Thomas Cook Cash Passport: Waste of money

cjard

Things might have been better if I'd had time to apply for a FairFX or Caxton, but as it was I ended up with a TC Cash Passport (operated by Travelex, but I note that the travelex has not ATM withdraw fee, whereas the TC does)

Buying the card in TC I was given a rate of about 1.12 Euros to the pound. Looking on my bank statement, the GBP amount charged was £405 and this included a 4.50 charge - not sure who raised this (my bank may have raised it as the entry was listed as a cash advance)
At the time, TC's website was showing 1.16 as the euro rate.

I drew out more money while on holiday, from an ATM, using my Natwest debit card. I checked my statement and the charge for 40 euros was about 35GBP, with a £2 charge (rate 1.211) and for 200 euros a day later, £168 with a £3.39 charge.

Out of curiosity, I used a historical exchange rate service to get the interbank rates on the days I bought the card and withdrew the money. On the day I bought the TC card the interbank rate was 1.19, on the day I withdrew on my debit cards it was just over 1.22

Ergo the TC card was loaded at a rate 0.07 below interbank, had a 2 euro withdrawal fee and a charge to load it. In contrast, Natwest's rate to me was 0.01 below interbank, and the charge to withdraw seemed roughly (proportionally) in line with the charge to load the TC card and (naurally) no load fee (because it's my bank account - it's already loaded). My bank gave me a far better rate and comparable charges. It has also proved impossible to spend all the balance of the TC card (10.89 remaining, I had the petrol station guy try 10.89 and it responded that it had deducted 10 and left a residual balance of 89p)
I know there's the argument that "well, your money's safer because thieves can't spend more than X if you lose the card" but the fee for replacing the card is £35 - I'd rather just take a few bank cards, cancel any lost ones (bank becomes liable) and have a trusted relative transfer money via online banking to limit liability - the £35 penalty of replacing the card is likely more than could reasonably be racked up in fees and charges, so long as you don't e.e.g use your debit card to buy a $2 ice cream every day..

-> the TC card was a near complete waste of time and money and I wont be repeating the experience. I can only hope that the FairFX card is better.

deegee999

Can't comment on the fairfax card but the caxton euro card is much better in all ways than the tc one. see here for fees & charges
http://www.caxtonfxcard.com/feesncharges.asp?dist=CAXTGENL

Donnie

cjard wrote: »

Things might have been better if I'd had time to apply for a FairFX or Caxton, but as it was I ended up with a TC Cash Passport (operated by Travelex, but I note that the travelex has not ATM withdraw fee, whereas the TC does)
.

Therein lies your first and most important mistake.....Thomas Cook. Whenever you see that name....beware.

Your second mistake was getting a Euro card.

The Travelex Cash Passport and the Thomas Cook version are as different as Cinderella and her Ugly Sisters.

Timewarp

Yeh I got stung on the 5.75% rate for getting Turkish Lira out on a Thomas Cook Cash Passport Euro card, despite being told it would only cost 2 EUR per cash machine transaction.

dzug1

cjard wrote: »

Buying the card in TC I was given a rate of about 1.12 Euros to the pound. Looking on my bank statement, the GBP amount charged was £405 and this included a 4.50 charge - not sure who raised this (my bank may have raised it as the entry was listed as a cash advance)
At the time, TC's website was showing 1.16 as the euro rate.

The charge was by your bank for use of their debit card to buy foreign currency

The TC website rate would have been for internet sales, not branch ones.

These things are a minefield.