Can 'cash passports' really save you money

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Can 'cash passports' really save you money

Postby cigspriced » Thu Mar 01, 2018 2:04 am

The cards are widely available, including from the Post Office and travel agents. Many suppliers promote them as cheaper alternatives to other forms of plastic when abroad. However, this has not always been the case. Nationwide's debit card, which used to have no charges for foreign usage, worked out cheaper than the pre-paid cards. It was - and still is - more convenient Wholesale Cigarettes For Sale.

But last year, Nationwide began imposing a two per cent commission on foreign transactions made on its debit cards, along with an additional £1 fee every time you took money out of an overseas cash machine.

Based on the exchange rates each was offering on the same day in late July, it would have cost me £457.68 to get 500 with Nationwide, £456.37 with My Travel Cash, and £452.08 with Caxton FX. So the Caxton FX card would have saved me £5.60 over my Nationwide card Cigarettes Online Usa Only.

The reason the saving wasn't greater was that the exchange rate Caxton FX was offering on the day was worse than Nationwide's.

The sum of £5.60 isn't too significant, but presuming similar differences in exchange rates, over a year of travelling I reckon the Caxton FX card would save me about £30.

I applied for the card online. The

whole process went smoothly - you need to pay a £10 deposit, though that

is credited to your card - and it arrived promptly. However, you're

told to allow seven working days.

After

a further ten minutes online and a phone call, I had transferred the

equivalent of 500 from my bank account on to the Caxton FX card, got my

PIN, and was ready to go.

But before you follow suit, there are points to consider.

PRE-PAID CARDS: THE PROS AND CONS

Watch out for charges. Some cards cost £10 to obtain and most charge a fee (up to £3) every time you withdraw money from an overseas ATM. For example, on overseas transactions, NatWest charges a 2.75 per cent 'exchange rate transaction fee', plus a further £2 minimum fee for cash withdrawals. Based on same-day exchange rates in late July, withdrawing 500 in five transactions with a NatWest debit card would have cost nearly £14 more than with a Caxton FX card.

Most foreign currency pre-paid cards are in euros or US dollars Wholesale Newport Cigarettes Online. If you're going to a country that doesn't use these currencies, you could get a sterling-denominated pre-paid card, but I wouldn't recommend it because you'll pay a foreign-exchange markup on each transaction.

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