Euro exchange rates

[loirelover]

Has anyone come across FairFX euro exchange debit type card? It is possible to get the card free and £5 start up to boot although there should be an initial charge. The rates are usually .2 above cash rates.  You transfer from your bank account and load a debit type card with the required amount and that amount is available within a couple of hours at an advertised and agreed rate.  A new card takes a week or so to come through but after that its easy to load and use. The system is backed by Mastercard so is accepted where the symbol is displayed, and the charge for drawing cash from an ATM is only 1.50. No other charges.  I used the system for the first time in May and it works well, the only drawback I found was keeping a chek on the balance:you cannot get a balance at ATM only on line.

 

[tom.daniel]

I think the pre load cards are quite useful, as you can load up when the rate is good, rather than getting a diffrent rate everytime that you withdraw. More and more exchange companies are starting to launch the same thing

[PaulT]

[quote user="tom.daniel"]I think the pre load cards are quite useful, as you can load up when the rate is good, rather than getting a diffrent rate everytime that you withdraw. More and more exchange companies are starting to launch the same thing[/quote]

Good business for them - they have any unspent money sitting there on which they can earn interest.

Still prefer Nationwides FlexAccount

Paul

[Théière]

Ditto.

[tom.daniel]

[quote user="P2"]

[quote user="tom.daniel"]I think the pre load cards are quite useful, as you can load up when the rate is good, rather than getting a diffrent rate everytime that you withdraw. More and more exchange companies are starting to launch the same thing[/quote]

Good business for them - they have any unspent money sitting there on which they can earn interest.

Still prefer Nationwides FlexAccount

Paul

[/quote]

That fairly cynical Paul, i dont think the volumes that most tourists put on their cards are invested by exchange companies, we arent talking millions of pounds here! If you have funds in your Flex account what do you think Nationwide do with your funds, interest rates are hardly huge on current account!

I still think cards such as Fair FX are pretty useful

[Scooby]

FairFX rates will struggle to beat Nationwide rates.  Transactions last week (purchases and cash withdrawals) went through my account at a rate of 1.175 euros : £1.  No need for a separate card and the hassle of topping up - funds come straight from my sterling current account. 

As an aside - depending on the number of cards in issue it could amount to millions.