Currency card

[Robert5988]

<blockquote id="quote" class="ffs">quote:I would ignore the negative sarcastic comments from SDJ about moneysaving-expert.Have a look at the site yourself. There are really good guides and advice. I've saved loads using it.[/quote]

SDJ is absolutely correct.

Martin Lewis had(indeed still has) a 'Travel Money Maximiser' guide.

This guide recommended Crown Currency as giving the best rates. As you might be aware Crown has now gone bust owing some 13,000 people over £16million - many of them Florida home owners/visitors.

This firm recommendation was given in spite of many warnings in the media, and loads on this forum since 2006, that any money with Crown was not secure.

Loads of people are hugely upset with Martin Lewis for giving that advice. His response is that he is a journalist not a financial expert.

[rogerdunnaker]

<blockquote id="quote" class="ffs">quote:Originally posted by ali-uk
Hello, Happy New year to you all,

Does anybody know of a good currency card the one you preload with dollars before you go? We had one last time and it was a brilliant, we had one with Thomas cook and they for some reason ended it, and sent me the balance left on it?
We want to start buying now ready to go August.

Thanks
Ali
[/quote]

Ali.

Try FairFX they generally give excellant rates.

[gpullan]

<blockquote id="quote" class="ffs">quote:Originally posted by rogerdunnaker
<blockquote id="quote" class="ffs">quote:Originally posted by ali-uk
Hello, Happy New year to you all,

Does anybody know of a good currency card the one you preload with dollars before you go? We had one last time and it was a brilliant, we had one with Thomas cook and they for some reason ended it, and sent me the balance left on it?
We want to start buying now ready to go August.

Thanks
Ali
[/quote]

Ali.

Try FairFX they generally give excellant rates.
[/quote]

Can - open - worms - everywhere. See entire thread Roger as the topic is FairFX and should you / shouldn't you.

[melfrank]

I'm losing the will to live. Have a look at the site yourself.

[rogerdunnaker]

<blockquote id="quote" class="ffs">quote:Originally posted by gpullan
<blockquote id="quote" class="ffs">quote:Originally posted by rogerdunnaker
<blockquote id="quote" class="ffs">quote:Originally posted by ali-uk
Hello, Happy New year to you all,

Does anybody know of a good currency card the one you preload with dollars before you go? We had one last time and it was a brilliant, we had one with Thomas cook and they for some reason ended it, and sent me the balance left on it?
We want to start buying now ready to go August.

Thanks
Ali[/quote]Ali.

Try FairFX they generally give excellant rates.[/quote]Can - open - worms - everywhere. See entire thread Roger as the topic is FairFX and should you / shouldn't you.[/quote]Yes I know that Gary, just adding my little bit as everyone else has.

[grayster]

I'm enjoying this thread. I don't know the regulation around pre-loaded cards but if I was ever going to use one to post £2k or so I would certainly read the small print clearly. If there is a risk of total loss, is the FX rate achieved on this really worth the risk?

In a hypothetical example, I buy £2k in USD at 1.59 today = $3,180. Say, the USD/GBP rate cr@ps out to 1.40 before I go on hols, I would only have got $2,800. So if I waited I would have lost out on $380/£270. So I would get a 13% return versus a risk of total loss of £2k capital. Question is is it worth risking losing your whole £2k spending money for the sake of a potential £200-£300 gain (or of course loss should the rate go up to 1.7 before the holiday - and none of us know). I would say not, unless you have another £2k sitting around to avoid your holiday being spoiled. The impact of the total loss surely is far greater than the gain (if there is one) on the FX deal.

So if you rule out the potential FX gain aspect (we Brits do like to take a punt don't we?), you're left with the rationale that it's easier to have a visible decreasing balance to manage your holiday cash. I agree with Robert - surely risking all your holiday dosh is much worse than looking at a few receipts and doing a tally each day?

Anyway, everyone has their own way/view but I would follow the most sensible advice in investing (which FX speculating is), don't risk it unless you can afford to lose it. Or be 100% that you capital outlay is protected by law/regulation. You should also note that even if it is, it can sometimes take months/years to get your money back - no good for your imminent holiday if you can't raise the funds from elsewhere.

On all money advice sites, be wary if they don't price in or comment about the risk aspect. Crown Currency and Icelandic banks (paying super-rates) are classic examples.

[grayster]

<blockquote id="quote" class="ffs">quote:Originally posted by melfrank
I would ignore the negative sarcastic comments from SDJ about moneysaving-expert.Have a look at the site yourself. There are really good guides and advice. I've saved loads using it.
[/quote]

Hi Melfrank, such sites probably can save you a lot of money. I find many of them very useful for information. However, they have tended to concentrate far too much on maximising returns without enough coverage of the potential risk of total loss of capital. For most people, I think the latter is much more important. People need to ask why is it ABC Ltd can pay much better rates than all the other companies. There could be lots of legitimate reasons but it could be that they're sailing far too close to the wind, as it seems was the case with Crown Currency.