Post Office Travel Money Card

AdyTay

What a rip-off.

Firstly the rate you get isn't what's advertised online, Advertised rate is for new card, initial loads, although it does mention this anywhere. On the day we transferred money to our card, we would have gotten a better rate by going into the Post Office rather than going on-line?

Secondly, we brought a Euro card, loaded with Euro's, as there are no fees for using when abroad and supposed to only be charged €2.95 at ATM for obtaining cash. We selected and withdrew Euro's from an ATM and have been charged £36 on €300 (12%).

WE SELECTED EUROS ON A EURO CARD, WHY THE CHARGES. DO NOT USE THIS COMPANY.

tacpot12

Have you asked the Post Office why you were charged?

I have a Post Office Travel Money card and used this to withdraw Euros at an ATM in Spain a couple of weeks ago and was only charged 1.8 Euros, which is the charge made by the ATM Operator for all cards. I've been pleased with the card as it allows you to buy your holiday currency when the exchange rate is favourable, and the top-up process does tell you the exchange rate that you are being offered.

eDicky

AdyTay wrote: »

We selected and withdrew Euro's from an ATM and have been charged £36 on €300 (12%).

How was this charge billed to you?

It seems likely that you agreed to conversion by the ATM, at their rate, after your card was detected as UK issued. If so the euros on your card were converted to pounds and then back to euros.

tacpot12 wrote: »

I've been pleased with the card as it allows you to buy your holiday currency when the exchange rate is favourable

Are you really able to predict which way exchange rates will go? You can have a brilliant career in forex..!

The Post Office Travel Money Card is about the worst choice anyone can make for travel money, with their lousy exchange rates and fees. It would almost certainly be cheaper to use your regular bank debit card overseas.

Stay away from the Post Office, supermarkets and travel agents for cards (or cash), keep your money in pounds until conversion at ideal rates without fees at the time of transaction using cards from Starling Bank, Monzo, Metro Bank (Europe only), Revolut or Loot.io - or the various 'travel' credit cards of course.

EveryWhere

eDicky wrote: »

How was this charge billed to you?

It seems likely that you agreed to conversion by the ATM, at their rate, after your card was detected as UK issued. If so the euros on your card were converted to pounds and then back to euros.
Are you really able to predict which way exchange rates will go? You can have a brilliant career in forex..!

The Post Office Travel Money Card is about the worst choice anyone can make for travel money, with their lousy exchange rates and fees. It would almost certainly be cheaper to use your regular bank debit card overseas.

Stay away from the Post Office, supermarkets and travel agents for cards (or cash), keep your money in pounds until conversion at ideal rates without fees at the time of transaction using cards from Starling Bank, Monzo, Metro Bank (Europe only), Revolut or Loot.io - or the various 'travel' credit cards of course.

Apart from the Post Office Money Platinum Credit Card which is useful for purchases abroad. Especially if you need to spread out the cost of a holiday.

eDicky

EveryWhere wrote: »

Apart from the Post Office Money Platinum Credit Card which is useful for purchases abroad. Especially if you need to spread out the cost of a holiday.

Good point - but just hope you never need to deal with the notoriously dire customer service of Bank of Ireland.

jackieblack

eDicky wrote: »

Good point - but just hope you never need to deal with the notoriously dire customer service of Bank of Ireland.

Agreed - I have foreign transaction fee free credit cards from Post Office, Halifax, Nationwide and, previously, Santander
Post Office card is the only one I've ever had problems with while away - despite advising them of my travel plans :mad:

EveryWhere

eDicky wrote: »

Good point - but just hope you never need to deal with the notoriously dire customer service of Bank of Ireland.

Shame about that if true.

AdyTay

Thanks for your responses, lesson learnt.

The whole reason for selecting this card was that were told of we loaded the card with local currency (!!!8364;) we would only be charged a !!!8364;2.95 fee for up to !!!8364;450 withdrawal, as the money was in the local currency.

We selected Euro's as the required currency and yes I totally agree the ATM provider may have converted to Stirling and then back to Euro's, but !!!8364;36 on !!!8364;300 appears extremely high. These exchange fees, weren't advertised on screen or even show on the process noted ATM receipt, this showed !!!8364;302.95 withdrawal. It was only when checking the App that we noticed the issue.

The Post Office are investigating and I await their findings.

AdyTay

!!!8364; is the Euro Sign.