TravelEx Cash Passport Globe - does it beat all other prepaid cards?

benjus

I've seen this card recommended on here several times recently, so I thought I'd take a look as I'm thinking of getting a prepaid card.

As far as I can tell the only charge for normal usage is 1.49% for all transactions, with the exchange rate being based on the Mastercard rate with no loading. It's pretty safe to assume that the Mastercard rate is very close to the wholesale mid-market rate, so let's assume a 1.5% charge on the wholesale exchange rate.

This seems cheaper than TravelEx's cards in specific currencies, and also cheaper than FairFX/CaxtonFX.

FairFX has a mark-up of roughly 1.8% on the wholesale exchange rate, based on a quick snapshot of rates at the moment. CaxtonFX is more like 2.3%. So both are more than 1.5%, and FairFX has a cash withdrawal charge on top of that. TravelEx's own cards in non-GBP currencies have a similar exchange rate to CaxtonFX.

Am I missing something? Or is the TravelEx Cash Passport globe always cheaper than the others? (for the purposes of this comparison, let's assume that exchange rates don't change for the duration of time you hold the card)

...and if it is cheaper, why does this site not recommend it as first choice?

stilltheone

benjus wrote: »

I've seen this card recommended on here several times recently, so I thought I'd take a look as I'm thinking of getting a prepaid card.

As far as I can tell the only charge for normal usage is 1.49% for all transactions, with the exchange rate being based on the Mastercard rate with no loading. It's pretty safe to assume that the Mastercard rate is very close to the wholesale mid-market rate, so let's assume a 1.5% charge on the wholesale exchange rate.

This seems cheaper than TravelEx's cards in specific currencies, and also cheaper than FairFX/CaxtonFX.

FairFX has a mark-up of roughly 1.8% on the wholesale exchange rate, based on a quick snapshot of rates at the moment. CaxtonFX is more like 2.3%. So both are more than 1.5%, and FairFX has a cash withdrawal charge on top of that. TravelEx's own cards in non-GBP currencies have a similar exchange rate to CaxtonFX.

Am I missing something? Or is the TravelEx Cash Passport globe always cheaper than the others? (for the purposes of this comparison, let's assume that exchange rates don't change for the duration of time you hold the card)

...and if it is cheaper, why does this site not recommend it as first choice?

You are giving yourself and us a headache with your jumbled post.

Mixing Global/Anywhere cards with the Dollar/Euro cards. That would certainly confuse anyone who doesn't have a clear knowledge of what is available.

You've been here long enough to know better.

Come on man...get it together.

budgetflyer

I don't know Benjus.
Possibly because the Euro and Dollar cards are not that impressive, the Globe card has been overlooked.
I've got one and when used last week in Spain, the average exchange after the 1.49%, fee worked out at 1.14 which I thought was pretty impressive and was good as best rate on https://www.Travelmoneymax.com at the time.

dzug1

The other 'problem' with this card is a £30 fee. OK they are waiving it at the moment but it could be reintroduced at any time without notice. Maybe the reason it's not singled out in the article

But yes it is a good card.

benjus

It does seem strange... and I can't see the fact that the fee is only being waived for the present time being a problem for Martin - he often recommends temporary offers that could disappear without notice.

I also find it hard to understand why TravelEx bothers to offer separate EUR, USD etc cards, when their GBP card can be used anywhere and gives better rates.

The only reason I can think of is that buying a card in a specific currency means that you lock in the exchange rate at the time you buy/top up the card, so you aren't exposed to the risk of exchange rates moving to your disadvantage.

stilltheone

dzug1 wrote: »

The other 'problem' with this card is a £30 fee. OK they are waiving it at the moment but it could be reintroduced at any time without notice. Maybe the reason it's not singled out in the article

But yes it is a good card.

Of course it is not.

Even when first introduced, the £29.99 fee was waived if you credited at least £1000.
So it could have been mentioned with that caveat. It certainly isn't an extra cost.
Even now if you sign up, the default amount stands at £1000, but you can change it to as little as £250.

FairFx Anywhere still stood as the favourite despite the 0.01% differential, as they allowed a much lower minimum initial balance.

People weren't initially keen to have large balances on Prepaid Mastercards in the light of bank defaults.

Now the market has changed again, FairFx Anywhere has moved to a 1.4% Anywhere fee, which undercuts TCPG on purchases, but have added a £1 per ATM withdrawal fee.

So in some scenarios FairFx Anywhere will be better, in others TCPG.

stilltheone

benjus wrote: »

It does seem strange...

Don't worry too much about it.

Perhaps the card was brought in as competition to the FairFx Anywhere card.
Their(Travelex) other cards have a structure whereby they can be sold by travel agents under their own branding.

Cash Passport Globe is unique to Travelex.

Perhaps it's better that it's not listed.

benjus

OK, that's cleared things up a bit for me. I hadn't noticed the FairFX Anywhere card. So if you only ever used the card for purchases FairFX Anywhere would be cheaper, but for normal usage patterns the TravelEx Globe card is better.

I see that Martin's guide doesn't mention FaixFX Anywhere either.

stilltheone

benjus wrote: »

OK, that's cleared things up a bit for me. I hadn't noticed the FairFX Anywhere card. So if you only ever used the card for purchases FairFX Anywhere would be cheaper, but for normal usage patterns the TravelEx Globe card is better.

I see that Martin's guide doesn't mention FaixFX Anywhere either.

I've made gentle hints about that article. It's fallen on deaf ears.