Travel cards and the exchange rate (1 Viewer)

DBK

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The

The Post Office card is or has the same useability as a credit card . Difference being it's pre loaded with money before we travel .
My question was about when to buy our Euro . With a normal credit card you pay at the exchange rate on the day you use the card. So no chance of getting the advantages of the current good rates which it seems are not to last much longer.

Some cards give this and take that and so on. All have charges somewhere but none of that part is relevant to the exchange rates..
One option is to buy some euros every month. If you spend the same amount in sterling each month then when the rate is good you will get more euros and vice-versa when the rate is poor. This is one way of protecting yourself against a sudden fall in the exchange rate the day you go on holiday. Of course you won't earn any interest from the euros but interest rates are pretty rubbish these days anyway.
 
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Charlie

Charlie

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One option is to buy some euros every month. If you spend the same amount in sterling each month then when the rate is good you will get more euros and vice-versa when the rate is poor. This is one way of protecting yourself against a sudden fall in the exchange rate the day you go on holiday. Of course you won't earn any interest from the euros but interest rates are pretty rubbish these days anyway.

Not a bad idea !! I thought rates were pretty good just now at just over 130 to the pound ?
Anyway I think I will take your advice and top up a decent amount each month providing the rate is above 130.. If I build up a surplus it will just mean we have to stay away for longer ! :D
 
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Oops! did not see this..opened a new thread re new card

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This looks very good indeed. Protected by the FSA and they claim to give a better rate than Caxton. Will definitely have another look when my Caxton card is empty.

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Judge Mental

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This looks very good indeed. Protected by the FSA and they claim to give a better rate than Caxton. Will definitely have another look when my Caxton card is empty.


dont let Mel see this she has enough cards!:)
 

DBK

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Who is Mel?
No idea but you get used to it here - folk refer to people by their real names not their username. Mel to me means Mel Smith - the late comedian of fond memory. :)

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jollyrodger

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From memory the cards sold as post office cards are supplied by Clydesdale bank and a pigs ear if you want a refund of funds .couldn't use it in lots of places abroad including auto fuel pumps .peage found the clarity card much easier plus back up of euros when needed
 

Silver-Fox

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No one has mentioned Thomas Cook card

Its a pre load and the rates seem reasonable also covers different countries

One card per currency per person

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Minxy

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Minxy

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This looks very good indeed. Protected by the FSA and they claim to give a better rate than Caxton. Will definitely have another look when my Caxton card is empty.
I've only had a very, very quick shuftie at this but I can't find the claim as to their being protected by the FSA ... there's a claim that they are authorised by the FCA but that is NOT the same thing, it's just a 'conduct' agreement, not a financial guarantee that your money is secure:

The Card is issued by XXXXX pursuant to licence by MasterCard International Inc. EasyFX is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011
 
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This looks very good indeed. Protected by the FSA and they claim to give a better rate than Caxton. Will definitely have another look when my Caxton card is empty.

I've only had a very, very quick shuftie at this but I can't find the claim as to their being protected by the FSA ... there's a claim that they are authorised by the FCA but that is NOT the same thing, it's just a 'conduct' agreement, not a financial guarantee that your money is secure:

The Card is issued by XXXXX pursuant to licence by MasterCard International Inc. EasyFX is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011

It will more than likely be the same situation as the Revolut card that we were talking about the other day, and probably 99% of all the currency type cards available.

Easy FX will be an agent and so won't be regulated by the FSA. Authorised under whatever regulations (can't remember which ones) is, as Mel says, not the same thing at all.

They will be backed up somewhere by an issuing bank who will be FSA regulated. This is a good example:

From memory the cards sold as post office cards are supplied by Clydesdale bank and a pigs ear if you want a refund of funds .

The Post Office is the agent and Clydesdale are the issuing bank.

All well and good until something goes wrong and then you become reliant on the agent's goodwill as the issuing bank will be able to arse you around indefinitely.

The agent isn't responsible for losses or problems as they never actually hold any of your money or process any transaction. That's down to the issuing bank who won't want to know you. They will say you have to deal with the agent as you technically don't have any account with them.

I'm not knocking any of the cards I've used as examples, as I said I imagine almost all of them work in the same way.

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Flamenca

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We have the following:

Cash Cards
  • Caxton - no charge for ATM withdrawals; minimum top-up is £100/€150

  • FairFX - charges €1.50 for each ATM withdrawal and 50p for each top-up or balance request via text; minimum to-up is £50/€60 [due to the ATM fee and text fees we're going to stop using this one]

  • Ukash - no charge for ATM withdrawals; can only be topped-up on line; minimum top-up is £50/€60

  • Revolut - no charge for ATM withdrawals; you use a mobile phone app to top-up and can hold funds in more than one currency; no minimum top-up and if you apply via the moneysavingexpert website there's a free £5 credit when you top-up for the first time with £10 or more - we've only just got these so haven't had a chance to use the cards yet but the benefit is being able to have balances in different currencies so we can use it to spend £ here, or € in Euroland - the app is extremely easy to use.

Credit Cards
- both are fee free for purchases abroad.
  • Nationwide (not available to new customers now though)
  • Halifax Clarity

Thanks Mel, I have signed up for a Revolut card, topped up £10, received the £5 for the MSE invite code and switched the balance to Euros which are now held in my account. 20,40 Euros for my £10 top-up and all completed in minutes....not bad at all. Now, what shall I buy???

Chris
 
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I've only had a very, very quick shuftie at this but I can't find the claim as to their being protected by the FSA ... there's a claim that they are authorised by the FCA but that is NOT the same thing, it's just a 'conduct' agreement, not a financial guarantee that your money is secure:

The Card is issued by XXXXX pursuant to licence by MasterCard International Inc. EasyFX is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011
During my live chat with these people they confirmed my money was protected and if they were to go bust I would get all of my savings back.
 

Minxy

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I suppose 'in theory' .... you could actually sign-up for the Revolut card, top up £10, get the extra £5, and then draw the lot out at an ATM here! Not that I'm suggesting you should but I bet some people would!

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Minxy

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During my live chat with these people they confirmed my money was protected and if they were to go bust I would get all of my savings back.
It would be interesting to see a transcript of that chat if you have it and also where in their terms it says this, to save me having to 'dig' for it!
 
D

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During my live chat with these people they confirmed my money was protected and if they were to go bust I would get all of my savings back.

A "live chat" is absolutely meaningless.

When you signed up did you get a copy of the T&Cs? If so have a good read. I think you'll probably find something in there along the lines of that by accepting them you agree to indemnify them against all responsibility for anything. What will definitely be in there is a clause stating that you agree that if they publish information in conflict to that stated in the T&Cs then the T&Cs take precedence.

I don't particularly want to sign up for it so I can't get the T&Cs to check. If you have a copy could you post them.
 
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A "live chat" is absolutely meaningless.

When you signed up did you get a copy of the T&Cs? If so have a good read. I think you'll probably find something in there along the lines of that by accepting them you agree to indemnify them against all responsibility for anything. What will definitely be in there is a clause stating that you agree that if they publish information in conflict to that stated in the T&Cs then the T&Cs take precedence.

I don't particularly want to sign up for it so I can't get the T&Cs to check. If you have a copy could you post them.
Thanks for that! I have not signed up with them so do not have a copy of their T&C. However, I will try and get them and post as requested.

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OK! Just come off the phone with them. They have confirmed again they are covered by the F.S.A. and will email me the T & C. I will post once received.
 
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OK! Just come off the phone with them. They have confirmed again they are covered by the F.S.A. and will email me the T & C. I will post once received.

Right. I've had a look at them.

The parent company is called VFX Financial or Voltrex FX. They are purely a currency exchange company, not a bank.

As such they are authorised to operate by the FCA under the Payment Services Regulations (PSR) 2009.

Whatever they are telling you this is not even close to being regulated by the FCA in the way that a bank is and you have nothing like the protection you have when your money is with a bank which is regulated by the Financial Services Act 2012.

You might get a bit of protection under the MasterCard scheme but that isn't the same thing either.

Finally looking briefly at their last published financial position I would say they are a far better bet to go pop than the company behind Revolut and UKash. The gap between their assets and liabilities is less than 1% which is not a good place to be. There are probably quite a few people on here worth more than VFX!

The FSA was abolished and replaced by the FCA 2 years ago so they are getting that significant piece of information wrong, as have we all been in this thread.
 
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OK! Now have the information requested. Spoke with them again today and they confirmed all customers money is protected. they sent this email with attachments and said happy to discuss with any person who wanted more information.
Further information about our regulatory credentials:


VFX Financial Plc is authorised by the Financial Conduct Authority (FCA), as a larger institution, under the Payment Services Regulations (PSR) 2009 - registration number 541092. Under PSR we are required to safeguard client funds in accordance with the regulations.

We operate designated segregated client accounts with Royal Bank of Scotland PLC in accordance with these Regulations. We must also permanently maintain a defined level of regulatory capital & apply stringent governance and risk management procedures throughout the business. We have developed and implemented our own real time leading client money reconciliation technology to maintain robust controls at all times.

Under the Data Protection Act (DPA) 1998 we are registered with the Information Commissioner's Office No. Z2630183

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Attachments

  • EasyFX Card Terms.pdf
    447.7 KB · Views: 4
  • VFX Mandate and Terms of Business.pdf
    436.1 KB · Views: 3
  • VFX Currency Card.pdf
    185 KB · Views: 3

Judge Mental

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During my live chat with these people they confirmed my money was protected and if they were to go bust I would get all of my savings back.

I used them for transferring a chunk of euros in 2013 for new German van. money was secure in the nominated bank accout..cant remember which bank it was but def FSA protected at the time. cards may be different I dont know don't use them......
 

Minxy

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The FSA was abolished and replaced by the FCA 2 years ago so they are getting that significant piece of information wrong, as have we all been in this thread.
Well I never knew that ...
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The statement below is on the Caxton webpage.
I wonder if Caxton currency cards are now protected too ?

About Caxton FX
Caxton FX is regulated under the Payment Regulations 2009 and FSMA 2000. All client funds are held as ‘client money’ in designated client trust accounts at EU institutions and are ring-fenced to safeguard them in the case of a financial crisis. Caxton undertakes rigorous daily reconciliations of its client accounts to ensure client funds are held safely and to comply with its regulatory obligations.

We believe in giving unbiased guidance to every Caxton FX client; ensuring they get the best value from their foreign currency exchange. We believe that this ensures the customer is served correctly – and that they receive excellent value on each and every transaction.

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D

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Well I never knew that ...
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Everyone still seems to refer to them as FSA including me. I seem to think I knew about it at the time but I've been using FSA without even thinking about it.
 

Minxy

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Everyone still seems to refer to them as FSA including me. I seem to think I knew about it at the time but I've been using FSA without even thinking about it.
Yup, having done a 'google' I found that a lot of companies still refer to the FSA on their websites ... even some that should definitely know of the change!
 

Norm

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We did a tour around France, Portugal & Spain last year and took a pre loaded Fairfx currency card - www.fairfx.com - which worked really well even on toll's.It's a mastercard and they offer some of the best exchange rates. Worth a look! It's also very easy to top up o line direct from your bank account whilst away.

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