Credit card v prepayment card - best exchange rate

tightlines733

I currently have a Post office platinum credit card which give 0 fees on overseas purchases. I pay off my credit card in full monthly. I will be going to Canada soon and have considered a Post Office Travel Money Card Plus (prepayment card) . However the rate of exchange today for the prepayment card is 1.7666. I have contacted the Post Office and been told they use the Mastercard exchange rate for credit card purchases abroad. This is currently 1.864. Therefore am i correct in assuming that it is far more expensive to use a prepayment card (in this case i get an extra 10 CAD per £100 on todays rate. by using the credit card)

bigadaj

Totally depends on the card and the issuer.

There's a lot of talk of revolut on here though I don't use it myself, may be worth researching further.

I use Halifax clarity, nationwide select and also have a nationwide flex plus for cash withdrawals, all of those are options.

There's a guide on the main site for reference.

eDicky

tightlines733 wrote: »

Therefore am i correct in assuming that it is far more expensive to use a prepayment card

Yes you are correct, in the case of the Post Office Travel Money Card Plus, which is not good value at all.

For a prepaid solution I recommend Revolut, having used it worldwide for nearly a year.

https://revolut.com

tightlines733

Thanks to you both... looks like revolut is the card I need. Reading their information it appears the exchange rate is the best I can get when using a card abroad.

System

Why not just take some cash and use the Post Office Mastercard?