query about using Prepaid card

LE100

I did some research on the MSE website and ordered a Ukash card in euros.

In December I shall be travelling to Prague. The native currency is of course Czech Crowns, but I shall also need some euros, so I'm curious as to how useful the Ukash card will be for getting euros during my trip.

I shall be going to the Kings Casino, which will presumably have a 'cage' (cashier) just like UK casinos, where you can withdraw money on your card in order to gamble.

I believe the Kings Casino do deal in euros (am waiting for confirmation from the casino).

So here's my question...

Would getting cash at the casino cashier count as a 'POS' type transaction or an 'ATM' type transaction?

According to the Ukash's published list of fees, ATM withdrawals are limited to a lowly €350 per day, whereas one can make up to €5,900 of "purchases" per day.

My concerns are:
1. what's the max amount I can cash out (the more, the better!)
2. could the withdrawal possibly be subject to a 'cash advance fee' as you would get if you withdrew cash on a regular MasterCard?

LE100

Unfortunately couldn't put links in my original post...

This is where I found out about Ukash: moneysavingexpert.com/travel/cheap-travel-money#ukash

Here's Ukash's published list of fees: ukash.com/en-gb/products/travelmoneycard/fees/

NiftyDigits

Kalixa Pay is better. Even though you already have the UKASH card, it will still be better for you to have a second option. Will add another £300 per day to your cash withdrawal pot, at a potentially better rate than the UKASH card.
Over the counter withdrawals using a Prepaid card are subject to penalties when using some cards, such as Caxton and FairFx. None are noted with Ukash and Kalixa, though I have not scoured the T&C.

Search for Kalixa Pay promo code to lessen the £6.95 purchase fee of the Kalixa Pay card.

OIKY

I've been researching this sort of thing a lot on this site and I notice you do always mention the kalixa pay. I want to know however, what makes it the better option over say the CaxtonFx which doesn't charge for cash withdrawals? I appreciate the exchange rate may be better by a few pence but the kalixa pay charges for cash withdrawals does it not?

or is the hit on the withdrawal more worthwhile than the poorer exchange rate?

also, why isn't it mentioned here

http://www.moneysavingexpert.com/travel/cheap-travel-money

NiftyDigits

OIKY wrote: »

I've been researching this sort of thing a lot on this site and I notice you do always mention the kalixa pay. I want to know however, what makes it the better option over say the CaxtonFx which doesn't charge for cash withdrawals? I appreciate the exchange rate may be better by a few pence but the kalixa pay charges for cash withdrawals does it not?

or is the hit on the withdrawal more worthwhile than the poorer exchange rate?

also, why isn't it mentioned here

http://www.moneysavingexpert.com/travel/cheap-travel-money

If you've noticed me mention it, then you should have also noticed my explanation. Rather than have me explain it all again, just use the Search function and my username.

Needless to say, it is better for your projected usage. Especially as you write of withdrawing the max each time. Caxton Global is better for smaller ATM withdrawals of £80 or less.
Kalixa Pay is the best for purchases and larger withdrawals.

As for why it isn't included...why not ask their researchers? The Prepaid card guide has always been poor.

NiftyDigits

Cost examples:

Withdraw £300 from an ATM:

Caxton Global: £8.25
FairFx Anywhere: £5.20
Kalixa Pay: £2.25

Withdraw £100 from an ATM:

Caxton Global: £2.75
FairFx Anywhere: £2.40
Kalixa Pay: £2.25

Withdraw £50

Caxton Global: £1.375
FairFx Anywhere: £1.70
Kalixa Pay: £2.25


Purchases:

Caxton Global 2.75%
FairFx Anywhere 1.4%
Kalixa Pay 0.0%

I haven't bothered to include foreign currency cards, as you would pay to change them into Euros and then pay again(up to 2.75%) to change to Koruna. Completely dopey.

The UKASH Travel Money card is good value, as long as it is used in the currency for which it is purchased. Their margin appears to be around 1%.
Kalixa Pay is good for all currencies, whilst keeping in mind the caveat of smaller ATM withdrawals.

So a combination of the two can be of use to you.

LE100

NiftyDigits wrote: »

The UKASH Travel Money card is good value, as long as it is used in the currency for which it is purchased.

It will be - 100%.

I don't understand how this Kalixa Pay card would be more useful to me. What's the catch - I mean, why isn't it listed on Moneysavingexpert as one of the most competitive options...?

You give lots of examples of withdrawing from ATMs, but that isn't relevant to the scenario I outlined in my original post.

Czech ATMs will almost certainly only dispense Czech Crowns (CZK), but my hope is to withdraw euros at a casino cashier.

Hand over my card / say I want €1500 / type in my PIN or whatever / they hand over euros.
(Just like I do for GBP, in UK casinos, using my UK debit card.)

My query was: what sort of transaction would this be - an 'ATM-like' transaction, or 'point of sale' - as regards maximum withdrawal limits, and possible charges?

Thank for the suggestion all the same, and sorry if my question is stupid.

NiftyDigits

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Even in the theoretical sense, Kalixa Pay would be better in the scenarios listed than any other Prepaid card.

If there is no ATM withdrawal fee involved as in a POS transaction and Kalixa Pay offers 1.25804 as compared to 1.2482 from Ukash or 1.2350 from Caxton, which is better?

If there is an ATM fee involved and if you could withdraw in Euros, then the max withdrawal may be as aforementioned. £300 for KP or 350€ for Ukash. So even after the KP withdrawal fee, you would get a rate, currently, of 1.2486047. Slightly better than Ukash.

King's Casino Prague is located in a five star Corinthia Hotel Prague 4, only two tube stops from the city center. Casino offers the following casino games:

American Roulette min. Bet 50 CZK, 5000 CZK max
Black Jack min. Bet 100 CZK, 5000 CZK max
Poker min. Bet 100 CZK, 5000 CZK max
Cash game Blinds: 10/20, 25/50, 50/100 CZK

No mention of Euros. So likely you will get your money in CZK anyway. So you have paid to buy Euros, only to have to pay to change them to CZK...or to use a CZK exchange rate dictated by the Casino.

Why would they give you Euros anyway??

With Kalixa Pay, the currency is exchanged directly into the local currency...with no forex margin, other than the ATM withdrawal charge.

It does not matter whether the transaction is ATM or POS or whether they dispensed Euros to you or not, Kalixa Pay is clearly the better option.

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PeacefulWaters

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Have you asked the card company involved?

I can't see anything in the T&Cs that turns a gambling transaction to an ATM fee.
https://www.ukash.com/en-gb/products/travelmoneycard/terms/

Out of interest, why are you so keen to change money from sterling to Euro to Crowns incurring fees and currency spreads each time?

It seems like you've selected your prepay card and, even though it is poor value when costed against others, you are intent on sticking with it. I don't really understand why you would box yourself in like that.

NiftyDigits

Dear LE100

You seem to have grabbed a hold of the wrong end of the stick...and appear unwilling to let go.

The title of your thread is "query about using Prepaid card".....when actually, it isn't.

If it was, your question was answered in my very first reply to you here:

Over the counter withdrawals using a Prepaid card are subject to penalties when using some cards, such as Caxton and FairFx. None are noted with Ukash and Kalixa, though I have not scoured the T&C.

So they question was answered. Nothing in the T&C about that kind of transaction being penalised(treated as a cash transaction).

Included within that post was a recommendation for not only a more suitable solution, but advice on having a second card(It's not a good idea to depend on a single source)

I then went on to answer any points that you raised....but instead of taking on board/analysing what I had to say, your post became tinged with growing scepticism. Which led me to believe that you were more intent believing that I get some benefit from suggesting Kalixa Pay to you and on defending your 'great idea', as opposed to understanding that there are better options.

I went on to describe and to illustrate why Kalixa Pay was better for your particular scenario.

Kalixa Pay is the best for purchases and larger withdrawals.

Purchases:

Caxton Global 2.75%
FairFx Anywhere 1.4%
Kalixa Pay 0.0%

in so doing, further answering any question you had as to why it was better than the other cards aforementioned.

In other words, in the POS scenario that you mentioned, you get the full Mastercard rate with no deductions....as opposed to the approximate 1% fee levied by the UKASH card.

I also went on to state that 1% is not terrible value and that the UKASH card is actually a decent card...just not the best for your purpose.
But since you already had it, you could use a combination of the two, as it's always a good idea to have a backup anyway.

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Further to again illustrate the difference in fees:

So even in your best case scenario of being able to draw Euros via POS/the cashier, KP charges 0% and Ukash 1%.

and again to suggest that have both was a good idea.

As I wrote in the first place, you already have the Ukash, but the Kalixa Pay is better. Keep it in your arsenal.

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Having a card that allows you to purchase/POS in Euro or CZK at the full Mastercard rate with no deductions is always going to be better, isn't it?

In addition, you are also covered if ATM withdrawals were the only way, as you would have two sources.

P.S. I understand why you think that you might be able obtain Euro there.

LE100

To re-iterate: my healthy scepticism regarding Kalixa Pay is entirely based on

1. their non-inclusion on MoneySavingExpert guide;
2. the fact, thus far, I've only seen one endorsement of the company (albeit a highly zealous one).

I think these are rational grounds for scepticism. Clearly this doesn't mean there necessarily is anything wrong with the company.

***

To be clear, I still feel my original query is unanswered. Please allow me to elaborate:

If somebody said, for example,
"I believe that an over-the-counter euro withdrawal at the casino would be subject to 'ATM-withdrawal' type restrictions",
that would be handy to know, as I'd only be able to withdraw a relatively small amount at once (€350 in the case of the card I have ordered).

On the other hand, if somebody informed me,
"I believe over-the-counter euro withdrawals would not be subject to 'ATM-withdrawal' restrictions",
this would be good news. Maybe I can withdraw several thousand euros in a single transaction...?

Whether or not the card I already ordered was the best on the market, is completely orthogonal to this query.