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fairfx card cash blocked
Nubley
Posts: 32 Forumite
I am a big fan of the fairfx card, which allows you to load foreign currency and spend it at outlets abroad accepting Mastercard, or to withdraw cash at ATMs.
The exchange rates are generally very good, there is no commission charge for buying goods and the fee for cash withdrawals in the Eurozone is only 1.5 Euros.
On the final day of my holiday in France last week, however, I tried to draw 100 Euros out of an ATM but got a message saying there were insufficient funds remaining on the card. This was a mystery to me as I had kept a record of my spending and knew that I still had around 125 Euros unspent on the card.
When I got home, I checked my statement online and everything tallied, apart from one transaction. I had bought 29 Euros worth of petrol from an automated hypermarket filling station pump but the hypermarket had apparently deducted 130 Euros.
Next to the transaction on the statement was the abbreviation 'auth' and there was footnote to say that certain outlets are able to 'block' cash sums on your card in excess of the value of the transaction. This is later adjusted to the actual amount spent.
When I queries this with 'fairfx' I received the following reply:
"We do not know how they decide on what amount they authorise on the card.
Places where you would typically see this type of behaviour is at a pay
at the pump petrol station, checking into a hotel or hiring a car, or
anywhere that swipes your card for a deposit or security. It is down to the company how much they request authorisation for.
Authorisations last on the card for up to 7 working days before falling
back onto the card."
All well and good but the upshot was that I ran out of cash on the last day of my holiday and even assuming the balance of 101 Euros is 'refunded' to my card, it will just now sit there gaining no interest until I next go on holiday (probably not for another year).
I suppose the answer is that in future I will have to ensure that I pay for things like petrol and hotels with cash, but it would have been nice to have been warned about this practice.
Has anybody else had a similar experience?
The exchange rates are generally very good, there is no commission charge for buying goods and the fee for cash withdrawals in the Eurozone is only 1.5 Euros.
On the final day of my holiday in France last week, however, I tried to draw 100 Euros out of an ATM but got a message saying there were insufficient funds remaining on the card. This was a mystery to me as I had kept a record of my spending and knew that I still had around 125 Euros unspent on the card.
When I got home, I checked my statement online and everything tallied, apart from one transaction. I had bought 29 Euros worth of petrol from an automated hypermarket filling station pump but the hypermarket had apparently deducted 130 Euros.
Next to the transaction on the statement was the abbreviation 'auth' and there was footnote to say that certain outlets are able to 'block' cash sums on your card in excess of the value of the transaction. This is later adjusted to the actual amount spent.
When I queries this with 'fairfx' I received the following reply:
"We do not know how they decide on what amount they authorise on the card.
Places where you would typically see this type of behaviour is at a pay
at the pump petrol station, checking into a hotel or hiring a car, or
anywhere that swipes your card for a deposit or security. It is down to the company how much they request authorisation for.
Authorisations last on the card for up to 7 working days before falling
back onto the card."
All well and good but the upshot was that I ran out of cash on the last day of my holiday and even assuming the balance of 101 Euros is 'refunded' to my card, it will just now sit there gaining no interest until I next go on holiday (probably not for another year).
I suppose the answer is that in future I will have to ensure that I pay for things like petrol and hotels with cash, but it would have been nice to have been warned about this practice.
Has anybody else had a similar experience?
0
Comments
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Thanks for the warning,0
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hotels and hire cars, yes, absolutely...one of the reasons that using a FairFX card (or debit card if it's your only source of funds for your holiday and you do not have enough of a balance to cover the hold) is dangerous.
Never heard of it being done at petrol stations though...that's a new one to me.Does remembering a time that a certain degree of personal responsibility was more or less standard means that I am officially old?0 -
Petrol stations must do it at PAY AT PUMP, , if you go to Tescos and put your card in, then you get an amount you can spend on the display, it comes on mine as £99., so I would think that they have then put in a reserve request for that amount, and then if you use say £50 it would obviously be guaranteed, the balance, £49 may or may not be removed, but I suspect that it stays until it expires in 7 days.0
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If you can - a best buy credit card for all spends, then the "holds" are less of a problem, if you have a reasonable limit.
Then use the FX card only for cash at the ATM.0 -
Petrol stations must do it at PAY AT PUMP, , if you go to Tescos and put your card in, then you get an amount you can spend on the display, it comes on mine as £99., so I would think that they have then put in a reserve request for that amount, and then if you use say £50 it would obviously be guaranteed, the balance, £49 may or may not be removed, but I suspect that it stays until it expires in 7 days.
That's why I've never heard of it - have only used a FairFX card in the US and the pay at the pump option there requires a US zipcode to be entered...since I don't have one, have never been able to use a card at the pump - have to pre-pay at the till.Does remembering a time that a certain degree of personal responsibility was more or less standard means that I am officially old?0 -
That's why I've never heard of it - have only used a FairFX card in the US and the pay at the pump option there requires a US zipcode to be entered...since I don't have one, have never been able to use a card at the pump - have to pre-pay at the till.
Try 00000 - sometimes it will work, or 90210!0 -
CountryGoose wrote: »Try 00000 - sometimes it will work, or 90210!
Really?! Hey, cool...I always thought it had to match the zip code where the card is registered...I will definately try this next trip as I HATE having to go in and pre-pay a guesstimate of how much I will need to fill the rental.
Does remembering a time that a certain degree of personal responsibility was more or less standard means that I am officially old?0
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