Transferring money onto travel money card

pandora205

I thought I'd found a solution to fees and poor exchange rates offered by my bank when I read up on travel money card. I am planning to take out the Post Office one (I know there are cheaper but it's not a bad deal). However, I've just checked with Lloyds and they charge an extortionate 2.99% fee if I use my debit card to transfer the money. So, I thought I'd take the money out and use cash instead. Can anyone see any problems in doing this? Will the PO accept a large amount of cash? (I've emailed them but it's a 5 day response time so I'm waiting to hear).

I've also booked some accommodation, some of which I've paid for in advance (via hotels.com etc.) in sterling. I wish I hadn't now. Presumably if I load my Travel Money card with NZ dollars (which is where I am going!) I could book other accommodation in local currency instead? I will also contact car rental etc and check they would be okay for me to use a different card for payment than the card I've used for reservations. I think they'll be fine as I used cash last time - It was okay as long as I had the additional insurance.

In case anyone suggests it, I also have a PO credit card (never used so far) but I know they don't charge a fee (as long as not used in an ATM) and their exchange rate isn't too bad.

Thanks

NiftyDigits

pandora205 wrote: »

I thought I'd found a solution to fees and poor exchange rates offered by my bank when I read up on travel money card. I am planning to take out the Post Office one (I know there are cheaper but it's not a bad deal). However, I've just checked with Lloyds and they charge an extortionate 2.99% fee if I use my debit card to transfer the money. So, I thought I'd take the money out and use cash instead. Can anyone see any problems in doing this? Will the PO accept a large amount of cash? (I've emailed them but it's a 5 day response time so I'm waiting to hear).

I've also booked some accommodation, some of which I've paid for in advance (via hotels.com etc.) in sterling. I wish I hadn't now. Presumably if I load my Travel Money card with NZ dollars (which is where I am going!) I could book other accommodation in local currency instead? I will also contact car rental etc and check they would be okay for me to use a different card for payment than the card I've used for reservations. I think they'll be fine as I used cash last time - It was okay as long as I had the additional insurance.

In case anyone suggests it, I also have a PO credit card (never used so far) but I know they don't charge a fee (as long as not used in an ATM) and their exchange rate isn't too bad.

Thanks

What a convoluted story. :eek:

Use the PO CC for all purchases. You won't get a better rate.

Forget about the PO Travel Money card. If you must get a Prepaid card, consider Fairfx Anywhere or Kalixa Pay, as you can fund either via bank transfer.

pandora205

NiftyDigits wrote: »

What a convoluted story. :eek:

Use the PO CC for all purchases. You won't get a better rate.

Forget about the PO Travel Money card. If you must get a Prepaid card, consider Fairfx Anywhere or Kalixa Pay, as you can fund either via bank transfer.

I've given this some thought and decided to use the PO Credit card after all. I cant really see the advantage of a preloaded travel money card - I was just resisting using credit I suppose. But as long as I pay it before the due date that isn't a problem anyway.

NiftyDigits

What about cash?

Neil49

pandora205 wrote: »

I've given this some thought and decided to use the PO Credit card after all. I cant really see the advantage of a preloaded travel money card - I was just resisting using credit I suppose. But as long as I pay it before the due date that isn't a problem anyway.

You can't pay for everything by credit card so need an option for obtaining cash while out there unless you take a wedge of it out with you.

The Post Office card imposes an ATM withdrawal fee of 2.5% or £3 whichever is greater and don't forget that you are clocking up an interest charge for such transactions from the day you take cash out (and that is still charged even if you pay off your balance in full before the due date)

pandora205

Neil49 wrote: »

You can't pay for everything by credit card so need an option for obtaining cash while out there unless you take a wedge of it out with you.

The Post Office card imposes an ATM withdrawal fee of 2.5% or £3 whichever is greater and don't forget that you are clocking up an interest charge for such transactions from the day you take cash out (and that is still charged even if you pay off your balance in full before the due date)

Sorry I didn't mention that I will be taking cash too. I wouldn't consider withdrawing cash from an ATM on credit card. I've worked out the best currency high street rate is currently Debenhams, so exchange there. I suppose my bank would charge me for paying for that with debit card too (will check) so may need to take cash out first. Looks like the pound is doing quite well at the mo, so I need to do it soon!

I also checked with PO Credit Card that I could transfer money across (via internet bank transfer) if it looked like I would exceed my limit, as my dates away straddle a payment date. They've given me their sort code etc so I can do a bank transfer.

ferf1223

pandora205 wrote: »

Sorry I didn't mention that I will be taking cash too. I wouldn't consider withdrawing cash from an ATM on credit card.

I have an irrational issue with taking cash advances from a CC but the Halifax Clarity card may be worth looking into for both purchases and cash withdrawals...I know plenty of people here take little or no cash and just withdraw on their Clarity card while away and pay it off as soon as they get home (or some while they are away).

One day I will give in and get one.

pandora205

ferf1223 wrote: »

I have an irrational issue with taking cash advances from a CC but the Halifax Clarity card may be worth looking into for both purchases and cash withdrawals...I know plenty of people here take little or no cash and just withdraw on their Clarity card while away and pay it off as soon as they get home (or some while they are away).

One day I will give in and get one.

Yes I noticed that the Clarity card is the way to go (for ATM withdrawal etc.) but I do like to have some cash, so will probably stick with PO. If I get on with that okay (no unexpected fees or charges appearing) I may branch out next time.