Prepaid Travel Cards guide

TVRV8S

Hi,

We're spending 2 weeks in South Africa in October. We need about 18,500 ZAR to cover what we want to do.

The exchange rate is quite good at the moment - Google says 1 GBP = 0.043 ZAR.

Since Feb when it was 0.048, the projected cost of the holiday is now about £100 less.

I'd like to lock in the exchange rate.

I've looked at prepay cards, and MSE are recommending Revolut but as far as I can see it's not going to lock in this good rate. You transfer GBP onto it, and then you pay the (albeit decent) rate applicable on the day you use it.

What's best for me? What's the best prepay where you lock in an exchange rate? Or is the Revolut going to beat it even if the rand strengthens back to 0.048?

Any help much appreciated as £50-£100 quid is a lot of money to us and this is a once-in-a-lifetime trip.

Many thanks.

eDicky

TVRV8S wrote: »

Any help much appreciated as £50-£100 quid is a lot of money to us and this is a once-in-a-lifetime trip.
.

What makes you think that the rand will not weaken further against the pound over the five months to October?

http://www.xe.com/currencycharts/?from=GBP&to=ZAR&view=1Y

I am not saying that it will, but that it's pointless to speculate unless you are a professional, or at least have some insight into the South African political and economic situation, and other factors.

The Post Office (and perhaps others) do a ZAR travel money card, but you will find the rates are far from ideal, adding to your loss if the gamble to 'lock in' now doesn't pay off.

TVRV8S

I'm not a pro and I'm not sure it won't weaken further. However, if it strengthens back to above 0.048 from its current 0.043 then it jeopardises lots of things we want to do.

I just wondered if there was a recommended card that allows one to lock in a rate, with no ATM or purchase charges and that is accepted in most places. I see Revolut has some issues.

I thought I could perhaps put £400 on a locked-in rate card now, and then maybe wait a bit to see if the rand weakens further before deciding how to convert the rest of our budget.

Any ideas?

It seems far more risky to wait til October and put GBP on the Revolut card, even at perfect rates. But then I'm not a pro, just a holidaymaker.

PeacefulWaters

You're nibbling around the edges to try and make £40 on a bet that could easily go in either direction.

Focus on identifying cheap bars and restaurants on trip advisor. It'll make you more.

TVRV8S

Do you think I should just get a Revolut card before we go, load it up and just use their rate?

NiftyDigits

TVRV8S wrote: »

Do you think I should just get a Revolut card before we go, load it up and just use their rate?

Depends on the rate they offer. I would prefer to utilise Halifax Clarity or Creation Everyday.

Casciana

I can't find out much information from the Revolut site, but if you have currency left on your Revolut card after travels, how do you transfer it back to your bank account?

eDicky

Casciana wrote: »

I can't find out much information from the Revolut site, but if you have currency left on your Revolut card after travels, how do you transfer it back to your bank account?

Use the 'withdraw' function in the app, after converting back to pounds (if that's what you need). There's complete info about everything in the FAQs, on the Revolut website and in the app.

Casciana

I will be using bank transfer to load the card from a Euro account I have with Barclays (they don't provide debit cards with currency accounts), so I presume money will just go back into the same account if I hit 'withdraw', without having to go through the IBAN process again?

eDicky

Casciana wrote: »

I will be using bank transfer to load the card from a Euro account I have with Barclays (they don't provide debit cards with currency accounts), so I presume money will just go back into the same account if I hit 'withdraw', without having to go through the IBAN process again?

I'm out of date, I just looked at my app and there is no longer a 'withdraw' function, you do it as a 'bank transfer' to yourself. So you enter the requested details of your account and send. It takes a few days to arrive by giro.