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  • FIRST POST
    • MSE Helen S
    • By MSE Helen S 12th May 15, 9:36 PM
    • 75Posts
    • 44Thanks
    MSE Helen S
    0 WOW
    Travel Money & Foreign Exchange Tips guide
    • #1
    • 12th May 15, 9:36 PM
    0 WOW
    Travel Money & Foreign Exchange Tips guide 12th May 15 at 9:36 PM
    Hi!

    This is the discussion thread for the



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    Thanks folks,
Page 5
    • crockett44
    • By crockett44 28th Jul 19, 5:03 PM
    • 1 Posts
    • 1 Thanks
    crockett44
    Yes Credit card Cheaper than Prepaid Card
    So I've just come back from a week in Majorca with family and before I went I decided to try a pre-paid card...yes the ones that are supposed to be a great option....the ones that 'savvy' travellers use. I decided to work the numbers accurately, and compare the Post Office travel card that I used to what my NatWest credit card would have cost me. The result surprised me as follows:

    Post Office Travel Card
    Total Euros loaded in = €1379.40
    Exchange Rate = 1.07
    Total £ that hit my bank account = £1292.76
    €45.67 remaining on card to convert back to £ at rate of 1.27 = £35.96
    Total £ spent = £1292.76 - £35.96 = £1256.80

    Natwest Credit Card (assuming used for same transactions as prepaid card)
    Exchange Rate : 1.11 (I used the card a couple of times to check this)
    Transaction Fee : 2.75% (I used the card a couple of times to check this).
    There were 25 transactions on the prepaid card and I simply cut/pasted these and applied the exchange rate & transaction fee to each one to model what it would have cost me had I used the credit card.
    Total £ spent had I used credit card = £1234.42

    So the prepaid card was £22.38 or 1.8% more expensive than the credit card. If I assume use of the NatWest Mastercard with no overseas transaction charges (they do one of these), then the prepaid would have been £55.42 or 4.6% more expensive than the credit card (assuming the same exchange rate).

    I also found the prepaid card more hassle - I had to keep checking how much was on the card, and load up a few times. I even got the card declined once as it did not have enough currency loaded.

    Yes prepaid cards can help budget, and it is important to have the right credit card, but I wont be using a prepaid card again - more hassle than a credit card, and more expensive.
    Last edited by crockett44; 28-07-2019 at 5:09 PM.
    • eDicky
    • By eDicky 28th Jul 19, 6:16 PM
    • 4,936 Posts
    • 3,035 Thanks
    eDicky
    I decided to try a pre-paid card...yes the ones that are supposed to be a great option....the ones that 'savvy' travellers use.
    Originally posted by crockett44
    Where did you hear such a thing about the Post Office card? Not here I think.

    Your post is a brilliant illustration of what I and others have to try and tell people regularly, many thanks!!
    • akadk1612
    • By akadk1612 14th Sep 19, 9:02 PM
    • 1 Posts
    • 0 Thanks
    akadk1612
    Buying Czech Currency
    is it better to buy Czech currency in UK or Prague?
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