Cheap Travel Money Discussion Area

dzug1

loopy_lass wrote: »

ok as everyone knows on here im not the brightest of stars, so can i ask a few "simple" questions about the FairFX currency card.
1) i load it with uk £s correct?
2) how do i get egyptian pounds to spend?
3) how do i use the card is is ATM cash withdrawal or can i use it to pay for stuff over there?
told you it was simple! sorry.... loops

1 yes
2 you shove it in an ATM in Egypt and it will spit egyptian pounds out at you
3 both

iblametheparents

jools39 wrote: »

I have been looking at similar things and maybe the CaxtonFX card is better for cash withdrawls only? I think it will depend on how much you are going to use it and for what amounts?

If I read it correctly the Caxton does not charge for using ATMs but is a slightly worse rate than the FairFX one which charges €1.50/$2 to withdraw cash from an ATM?

I need to withdraw small sums of €50 - €100 on a regular basis so guess that the Caxton one would be better for me?


In gbysea's case I realise that you dont need Euros, but they do a Global version as well which has no charge for ATM use and the exchange rate applied is fixed at 2.5% from the prevailing interbank rate, which I guess is better than most tourist rates available?

If anyone can help clarify this it would be appreciated!

The FairFX Anywhere card has 1.5% charge when withdrawing from a cash machine, 1% less than Caxton's - https://www.fairfx.com/whatitcosts

jnm21

Yes & no iblametheparents - if my understanding is correct it will actually work out very slightly more than 1% better than the Caxton. Read on if you are not easily bored!

If the rate is exactly 1.2 € to the pound, imagine using both cards to draw €117 (if that was possible from an ATM):

The FairFX Anywhere card adds 1.5% to the converted value (converted using the Mastercard rate): (117/1.2) * 101.5% = £98.96.

The Caxton Sterling will apply a rate of 1.17 (i.e. 1.2 * 97.5%) meaning a cost of £100

This means FairFX is actually 1.04% cheaper.

jools39

jnm21 wrote: »

Yes & no iblametheparents - if my understanding is correct it will actually work out very slightly more than 1% better than the Caxton. Read on if you are not easily bored!

If the rate is exactly 1.2 € to the pound, imagine using both cards to draw €117 (if that was possible from an ATM):

The FairFX Anywhere card adds 1.5% to the converted value (converted using the Mastercard rate): (117/1.2) * 101.5% = £98.96.

The Caxton Sterling will apply a rate of 1.17 (i.e. 1.2 * 97.5%) meaning a cost of £100

This means FairFX is actually 1.04% cheaper.

Sorry if I am being thick here, but the way I read it in the link posted the FairFX card has a €1.50 or $2 fee for ATM use as well?

jnm21

Not for the Anywhere (Sterling card).

iblametheparents

jnm21 wrote: »

Yes & no iblametheparents - if my understanding is correct it will actually work out very slightly more than 1% better than the Caxton. Read on if you are not easily bored!

If the rate is exactly 1.2 € to the pound, imagine using both cards to draw €117 (if that was possible from an ATM):

The FairFX Anywhere card adds 1.5% to the converted value (converted using the Mastercard rate): (117/1.2) * 101.5% = £98.96.

The Caxton Sterling will apply a rate of 1.17 (i.e. 1.2 * 97.5%) meaning a cost of £100

This means FairFX is actually 1.04% cheaper.

I understand but I did just mean in layman's terms one is 2.5% and one is 1.5%

The FairFX card can be topped up by bank transfer too, rather than debit card, which I assume would attract a fee. I'm awaiting a reply from Caxton as to whether they accept bank transfers.

One postive for Caxton for me travelling to Turkey is that if I get their Sterling card and then withdraw Sterling from a cash machine, there is no charge for this. Exchange rates in bars/supermarkets in Marmaris/Icmeler have extremely favourable rates, almost interbank rates, ie interbank 2.355, bar 2.35. I've also been thinking about taking Sterling traveller's cheques over for a 1% charge and again exchanging in bar/supermarket.

To confuse matters further, Sterling is accepted in a lot of places and people have mentioned on an Icmeler forum that items can work out cheaper paid in £.

dzug1

martinrlfc wrote: »

I have recently applied for and obtained the Halifax Clarity card ready for my holiday to Italy. First time i have gone away without sorting my money beforehand and i have to admit i am very uncomfortable about going away without cash.

Could anyone reassure me with a couple of things?

- Why pre-load the card prior to going? (will this have any benefit other than increasing the credit limit)
- What is the likelyhood the card will be blocked for withdrawing large amounts in a different country to my residence? (thus leaving me with no funds)

Any help advice from people in the know would be hugely appreciated.

Martin

Preloading the card prior to going is against the T&C of the card - it's not at all clear what they actually do if you breach this though. They say they MAY return the overpayment

The benefit would be that you wouldn't pay interest on cash withdrawals

MTwallet_2

This guide shows the Halifax Clarity card, the Nationwide and the Post Office credit card as being load free worldwide. This may well be the case but what exchange rates do each use?
It may be all well and good to be charge free but if the exchange rate is poor it is false economy.
Using moneysavingexpert's Travelmoneymax tool to change £1000 into USD today, the Post Office exchange rate gives $1534.80 whilst the Halifax only gives $1494.70 (a difference of $40.10)
Whilst I accept that these might not be the actual rates they use for their credit cards it shows there is quite a difference.
My experience of Halifax products is they don't usually offer the best rates on anything and it is my guess that the exchange rate used by the Post Office would be better than the Halifax.
To my knowledge all these companies do not publicise their credit card exchange rates, I may be wrong. Has anyone got two of these cards and used them on the same holiday? I would be intrigued to know how big a difference there is in their rates

bobby1000

I am off around the world for 12 months in October - hitting South America first - I have had a look at all the advice, as I live in London do you think that Metro Bank would be my best bet? I have a current account with Alliance and Leicester - with savings attached - shall I just t/f these funds over to Metro when I need to withdraw cash?

jnm21

Almost certainly bobby, but I would open a FairFX anywhere (no need to load more than the minimum) as back up against a blocked card (can heppen) &/or Metro doing a nationwide - 14 months (until you return) is a long time. That is my quandry - what to do & when - currently looking at Santander Zero - you need a £500 (or £25/month) investment (or a mortgage) with them, but that gets you one of the best accounts I have ever seen.

MTwallet - I thought like this at first, but it seems that they must use the visa/mastercard rate (which should be around/better than interbank & best available rates) - the % is either a fee they take off the rate or in FairFX Anywhere's case apply after conversion.