Prepaid Travel Cards guide

eDicky

LidLicker wrote: »

My main question is when I come home, I dont want to be hit with any charges. I believe if I come home and I have say £200 left on the card, I can withdraw this from an ATM - is this correct?
And if so, can I then close the account, or does it stay open? And are there any fees for leaving it open?
I only ask as I see cards from such companies as the post office charge after you have returned from your holiday.

Unlike the dreadful Post Office currency cards, Monzo holds only GBP and converts at the straight MasterCard rate when you use the card. If you look at their list of fees you'll see that there are none, including for leaving it open, only some limits on cash withdrawals. You can use it normally as a debit card in the UK. Monzo now have a full banking licence so at some point they may discontinue or convert the prepaid service.

There's no need to load a large amount at once, as you can top-up instantly using your saved debit card(s) at any time (when your phone has connectivity). Don't forget that most US ATMs charge a few dollars per withdrawal, but there's rarely a need for cash there.

Never travel without backup, in case of card loss or failure. Consider Loot, which is similarly fee-free:

https://loot.io

eDicky

IndieSinger wrote: »

FOUND IT! You have to swipe down on the balance.

Not on the Android app - perhaps iOS is different.

Pete

MSE claim that the Fair FX card is one of the best however they seem to have missed some of the charges on there page. For the everywhere card you are charged 1.4% for purchases both in UK and abroad and also £1 +1.4% for ATM withdrawal both in UK and abroad. Also and this is the con I think, whilst they don't have a monthly management fee they do have a monthly admin fee of £2!

Neil49

[QUOTE=Pete;72583710_Also_and_this_is_the_con_I_think,_whilst_they_don't_have_a_monthly_management_fee_they_do_have_a_monthly_admin_fee_of_£2![/QUOTE]

The £2 admin fee only applies to cards that have expired but still have balances on them.

Section 13 of their Terms and Conditions

https://www.fairfx.com/terms

amorerob

Any views on this prepaid card?

Neil49

amorerob wrote: »

Any views on this prepaid card?

Do you mean Caxton FX - I've never heard of Carfax FX.

amorerob

Yes! Apologies. Caxton FX.

sillygoose

amorerob wrote: »

Yes! Apologies. Caxton FX.

Its often not so well regarded here these days, but I use one and it meets my needs.

The two aspects I like most are there are no membership fees, loading fees or fees for cash withdrawals abroad. And I like the fact I can load it when I choose and the rate is then fixed so I know what rates I got in advance.

The rates are close to typical high street exchanges and supermarkets for pre-ordered cash so certainly not the best but to me its a better means of having access to cash without the usual having to exchange a large amount and the risk of travelling with it, hiring room safes to stash it etc.

I can just draw out sums from a cash point as I need it. If the money on it runs out I can recharge it instantly with the mobile phone app.

Rates are very volatile at the moment Caxton were showing 1.145 to the euro this morning, it hit as low as 1.129 later and now is 1.132, the highest rates often seem to be early in the morning. the other day it was 1.165.

I am holding off until after the election to charge up any more, I don't have a crystal ball and its purely my personal opinion, but markets hate uncertainty and rates drop, I am predicting Theresa May getting a strong enough parliament to get on with things and the 'secure and stable' outlook and avoiding the prospects of Labours borrowing and levies on business will cause more confidence in the UK markets and the pound will rise sharply. If not then it will only be small pints of Mythos for me this year.. :beer:

sillygoose

one more thing on Caxton, if anyone decides to sign up for one go via a cashback site. Topcashback are paying £8.58 after you load the card £50 minimum, more if you load larger amounts.

Also remember it not accepted for car hire deposits, because after damaging a car you could clear the card out and they couldn't charge you the cost.

Nidge

It appears that Travelex are withdrawing their Supercard.

https://www.travelex.co.uk/services/supercard