Stung by Post Office Travel Money card

billysgirl1

Would really appreciate advice on this one.....




Last week I put £300 on my PO travel money card (Euros) to spend in Spain. Having been very frugal with the only actual money I took with me over there, I didn't use the travel card at all, so was looking forward to getting the majority of my unspent money back as soon as I returned home.


I'm sure you'll agree its my own stupidity which didn't understand that the only way I would be able to get my money back would be via 'buy back' at the post office, and instead of a small redemption fee, instead I am facing only getting £250 back which feels like such a kick in the teeth.
The PO call centre have said the only other way to get money back is via an ATM but the rate will depend on the individual ATM exchange rate and I simply can't afford to lose any more money by this apparent gamble.
I'm so very sure that one of you expert MSE will be able to advise and help me ensure I get the most of my money back.
Am so close to tears at the prospect of losing £50 as 'reward' for being so careful with my money abroad, and that is on top of the fact my handbag was stolen while out in Spain.
Not the most successful holiday I'm sure you'll agree. Any advice really most appreciated.

NiftyDigits

I often warn people about this kind of card and as a consequence will generally recommend certain cards that keep your funds in Pounds until spent.

In your case, in short, you might be able to withdraw a maximum of £270 via a cashpoint.
How many Euros are currently on the card?

billysgirl1

thank you very much NiftyDigits, I feel slightly better knowing I can't be alone in this situation, if you have to warn others about it.


There is €370 on the card at present and the PO call centre did say I could get the money out at an ATM but wouldn't give me any advice as to whether this would be a cheaper option than the redemption via their buy back.


Do I have to be cautious as to which ATM to use, i.e. do they have varying exchange rates? and is the limit of £270 set by the bank or card? £270 is certainly better than £250 via buy back.


Gah I feel so stupid having not thought this through properly, just assumed that as the most thrifty option would be to NOT spend the € where as, in actual fact, I should have spent them out in Spain as I'd have got my money's worth, rather than a painful possible £50 sting.


Lesson well and truly learnt, next time consult MSE fully!


thank you again

NiftyDigits

billysgirl1 wrote: »

thank you very much NiftyDigits, I feel slightly better knowing I can't be alone in this situation, if you have to warn others about it.


There is €370 on the card at present and the PO call centre did say I could get the money out at an ATM but wouldn't give me any advice as to whether this would be a cheaper option than the redemption via their buy back.


Do I have to be cautious as to which ATM to use, i.e. do they have varying exchange rates? and is the limit of £270 set by the bank or card? £270 is certainly better than £250 via buy back.


Gah I feel so stupid having not thought this through properly, just assumed that as the most thrifty option would be to NOT spend the € where as, in actual fact, I should have spent them out in Spain as I'd have got my money's worth, rather than a painful possible £50 sting.


Lesson well and truly learnt, next time consult MSE fully!


thank you again

With 370€ on the card, you can withdraw a max of £280 at any bank cashpoint today.

So at least not as bad as you thought.

370€ minus the 2€ ATM withdrawal charge equals 368€. Dividing that by 1.258866(todays Mastercard exchange rate) leaves you with £292.3265859908839. Taking away the 3% forex charge leaves you with £283.5567884111574.

So that means you can withdraw £280 from any bank cashpoint.

McKneff

That was really kind of you to sit there and spend time working all that out.


Thank you, and will remember it for future reference.

billysgirl1

Oh niftydigits you may just have made my day, thank you do very much for such great advice. I'll let you know what the outcome is as soon as I've visited the ATM ��

NiftyDigits

Actually my calculation is slightly out. Though it doesn't change the result.

I used the wrong exchange rate. £ to € instead of € to £

So it should be £283.444088 available to you, as opposed to £283.55. 11p less.

Either way, it makes no difference, you can still withdraw £280 via the cashpoint.

You can purchase something that costs around £3 with the remainder.

Contessa

billysgirl,
You are not alone-I had a similar experience (and posted it a few weeks ago as a reply to someone who asked if the PO card was worth getting)

Like you, I put Euros on the card but just spent the cash I'd taken (visit to Rome) I was wary of having my debit or credit card stolen (and met someone this happened to) so got the PO card.

You seem to have received good advice about withdrawing from the "hole in the wall" but I perhaps misunderstood as I think I was told that I could only do this in Euros (and so not in the UK) I may be wrong.

Anyway I phoned the card customer services and withdrew the money (minus commission)-but what a palaver!-phone call, wait 3 weeks, letter with bar code to take in to PO to get refund.

One tip I was given at the PO was when you ring customer services just ask for a refund of all the money-do not close the card- as, guess what? they'll deduct £5.00 for closing your account!

So, I now have an PO card with £0.00 on it and thus it will remain!

NiftyDigits

Contessa wrote: »

billysgirl,
You are not alone-I had a similar experience (and posted it a few weeks ago as a reply to someone who asked if the PO card was worth getting)

Like you, I put Eeros on the card but just spent the cash I'd taken (visit to Rome) I was wary of having my debit or credit card stolen (and met someone this happened to) so got the PO card.

You seem to have received good advice about withdrawing from the "hole in the wall" but I perhaps misunderstood as I think I was told that I could only do this in Euros (and so not in the UK) I may be wrong.

Anyway I phoned the card customer services and withdrew the money (minus commission)-but what a palaver!-phone call, wait 3 weeks, letter with bar code to take in to PO to get refund.

One tip I was given at the PO was when you ring customer services just ask for a refund of all the money-do not close the card- as, guess what? they'll deduct £5.00 for closing your account!

So, I now have an PO card with £0.00 on it and thus it will remain!

You are.

Poor card and poor advice from the Post Office. A joke that they advertise themselves as 'Multi award winning'.
They don't bother to tell you that if you use the ATM to redeem your money, you'll get the Mastercard 'wholesale' rate.
Whereas if you redeem via their 'Customer Services', you'll be at the mercy of the Post Office exchange rate...whatever that may be. But if the OP was being offered £250, against the £283(£280) available at the ATM, you can imagine that they are using their atrocious 'Buy' rate for Euros to Pounds.

Just checked. The Post Office wants 1.43€ for every Pound that you wish to buy.
Mastercard rate: 1.26€(rounded up to two decimal points)

That is a 15% commission! Anyone who believes their "no commission" statements needs their heads tested.

You can also buy your travel money in any Post Office branch. We won't charge commission,

They prey on the people who trust the name of the Post Office.

billysgirl1

Contessa - sorry you were stung similarly to me. Funnily enough the nice lady behind the counter at the PO yesterday advised me to do the same. Ask for your money to be withdrawn via a letter which is then sent to you to be redeemed in branch but advised not to say you're closing the account.

Niftydigits :A - can't thank you enough for your advice. After trying 5 different cash points in my village the night you first responded (and getting no joy at any) I ended up using the cashpoint inside the PO (oh the irony) to withdraw £280 from the card. For the ease of being able to do this (and not the letter palava which poor contessa had to go through) I'm happy to sacrifice the £20 and am £30 better off than had I taken the post office themselves advise.

I am so very grateful for you taking the time to reply to me. If you happen to live anywhere bear Milton Keynes then I very much owe you a pint.

My faith in all things good and just has been restored.

Hope one day I can 'pass this forward' and do an equally good seed for another new member in here.

Thank you, thank you, thank you

NiftyDigits

billysgirl1 wrote: »

Contessa - sorry you were stung similarly to me. Funnily enough the nice lady behind the counter at the PO yesterday advised me to do the same. Ask for your money to be withdrawn via a letter which is then sent to you to be redeemed in branch but advised not to say you're closing the account.

Niftydigits :A - can't thank you enough for your advice. After trying 5 different cash points in my village the night you first responded (and getting no joy at any) I ended up using the cashpoint inside the PO (oh the irony) to withdraw £280 from the card. For the ease of being able to do this (and not the letter palava which poor contessa had to go through) I'm happy to sacrifice the £20 and am £30 better off than had I taken the post office themselves advise.

I am so very grateful for you taking the time to reply to me. If you happen to live anywhere bear Milton Keynes then I very much owe you a pint.

My faith in all things good and just has been restored.

Hope one day I can 'pass this forward' and do an equally good seed for another new member in here.

Thank you, thank you, thank you

Don't neglect to spend your £3, by making a purchase with the card. Check there is at least a 4€ balance before doing so.