Cash abroad.

[Brandane]

I am heading off to France soon on a cycle tour which may involve some camping.
I don't want to be carrying a lot of cash with me, for obvious reasons. I have been looking at getting a prepaid currency card from Sainsburys bank. This seems like a convenient solution. Pre-load it with Euros before you leave, then use it as you would a switch card once abroad, without incurring the bank charges/commission and low exchange rates on offer if you use your normal bank cards.
I haven't used one before, and reading through the t&c's it looks ok, but am I missing any drawbacks regarding hidden charges etc.? Any advice welcome.

 

[snorri]

Don't rely on any single card, take as many options as you can!

 

[yello]

I know some/many folk like these prepaid cards (my brother for instance reckons they're the doggies danglies) but I'm not personally convinced.

I always found my Nationwide debit card perfectly functional without it attracting the charges and less-favourable exchange rates some other bank cards have.

Edit: as snorri suggests, a bit of back-up cash plus another card is a good idea. In my part of rural France, it can be many miles between ATMs and I've not yet encountered a boulangerie that'll accept a debit/credit card for a pain au raisin!

 

[martint235]

I have a FairFX card and the only drawback I've found is that you have to pay for a new card every couple of years. You can however avoid that payment by uploading €100 to the new one.

Other than that a fantastic thing. When I go abroad I used to take €2000 in cash with me for a two week holiday, now I just have this card and my normal debit card as emergency backup

 

[gavroche]

I have a FairFX card and the only drawback I've found is that you have to pay for a new card every couple of years. You can however avoid that payment by uploading €100 to the new one.

Other than that a fantastic thing. When I go abroad I used to take €2000 in cash with me for a two week holiday, now I just have this card and my normal debit card as emergency backup

2000 euros for two weeks!! Do you stay in 4 stars hotels?

 

[martint235]

2000 euros for two weeks!! Do you stay in 4 stars hotels?

Nope that's spending money. Hotel is paid before we leave.

I have a policy that if there is going to be a worry about money whilst we're on holiday, we don't go.

 

[martint235]

[QUOTE 3094871, member: 259"]How much do they charge you to add money to the card martin? I've dabbled with looking at prepaid cards but they all seemed to want 5% to recharge, which was more than I'd be paying on the credit card.[/QUOTE]
Nothing. They give you a competitive rate and then it's just like transferring money between bank accounts.

Oh, I just remembered, there's all kinds of charges if you use it to withdraw sterling in the UK or in a country that uses a different currency to the one you bought. eg you have a Euro card and use it in the States. My understanding (limited as I only use it for Euros) is that you need a separate card for each currency.

 

[yello]

I don't understand prepaid cards really. Is their main benefit that they limit your losses if the card gets stolen? Our that you take a one-off hit on the exchange rate? Do they work out any cheaper than using a normal debit card?

Personally, I just see them as a limitation. You've a fixed amount on the card (unless you recharge them en-route) and potentially some left on it when you get home. As I say, I think they're a solution for a negligible problem - and one that then potentially introduces it's own issues/concerns/problems.

 

[martint235]

I don't understand prepaid cards really. Is their main benefit that they limit your losses if the card gets stolen? Our that you take a one-off hit on the exchange rate? Do they work out any cheaper than using a normal debit card?

Personally, I just see them as a limitation. You've a fixed amount on the card (unless you recharge them en-route) and potentially some left on it when you get home. As I say, I think they're a solution for a negligible problem - and one that then potentially introduces it's own issues/concerns/problems.

There's no fee for using the FairFX one within the area you bought it. As I said the rate is also competitive so the only loss is if you carry quite a lot on it over time and there's a fluctuation in the rate.
EDIT: Sorry there is a €1.50 charge for ATM but that's less than a normal debit card will charge you plus a debit card would take an additional percentage.

 

[midliferider]

I find that best and cheapest option is to carry one of those credit cards which does not charge you for using in other currencies. After my recent tour in Portugal, I calculated how much I have spent. I found that my credit card had given me better rate than what Tesco gave me when I got Euros.
But I think now it is not so easy to find those types of credit cards.

 

[Brandane]

I phoned my bank last night (Bank of Scotland) and they assure me that using my BOS Visa debit card is the way to go. The only extra charge is £1.50 per transaction at cash machines, so need to make worthwhile withdrawals! The Sainsburys cash passport card charges €1.50 per cash transaction in any case, so it's down to exchange rates. BOS were vague when asked, as it "changes on a daily basis, sir". When I asked what todays rate was, they put me through to another department and I got cut off...

 

[midliferider]

I phoned my bank last night (Bank of Scotland) and they assure me that using my BOS Visa debit card is the way to go. The only extra charge is £1.50 per transaction at cash machines, so need to make worthwhile withdrawals! The Sainsburys cash passport card charges €1.50 per cash transaction in any case, so it's down to exchange rates. BOS were vague when asked, as it "changes on a daily basis, sir". When I asked what todays rate was, they put me through to another department and I got cut off...

You believe the bank on their advice on using their products.

 

[Brandane]

You believe the bank on their advice on using their products.

No, I am a born cynic. I believe nothing anyone tells me, ever. Sainsburys included.

 

[campagman]

CaxtonFX preloaded card for me. Does not charge me for using atms abroad. Could probably us it as a switch card but I never have.

 

[aferris2]

+1 for CaxtonFX.
There are several different currency options, so go for the one that's right for your destination. You can also use it as a switch card so long as there's enough preloaded. Top up before you go, or (as I do) by sending a text to transfer money from your nominated UK bank account. The money should be available about 15 minutes after sending the text. The advantage of doing this is that the card has next to nothing on it if it gets stolen.