Cash Card
HII have just loaded up a post office cash card with NZD ready for travelling in January, as didn't want to carry a huge amount of cash on me, heard travellers cheques are pretty dated and didnt want to incur too many charges just using my normal bank card abroad. However I am slightly unsure of all the methods to use the card, will we just be able to pay on it in super markets/pubs/restaurants etc, and can we just withdraw from any bank branch/whole in the wall if we just want to access cash?
Any info would be great - thanks.
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As you don't specify where you are from I don't know what post office you are referring to. However I have assumed you mean the UK Post Office travel money card plus, if not stop reading now.......Just had a quick look at the website (I have never used one) and it appears they can be used in the same way a debit card would be; i.e. pay by card (no fee) or withdraw cash (NZD 3.50 per a withdrawal).
This probably isn't the best value card though. You top up in £ and this is converted to NZD at the Post Offices rate, this currently 1.88 NZD to £ rather than the actual rate of 1.95. Then you do get charged for withdrawals by the post office.
If you haven't already check out the Halifax Clarity credit card, with which you never get charged a fee for withdrawal or transaction by Halifax, and as long as you pay of the entire balance every month never get charged interest. Generally you charged much closer to the true exchange rate as well.
Edited by: Tryfan
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Haven't used the Post Office ones, but have used ones offered by a bank. It was just like using a debit card (EFTPOS card). Could use in an ATM and at shop - pretty much any shop in NZ will let you use EFTPOS. You will need to check what the fees are.3
have used the bank ones, they work exactly the same as your normal every day credit card. The advantage being you have already loaded with the currency of choice and have locked in the exchange rate. There are no other charges associated with using your money.one thing to be careful of - DON"T use it for your accommodation to take a swipe of for security. It locks up that amount of money from your card. ie. you have $500 on it, hotel swipes $200 in case you damage/use their stuff. Until they reverse that transaction you only have $300 to spend. If you are unlucky as I was, not only do they swipe an amount in this case £60 the computer apparently had a mind of its own and did two other transactions totalling over £300 leaving me very short on funds.
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And advise you get on here, although well meaning, can be out dated or just plain wrong.
my advice was neither, out dated or just plain wrong.
, getting advise from professional people who job is to know these things, i think is never pointless.
and purchasing a cash card from a post office - is getting advice from professionals. They sell these things all the time and probably just as much as banks do.
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Hi guys - Im in the same situation at the mo because I recieved a STA travel cash card for free when I booked a flight through them (first mistake, but anyway...). I looked online and the Halifax Clarity Card seems to be the best but it says something about being charged every day from the day you make a cash withdrawal until you pay it off? I don't know if Ive read that wrong - I'm not great with this sort of thing and its been my biggest headache so far. I'm going to go speak with Halifax and see what happens but either way Ive resigned myself to being screwed over by someone lol :)Ps anyone had experience of STA cashcard?
Thanks guys! (Ps im off to south america if that makes a difference!)
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@ Westwood - Thanks for the help - Im trying to find the best cash card with lowest charges to withdraw money from ATM's. I'm not sure what would be best.@ Tryfan - I have sat with a cuppa and read through small print. If you pay by the deadline for purchases made with the card then you do not pay the interest but cash withdrawals are charged from the first day irrespective of whether or not you pay within the month at 12.9% per annum. I#m still going to apply for it as a back up because I think that it's a great option for purchases - plus I have a debit account with halifax.
Thanks for the responses guys!
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Hi guys please see below for clarity!Just phoned halifax direct for this info - the average charge for ATM withdrawals is 12.9% APR which monthly is 1.017%. So, if you withdraw £100 over one month from your Halifax Clarity Card you will only be charged in excess of £1 for the whole month - IRRESPECTIVE of whether or not you pay back the money within the 4 week period (as it is a credit card). However, there are no fees for withdrawing the money whereas using a debit card would charge you a 2.75% exchange fee plus £1.50 everytime you draw money out.....
Hope that helps and it better be right as i'm off in 3.5 weeks! Woo!
