Which Magazine travel money recommendation
Jul 4th, 2011, 12:55 PM
#1
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Which Magazine travel money recommendation
Bad planning has meant that I am in Turkey when I get paid. Which Magazine suggests My Travel Cash as a safe card to use abroad and doesnt charge for cash withdrawals from cash machines (Which July 2011). My hope is I can transfer money electronically onto the card. Has anyone any experience of using this card abroad?
Jul 4th, 2011, 01:02 PM
#2
not sure that I understand, steve. are you being paid into your normal bank a/c? in which case why not just use your normal debit card in ATMs? then your money stays in the a/c until you withdraw it.
I haven't read the Which? article, but I still don't see the advantage of these cards over normal ATM withdrawals. and they certainly aren't worth creating elaborate arrangements for, if you haven't got the money in your account when you start the holiday.
I would take about £100 or so in cash with you, and then get the ret out of ATMs as you go along. if you want to try the cash card, I think you'll have to leave it to another time.
I haven't read the Which? article, but I still don't see the advantage of these cards over normal ATM withdrawals. and they certainly aren't worth creating elaborate arrangements for, if you haven't got the money in your account when you start the holiday.
I would take about £100 or so in cash with you, and then get the ret out of ATMs as you go along. if you want to try the cash card, I think you'll have to leave it to another time.
Jul 4th, 2011, 01:30 PM
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Steve/ Ann
I am not thick but I haven't clue what this is all about.
Their website assumes you know what they are all about. we are going to Italy in 12 days and I am sick of HSBC screwing me to the wall on credit card and ATM transactions abroad.
Am I right in assuming that you load the card with cash at a defined rate and you can draw the euros out/ use it as a debit card without charge and getting 1% back?
If so, sounds good.
Also sound like organised crimes best dream.
Steve
It looks like it is linked to VISA and so should be easy to use.
I am not thick but I haven't clue what this is all about.
Their website assumes you know what they are all about. we are going to Italy in 12 days and I am sick of HSBC screwing me to the wall on credit card and ATM transactions abroad.
Am I right in assuming that you load the card with cash at a defined rate and you can draw the euros out/ use it as a debit card without charge and getting 1% back?
If so, sounds good.
Also sound like organised crimes best dream.
Steve
It looks like it is linked to VISA and so should be easy to use.
Jul 4th, 2011, 02:24 PM
#5
cw - that is my understanding too. plus if there is money left on it, they sting you again to remove it.
there was a thread a while ago about a problem when a bank withdrew one of these cards, and people with money left on them were given a very poor rate of exchange to get their money back.
HN - yes, i know that the banks' charges for using an ATM abroad are unwelcome, but they are not extortionate, and you only get charged for what you use. these cards are loaded up front so all the money is taken out of your account initially to load the card [which may affect your interest rate or current a/c overdraft] at generally a poor exchange rate, and your money is tied up whether you use it all or not.
I use a debit card to use ATMs as we go along for small to medium purchases, and a credit card for large purchases and have never felt that I am being ripped off.
also using credit cards, you get the insurance aspect when paying for items that you might later need to claim for eg faulty goods, where it otherwise might prove difficult to make a claim across national borders.
there was a thread a while ago about a problem when a bank withdrew one of these cards, and people with money left on them were given a very poor rate of exchange to get their money back.
HN - yes, i know that the banks' charges for using an ATM abroad are unwelcome, but they are not extortionate, and you only get charged for what you use. these cards are loaded up front so all the money is taken out of your account initially to load the card [which may affect your interest rate or current a/c overdraft] at generally a poor exchange rate, and your money is tied up whether you use it all or not.
I use a debit card to use ATMs as we go along for small to medium purchases, and a credit card for large purchases and have never felt that I am being ripped off.
also using credit cards, you get the insurance aspect when paying for items that you might later need to claim for eg faulty goods, where it otherwise might prove difficult to make a claim across national borders.
Jul 4th, 2011, 04:44 PM
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These cards are VERY expensive - you pay to get the card, pay to load the card, then get an awful rate of exchange when the money goes in and get another awful rate of exchange when you take out whatever money you have left.
A regular CC or ATM debit card will cost 1 to 3% over the interbank (official trading rate for millions of $) rate - while with these trick little cards you can end up paying up to 10% of your money in fees and bad rates.
If you don;t like your bank's policy - pick a different bank.
But no one does it for free - they can;t - they're a business and need to make money. It's just that with CC or debit cards the fees are obvious - with these other bogus cards they're mostly hidden.
A regular CC or ATM debit card will cost 1 to 3% over the interbank (official trading rate for millions of $) rate - while with these trick little cards you can end up paying up to 10% of your money in fees and bad rates.
If you don;t like your bank's policy - pick a different bank.
But no one does it for free - they can;t - they're a business and need to make money. It's just that with CC or debit cards the fees are obvious - with these other bogus cards they're mostly hidden.
Jul 4th, 2011, 09:11 PM
#8
stevelyon: I know you've traveled a fair bit -- is there some reason you just don't use your bank card??
These pre-paid travel cards are generally a bad deal IME. There may be some exception(s) but I haven't seen any. Just because it is printed somewhere doesn't make it so. There was a big article in the NY Times a few weeks ago w/ some of the weirdest/silly travel money suggestions -- mind boggles sometimes . . .
These pre-paid travel cards are generally a bad deal IME. There may be some exception(s) but I haven't seen any. Just because it is printed somewhere doesn't make it so. There was a big article in the NY Times a few weeks ago w/ some of the weirdest/silly travel money suggestions -- mind boggles sometimes . . .
Jul 4th, 2011, 10:32 PM
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The reason why I asked for advice is because I had never heard of this card and wondered if anyone else had used it- Which Magazine (an 'impartial' consumer protection organisation) is recommending this card because it offers a good rate and does not charge as much as a normal cash machine when withdrawing abroad.I normally take cash abroad but I dont get paid until I am in Turkey and wanted to transfer (via the web ) money from my current account. Thus I am not really using it as a prepaid card.... more as a way of accessing my money when it hits my bank account. Perhaps I am being a bit thick here but this another reason to pose the question, and hoping for others to point out better solutions.
Jul 4th, 2011, 10:48 PM
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"also using credit cards, you get the insurance aspect when paying for items that you might later need to claim for eg faulty goods, where it otherwise might prove difficult to make a claim across national borders"
Is a really good point.
Steve
I think you can only judge the card on its own merits. There are many times I have read posts here from US/Canadian posters and noted that similar logic does not apply here. The
Is a really good point.
Steve
I think you can only judge the card on its own merits. There are many times I have read posts here from US/Canadian posters and noted that similar logic does not apply here. The
Jul 5th, 2011, 01:07 AM
#11
I normally take cash abroad but I dont get paid until I am in Turkey and wanted to transfer (via the web ) money from my current account. Thus I am not really using it as a prepaid card.... more as a way of accessing my money when it hits my bank account.>>
Steve, I hate to say it but yes, i think that you may be being a bit thick in this case. you don't need any special card to access your bank account whilst on holiday [assuming that you are from the UK]. you just need your normal current account debit card. when you want some cash, you go to the ATM [hole in the wall] and treat it like you would at home - you ask it for, say, the equivalent of £200 and it gives it to you in local currency. most of them now allow you to do the whole transaction in english/french/german.
you don't need to take a load of cash with you - just the equivalent of £100 to get you started.
Steve, I hate to say it but yes, i think that you may be being a bit thick in this case. you don't need any special card to access your bank account whilst on holiday [assuming that you are from the UK]. you just need your normal current account debit card. when you want some cash, you go to the ATM [hole in the wall] and treat it like you would at home - you ask it for, say, the equivalent of £200 and it gives it to you in local currency. most of them now allow you to do the whole transaction in english/french/german.
you don't need to take a load of cash with you - just the equivalent of £100 to get you started.
Jul 5th, 2011, 03:32 AM
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all those travel cards mags sites are a rip off.
capitalone.com CC Visa works best for me
best exchange on ATM no foreign exchange fees taken widely.
Go with that.
Do not travel with debit card or bank card too much skimming
A good thief can clean u out.
capitalone.com CC Visa works best for me
best exchange on ATM no foreign exchange fees taken widely.
Go with that.
Do not travel with debit card or bank card too much skimming
A good thief can clean u out.
Jul 5th, 2011, 03:57 AM
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Since you will be charged a fee for getting money in Turkey (since it is not a Euro or $ country) it seems rather pointless for your trip. You will be charged 2.99% per transaction.
They also charge you for transferring funds back to your account at the end of your holiday if you choose to do that.
I'd also be very dubious about doing any financial transaction online abroad where you will probably be using a public internet link.
Read the small print carefully and compare the conditions and fees charged with those of your own bank for using your debit card abroad before committing to this card.
They also charge you for transferring funds back to your account at the end of your holiday if you choose to do that.
I'd also be very dubious about doing any financial transaction online abroad where you will probably be using a public internet link.
Read the small print carefully and compare the conditions and fees charged with those of your own bank for using your debit card abroad before committing to this card.
Jul 5th, 2011, 04:26 AM
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As a canny UK-based money saving traveller, I used to use the Nationwide account until they withdrew their favourable rates for international transactions, something that annoyed me greatly as I hate paying unnecessarily to access my own money.
After a bit of research I ended up choosing a Halifax Clarity card and then closing the Nationwide account. I believe this Clarity card now offers the best deal for international transactions for UK residents.
But obviously do your own research based on your own requirements. I decided against all the prepaid cards because it was just too much bother for no gain.
After a bit of research I ended up choosing a Halifax Clarity card and then closing the Nationwide account. I believe this Clarity card now offers the best deal for international transactions for UK residents.
But obviously do your own research based on your own requirements. I decided against all the prepaid cards because it was just too much bother for no gain.
Jul 5th, 2011, 09:32 AM
#15
Do not travel with debit card or bank card too much skimming>>
quvadis - there is not [so far as i know] any alternative in the UK to travelling with a debit card - we do not have separate ATM cards. but to use the debit card n a shop, you still need the pin, and there is normally a daily limit at the ATM - mine is £200, which is a bit of a bore, but means that if I lost it, I'd have a bit of time to stop it before they cleaned me out.
quvadis - there is not [so far as i know] any alternative in the UK to travelling with a debit card - we do not have separate ATM cards. but to use the debit card n a shop, you still need the pin, and there is normally a daily limit at the ATM - mine is £200, which is a bit of a bore, but means that if I lost it, I'd have a bit of time to stop it before they cleaned me out.
Jul 12th, 2011, 12:04 PM
#20
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Dont mean to confuse - Im taking cash because I dont want to be charged everytime I draw out of an ATM. I thought the 'dishcloth and towel' joke waa beter known ... obviously it isnt. In the UK, if someone cant afford to pay they say that they will be washing up to pay the bill.
