it was convenient at the time) .
    Originally posted by REDROB
    No it wasn't. It would have been more convenient and cheaper to simply use her bank debit card or credit card for euro transactions and withdrawals, even with the highest fees. Perhaps you mean the Thompson salesperson successfully sold her the card.
    • eDicky
    • By eDicky 19th Jul 17, 8:24 PM
    • 2,918 Posts
    • 1,282 Thanks
    eDicky
    I guess that they will caherge her some fee to discharge the final balance back to her.
    Has any one any thoughts on this?.
    Originally posted by REDROB
    This may be worth trying - she can sign up for a Revolut account on the app, then attempt to top up the Revolut euro balance with the Thompson card. If successful the euros can be changed to pounds at the interbank rate (weekdays) and withdrawn to her bank account, or used next trip with the Revolut MasterCard (£5). If unsuccessful, the attempt cost nothing. I unloaded my FairFX card in this way, but that was over a year ago.
    • pantaiema
    • By pantaiema 21st Jul 17, 9:22 PM
    • 59 Posts
    • 22 Thanks
    pantaiema
    in this link, the following is written:

    1) This card from Monzo* charges no fees at all – it's free to spend and withdraw cash (though individual ATMs may charge). Plus, it uses the rate set by Mastercard, which is near perfect.

    While the exchange rate's theoretically not as good as the interbank rate used by some of the cards below, we've heard of the Mastercard rate beating it occasionally. Let us know what you've experienced.

    2) For Revolut, it say "The prepaid Mastercard from Revolut works using its app and gives perfect interbank rates..."
    Then under Key Questions, it says "How good is Revolut's exchange rate? Revolut's exchange rate is the best you can get for the majority of currencies, as it uses interbank rates, which tend to be slightly higher than Mastercard's or Visa's rates. "
    Should that be that it is "lower" as under Monzo text, it says the exch rate is not as good as the interbank rate?
    Originally posted by shafiq
    Interbank exchange rate is updated a few times a day practically could be less than an hour depending on the fluctuation of the currency exchange rate.

    MasterCard global exchange rate is updated once in a day.
    So if you are withdrawing cash while they are at the lowest point during that day you might get the exchange rate lower than the MasterCard global exchange rate.
    • Rusty101
    • By Rusty101 24th Jul 17, 8:09 PM
    • 4 Posts
    • 2 Thanks
    Rusty101
    Sainsbury multi currency Cash Passport
    Hello, I used a Sainsbury Multi Currency Cash Passport for the first time this year. It is set up in Euros, but I have been charged Currency Conversion Fees for withdrawing Euros, and also very high fees for using ATMS. I am also having difficulty with the so called "help line" to query these charges. Has anyone any tips/advice, other than not to use this card in future?
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