Prepaid currency cards

[uncle tom]

I've just received a prepay currency MasterCard from the AA, which boasts competitive exchange rates and free transactions. I can top it up online, either with a debit card or by internet banking.

OK, as I won't be back on parade for a few months, has anyone tried using one of these yet?

- Do they work?

- Do the ATMs still hit you for a 150 baht charge?

- Does getting 10,000 baht out of an ATM cost less than if you use a regular debit card?

In other words, did I waste my £9.95 joining fee!

Cheers,

Tom

[Randy Cornhole]

I used the 'Thomas cook' currency card last time I was in Thailand. Which can be topped up online as well. Its free as well.

I found it really good as its a mastercard as well. There is still a charge for using ATM's but that seems to be spread across the board these days.

When I returned to England I gave it to the missus as the transfer rate is a flat £4 for any ammount transfered. If she draws it all in one go out she only get charged once at the ATM and I can top it up instantly for her to draw out within a minute.

Its soooooooo much cheaper than using Western Union thats for sure...!!!

She has been using it now every month for the last 5 months without a problem.

[pharvey]

It's the first time that I've heard of these cards. Having had a quick glance on the Internet and seeing the relative charges/commissions, what's the big advantage in them over a standard Debit/Credit Card? Are you charged twice for using them in a Thai (or other foreign country) ATM? Charged by the card provider as well as the bank?

Are you loading the card with Sterling Randy? I didn't see any option for Thai Baht.

[EDIT] Also a small issue with commission: -

''Merchant transactions and ATM withdrawals in a currency other than the currency of the Card will be exchanged to the currency on the Card at an exchange rate determined by MasterCard on the day the transaction is processed, increased by 5.75% for all currencies.''

[Pleng]

I use a CaxtonFX Mastercard and also leave it with my girlfriend so I can get money to her if there's an emergency (and providing I actually have any money). It's rarely used when I'm not there, but well used when I am. The card was free.

Yes the 150bt charge is applied. I don't know how the exchange rate compares to my bank card (Caxton FX statement rather unhelpfully doesn't show exchange rates and I've never been bothered to work it out - though the amount deducted from the card in sterling always seems about what I would expect), but the big advantage I find is that the card doesn't get blocked after the first time I make a withdrawl in Thailand - something both my UK banks do despite the number of times I have been in Thailand in the past and emails to them in advance of my travels. Saving the hassle of having to contact my UK banks to get my card unblocked once a trip is without a doubt the greatest bonus this card can provide!

[benmo]

Caxton not as good as Nationwide who charge 2%(over visa rate) + £1 for each cash withdrawal.
Better still get account with Norwich and Peterborough BS who charge 0% over visa rate.
Also ATM on top floor of Market Village ( Japanese bank Aeon? ) do not charge the 150Bt fee - or didn't at end of March.

[pharvey]

Caxton not as good as Nationwide who charge 2%(over visa rate) + £1 for each cash withdrawal.
Better still get account with Norwich and Peterborough BS who charge 0% over visa rate.
Also ATM on top floor of Market Village ( Japanese bank Aeon? ) do not charge the 150Bt fee - or didn't at end of March.

These cards work as Debit cards presumably, so pre-paid funds taken straight off - the one thing that concerns me, is it seems that there is a possibility of being ''overdrawn'' - what are the costs then? I'm certainly still not convinced with these cards and what advantage if any they have over your day to day Debit and Credit Card (other than safety/security of not losing your bank cards of course).

Thanks for the tip re: Aeon - has anyone else used this bank with different cards? If so was there a 150 Baht charge?

[caller]

The guys on the T-UK forum, many who have wives/GF's in LOS, swear by this:

http://www.fairfx.com/travelcardl#a_id= ... bler&chan=

I will look into myself before my next trip.

[benmo]

Fairfax is like Caxton i.e. prepaid, but the N&P is a debit card for a current account.Prepaid probably good for limiting funds to wife/gf - pretty sure you cannot withdraw without funds loaded on card.
N&P have effectively replaced Nationwide as the 'must have' account for ATM use internationally.
Aoen do not charge on any card.

[Randy Cornhole]

Pete, Yes i'm loading it with sterling and you can't go overdrawn!!!

[uncle tom]

So it looks like I could have got one of these without a joining fee - oh well...

Being able to fund a distant little lady without being either stung by Western Union or drained of funds by one's GF is a use that hadn't occurred to me - but clearly ideal for the purpose...

Tom

[BaaBaa.]

Thanks for the tip re: Aeon - has anyone else used this bank with different cards? If so was there a 150 Baht charge?

I've used it with Nationwide and Natwest cards, no fee.