Travel Money - prepaid cards

[Muse]

Hi

Just considering buying my dollars for our upcoming trip and have read on here about prepaid cards eg FairFx. Could someone tell me how they work? I presume you load them with your money, but do you use them like a debit card? Can you withdraw from ATMs for free and pay for purchases with them?

Any advice/recommendations appreciated.

 

[2Tiggies]

I got a FairFX card at the beginning of the year. I have always take travellers chequest and I am doing so again, but this time I split my money between the TCs and the card.

You top it up online from your bank account. You can use it to make purchases like a debit or credit card and can make cash withdrawals from an ATM. Not only that, but I registered mine to PayPal so when I order goods, services or tickets in US$ online I can now pay that way if it's an option on that particular website, avoiding forex fees with my own bank.

There is a charge per withdrawal at an ATM. FairFX charges $1.50 or $2 per transaction but you need to watch that the ATM does not have a withdrawal fee. If they have, you will pay that as well. Even so, unless you have a no fee card for foreign purchases, this is still better and you get a better rate than the high street offers, although a little lower than the interbank rate.

 

[Flookie]

I used a fairfx card for dollars last year and although it was more convinient than cash and the rate was better than most i was really shocked at how carp the security was.The card was in my oh's name but i used it a few times without being questioned and i think in the 2 weeks we were away he only had to sign for a purchase twice and never used the pin,when he went to pay he would just hand the card over,they would swipe it then give it back to him,so it was more like a gift card.I felt quite unsafe with it as i was always worried it would get lost and all the money that was loaded on it would be sooo easy to spend if someone else picked it up.

 

[wickesy]

I used a fairfx card for dollars last year and although it was more convinient than cash and the rate was better than most i was really shocked at how carp the security was.

That is a general thing with all cards in America though and not a specific security flaw to pre-paid cards.

 

[2Tiggies]

Chip and pin is not used in most countries. It is normal to sign for purchases and often, as is the case in the US, purchases are only signed for if the amount exceeds a certain amount (I think it's still $50 in the US).

 

[matt1902]

I have heard from other sources that if your card is lost / stolen and then is used for a transaction that required neither a signature or a pin entry, that the company making the sale takes the responsibility if that sale was whilst the card was stolen (ie, they have to refund your money).

Also, dont forget that with any card, you should keep a record of the card number and the telephone number to report lost / stolen with you but separate, so that if something does happen to the card you can cancel it as soon as possible.

 

[Sapper383]

Chip and pin is not used in most countries. It is normal to sign for purchases and often, as is the case in the US, purchases are only signed for if the amount exceeds a certain amount (I think it's still $50 in the US).

This is absolutely correct. Unless the amount is over $50 you are not required to sign. Chip and pin does not seem to be common place in Florida.
FAIRFX cards are definately the way forward. Excellent rates and excellent customer service.