Cheap Travel Money Discussion Area

eDicky

jimexbox wrote: »

Has anyone used the moneycorp ATM at Gatwick (Stansted?) recently? Ideally I'd like to use my clarity card to withdraw euros at Stansted, Dollars at Gatwick on a couple of trips in the new year. Obviously selecting no to dynamic conversion, or whatever they call it.

Two or three months ago I made a fee-free withdrawal in the usual way at a Stansted MoneyCorp ATM. It's been available for years and I doubt that it has suddenly ended. You will find out when you try. Don't bother asking MoneyCorp staff about it, they are unlikely to know of its existence.

eDicky

Update to confirm that foreign currency withdrawals without conversion are still available from MoneyCorp ATMs, this evening I withdrew $40 using my Monzo card at Stansted.

The bad news in my case is that two ropey old $20 bills were dispensed to me, one of them torn at the fold. In the past I've received brand new notes.

Monzo's provisional rate for the transaction is 1.31, MoneyCorp offered me conversion at 0.9462..!! - incredible but true!

Kit1

Not sure if this is the right place to ask this question but here goes.

We are going travelling for a few months and are to decide the best way to carry money as we will be using different currencies (Yen, Fiji Dollar, NZ and Australian Dollar and UAE Dirhams). We have seen lots of people use loaded cards but we have never done this. What are the pros and cons.

zagfles

Kit1 wrote: »

Not sure if this is the right place to ask this question but here goes.

We are going travelling for a few months and are to decide the best way to carry money as we will be using different currencies (Yen, Fiji Dollar, NZ and Australian Dollar and UAE Dirhams). We have seen lots of people use loaded cards but we have never done this. What are the pros and cons.

https://www.moneysavingexpert.com/credit-cards/travel-credit-cards/

adindas

https://wearebo.co.uk/faq/

It has also got review from Moneywise
https://www.moneywise.co.uk/news/2019-11-28%E2%80%8C%E2%80%8C/natwest-launches-new-digital-bank-bo-it-any-good


It seems they are very good as a backup card (or even the main card) to get cash from cash machines abroad. Moreover they are part of Natwest Bank.

It seems to me that it is quite similar to Starling apart from the fact that they are using Visa Exchange rate instead of Mastercard Exchange rate and will only allow two fee free withdrawals.

Has anyone tried to use "bo" debit card to withdraw cash from from cash machines outside EU countries without problem ??

eDicky

Kit1 wrote: »

We have seen lots of people use loaded cards but we have never done this. What are the pros and cons.

Such cards have virtually no pros, they involve adverse rates and fees, and again to convert any leftovers back to GBP.

It will likely be cheaper and certainly much easier just to use your current cards, debit or credit, for payment and ATM withdrawals, even with their fees. To avoid those fees obtain fee-free cards, the easiest and best currently being a Starling Bank account on your phone. As advised by Zagfles, see:

https://www.moneysavingexpert.com/credit-cards/travel-credit-cards/

Phil_Bosten

They may ask you for very private information to prove you are not a fraud.
I have used Travel FX without a problem several times until today. I made an order for Euros yesterday but this morning I faced emails asking for my full detailed bank statement with all of my bank transactions listed in and out for the past 3 months.
My driving licence, passport and payslip were not enough for the operator and now I face the threat of charges to refund my payment.
I feel this is private information (bank statements) that should not be shared.
But if you dont mind sharing your private life with them go ahead, normally good!

davet0_uk

Hi All, (first post!)

My daughter is studying at a european university. Her fees are 10,500 euro's a year.

The pound is strong at the moment against the euro and therefore am considering purchasing the 10,500 euro how and holding them until next years fees are due (september) .

I currently use Currencies Direct Ltd to buy the euros (not sure if its the best way?) and they can hold them. they are authorised by the Financial Conduct Authority as an Electronic Money Institution under the Electronic Money Regulations 2011. Given this money will be there for 9 months, and they are not a high street bank, what protection would my money get?

thanks

Dave

eDicky

davet0_uk wrote: »

Given this money will be there for 9 months, and they are not a high street bank, what protection would my money get?

Not much at all in practice.

If you want to buy euros now and park them somewhere safer for nine months, consider Starling Bank with its FSCS protection and conversion at interbank rate with 0.4% fee, no fee on the SEPA payment to the uni. Other solutions exist

adindas

Just want to make people aware of new player "Bo" money

https://wearebo.co.uk/?gclid=Cj0KCQiA89zvBRDoARIsAOIePbBaepn4lZCRUWob9LloSIOBpt0doEE4KjjS2NBH_wPQw0mMhLI3CUUaAtTKEALw_wcB

This debit card is a true gem. Unlike other specialist debit cards, There is not limit how many fee free cash withdrawals you could make in a month. Also daily cash withdrawal is higher at £500.

https://forums.moneysavingexpert.com/discussion/6072641/bo-money

This card is equally good as Starling. They are using Visa exchange rate which sometimes marginally lower than Mastercard. But you could see it as an advantages if this one is addition to your fee free for foreign cash Mastercard. If the mastercard is not accepted or the network is down you could still withdraw cash from ATM using Visa.