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    Currency card or Travellers cheques?

    I've made a few threads i know.

    I am going to the states soon and I have about $400 in USD right now. I have been pondering over getting a FairFX currency card (which I do hold anyway but i mean topping it up) the rate is fairly better than everywhere else Ican see (Being 1.575 right now)

    The hotel we are staying in doesnt have any safety deposit boxes and for money security i'm not really wanting to get all cash incase anything happens.

    The Currency card however, I'm worried they may go like crown exchange, part being the really decent rate, second being MSE seem to highly rate them and i'd want to buy at a decent rate (say 1.59-1.60) and if that came today then i could be risking it?

    Although I'd be topping it up with a Lloyds TSB Visa Debit so if they went bust would I be covered on this?


    The other being Travellers cheques. I've never seen one before, nevermind used them! I like the fact that they're 'replacable within 24 hours if lost/stolen' but I dont know how true that is? How do you replace them?

    Does anyone have any experiences with any of the above and which would you recommend?

    17 Comments

    I've always used Dollar Travellers cheques which can be used exactly like cash in restaurants, shops, theme parks etc. I've never had a problem with these ,and fortunate enough never to have lost any so can't comment on replacements.

    Original Poster

    Humphman

    I've always used Dollar Travellers cheques which can be used exactly like … I've always used Dollar Travellers cheques which can be used exactly like cash in restaurants, shops, theme parks etc. I've never had a problem with these ,and fortunate enough never to have lost any so can't comment on replacements.

    Thanks for your reply. Can you use them ANYWHERE? I'll be in New York so a little security concious about cash etc.. How do they work, say you have a cheque for $100 and you buy something for $40 do they give you $60 change? Can yo cash them without buying anything?

    Banned

    neither!

    halifax clarity card is best

    Original Poster

    csiman

    neither!halifax clarity card is best

    yeah i know that haha! i wont get accepted for one though i'm only 19 and not on that much a year...

    Banned

    t0mm

    yeah i know that haha! i wont get accepted for one though i'm only 19 and … yeah i know that haha! i wont get accepted for one though i'm only 19 and not on that much a year...


    eh? I havent worked in 4 years and got one easily. Its not based on any income etc

    t0mm get one of these. HERE. I have one (don't know where it is mind!) when I go to the US.

    Original Poster

    GAVINLEWISHUKD

    t0mm get one of these. HERE. I have one (don't know where it is mind!) … t0mm get one of these. HERE. I have one (don't know where it is mind!) when I go to the US.

    Yeah caxton was the other choice gavin, although i have the fairfx card already and both are underwritten by the same building society so guessing maybe the same company?!

    Original Poster

    csiman

    eh? I havent worked in 4 years and got one easily. Its not based on any … eh? I havent worked in 4 years and got one easily. Its not based on any income etc

    Just tried, declined, haha! i have a decent credit rating too!

    t0mm

    Yeah caxton was the other choice gavin, although i have the fairfx card … Yeah caxton was the other choice gavin, although i have the fairfx card already and both are underwritten by the same building society so guessing maybe the same company?!



    No totally different companies. They just both use NBS as their card transaction agent. Caxton are a currency broker that expanded into card transaction. From what I can gather FairFX just started up as a card transaction company.

    Never had an issue in any ATM or in any shop in the US. Just goes through as a master card transaction.

    Original Poster

    GAVINLEWISHUKD

    No totally different companies. They just both use NBS as their card … No totally different companies. They just both use NBS as their card transaction agent. Caxton are a currency broker that expanded into card transaction. From what I can gather FairFX just started up as a card transaction company.Never had an issue in any ATM or in any shop in the US. Just goes through as a master card transaction.

    Ah fair enough! Do you know if my visa debit would ocover me if they went bust?

    t0mm

    Ah fair enough! Do you know if my visa debit would ocover me if they went … Ah fair enough! Do you know if my visa debit would ocover me if they went bust?



    Not sure you would have to contact your bank.

    You wont be covered by the FSA if FairFX go bust as "Pre-paid currency cards issued by major banks and building societies in conjunction with currency exchange firms are considered e-money products and are excluded from the Financial Services Compensation Scheme." and they state on the site it is a e-money product.

    Caxton may or may not not too sure if you look here. Best to contact them. But they have been around much longer and only buy currency so shouldn't be at high risk from going bust.

    Original Poster

    GAVINLEWISHUKD

    Not sure you would have to contact your bank. You wont be covered by the … Not sure you would have to contact your bank. You wont be covered by the FSA if FairFX go bust as "Pre-paid currency cards issued by major banks and building societies in conjunction with currency exchange firms are considered e-money products and are excluded from the Financial Services Compensation Scheme." and they state on the site it is a e-money product.Caxton may or may not not too sure if you look here. Best to contact them. But they have been around much longer and only buy currency so shouldn't be at high risk from going bust.

    Yeah.. I think I'm gonna either use caxton or get some TC's.

    Original Poster

    Has anyone used this card?

    nandp.co.uk/cur…nt/

    Seen it on MSE.. Can you get it if you dont live near a branch? I'm guessing by calling up?

    I cant call til tomorrow so dont say call them..

    Yes you can use a $100 travellers cheque fir $40 and get $60 dollars cash back, I've only used in Florida but would guess its same all over USA

    Original Poster

    Humphman

    Yes you can use a $100 travellers cheque fir $40 and get $60 dollars cash … Yes you can use a $100 travellers cheque fir $40 and get $60 dollars cash back, I've only used in Florida but would guess its same all over USA

    Cheers! do you get charged a fee for using them?

    citibank.co.uk

    I have a Euro current account and a US$ current account. With both of these I have a debit card which can be used to withdraw from cash machines as well as being used in shops, restaurants, etc.

    Now that we are going to Australia I have opened a AU$ savings account (current account not available). The card can be used to withdraw from cash machines while in Oz.

    I find Citibank gives good rates of exchange and the card can be used in most cash machines with no fees applicable.

    Enjoy New York t0mm. I can't believe you are 19 now!!!

    Original Poster

    shibi din

    http://www.citibank.co.ukI have a Euro current account and a US$ current … http://www.citibank.co.ukI have a Euro current account and a US$ current account. With both of these I have a debit card which can be used to withdraw from cash machines as well as being used in shops, restaurants, etc.Now that we are going to Australia I have opened a AU$ savings account (current account not available). The card can be used to withdraw from cash machines while in Oz.I find Citibank gives good rates of exchange and the card can be used in most cash machines with no fees applicable.Enjoy New York t0mm. I can't believe you are 19 now!!!

    haha thank you! I'll be 20 when i'm there!!!

    Do you know how I can sign up for a $ current account with them?
    How good is the rate do compared to say post office?

    Do you mind if i PM you about it?
    Edited by: "t0mm" 20th Jan 2011
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