Best way to take money?

[ruthie]

Hi All
Just wondered what is the best way currently to take your holiday money?
When we went in 2008, I took my Nationwide card which worked out fine, but do they charge now?
Also, whats a Fairfax card? I have seen people talk about them, but don't know what it is.

Thanks

 

[scottishgirl87]

I also have a Nationwide debit card which I'll be taking in May. They do charge 1% now but it's still alot less than most other providers! This will explain it alot better than I could and you can weigh up the pros and cons

 

[ruthie]

Hi
Thanks so much for the link-thats really helpful!


Ruthie

 

[nibbo]

I used to use a Nationwide credit card before they started to charge. Now I use a Post Office credit card which is totally free to use and have the Nationwide card as a back up. I take about £500 worth of cash and take my Nationwide debit card to use at the ATM's if I run out of cash, which I never have done.

Not sure about Fairfax but American Express do the equivalent of travellers cheques on a preloaded card which is accepted virtually everywhere.

Nick

 

[bigpapamack]

fairfx for me, used previous two trips to orlando

 

[2Tiggies]

I just ordered a FairFX card last week. It arrived 2 days later. I am using it because they have a good exchange rate.

However, I will still do at least half, probably more, in Travellers Cheques as I have always used these in Florida with no probs whatsoever. I also don't want to be bound to queueing up for cash machines all the time, or walking around with large wads of cash on me (I know I can charge to it, but don't want to use it for countless smaller transactions - too hard to keep track of the balance). Hopefully this will be the best of both worlds.

 

[VailaTigger]

FairFX is a pre-loaded MasterCard.

You "buy" your dollars at a great rate, they get loaded onto your card, and away you go. You can withdraw cash ($2 fee each time), use it as a normal card to pay for things with, and can reload it from the web, or by SMS.

We're taking one when we go in April, as well as some cash dollars, and I have my normal credit card as a back up, and to leave as my check in card with the hotel. We'll load up the FairFX card before we go though.

 

[wayneg]

Pre loaded cards can work very well, buy at good rates and travel when its a low rate. On the other hand load it when rates are lower than when you travel you can be out of pocket.
Cash and travellers cheques, lower rate and I don't like hassle of finding somewhere to keep them, seen too many photos of smashed safes so I won't use them.
For me its a fee free credit card, used to be Nationwide now use Post Office, same as Nick above. Get the interbank rate at time of transaction and no messing with cash, I only use cash for tolls now.

 

[2Tiggies]

seen too many photos of smashed safes so I won't use them.

? !! But your travellers cheques are covered and can be replaced. The trick is to keep a log of the numbers separate from the TCs and to mark off the ones you have spent/cashed.

 

[wayneg]

? !! But your travellers cheques are covered and can be replaced. The trick is to keep a log of the numbers separate from the TCs and to mark off the ones you have spent/cashed.

In theory thats right but there was a thread on Dibb last year(maybe year before) getting a replacement for TC's was not as easy or quick as expected.

I also think within next few years more places will refuse to accept them, I have no idea of processing fees for them but I am considering stopping accepting regular cheques, fees are too high, wonder if TC's have a similar fee for businesses?

 

[tigger137]

We used to take TCs but have found it an increasing hassle to use them.

In many places now I just use my debit card as I would at home. I find the exchange rate to be pretty good even taking into account the inbuilt fees, and when using to buy goods there's no flat transaction fee. There is a transaction fee when using an ATM to get cash but again, even taking that into account, I'm happy with the exchange rate. The bank rate used is generally better than the prevailing tourist rate.

 

[Natasha&Matt]

Last time we took cash/TC and a fairfx card. Never had any problem with the TC.

 

[WSussex]

Hi

Last time we went in 2008 had nationwide credit card as no charges - i thought that it now charged but just used it to purchase seaworld tickets from the us and received the bill with no additional charge on it for converting?! Was pleasantly surprised!

Sx

 

[scottishgirl87]

Hi

Last time we went in 2008 had nationwide credit card as no charges - i thought that it now charged but just used it to purchase seaworld tickets from the us and received the bill with no additional charge on it for converting?! Was pleasantly surprised!

Sx

It's not an additional charge, there's basically 1%% "hidden" in the exchange rate. Like I said above though, still the best debit card to have according to MSE

 

[ruthie]

Hi All
Thanks for the replies. Definately not gonna bother with TCs this year,and try post office or fairfx.The only think I'm thinking is that with Fairfx if I don't use all my loaded money, do I lose out on the exchange back?


Thanks
RUthie

 

[paulh]

DW takes me for Cash and she never gets charged anything
We take a post office card with a nationwide cc/debit as well as backup
Paul

 

[2Tiggies]

In theory thats right but there was a thread on Dibb last year(maybe year before) getting a replacement for TC's was not as easy or quick as expected.

I also think within next few years more places will refuse to accept them, I have no idea of processing fees for them but I am considering stopping accepting regular cheques, fees are too high, wonder if TC's have a similar fee for businesses?

I never thought about that. I always take credit cards with me anyhow as backup though. The only reason I never use them is that I don't want to come back and have to pay for a holiday that's already over when I should be paying off the next one.

On the FairFX topic, I received mine a week ago. It has funds in it and has been activated, however I have not recieved the pin code. Doesn't the pin usually come before the card, or is it random? I have emailed them so will see what they say. Also, does anyone know if you can test the card in a UK atm to see that the pin works and can you change the pin as with a debit/credit card in an ATM here?

 

[2Tiggies]

Hi All
Thanks for the replies. Definately not gonna bother with TCs this year,and try post office or fairfx.The only think I'm thinking is that with Fairfx if I don't use all my loaded money, do I lose out on the exchange back?


Thanks
RUthie

From what I understand (please feel free to correct - and educate me) you can close the FairFX card at any time and they will refund the balance in pounds onto the card you used to load them. Whether you lose out will depend on what the exchange rate was at the time of loading and what it is at the time of the refun being processed. Unless they "sell" them back to you at the rate you purchased at

I don't know about the Post Office card. They may have no fees, but the rate is awful. Unless you get a special rate for the card which is different to the rate they offer in the branch?

 

[VailaTigger]

On the FairFX topic, I received mine a week ago. It has funds in it and has been activated, however I have not recieved the pin code. Doesn't the pin usually come before the card, or is it random? I have emailed them so will see what they say. Also, does anyone know if you can test the card in a UK atm to see that the pin works and can you change the pin as with a debit/credit card in an ATM here?

I got my FairFX card last weekend, it's half loaded, and activated, and I haven't got my PIN yet either, but it did say on their web site that it will arrive after. If I don't get it this weekend I'll email them too. No idea if you can test the card in a UK ATM and change the PIN, maybe they'd be able to answer that for you if you emailed them that question too?

 

[VailaTigger]

From what I understand (please feel free to correct - and educate me) you can close the FairFX card at any time and they will refund the balance in pounds onto the card you used to load them. Whether you lose out will depend on what the exchange rate was at the time of loading and what it is at the time of the refun being processed. Unless they "sell" them back to you at the rate you purchased at

As far as I'm aware...
Your FairFX card is valid for 3 years. You can empty your account at any time, but I think they will charge you £10 if you want them to transfer the money to you, or to your card. However, you can empty it at an ATM for only the ATM fee, which is $2 in the States. I plan to pretty much empty mine before I get home! If there are any loose single dollars on there, then I won't worry about it, they'll be there for a future trip