View Full Version : Pre paid debit cards.
timwilky
16-08-09, 10:14 AM
So the missus is going on a Caribbean cruise with the eldest daughter in October, she does not have a credit card and not much money. she spent most of her savings helping the lad out with his mortgage when he had no work.
So I thought it would be nice to put a couple of hundred away for her for the next few months as a surprise. As on her cruise all the bills will be in US dollars I thought it would be a good idea to give her the surprise spends on a dollar card.
Having looked round, it is bewildering. Some want application fees, as if I would want to pay to let somebody have my money up front. Others want monthly fees. Sod that. Others apply transaction fees and yet others want whopping fees for the use of ATMs
Have any on you any recommendations? I am tempted towards a moneycorp card as they don't have most of the above fees and seem to offer good exchange rates as well. Remember all the transactions on the card will be in dollars.
Recommendations/suggestions please. I suppose the best way is to give her a "fistful of dollars", but it is then the security and practicality of settling accounts with cash rather than swipe etc.
tigersaw
16-08-09, 10:21 AM
Is this for spending on the boat, sorry liner?.. My dads a cruiser, he runs a tab then settles at the end of the cruise. Maybe something could be arranged with the cruise ship, bunging some money on account?
-Ralph-
16-08-09, 10:42 AM
Call me old fashioned mate, but, American Express travellers cheques? Or are the cards cheaper?
timwilky
16-08-09, 10:58 AM
Is this for spending on the boat, sorry liner?.. My dads a cruiser, he runs a tab then settles at the end of the cruise. Maybe something could be arranged with the cruise ship, bunging some money on account?
Yeah everything is on account, bar bills, dining supplements etc. even a flipping fixed daily dining tip and 15% bar bill tip. So I just thought the card would enable her to easily settle her bills plus the flexibility with on shore shopping etc.
Remember I want this to be a surprise for her, travellers cheques are not an option as she would have to be there as they are bought to sign them etc.
-Ralph-
16-08-09, 11:07 AM
Remember I want this to be a surprise for her, travellers cheques are not an option as she would have to be there as they are bought to sign them etc.
:thumbsup: Shows how long it is since I used travellers cheques. I take it the cards come with a chip and pin number, ie: they are more secure than cash if she were to loose it?
Are we talking about the Missus, or your Daughter, or both?
timwilky
16-08-09, 11:20 AM
Exactly, a pin number, so they can be used at ATMs etc. or swiped in a shop etc.
Just for the wife, daughter has her spends.
She was asking last night if I would give her some money to take and nasty old me told her if she couldn't afford it, she shouldn't have booked it. The daughter knows I am planning on giving her a grand in spending money so gave me some real jip about being a miserly old man.
I just hope that she doesn't raid the joint account for spending money to teach her tight husband another lesson.
james160987
16-08-09, 11:29 AM
think post office and thomas cook do them cards, preload them etc
Spikenipple
16-08-09, 11:38 AM
Travelex do pre-paid travel cards, which if i remember correctly are free. I picked mine up from the bureau de change in my local Tesco.
Balky001
16-08-09, 11:55 AM
Tim
You can but traveller's cheques without the wife being present, you just have to sign a disclaimer sayng you are aware they are not covered until she signs them. Just get her to sign when you give them to her. Make sure the ship accepts the traveller's cheques first though!
slark01
16-08-09, 11:58 AM
I have a FairFX card ( mastercard ) which I used in France earlier this year. The exchange rate was pretty good and there was no additional charges, however! Most of the places I went to did not accept it and the only way I could get money out was by using ATM's at banks. The advantage of them is that you don't carry lots of cash all the time, but you can get stuck if the place your at does not accept the card.
Being on a cruise ship should not be a problem as they all have ATM's and you might get help from the service desk if there is a problem.
Ste.
CoolGirl
16-08-09, 12:04 PM
I keep reading good things about this one:
http://www.caxtonfx.com/Personal/travel_money.asp
the money expert man on GMTV was talking about these the other day. didnt really pay attention except that they are really good, travellers cheques are on their way out. Maybe be something on gmtv website, he talked about best rates etc.
really good idea I think
The Cheapest Card is FairFX apparently
http://www.moneysavingexpert.com/travel/cheap-travel-money#prepaid
northwind
16-08-09, 03:24 PM
Maybe I'm being dim but if you've got a credit card, could you get her added as an additional? Credit cards might be the root of all evil like but you get good protection from theft and fraud, and most will work worldwide (though you can get savagely bummed by the fees)
the white rabbit
16-08-09, 03:34 PM
Maybe I'm being dim but if you've got a credit card, could you get her added as an additional? Credit cards might be the root of all evil like but you get good protection from theft and fraud, and most will work worldwide (though you can get savagely bummed by the fees)
You can preload your credit card with cash also. But some of those perpay ones look ok.
Or does your daughter have a card, and therefore could look after her Mum's spends?
Bluefish
16-08-09, 07:55 PM
tim if you only tell her about thislast minute, then somehow, she will have made other arrangements to get cash, ie loan borrow of friend whatever, cos nobody goes on holiday with no spends. just my opinion of course.
timwilky
16-08-09, 08:57 PM
Daughter, does have a credit card, but a legacy from her student travel days, so sod all limit (£500 emergency only) so she would have to use her debit. I suppose I could give the cash to the daughter. But it would then mean any time the wife wanted to spend she needs permission of the daughter, Not ideal.
Giving her a card on my credit account. A big no no. that is why a preloaded card appealed. she cannot spend more than she has. Believe me she can spend.
From what I have seen, the prepaid cards offer a better conversion rate than my bank ($1.64 vs $1.57 FairFx v HSBC) on US dollars and I can if necessary add money onto her card electronically. Giving her the cash or travellers cheques etc is a one time deal.
I want her to to try to save for her holiday. She has 3 pay days between now and then. In theory if the lad is sorted out (Like he claims to be) there is no reason why she should not be able to put enough away. What I am attempting to do is give her the opportunity to convert her special holiday into something more. Not to have to worry about spending money instead of keeping an eye on her spending.
The more I look into this, the more convinced I am that it is the right way to let her have extra holiday spends safely and conviently
madnlooney
16-08-09, 09:42 PM
just watch out for some of them cards as they cost £1.50 everytime you use them
the money expert man on GMTV was talking about these the other day. didnt really pay attention except that they are really good, travellers cheques are on their way out. Maybe be something on gmtv website, he talked about best rates etc.
really good idea I think
http://www.moneysavingexpert.com/cards/prepaid-cards
says FairFX (as recommended above)
Use the link in the link to avoid the £9.95 fee
edit: beaten to it by paul.p (I always said he was a clever lad ;))
I have a FairFX card ( mastercard ) which I used in France earlier this year. The exchange rate was pretty good and there was no additional charges, however! Most of the places I went to did not accept it and the only way I could get money out was by using ATM's at banks. The advantage of them is that you don't carry lots of cash all the time, but you can get stuck if the place your at does not accept the card.
Being on a cruise ship should not be a problem as they all have ATM's and you might get help from the service desk if there is a problem.
Ste.
Why was it not accepted :???:
Did they not accept Mastercard?
Did you not have a pin?
slark01
17-08-09, 04:18 PM
Why was it not accepted :???:
Did they not accept Mastercard?
Did you not have a pin?
The shops and the Toll roads accepted Mastercards but for some reason our prepaid one was not accepted by the machines. This was before we got to enter our pin number. The ATM's worked perfectly.
So no idea as to why they didn't work, everything was setup 2 weeks before we left.
Ste
timwilky
17-08-09, 05:57 PM
We have been doing more research. The ship will accept UK cards but charges 3% conversion fee to put it through as sterling. I checked the HSBC website and they say they charge 2.75% exchange fee. Again with the pre paid cards there is no fee and a better than high street rate. The seem to be win win.
Talking of using ATMs abroad. I really struggled in Spain last year. I was able to use my debit mastercard in many shops and then I was refused in one. I then tried to get cash from an ATM and no way, tried 4 different banks. Not accepted. I got home and had a rant at the bank. No reason for it sir. your card and account are OK. might just be the ATMs didn't like brits.
edit: beaten to it by paul.p (I always said he was a clever lad ;))
:shock:
I"ll take your word for it :wink:
The shops and the Toll roads accepted Mastercards but for some reason our prepaid one was not accepted by the machines. This was before we got to enter our pin number. The ATM's worked perfectly.
So no idea as to why they didn't work, everything was setup 2 weeks before we left.
Ste
France is like that, many of the fuel pumps only accept French cards, c'est la vie.
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