Barclays Money Card- good or bad?

invicta_2-2

Hi im new to this forum so id really like all your advice!

what do people think of the barclays money card? I cant find anywhere what exchange rate they use to preload the euros, so any help will be appreciated!

I would try to open a nationwide debit card, but im not sure if i can - im only 18 and have no real income

thanks in advance!

EDIT: the link for the barclays money card is http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=homefreegroup&value=13264&target=_self&site=pfs

richardw

There are some savings accounts with instant access atm cards which you can use in machines with the 'plus' sign.

benjus

If you get a Sterling-denominated card, then use it in Europe, you will be charged 2.75% on the exchange rate (and 2% fee for cash withdrawals) - this makes it equivalent to a Barclays debit card.

If you get a Euro-denominated card, it will be free to use for purchases but you will still have to pay 2% on cash withdrawals.

Unfortunately they are being cagey about the exchange rate used when you load funds onto the card:

2.14 You may load or reload money on to the Card by using your Sterling debit or credit card. Amounts are converted into US Dollars or Euros at the rate of exchange used by us at the time.

The term "rate of exchange used by us" could mean the Barclays cash/TC rate, which is about 4% loading on the wholesale rate.

So unless you can get confirmation from Barclays that they use a good exchange rate, the rates on this card are no better than a debit card and possibly somewhat worse.