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FairFX or equivalents for a school setting
originalmiscellany
Posts: 1,655 Forumite
I am leading a trip abroad in the next few months, and will be spending school money (through a bursary) on some of our students.
Now, I don't want to take cash (we are talking for sake of argument £2k), so I am thinking of investing in a fairfx card (or equivalent) in order to take cash from our school to Euroland without carrying a bundle of euros and so that we can get it out at local cash points.
Can anyone see any problems with this?
Our school doesn't have any credit cards, so we never spend more than we have so CC are not a valid option.
Any comments or thoughts would be appreciated.
Thanks in advance,
OM
Now, I don't want to take cash (we are talking for sake of argument £2k), so I am thinking of investing in a fairfx card (or equivalent) in order to take cash from our school to Euroland without carrying a bundle of euros and so that we can get it out at local cash points.
Can anyone see any problems with this?
Our school doesn't have any credit cards, so we never spend more than we have so CC are not a valid option.
Any comments or thoughts would be appreciated.
Thanks in advance,
OM
Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 2037
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 2037
0
Comments
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Hi OM
Taking out a prepaid card seems like a good idea to hold the cash on. Much more secure than taking currency.
You should be aware however, that FairFX will charge you €1.50 every time you want to take cash out which is pretty unfair.
You should shop around for other equivalents. I use a my Travel Cash card, it doesn't charge for any ATM withdrawals meaning you can take out as little and as often as you want while you're abroad.0 -
FairFx sounds the cheapest pre-paid card right now, but there are cheaper options if you can manage to use a debit or credit card. Appreciate you'd have to get the school money paid to you if you wanted to use a debit or credit card, but the same would be true for a pre-paid card, I suppose.0
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You should be aware however, that FairFX will charge you €1.50 every time you want to take cash out which is pretty unfair. ......I use a my Travel Cash card, it doesn't charge for any ATM withdrawals .......
Don't kid yourself, they all charge you somehow. Some "come clean" and charge a fixed fee for withdrawals, others give you a rotten exchange rate.0 -
You will also need to consider the limits that these type of cards will let you load on.
You will also need a plan B should you lose the card or it is blocked for any reason.
What have the school done on previous tours?0
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