24 replies to this topic

[Crazyfrog (Fab)]

if any one need euro's for le man can do a large transaction before and pay them at the tunnel name/ amount required and can buy them back as well if needed won't take no comission and payable in sterling only ...no visa/paypall

[techieboy]

Might be up for a bit of cash. Do you get a decent rate?

After a spate of credit/debit card cloning around the Chunnel (didn't someone here get caught out a year or two back?) I usually use my pre-paid CaxtonFX Euro or Dollar Mastercard's when overseas. You usually get a much better conversion rate and it's fixed at the rate on whatever day you "fill" the card. Not found a cheaper way to get foreign currency plus it gives you the normal credit card protection. If it does get cloned, the worst case is that they get whatever money you had loaded onto that card.

[Yellow_or_black?]

Just had a look at the link. Anything to do with numbers, and especially finances, bores me to tears - so forgive the questions. Why is that better than using a debit or credit card? So you load it up, and just use it as you would a debit or credit card? Why did you pick that company over any other (assuming there are other companies offering the same thing)? Why is it better than Traveller's Cheques?

[techieboy]

No commission. No withdrawal fees for using ATM's in Europe or USA. Much better sterling->euro (or dollar) exchange rates than from banks/forex places/travellers cheques. You pay in the local currency, so no lousy credit/debit card conversions back to sterling.

It was a toss up between the Caxton card or one from FairFX. FairFX conversion rate is fractionally better but they charge a withdrawal fee from ATM's, so I went with Caxton.

From FairFX's front page

What £100 would have bought you today

[Crazyfrog (Fab)]

if i change over £2000 i get a very good rate
if not i will change more cash and see
i try not to use card abroad

[Yellow_or_black?]

When you use it in cash machines, are you withdrawing cash that's loaded on it? I assume it's not linked to your bank account? I suppose though if it's stolen, you lose all the cash on it - as opposed to being able to stop a credit/debit card?

[techieboy]

When you use it in cash machines, are you withdrawing cash that's loaded on it? I assume it's not linked to your bank account?

I suppose though if it's stolen, you lose all the cash on it - as opposed to being able to stop a credit/debit card?

Yep, you're withdrawing whatever you loaded on to it and is totally separate to your regular bank/cc accounts. You can top it up any time via phone/web/sms if you need to and it takes less than an hour to "appear" on the card.

You could potentially lose whatever was on there but only if somebody has the PIN number, just the same as a credit/debit card. It has exactly the same fraud protection as a normal credit card. As you would with a regular mastercard, you just ring them up and they stop the card and despatch a new one to you linked to your account and funds. If you loaded £500 for example, that would be your maximum exposure in the event of it getting cloned, whereas my regular mastercard has a £25k limit on it (I know, it's stupid, I bought a car on it once and they've never put the limit down again). If that got cloned, I'd potentially be in a world of hurt until I'd convinced the credit card company it wasn't me.

It's by far the cheapest way to get foreign currency without going to specialist currency brokers and getting market rates where you're lumped in with other currency trades.

[theolodian]

We bought Euros at Gatwick a couple of weeks ago and got less than 1€ per £.

[Yellow_or_black?]

Thanks Matt. Sounds like a good idea

[Yellow_or_black?]

One last question: I'm looking at which card to get here. The differences between the Global Traveller card and the other two, seem to be (for the former):

# The balance remains in Sterling at all times. Funds are converted live to the appropriate currency at the point of a sale, including ATM's, giving you the flexibility to use it globally. [whereas for the other two: 'Lock in the exchange rate when you load the card.']
# The exchange rate applied is fixed at 2.5% from the prevailing interbank rate.

Wibble Should I just get the Global Traveller one just in case (even though currently I only have trips planned in Europe), or are the attributes of the Euro card better, meaning I should stick to that?

Thanks

[techieboy]

Hmmm. Not sure, to be honest. I've got the Euro and a Dollar version as they were cheapest for transactions. Not really sure about the Global Traveller benefits, other than it's a standalone card not attached to your bank account, as it looks to work more like a normal card (conversion fees etc). Euro version covers most of my needs. But, I've used the Dollar version in the US (duh, obviously) and also in Dubai and the Maldives without any issue. They're free (other than the initial £10 load) so I guess you could get one of each.

[Yellow_or_black?]

What does: 'The exchange rate applied is fixed at 2.5% from the prevailing interbank rate' mean I guess the exchange rate being fixed on transaction versus at card load is neither here or there, is it? Well, I suppose it might be if you were one to watch the rates, and behave accordingly - but since I'm not...

[Crazyfrog (Fab)]

spamming my thread yob:closedeyes:.......................................

[JimmyJamJerusalem]

spamming my thread yob:closedeyes:.......................................

Priceless

I might get one of these Caxton cards... Can you pay in restraunts with it..?

[techieboy]

Can you pay in restraunts with it..?

Yep, use it wherever a Mastercard or Maestro card is accepted.

[Yellow_or_black?]

What does: 'The exchange rate applied is fixed at 2.5% from the prevailing interbank rate' mean

Anyone know what that means?

I'm still trying to work out why they offer three cards, rather than just the one Global card - which they say can be used anywhere

They need your passport number

Edited by Yellow_or_black?, 02 April 2010 - 04:18 PM.

[techieboy]

What does: 'The exchange rate applied is fixed at 2.5% from the prevailing interbank rate' mean

Anyone know what that means?

I'm still trying to work out why they offer three cards, rather than just the one Global card - which they say can be used anywhere

They need your passport number

Because the money on your card remains as Sterling at all times, a currency conversion to local currency is needed each time you use it. It looks like this is done at the market rate +2.5% on the day of the transaction. So you're in effect paying a 2.5% fee each time you use it in a non-Sterling country (which is much the same as most credit cards though might still be a bit cheaper). With the other two cards, the money on the card is already in € or $ so there is no conversion needed when in a Eurozone country or in the US, etc. So, those two cards are "cheaper" to use than the Global Traveller card in their home territories. Obviously, if you're in Outer Mongolia or similar the Global Traveller makes more sense.

P.S. Never use your credit/debit card to pay for something overseas and let the shop/restaurant charge you in Sterling (they make it sound like they're doing you a favour) but they usually apply a really sh!t exchange rate.

Need your passport number as proof of who you are, for money laundering reasons.

[Yellow_or_black?]

Brillo pads - thanks for that. I contemplated that that's what it meant, but I couldn't believe they added 2.5%. You mentioned this is standard for all credit card transactions abroad - I really never knew that As I said: finances

[JimmyJamJerusalem]

I'm defo getting a EuroZone card!!

[Crazyfrog (Fab)]

I'm defo getting a EuroZone card!!

no card
cash will be sufficient enought and when there is no more that's it you can buy me a drink