Post office Travel money card question.. (1 Viewer)

[Charlie]

we have quite a chunk of money on our PO Travel money card which we saved up for France this year. Due to my wife not bieng well we have not used our MH this year and won't be travelling this year. We would like to access some of or maybe all of the money...

I understand we can make purchases with the card at any seller who has MasterCard facilities ??? It's the rate that confuses me. We bought the Euros when the pound was much stronger so what rate will we get roughly when we spend or if we ask the PO to redeem the money into our bank account ?

We are still renovating the bungalow we moved into recently so making direct purchases would be preferable if it works out better that way ?

Lot of questions I know but it's a confusing situation.

Thanks !!!!

 

[Deleted member 29692]

If you want to use the card to spend in the UK then the Euros on it will need to be converted back to Pounds. You will get whatever their rate is on the day the transaction is processed. Obviously the Pound is weaker against the Euro now so depending on the rate when you bought them you will make a bit. The same applies to just getting them to redeem it back to your bank account.

What you really need to know is the process they use for converting the Euros back to Pounds and whether or not there are any penalties or particularly crappy exchange rates for doing so.

 

[RandallC]

Hi, does the card hold £ or euros?

If bought euros whilst £ was high the more euros per £

If selling euros when £ low more £ per euro.

Just need to check the exchange rates before cashing in.

For future reference. Use Nationwide cards
Debit for cash frome ATMs
Credit for all purchases

Good luck

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[Charlie]

Hi, does the card hold £ or euros?

If bought euros whilst £ was high the more euros per £

If selling euros when £ low more £ per euro.

Just need to check the exchange rates before cashing in.

For future reference. Use Nationwide cards
Debit for cash frome ATMs
Credit for all purchases

Good luck

The card holds its fund in a Euros ... When we bought the rate was circa 1.40 Euro to the pound so it would be nice to make a little if we decide to use the money. The way things are health wise I cannot see us travelling in the foreseeable future.

Thanks for the replies !

 

[Charlie]

If you want to use the card to spend in the UK then the Euros on it will need to be converted back to Pounds. You will get whatever their rate is on the day the transaction is processed. Obviously the Pound is weaker against the Euro now so depending on the rate when you bought them you will make a bit. The same applies to just getting them to redeem it back to your bank account.

What you really need to know is the process they use for converting the Euros back to Pounds and whether or not there are any penalties or particularly crappy exchange rates for doing so.

Thanks Nick... How do we get the euros converted to pounds ? The website which is unclear suggests we can just use the card at the till to pay anywhere in Europe so long as the seller has MasterCard ? Is there something we have to do prior to using the card in this country to buy in sterling ? Thanks again !

 

[Deleted member 29692]

Thanks Nick... How do we get the euros converted to pounds ? The website which is unclear suggests we can just use the card at the till to pay anywhere in Europe so long as the seller has MasterCard ? Is there something we have to do prior to using the card in this country to buy in sterling ? Thanks again !

It works in the same way using a Sterling card does abroad. You make the transaction as normal and when it is processed the currency exchange takes place and any fees are applied. This isn't necessarily on the day you actually make the purchase.

I think the question to ask the Post Office is what exchange rate they will use and whether there are any fees for these particular transactions. If it's their standard daily rate with no fees then you're laughing. If it's a particularly poor rate and transaction fees are applied it might be more advantageous for you to get the amount redeemed back to your bank account and make your purchases with a Sterling card or even, as a worst case scenario, leave it sat where it is until you can go abroad again to spend it.

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[DBK]

I no longer use my PO card as there are much better alternatives these days. If you want to redeem the cash you have to call them, this is what the FAQ page on their website says:

If you wish to redeem the remaining balance from your card you can do so through our call centre by calling +44 (0)20 7600 7797.

Please be aware that buyback exchange rate will apply and these rates will be higher than the rate you purchased your card at.

For example: 04/03/2015 the Euro sell rate was 1.3190 and the buyback rate was 1.56. This means if you loaded £350 on to a card and didn't spend anything you would receive £295.93 back from us.


Read more at http://www.postoffice.co.uk/travel-money/travel-money-card-faqs#l62V0PsHTQAzfa0r.99

Which isn't very encouraging but as long as they offer you a rate less than 1.40, say 1.25, you won't have lost money.

 

[Deleted member 29692]

I thought it might be something like that.

You can check the current buy back rate here:

http://www.postoffice.co.uk/travel-money/sell-unused-currency

It's £1 = €1.27 today.

They're selling at £1 = €1.15.

Revolut is a shade under €1.17 both ways.

@Charlie Found it.

As well as the less than favourable exchange rate there is a 3% transaction fee for transactions in a different currency to the one that the card is in.

A cross border fee (3% of transaction amount (2.49% on Sterling cards) will also be applied if you use the card outside the country of the currency of the card. For example: a charge of 3% will be made if you used your US Dollar card in Jamaica.
Read more at http://www.postoffice.co.uk/travel-money/travel-money-card-faqs#h5qls72rVE8mPJ3T.99

http://www.postoffice.co.uk/travel-money/travel-money-card-faqs

 

[Charlie]

I thought it might be something like that.

You can check the current buy back rate here:

http://www.postoffice.co.uk/travel-money/sell-unused-currency

It's £1 = €1.27 today.

They're selling at £1 = €1.15.

Revolut is a shade under €1.17 both ways.

@Charlie Found it.

As well as the less than favourable exchange rate there is a 3% transaction fee for transactions in a different currency to the one that the card is in.



http://www.postoffice.co.uk/travel-money/travel-money-card-faqs

Thanks Nick... Seems they want thier cut !!

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[Deleted member 29692]

Thanks Nick... Seems they want thier cut !!

Redeeming it back to your bank account seems like the way to go..

You're stuck with the crap rate but at least you won't get stung for another 3% on top.

 

[Charlie]

Redeeming it back to your bank account seems like the way to go..

You're stuck with the crap rate but at least you won't get stung for another 3% on top.

Will do Nick. I did ok on the buying rate so not overly bothered. Perhaps I will redeem then close the account and try a better company next year. The PO one was quick and easy to set up which is why we opened it. Thanks again !

 

[Deleted member 29692]

Will do Nick. I did ok on the buying rate so not overly bothered. Perhaps I will redeem then close the account and try a better company next year. The PO one was quick and easy to set up which is why we opened it. Thanks again !

If it's just for currency then as long as you use a smartphone of some kind Revolut has to be the way to go. It's worth signing up for even if you don't put any money on it straight away.

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[tonka]

They gave you 1.40 for a pound..
Now they want 1.27 off you to give you back a pound..

In my brain it says your a winner ??
Or are my maths wrong...

 

[Charlie]

They gave you 1.40 for a pound..
Now they want 1.27 off you to give you back a pound..

In my brain it says your a winner ??
Or are my maths wrong...

No not wrong at all and no one is complaining ! But other company's do a better deal it seems and that is why I will move along in due course. I may benifit a wee bit just as I may have had a loss but that's just the way exchange rates go .