Post Office Travel Money Card

furiousfingerz

Hi-

Prior to a trip to the US, I was investigating the best way of paying for goods whilst over there without incurring the various handing/commission charges my bank would apply for use of my debit card (I don't own a credit card). The Post Office 'Travel Money' card seemed like a winner, since it costs you nothing to use it, and there's only a £5 fee for reclaiming the balance when you return (and why wouldn't you want to do that since they pay no interest on the money left on the card?)

I'm embarrased to admit it, but the most significant cost completely escaped my attention, which was the difference between the 'sell' and 'buy' exchange rates. I put £600 of dollars on the card before I went, didn't use the card when I was there, and was given £539.43 back! I could have gone mad with my debit card without incurring anything like this expense.

So unless you're an idiot like me, don't forget they'll charge you different rates depending on who's holding the foreign currency, and maybe don't put more on the card than you think you'll need.

I still think they should make a bigger deal of this on their pamphlets for the more slower-witted of us...

shedroof

Something further about the Post Office Travel Money Card - if you've got one, check the expiry date and make a note to ask for a renewal card.

Packing for a short trip, I found mine had expired the previous month, so rang up and was told a new one would be sent - though too late for me.

A response to a complaint about this "respectfully" drew my attention to the terms and conditions which, say they may issue a renewal card "if we think you might like to have" one.

Otherwise tough - so check those t&c's and if you've got one already, make a note to renew it.

Bizarre or what!

StevieTravel

Hi furiousfingerz,

Looking at their charges here, they seems to have higher ATM fees than either Caxton or FairFX cards, and their exchange rates are a little worse than Caxton's and a bit further behind FairFX.
Edit: its currently the same as Caxton's (i think) and worse than FairFX, but obvs you can check this out before you buy

There is a guide to all the different rates in MSE at http://www.moneysavingexpert.com/travel/cheap-travel-money

Hope that helps.