Prepaid card help with the maths!!!

kri5ty

Hello

I am very bad at maths haha please can someone help me as to which one is better-

I need a prepaid card tht i can use anywhere in the world so out of these 2 which is better value-

Caxton FX

1. The exchange rate applied is fixed at 2.5% from the prevailing interbank rate.

and no atm cash withdrawel free or extra charges

or

Fair FX

A 1.5% charge is made on all usage, ATM or point of sale, using the FairFX Anywhere Card, in the UK, on the internet, or abroad - Anywhere!. There is no additional ATM fee.

Thank you!!

M4RKM

I have a half hearted spreadsheet that works out which is better to use, on cards as general, I could neaten it up, modify it etc to work out which is better for you....

it's simple maths really, however fairfx don't tell you what rate they use, whether it is loaded, you have to compare like for like at the same time..

M

CountryGoose

kri5ty wrote: »

Hello

I am very bad at maths haha please can someone help me as to which one is better-

I need a prepaid card tht i can use anywhere in the world so out of these 2 which is better value-

Caxton FX

1. The exchange rate applied is fixed at 2.5% from the prevailing interbank rate.

and no atm cash withdrawel free or extra charges

or

Fair FX

A 1.5% charge is made on all usage, ATM or point of sale, using the FairFX Anywhere Card, in the UK, on the internet, or abroad - Anywhere!. There is no additional ATM fee.

Thank you!!

FairFX is 1.5% on the Mastercard Rate - which is about .5% above interbank, so 2% overall and better value than Caxton.

stilltheone

CountryGoose wrote: »

FairFX is 1.5% on the Mastercard Rate - which is about .5% above interbank, so 2% overall and better value than Caxton.

This is misleading, as Caxton use the Mastercard rate too. It's not as if they have any choice.

Caxton Global Traveller:

2.5% of transaction amount where the transaction is performed in a different currency to the card

CountryGoose

stilltheone wrote: »

This is misleading, as Caxton use the Mastercard rate too. It's not as if they have any choice.

Caxton Global Traveller:

Well I'm sorry - all I did was use the rate supplied by the OP.

So now it appears Caxton are 1% more expensive than FairFX and even worse value.

stilltheone

The 'Interbank' phrase is written on the Caxton main page, so that certainly adds to the confusion. It's just a misused phrase.

MasterCard uses multiple market sources (such as Bloomberg, Reuters, Central Banks and others) to develop exchange rates. These rates generally reflect either wholesale market rates or government mandated rates that are collected during the daily rate setting process. The displayed rates are derived from the buy and sell rates included in the MasterCard daily rate setting process and do not include any charges or markups applied by the Issuer. Please note that due to possible rounding differences, the displayed rates may not precisely reflect the actual rate applied to the transaction amount when converting to the cardholder billing amount. The exchange rate that is applied to a transaction is the exchange rate as of the day of settlement which is the day that MasterCard determines the settlement amount to be exchanged between the acquirer and the issuer. The settlement date is therefore typically different from the date of the actual transaction. MasterCard does not provide the exchange rate when purchases are converted from the local currency by the merchant to the cardholder's currency at the point of sale.