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Daughters off to New York shortly for a week, she doesn't have a credit card and wants to avoid carrying large amounts of cash.
Has anyone used these prepaid cards in the States, reviews on Moneysavingexpert and Guardian are positive, are they widely accepted? Obviously fees for withdrawing cash but still seem like a safe option?
Fee's in the US for cash withdrawals can be massive, worst I got stung for was about $7
I ended up doing decent cash withdrawals via debit card. Remember you need to have enough to tip every one you see so small bills are useful.
Everything else was on the card. All depends on what her purchases will be, lots of small or some big ones
We got a prepaid card, for a family trip in the summer and intended that daughter can use it next year. Fees obviously for cash withdrawals but they can be instantly (* nearly) topped up by you remotely, and the method of operation means you can't be exposed for more than is on the card.
Useful IMO as another form of payment that is detached from your own cards.
I've used a FairFX card worldwide, those or Caxton are the ones to go for last I checked. Exchange rate is Mastercard daily which is within about a penny of the rates you find on xe.com unless you get a dollar or euro specific card which is the rate on day of loading. There is a charge for loading IIRC but it's a flat rate and still works out cheap as long as you are putting a reasonable amount on.
When it came to renewal I got my fees waived as I had used it so many times, the international version is great for just picking up and taking on holiday, plus you get something like 24 or 48h replacement if you need a new one.
Look on Quidco or Topashback for cashback when ordering one, it usually cancels out or near enough the initial fee.
Withdrawing cash using most debit cards incurs 2 charges. A non sterling transaction fee and an ATM fee.
Most credit cards charge a non sterling transaction fee at 3% or so on spending. Withdraw cash using a credit card and there are usually 2 fees.
There are some fee free cards though. Check yours at
http://www.moneysavingexpert.com/travel/overseas-card-charges
The cards I mentioned do not charge fees except as described, they are NOT the same as using a domestic credit or debit card abroad.
Out of those three I prefer spending money, but I've not met your daughter.
Seriously though - she doesn't even have a debit card? They also work overseas, you just have to select 'credit' on the terminal when you buy something in a shop.
The fees are usually better than changing cash, but I haven't compared it to the prepaid cards. Most UK High St banks have a 'partner' in the US and if you can use their ATMs you don't pay a fee, I think. Makes it slightly cheaper.
Used a FairFX in the states, good exchange rate (better than cash), everywhere accepted them, have a spare so if you lose one all money isn't lost.
Can't recommend it enough.
squirrelking - MemberThe cards I mentioned do not charge fees except as described, they are NOT the same as using a domestic credit or debit card abroad.
Though with the FairFX card like most debit cards there is a fee for getting cash from an ATM. $2.
https://www.fairfx.com/whatitcosts
The cheapest ATM cash may be the Norwich & Peterborough Gold Classic current A/C. Zero ATM fees or transaction fees and the Visa wholesale exchange rate.
http://www.nandp.co.uk/PDFs/current-account/gold-current-account-fees
Obviously not worth opening a bank A/C for a short holiday. With around 10 weeks in the USA in the next couple of years I may open one to avoid the 4.75% or so my bank charges for foreign ATMs.
+1 for FairFx dollar card, best way!