Cost-effective way of using East Caribbean dollars?

saneman1

Hi folks,

As far as I can see, the three cards recommended by MSE don't have East Caribbean Dollars as one of their currencies. Can anyone suggest an account, debit card or travel credit card that would let me pre-pay in or withdraw as cash ECD with better rates than using my normal credit or debit card? (I have an HSBC Global Money card…. but they don't seem to cover the Caribbean either 🙄)…

flaneurs_lobster

I doubt if there is a pre-pay debit card that gives a better rate than the fee-free debit/credit cards in any currency.

Not sure why you wouldn't want to use a "normal" fee-free card? Is there a requirement to withdraw more cash than the usual day/month limits allow?

A Mastercard/Visa/Amex card will be accepted in the usual places/ATMs.

What problems are you foreseeing? The HSBC Global Money account (like several of its ilk) allow you to pre-exchange Sterling into a number of other currencies. If you don't have a balance in the currency that you are looking to spend in (or the currency isn't supported) then it just does a dynamic exchange rate conversion from GBP at the point of sale, just like a standard card.

saneman1

https://forums.moneysavingexpert.com/discussion/comment/81878458#Comment_81878458

It's not so much that I anticipate problems using a 'normal' card - just that it usually costs more money to do so.

Thanks for the info on the HSBC Global Money card; again, I suspect that converting there and then (rather than having ECD in the account) will be more expensive, but it may still be the best alternative.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81878865#Comment_81878865

Not sure if wires are being crossed here, in terms of what 'normal' is being understood to mean - you don't say specifically which three MSE-recommended cards you were initially talking about but I'm wondering if you were referring to prepaid multi-currency ones rather than the travel-oriented credit and debit cards that don't impose non-sterling transaction charges?

https://www.moneysavingexpert.com/credit-cards/travel-credit-cards/

silvercar

I have a Wise card, I pre-load from my bank account (£££) and spend locally wherever I am, including cash withdrawals in local currencies. The local money is deducted from my £££ balance at a very good exchange rate. It also means I don’t have any foreign currency left over at the end of my trip.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81880998#Comment_81880998

Yes, but to address the OP's point, you can't hold Eastern Caribbean Dollars (XCD) in a Wise card account. OP is looking for a card to pre-load XCD onto, to avoid point-of-sale currency conversion.

I rather think that such a card may not be available outwith the local market, if at all.

silvercar

https://forums.moneysavingexpert.com/discussion/comment/81881395#Comment_81881395

agreed, but I was making the point that Wise (and probably others like Revolut and Starling) have exchange rates that are very near spot.