Nationwide Flex vs Travelex Cash Passport?

discofuel

I've got both of these cards and wondering which is most cost effective to use for cash withdrawals at ATMs in the USA.

When I reloaded my Cash Passport 2 days ago the exchange rate I received was 1.50, however according to xe.com the exchange rate is 1.60.

I read that Nationwide Flex will give me a better exchange rate although withdrawals incur a 1% charge.

Which card am I better off using?

dzug1

The Nationwide exchange rate including the charge will be around 1.58 if xe.com is 1.60.

discofuel

Thanks - how did you work that out?

Just called Travelex and their current exchange rate is 1.55 so looks like my Nationwide card is the better option.

ERICS_MUM

I always have a concern with these pre-loaded cash cards. If the company who issues them goes bust, would the money remain on the card and you would still be able to spend it ? If not and you lose the money, would it be covered by the FSA's Financial Services Compensation Scheme - specifically would the money be classified as a deposit or cash ?

Until this is made clear I will take cash, travellers cheques and credit cards when I go abroad.

Linda:T

benjus

discofuel wrote: »

Thanks - how did you work that out?

The Nationwide card charges 1% for all transactions outside Europe - 1% of 1.60 is 0.016, so if today's rate is 1.60 the Nationwide rate will be 1.60 - 0.016 = 1.584.

Baldur

If you're not into maths, just use the Visa Exchange Rate website and enter 1% in the 'Bank Fee' box.

Cobalt_Badger

Just a word of warning with Nationwide, I have a Natiowide Gold Card which I used in the States on honeymoon last year. Nationwide stopped the card due to their system determining a fraudulent transaction may have taken place (and no one minds security do they!) Sadly when I called they could not re-enable my card as they do not have 24 hr ability to do this in their call centres. My card was cancelled until 9am UK time and as we were in San Francisco we were stuck with the little cash we had on us and a useless bit of plastic. I had to get up at 2 in the morning to reactivate the card as they could only do that 9 - 5 UK time. We only just had the cash for a bus back to the hotel! Once back I complained and they did make a good will payment gesture (Have to put the positive as I am desperately trying to be objective).

Main complaint is that they have cards aimed at travellers but cannot provide service if you are in the wrong time zone! So just a glitch to beware of with Nationwide.

benjus

Cobalt_Badger wrote: »

Just a word of warning with Nationwide, I have a Natiowide Gold Card which I used in the States on honeymoon last year. Nationwide stopped the card due to their system determining a fraudulent transaction may have taken place (and no one minds security do they!) Sadly when I called they could not re-enable my card as they do not have 24 hr ability to do this in their call centres. My card was cancelled until 9am UK time and as we were in San Francisco we were stuck with the little cash we had on us and a useless bit of plastic. I had to get up at 2 in the morning to reactivate the card as they could only do that 9 - 5 UK time. We only just had the cash for a bus back to the hotel! Once back I complained and they did make a good will payment gesture (Have to put the positive as I am desperately trying to be objective).

Main complaint is that they have cards aimed at travellers but cannot provide service if you are in the wrong time zone! So just a glitch to beware of with Nationwide.

Interesting - and they don't provide an ability for you to notify them you're going abroad.

Sounds like bad luck though - my cards have been used in lots of places (Europe, USA, South America) and I've never had any problems.

discofuel

Natiowide Flex it is then! I'll keep my cash passport as backup in case of any issues.