Cheap Travel Money Discussion Area

iblametheparents

CountryGoose wrote: »

And how much commission is charged upfront on the € or $ cards? 1.5% perhaps, built into the exchange rate? And remind me of the fee on these cards for ATM use......

I've generally found the € and $ cards with both companies to be 1.75%-2% off interbank rates, with the FairFX € and $ cards having a marginally higher rate.

Chippy

iblametheparents wrote: »

I've generally found the € and $ cards with both companies to be 1.75%-2% off interbank rates, with the FairFX € and $ cards having a marginally higher rate.

If both Sterling cards have similar rates, would the Caxton card work out better if my daughter is likely to use the ATM fairly regularly? ( Am i right in thinking the Caxton doesn't charge for ATM use whilst the FairFX card does?)

raven_r

iblametheparents wrote: »

Do you, by any chance, work for Caxton?

As Country Goose and myself have mentioned far too many times to count, the FairFX Anywhere cards beats ALL other prepaid cards.

I have caxton (euro and global traveller), travelex and fairfx (sterling) cards and as I SPECIFICALLY point out the issue is with the fairfx sterling card which has punitive charges - avoid it like the plague! Someone should make mention of the MSE Fairfx link to avoid this (sterling) one like the plague and opt for either the euro or dollar options...
Please read my messages in full before you respond in future.

iblametheparents

Chippy wrote: »

If both Sterling cards have similar rates, would the Caxton card work out better if my daughter is likely to use the ATM fairly regularly? ( Am i right in thinking the Caxton doesn't charge for ATM use whilst the FairFX card does?)

Both Sterling cards use the Mastercard interbank rate, however Caxton takes 2.5% off this and FairFX only takes 1.5% - the FairFX Anywhere card doesn't have any ATM charges.

iblametheparents

raven_r wrote: »

I have caxton (euro and global traveller), travelex and fairfx (sterling) cards and as I SPECIFICALLY point out the issue is with the fairfx sterling card which has punitive charges - avoid it like the plague! Someone should make mention of the MSE Fairfx link to avoid this (sterling) one like the plague and opt for either the euro or dollar options...
Please read my messages in full before you respond in future.

I read all of your messages, that still doesn't make them correct. Please enlighten us all as to what you mean by punitive charges. You may SPECIFICALLY point it out, but please provide the proof.

wesfest

Hi,

I am about to embark on a gap year and when abroard I am going to need to access cash from my current account on many an occassion.

Cash is of course going to be needed on a day to day basis for basic items etc etc and I am concerned about how much this is going to cost me.

My HSBC debit card charges max £5 withdrawal fee +2.5% currency conversion. Even the HSBC advance account charges the 2.5% currency conversion.

I have just got a Halifax Clarity CC at 12.9% / £3.5k limit.

Whenever I need cash, would it be wise to always withdraw money from ATMs using my CC then pay this off in full each month using internet transfer from my HSBC current account?

So in a way, I am accessing cash from my Current account abroard but at a much lower rate - Does this make sense?

I could be withdrawing say upto £5k in cash over the year!

Also, I know I pay interest on cash withdrawals even if I pay off in full each month, however what happens if I don't pay in full each month and just pay minimum?

THANKS!!!

CountryGoose

raven_r wrote: »

I have caxton (euro and global traveller), travelex and fairfx (sterling) cards and as I SPECIFICALLY point out the issue is with the fairfx sterling card which has punitive charges - avoid it like the plague! Someone should make mention of the MSE Fairfx link to avoid this (sterling) one like the plague and opt for either the euro or dollar options...
Please read my messages in full before you respond in future.

Please post amounts, currency, and dates.

CountryGoose

Answers inline in bold.

wesfest wrote: »

Hi,

I am about to embark on a gap year and when abroard I am going to need to access cash from my current account on many an occassion.

Cash is of course going to be needed on a day to day basis for basic items etc etc and I am concerned about how much this is going to cost me.

My HSBC debit card charges max £5 withdrawal fee +2.5% currency conversion. Even the HSBC advance account charges the 2.5% currency conversion.

I have just got a Halifax Clarity CC at 12.9% / £3.5k limit.

Good Move!

Whenever I need cash, would it be wise to always withdraw money from ATMs using my CC

Yes!

then pay this off in full each month using internet transfer from my HSBC current account?

No need to do this - before you leave set up a direct debit to clear the balance each month.

So in a way, I am accessing cash from my Current account abroard but at a much lower rate - Does this make sense?

Yes!

I could be withdrawing say upto £5k in cash over the year!

Also, I know I pay interest on cash withdrawals even if I pay off in full each month, however what happens if I don't pay in full each month and just pay minimum?

You lose any rate advantage. 12.9% isn't a bad rate for borrowing, but it could be better.


THANKS!!!

Pleasure

John_Pierpoint

Just don't think you are still in the UK and then have your wallet stolen, like my son did!
In parts of the world where "mugging" is common, some people carry a dummy wallet containing a little cash and a card or two they can "sacrifice".

CountThosePennies

I've got one of those Travelex cards in Euros. Used it in Kos in Greece last year (if you've been some parts are quite remote) in the Supermarket and there were a couple of ATM's that took the card. Went to Dublin in June for the weekend and it was really good - taken everywhere! Plus it didn't cost me a penny to use so was just like using my usual UK debit card..

Going Travelling next year so looking for easy ways to carry money around.. My friend went last year and took a Nationwide card - are those still free to use abroad? They were back then but times change and all that!