Holiday money
 

Got a big holiday to South Africa coming up. We're taking some cash and have the usual debit/credit cards that will work international. But I don't want to just rely on these methods.

Went into the PO for an international driving license and they mentioned the Money Card. It's a preloaded cash card by Mastercard you have to use with a PIN and can be used the same as a credit card in shops etc, or to take money out of a cash machine, but as it's loaded with Rand's you don't pay any currency or transaction fee.

Seems to be a better option than travelers cheques and much more convenient and as secure as any card. Seems there is very little actual cost to it (only a fee for using an ATM or a similar level to using the charging ATM's in this country).

Am I missing something? Does anyone else offer something similar?

Can anyone use it...


Scrub that, didn't see the pin bit



Sounds too good to be true





Don't think you need international drivers license? (we'll I didn't anyway)

Maybe can't use them everywhere

Don't bother with travellers cheques, we took American express ones in 2009 - had to go great lengths to cash them in, total waste time

We use a travelex card, same principle

I've used the money cards and they are brilliant. You feel much more secure carrying a card with a pin than a wad of money.

Don't think the exchange rates are that good on money cards.

I have a building society account that I just use for trips abroad and draw money out in local currency at ATM with debit card. :thumb:

I used a travel card when we went to Vegas last year, complete waste of fcuking time to be honest - I was told at the time that I could go to the main desk with my passport, and draw as much as I wanted in one hit, if I didn't want to keep going to the cash machines - perfect I thought. No, was left pretty much without a penny for 24 hours. $200 per 24 hours was the limit on ther card at the atm, and the hotel just laughed when I told them about my pre paid card. Yes, you can pay for meals etc on the card, but in Vegas you need the cash (tips, the odd flutter, taxi's etc..) If it wasnt for the £1000 I won the night before, we would have been screwed. Never again..

I've used one numerous times on trips to europe. Brilliant idea and never had a problem with the exchange rate was as good as cash.

BUT. The only downfall is you can't check the balance that is left on it. So you need to monitor your spending very carefully. Because you never know how much is left on there if you lose track.

Traveled card you can check your balance if you can get online

The cost is in the initial exchange rate, that's why there is a load fee for sterling £. But to be fair the PO have always had competitive exchange rates for Euros. Max. withdrawal is ~£300 / day.

You can check the balance.

These were on MoneyBox on R4... Make sure you spend all the money on it, as if u chuck it in a drawer and come to use it again you'll find its empty, as after a certain time they charge a fee per week for 'inactivity' which wipes out the balance..... Check the T&C's carefully. Some charge you to put money on, take money off, cash it in etc etc.

Waste of time and hidden costs too
Take the Stirling change it and shop around fit best rates
Take HSBC bank card for withdrawals in emergency
You could loose a card easier then cash

PO Exchange rates are Sh11111111T to the power of infinity.

Been looking at this more. I think they are getting better and there is now more competition (so the fees are lowering and features growing). Specifically to some of the points on here.

I don't needs wads of cash per day, it's mainly for meals and small change, the cash withdrawal limits are on par with the UK ATM cash with drawl limits. And SA is cheaper.
Shop around and some don't even charge International ATM fees or loading fees or for shopping. I'm trying to look closer at the T&C's but they seem, on the face of it, to be cheap (if compared to taking cash out using a UK card.). Essentially I only need to do three things - load it, take cash out of a local SA ATM and occasionally pay directly to shops and outlets. As far as I can tell several will do that lot for free.
Seems you can check them online or over the phone, some will SMS you the balance too. A lot of the places were staying have wifi, so I think I'll be OK with checking the balance and topping up.
I don't believe that taking sterling cash will be safer than taking a (chip and pin) card. We will be taking some Rand in cash, but I don't want to be walking around with a lot of cash on me. OK we're going the Garden Route which is touristy and not Oscar shooty-wild-west. But still don't want a lot of cash on me for 3 weeks.

So I will be getting one, just need to find one that is low/no cost to me with simple T&C's.

I'd just take few debit cards / credit cards man. - not all in the same place

Don't know about cheaper, I wouldn't have said so particularly

Yep. Changed £500 into Euros last week and got 1.10 euro.. ok not *that bad*. Came back with plenty left so went back to the PO to change back... 1.32 to change back. 20% hike. Robbing buggers. Never again, will just use my credit card next time. :razz:

I've used these people

www.ace-fx.com

very good service.