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Currency cards

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    Currency cards

    We use a prepaid currency card when we are doing land tours and have found the card to be very useful in USA, Canada, New Zealand and Australia. Due to the current pandemic our travels, of course, have stopped but we have currencies left on the card.

    An email from the Martin Lewis site alerted me to hidden fees charged for inactivity on these cards. I quote” Prepaid providers want you to regularly use the card, racking up charges and boosting their profit. Therefore, you are often penalised if the card goes unused, typically £2/month if you haven’t used the card in 12 months”.

    The 12 months would apply to us, but I did not know about this hidden charge. If this post can save any others from this hidden charge, I am glad I shared the knowledge. Jen

    #2
    Than you very much for posting this information.

    I have no experience of these cards, but I know my son was using one on a holiday a few months back. It's probably now in the bottom of a drawer, half forgotten about, so I'm going to suggest he checks the terms and conditions!

    Comment


      #3
      Originally posted by Jenkin, EA View Post
      We use a prepaid currency card when we are doing land tours and have found the card to be very useful in USA, Canada, New Zealand and Australia. Due to the current pandemic our travels, of course, have stopped but we have currencies left on the card.

      An email from the Martin Lewis site alerted me to hidden fees charged for inactivity on these cards. I quote” Prepaid providers want you to regularly use the card, racking up charges and boosting their profit. Therefore, you are often penalised if the card goes unused, typically £2/month if you haven’t used the card in 12 months”.

      The 12 months would apply to us, but I did not know about this hidden charge. If this post can save any others from this hidden charge, I am glad I shared the knowledge. Jen
      Thanks Jen.

      Many have tried to sell me the cards but my instinct was always to resist.

      I split my foreign currency across multiple purses - don't ask when I travel.

      Annie

      Comment


        #4
        Thanks for this Jen, we have a USD card and a Euro card. Will check both out, may have used the euro one last January, but not sure. I noticed the info on Paypal accounts on the MSE site, but didn't check further.

        Barb

        Comment


          #5
          Originally posted by Jenkin, EA View Post
          We use a prepaid currency card when we are doing land tours and have found the card to be very useful in USA, Canada, New Zealand and Australia. Due to the current pandemic our travels, of course, have stopped but we have currencies left on the card.

          An email from the Martin Lewis site alerted me to hidden fees charged for inactivity on these cards. I quote” Prepaid providers want you to regularly use the card, racking up charges and boosting their profit. Therefore, you are often penalised if the card goes unused, typically £2/month if you haven’t used the card in 12 months”.

          The 12 months would apply to us, but I did not know about this hidden charge. If this post can save any others from this hidden charge, I am glad I shared the knowledge. Jen
          I use the post office travel card this is their rules

          “A maintenance fee of £2 per month will be applied if you have a remaining balance left 12 months after the card has expired”

          To avoid this I change any money left on the card back to Stirling and use the card as a normal MasterCard until the balance is zero. My card does not expire until 2022.
          Delboy


          Photo Albums

          https://www.flickriver.com/photos/delboyalbums/sets/

          or

          https://www.flickr.com/photos/delboyalbums/albums

          Comment


            #6
            Can someone explain to me what advantage does a currency card have over a normal credit or debit card.
            Brian

            Comment


              #7
              Originally posted by Ingle, Warwickshire View Post
              Can someone explain to me what advantage does a currency card have over a normal credit or debit card.
              Brian
              Re posted after original un approved.


              Probably none, but handy for those who do not have a credit card,

              This is what the provider of my card has to say


              Our Travel Money Card can be used in shops, restaurants and bars around the world, so there’s no need to carry lots of cash abroad. Use it wherever you see the Mastercard Acceptance Mark. Plus, you can move money from one currency to another whenever you like via our app or online
              • Withdraw cash from over two million ATMs worldwide
              • Chip & PIN and contactless-enabled
              • Separate from your bank account to reduce the risk of identity theft
              • Get your free card and load between £50 and £5,000 (subject to passing an address verification check)
              • We’ll block lost or stolen cards and send a new one to your home or holiday address
              • Withdraw cash over the counter from any Post Office branch on your return


              Hint - When spending overseas, always choose to spend in local currency (sometimes called 'without conversion') to avoid unnecessary charges and exchange rates being applied.
              Delboy


              Photo Albums

              https://www.flickriver.com/photos/delboyalbums/sets/

              or

              https://www.flickr.com/photos/delboyalbums/albums

              Comment


                #8
                Originally posted by Ingle, Warwickshire View Post
                Can someone explain to me what advantage does a currency card have over a normal credit or debit card.
                Brian
                Hi Brian

                Around 2 years ago, we thought we had around 5 European hols within the next 18 months or so and we already had a prepaid currency card. At that time the £ to euro rate was very much in our favour, so we loaded the card and also bought some currency to lock in a good rate. We use the card to avoid carrying too much cash and also to avoid conversion fees on credit cards. Having said that, we also have a, rare as hen's teeth apparently, Santander Zero card where there are no currency charges. We use a mix of both, not really liking to carry too much cash around.

                Barb

                Comment


                  #9
                  Copied from the Times

                  https://www.thetimes.co.uk/article/n...0f13b3a3fd14a0

                  Brian

                  Comment


                    #10
                    We have had no notification on inactivity charges on our prepaid card, but have now transferred the balance to GBP and will use that as we don't really see a European trip next year sadly.

                    Barb

                    Comment


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