Cheap Travel Money Discussion Area

NiftyDigits

freelancer123 wrote: »

A tip rather than a question for buying back GBP from your post office travelcard once you're home... This may have already come up but I don't feel like reading through the 117 pages on this thread!

I had a Australian Dollars Post Office Travelcard and wanted to buy back Pounds Sterling once returning to the UK. Having looked into it, the post office could only return the money through bank transfer in something silly like 15 working days (why it takes that long to transfer money who knows), but also at an absolutely terrible rate.

I experimented by taking out cash from a normal UK cashpoint, just £50 (had over $1000AUD in the account left over on the travelcard) and depositing it into my bank instead. Despite the post office's percentage AND withdrawal charge being deducted, it still worked out better than transferring with the post office - because the TSB cashpoint's conversion rate was so much better. At the time, TSB didn't charge anything extra either.

The daily withdrawal limit meant I could only take out about £250 at a time, and yes I had to carry that cash down the road to the bank to deposit it, but once that was done over a few days we had saved over £100 by not doing it through the post office.

The post office really need to sort themselves out - their rates aren't as good as they make them out to be, especially when buying back to GBP. If you've got a significant amount left over after travelling I'd recommend giving it a go. Things can always change with rates etc but just email the post office to check what they are, and try withdrawing a small amount first and do a bit of maths.

Anyway, that's me done. Thought I'd share a good tip for anyone out there who's in the same situation as I was. The travelcard was very convenient but I can't help thinking I could have gone somewhere else for better rates. The pace at which they return it to you is pretty ridiculous too - I can transfer money anywhere in the world within 24 hours with internet banking!

Why people buy these nonsensical products, is beyond me.

NiftyDigits

agent69 wrote: »

I have a FairFX (anywhere version) which runs out shortly.

I mainly use the card for my main holiday (this year will be Thailand / Malaysia / Singapore) although recently I have also been using it for a second holiday each year in Spain.

I find the card reliable and convenient and would like another. Only issue is I have never understood the difference between the £, euro and $ versions (when being used outside USA/ Europe).

Is the anywhere card the best for me?

From the three variations that you mention, yes.

freelancer123

NiftyDigits wrote: »

Why people buy these nonsensical products, is beyond me.

In my case, not enough time or will to shop around! What would you recommend instead? Traveller's cheques seem to have fallen out of favour these days, maybe a credit card or even setting up an account with Nationwide is the way to go.....

NiftyDigits

freelancer123 wrote: »

In my case, not enough time or will to shop around! What would you recommend instead? Traveller's cheques seem to have fallen out of favour these days, maybe a credit card or even setting up an account with Nationwide is the way to go.....

If I were to obtain a Prepaid card, I would obtain one denominated in Pounds in the first place. No sense in changing all of my money into a foreign currency at a relatively poor exchange rate and then having to pay another AUD$3 each time to withdraw the cash from an ATM. Then when back you get hit with a 3% Cross Border Fee in addition to the ATM withdrawal charge.
What were you thinking?

There were better options in the form of Kalixa Pay(using a Promo code to purchase the card), ICE GBP Travellers Card or FairFx Anywhere.

The best mainstream cards have already been documented.

freelancer123

NiftyDigits wrote: »

If I were to obtain a Prepaid card, I would obtain one denominated in Pounds in the first place. No sense in changing all of my money into a foreign currency at a relatively poor exchange rate and then having to pay another AUD$3 each time to withdraw the cash from an ATM. Then when back you get hit with a 3% Cross Border Fee in addition to the ATM withdrawal charge.
What were you thinking?

There were better options in the form of Kalixa Pay(using a Promo code to purchase the card), ICE GBP Travellers Card or FairFx Anywhere.

The best mainstream cards have already been documented.

We also got hard cash, so the card was just used for card payments out in Oz, to which there was no charge. Surely getting a prepaid card in GBP would then result in charges when using the card abroad...?

Never even thought about the expense of buying back to GBP I will admit though. But if anyone's made the same mistake, then getting out £ from a UK cash machine seems to be a MUCH better option. Maybe post office are slightly taking advantage of their 'trusted' brand as it sounds like they really aren't competing with the lesser-known cards you mention (assuming they are a better deal, never looked into them...)

NiftyDigits

freelancer123 wrote: »

We also got hard cash, so the card was just used for card payments out in Oz, to which there was no charge. Surely getting a prepaid card in GBP would then result in charges when using the card abroad...?

Never even thought about the expense of buying back to GBP I will admit though. But if anyone's made the same mistake, then getting out £ from a UK cash machine seems to be a MUCH better option. Maybe post office are slightly taking advantage of their 'trusted' brand as it sounds like they really aren't competing with the lesser-known cards you mention (assuming they are a better deal, never looked into them...)

You already paid that charge in the reduced rate of exchange.
For purchases alone you could have gone with Kalixa. Truly no charges for purchases as the full Mastercard exchange rate is passed on.

Teresa123_2

My daughter is currently in her year abroad from university and bristol university have chosen to have her Erasmus grant loaded onto a corporate cash passport. However the charges for withdrawing cash from an ATM seem high and she can't find out whether there is a maximum withdrawal limit or whether the charges are fixed or proportionate. She will mainly use the money to pay her rent -Approx 600 euros per month which will have to be done in cash. Does anyone know if she can withdraw this in one lump and what the charge will be? Any other tips on the best way to use this card would be much appreciated.

kronenbourg

Hi

i actually work for the company that provides such cards

did you purchase it from travelex directly ?

if so where is she using the card what country

daily withdrawl limits

US$ - $800
EU€ - €700
GB£ - £500
AU$ - $3500
CA$ - $3000
NZ$ - $4000

also you can take the card into a bank or bureau de change and get the cash over the counter , although there is a fee for this per transaction

USD- $8.25
EUR - €6
GBP - £4
AUD - $10
CAD - $10
NZD - $12

Teresa123_2

Thanks for reply. She didn't purchase it. It was issued by her university. She will be using it in Italy. Is the daily withdrawal limit of 700 euros allowed to be done in a single transaction and are you able to say what the fee would be for withdrawing this amount from an ATM. Also, it's a corporate cash card. Does this make a difference?

kronenbourg

reading the T&C it say that that is the amount you can withdraw that amount daily , its around £500
i have used this card in holland and germany and have drawn €500 no problem
the withdrawl fee is free although some banks do charge but its per transaction and is usually €1 - €2 euros