I was looking at getting a Caxton pre-paid foreign currency card (Euros) for holiday this year. Then, I noticed someone on this forum recommend them. Has anyone used one of these recently in the eurozone? Thing is, the bumpf mentions that "some" ATMs and vendors "may" charge a fee. How does this pan out in practice? Is it easy to find ATMs that do not charge a fee for withdrawing on a Caxton card? What about charges when paying in shops and at restaurants? If it makes any difference, I'm off to Menorca.
I've used fairfx.com pre-load card for years with Euros - chip and pin protected, no transaction fees. If you run short on holiday you can top it up on-line by moving money from your sterling account onto it. Lots of rivals now - you also get a better rate when you load it up than post office etc.
Cheers all... have any of you had issues with getting any left over money back off the card after your holiday?
You ain't enjoyed yerself if you've any money left over! But, if I have, it goes towards the next holiday.
I've used (and advocated on here!) CaxtonFX for years. Used them many, many times all round the world and without any problems. It's a godsend for holidays and biking trips. There are NO fees associated with CaxtonFx (nor the other competitors such as FairFx, afaik). The proviso about local ATMs charging you is just to make you aware that in some countries and with some banks, they don't subsidise the ATMs like we do here and all cards will be charged a fee - similar to the non-bank ATMs you get around the UK nowadays. The US is a good example of a country with mostly ATMs that charge for withdrawals (with a few exceptions such as Chase ATMs). Where the ATMs here have to indicate clearly the fee for withdrawals on the screen before you go ahead, it's not always the case abroad. Don't forget you can use the card as you would a Visa Debit card so can charge purchases to it without any local cash charges such as the ATMs'. As for unused money left over at the end of the hol my advice would be to get the Global Caxton card rather than the Euro or Dollar ones. Money on the Global card can be used in any currency so you won't be stranded with a sum of Euros left on your Euro card, for example, which you won't use till your next Euro trip. Another tip is to just load up the card when you need it. You can do it on via the internet, SMS text or their mobile app, so just dripfeed amounts onto it as and when you need it. The other minor point to be aware of with FX cards is that when you use them in automated petrol stations they will authorise a set amount to be debited from your card (eg. €120-150) and then let you fill up. They then release the amount of that sum that you didn't use on fuel, but it will be 24-48 hours later. Not usually an issue as long as you're aware of the balance being artificially lower by €100 or so for a day or two.
Cheers Moily, very useful One of the reasons I asked for advice, is because my dad used the Post Office fx card when he went to the States & Canada... and he doesn't recommend them. But on questioning him, it seems he struggled because: - the Post Office card is Mastercard-based, so isn't quite as widely accepted as the Visa-based ones - he was using it at petrol stations, then getting refused at the next restaurant, exactly as per Moily's post... this reasons are explained in detail on the Caxton website Cheers all, think I shall give it a whirl!
Just a footnote to say most FX cards are similar in benefits and lack of fees, but check the FX rates they offer. That's how they make their money but it is a competitive market and they are much of a muchness. FairFx/Caxton were the original boys on the block but the High St operators have seen how successful they've been and launched their own FX cards.
You can have any excess funds returned back to you in Sterling if you want. There is a button for it on the Caxton web page. I find it useful to use the FX card as a means of saving up for the Euro trips though and drop lumps of money onto it from time to time, knowing that I am less likely to then spend it on toys for the Blade !
Is it just me who would rather have cash in my hand? I take about 600 euros for 6 days in le mans and another £200. plus my cards. I assume that more places take cash than card so use cash. Only thing I don't use all in cash is the US where I take travellers cheques and use them first where I can is using this card just about getting the best £ for euro you can?
When I go on holiday (which is rarely these days) I don't want money to be an issue... if there's something I want to buy or do, then I do it. This means if I stick to cash I end up taking lots, and often considerably more than I end up spending. Using a pre-paid fx card hopefully means I get the best rate and can add more as needed using their app, without getting ripped off trying to convert a hundred or more unspent euros back to sterling afterwards. (I can appreciate an fx card might not be great at Le Mans, as you need ready internet/wi-fi access to top it up). Further, my bank account isn't great abroad, been stung using it in the past... so going the pre-paid route saves me having to open another more foreign-friendly account. That's the theory anyway...... got to be worth giving it a try
Cash is king, which is why I withdraw local currency when I'm abroad but never get a large amount of foreign currency here as the High Street rates are just appalling. I was in the Post Office the other day and noticed the USD and EUR rates and was shocked at the spreads they use. Basically you'll get up to 20 cents more per Pound using an FX card than converting money here and taking it with you. I sometimes get £20 in foreign currency here to use for a taxi or for tips when we first get to a place and don't want the hassle of finding an ATM, but all airports have ATMs so not usually an issue. The beauty of the FX card is you can have foreign cash in your hand AND the security of keeping the majority of your money in a safe account until you need it.
