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My Travel Cash Card
Comments
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OK - thanks for that.
I think your rate for MTC is a bit out (it is $1.5304 at time of writing) but for Prepaid Cards it seems competitive.
Best I've seen for cash is $1.5579 for £500 which is better, but then I have it in readies rather than on a card.
BTW - very responsive forum here - thanks a lot for all your feedback!
Considering the settlement amount for yesterday was US$1.579799 and MTC was offering US$1.5304, that would not suggest good value to me. Especially when the card suggested to you by benjus would have given you a rate of US$1.55626.
The Kalixa card would have given you the full rate(US$1.579799) for purchases.
The Cashback is just a marketing gimmick.0 -
This is a website dedicated to getting the best from your £.
It doesn't take much to see that they give you 1% less than Caxton via the exchange rate, but only give some of that 1% back via purchases. Use the ATM and they keep that extra 1%.
Doesn't make much financial sense to give it to them in the first place.
You're absolutely right, but the thing that stops me just now is the fact that if I need to top up whilst over there, Caxton require a minimum of 200 bucks, where as MTC will allow a smaller top up of $40. Will have a think about it and decide...
Also, Caxton also offer a supplementary card service for the missus for $10 which MTC doesn't...could be the tipping point for me....
Ah, swings and roundabouts ...
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You're absolutely right, but the thing that stops me just now is the fact that if I need to top up whilst over there, Caxton require a minimum of 200 bucks, where as MTC will allow a smaller top up of $40. Will have a think about it and decide...
Also, Caxton also offer a supplementary card service for the missus for $10 which MTC doesn't...could be the tipping point for me....
Ah, swings and roundabouts ...
The other thing that you need to bear in mind is whether your card provider will charge you for topping up the account.
Better value alternatives:
Cash Passport Globe. You can order a free extra card.
Order via TopCashBack to get 0.5% back from your initial topup. Click through and order the Globe card.
Kalixa Card
Order via TopCashBack to get the initial card fee back.
With both of these cards there is the option to top up via Bank Transfe in order to bypass the card fee from your debit card provider, with the Kalixa giving the added benefit of allowing you to make your initial payment via Bank Transfer.0 -
Considering the settlement amount for yesterday was US$1.579799 and MTC was offering US$1.5304, that would not suggest good value to me. Especially when the card suggested to you by benjus would have given you a rate of US$1.55626.
The Kalixa card would have given you the full rate(US$1.579799) for purchases.
The Cashback is just a marketing gimmick.
I take your point, but the card will cost me £6.95 to buy and then if I want some dollars in hand they will charge me a further £2.25 for a withdrawal.
So, for Kalixa:
£500 minus (£6.95 app fee - refundable through TopCashBack) and 3 trips to the ATM at £2.25 each at their rate gives me 493.25 x 1.5798 = $779.24
MTC would be:
500 x 1.5304 = $765.20 + $3.83 (1% CashBack on say half - you get nothing for ATM withdrawal) = $769.03
Caxton would be:
500 x 1.5420 = $771
Travelex Globe:
(£500 + 0.5% deposit bonus) 502.50 x 1.5425 = $775.11 - 1.49% ($11.55) = $763.56
So, a 16 dollar spread! But you get unlimited ATM usage with MTC and Caxton, but higher minimum top ups with Caxton. Go to the cashpoint more than 3 times for Kalixa and the benefit decreases at about $3.50 a time.
Very interesting!
Appreciate everyone's comments so far
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You posted too quickly....read my post, which is above yours.
In addition, you Maths hasn't really covered the options properly.
Imagine you took out the equivalent of £100 using the Kalixa card. That would cost you 2.25%. Both Caxton and MTC would cost more. For purchases, both Caxton and MTC would cost around 2.5% whilst the Kalixa would cost you nothing.
The Cash Passport Globe is the other proposition, for which you have made no projections as of yet.
Yes - things move fast here at MSE! :eek:
Can you help me understand why my maths is wrong again? Think I have covered it all for a typical £500 amount..?
(Have also added the Travelex Globe now)0 -
I take your point, but the card will cost me £6.95 to buy and then if I want some dollars in hand they will charge me a further £2.25 for a withdrawal.
So, for Kalixa:
£500 minus £6.95 app fee and 3 trips to the ATM at £2.25 each at their rate gives me 486.30 x 1.5798 = $768.26
MTC would be:
500 x 1.5304 = $765.20 + $7.65 (1% CashBack) = $772.85
Caxton would be:
500 x 1.5420 = $771
So, less than 4 bucks cover the whole jolly lot with MTC just pipping everyone else - but you get unlimited ATM usage with MTC and Caxton, but higher minimum top ups with Caxton. Go to the cashpoint more than 3 times and the difference increases.
Very interesting!
Appreciate everyone's comments so far
(EDIT: also, just noted that there is a 1.75% charge for debit card top up with Kalixa - haven't figured that in)
You posted too quickly....read my post, which is above yours.
In addition, you Maths hasn't really covered the options properly.
Imagine you took out the equivalent of £100 using the Kalixa card. That would cost you 2.25%. Both Caxton and MTC would cost more. For purchases, both Caxton and MTC(after Cashback) would cost around 2.5%. whilst the Kalixa would cost you nothing.
In addition you have made provision for a Cashback rate with the MTC which simply does not apply to ATM use.
You Cash Passport Globe projection is way out because you have erroneously assumed the exchange rate. The base rate is US$1.579799 and not the rate you have used.0 -
You posted too quickly....read my post, which is above yours.
In addition, you Maths hasn't really covered the options properly.
Imagine you took out the equivalent of £100 using the Kalixa card. That would cost you 2.25%. Both Caxton and MTC would cost more. For purchases, both Caxton and MTC(after Cashback) would cost around 2.5%. whilst the Kalixa would cost you nothing.
In addition you have made provision for a Cashback rate with the MTC which simply does not apply to ATM use.
You Cash Passport Globe projection is way out because you have erroneously assumed the exchange rate. The base rate is US$1.579799 and not the rate you have used.
Your quite right about the ATM! Will figure that in so that people don't get confused...
But I still don't get your point about the purchases? They don't charge anything for purchases? Where do you get the 2.5% from?
Lastly, I took the rate for Globe from their site. It says 1.5425. (Just checked it by a trial purchase of the card, too)
Cheers0 -
Lastly, I took the rate for Globe from their site. It says 1.5425. (Just checked it by a trial purchase of the card, too)
You must have got the wrong card. The Globe card is in Sterling, not dollars, so there is no conversion when you buy the card. When you spend, it uses the exchange rate from Mastercard (not TravelEx), and charges a 1.49% fee. The Mastercard exchange rate is more or less the same as the wholesale rate.
Complicated, isn't it?Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0 -
You must have got the wrong card. The Globe card is in Sterling, not dollars, so there is no conversion when you buy the card. When you spend, it uses the exchange rate from Mastercard (not TravelEx), and charges a 1.49% fee. The Mastercard exchange rate is more or less the same as the wholesale rate.
Complicated, isn't it?
What am I missing?
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Your quite right about the ATM! Will figure that in so that people don't get confused...
But I still don't get your point about the purchases? They don't charge anything for purchases? Where do you get the 2.5% from?
Lastly, I took the rate for Globe from their site. It says 1.5425. (Just checked it by a trial purchase of the card, too)
Cheers
The link; Today's Retail Currency Exchange Rates have nothing to do with the Globe card....and you most certainly did not make a dummy purchase of the Globe card.
Since MTC already charge around 3.5% for the conversion, you have to consider that a charge when you make a purchase. You get 1% Cashback on to your account, so that makes 2.5%. Kalixa charges nothing in this case and the Globe card 0.99% to 1.49%.
Slow down, in your haste you are making too many mistakes.
I know which cards are the best value for money. Right now, it's more a matter of you not confusing yourself and others with erroneous figures and statements.
Not a criticism, as we are all learning. But you are skipping over the T&Cs in your haste to post.
All of the cards have their caveats, but for best overall value the MTC is not quite there.
GLOBE card, not the US$ currency card. A completely different animal. You are not following the links or instruction. Slow down.
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