I was told by an English friend who works at a travel agents at the money exchange till, that her chain of shops have a so called Travelex card. I am sorry but I don't know if you write it together or separate. You can top it up with euros or whatever foreign exchange you need from United Kingdom pounds' and you just pay the exchange provision once. The card can be used overseas then at ATM machines to get your uploaded euro´s or used in shops and restaurants. The card is in insured for the amount still on it, should you lose the card. You can upload quite a bit of money, if I remember correctly over 10.000 euro.
It sounded a very good deal if you chose the right moment to load the card, because you don´t have the fluctuation of the exchange rate and you only have the one time commission.
I thought it was a good idea to share the information. I am very wary of cards, and do not know the small print, but this friend is very reliable and would not pass on information that would be unfair. It might be worth your while looking into this option to save some money.
Message posted by Terry and Julia on 05 April 2009 at 9:52am - IP Logged
The Group’s principal activities are organised into three divisions: Global Business Payments, Retail and Outsourcing.
Global Business Payments
Travelex is the world’s largest non-bank provider of commercial cross-border payment services. The business provides international payment services for commercial and personal customers, with products comprising multi-currency spot contracts, forward contracts and options. The Global Business Payments division was created by merging Ruesch International, which was acquired during the year, with Travelex’s Commercial Foreign Exchange (CFX) division.
Travelex is the world’s largest retail foreign exchange specialist, with over 700 branded retail branches, principally in airports and tourist locations. The business sells banknotes and other foreign exchange and travel related products and services to individuals travelling for business and leisure purposes.
The business provides outsourced travel money services by supplying the foreign currency needs of financial institutions and travel agencies, as well as by fulfilling the individual orders of their customers. Products and services include banknotes, wholesale banknote fulfilment, the distribution of insurance policies and the issuing of prepaid cards.
The Group operates through its subsidiaries and branches in four regions: the United Kingdom; Europe, Middle East, India and Africa (EMEA); Americas and Asia Pacific.
Message posted by Cheryls on 06 April 2009 at 12:43am - IP Logged
Good info - but I would always say to people to check the terms, conditions and exchange rates.
We used Travelex when buying and renovating our house to transfer large sums of money.
To use this type of service we had to register and give proof of d.o.b. passport etc. The big benefit was we could ring every day and check the exchange rate they were offering for that day - the money we transferred would then be guaranteed at that rate (a little above the tourist rate but lower that the business one). If I didn't like the rate - then I would wait a day or so until it improved (or not). Money market gambling really.
However, if you've ever used Travelex at airports to change money - I think you might find the rate a little disappointing to say the least. (should I say allegedly here?)
I've no idea how the card works in terms of what rate you would get when using it - or how flexible the rate would be - but I suspect you may be better off using the Nationwide flex account as you would be getting a different rate depending upon the date you used your card to withdraw from a cash machine.
As Bob has pointed out - Travelex are a huge multi-national - but that doesn't mean to say that they have the best offers - maybe just the most convenient.
A lot of large workplaces and universities use card loading systems so that workers/students can pay for meals etc. but there's usually a top end charge for the supplier.
Cash machines are quite common in Corfu now especially in the larger resorts - so getting your Euros isn't the problem it once was.
It's also worth checking money markets before your holiday - if you think that the pound is quite strong - dash up to the post office, bank etc. and change money quick - before it goes down again!!! The difference it can make to your holiday may pay for a night out.
These exchange issues can always cause problems for those outside the euro zone - should the UK join?????? - Start another thread discussion and I'll put on my hard hat and duck..........
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