Travelex launched a trial of its 'SuperCard' last week. I managed to order one of these before the invite for the trial ended. According to Martin Lewis, it beats every other debit card, credit card and money exchange out there... http://www.moneysavingexpert.com/ne...ding-abroad-the-free-supercard-launches-today Hopefully, they will offer another trial soon or, better still, offer to the public generally. I will be sending the SuperCard to my wife with the visa support documents (assuming the courier allows that) Bear in mind, it is only the cheapest method if you can avoid the ATM withdrawal fees that most Philippines Banks impose. Luckily, my wife is near Ayala Mall every week and can use the HSBC cash machine there, where security is excellent. The novel aspect of the SuperCard is that you can link it to up to five debit/credit cards and any UK resident can get the card for free without any credit check, though you do have to be on the Electoral Roll. When you use the card, it immediately charges your linked card in pounds, using exceptional exchange rates (even better than the best debit and credit cards) There are no fees from SuperCard as long as you don't spend or withdraw in GBP, so make sure that if you spend abroad that you are charged in local currency! To keep it safe, I am linking it to a debit card on an unused basic bank account that does not allow overdrafts. That way, I can just transfer money into the basic bank account from another account, just minutes before my wife needs to withdraw money. To order and use the card, you will need the smartphone app (available for Apple and Android devices) but it will probably be a few months before SuperCard it is generally available.
Your linked credit/debit card will call it Quasi Cash and charge you 3 quid or the likes for every transaction, I would guess they get a kickback of some kind but I'm cynical. The other possibility is that they expect to make money through advertising on the Andriod or iOS app, can't see that working to be honest. There has to be a catch as otherwise they 'Travelex' are shooting their exchange business in the head, I mean Travelex is not cheap
There are no charges on the linked credit/debit card oss; in fact, if your linked card offers rewards you still benefit from those rewards if you use the SuperCard. Where you do lose out is if you use the SuperCard is that there is no Section 75 protection with a SuperCard, even if it is linked to a credit card and you spend over £100. SuperCard is a Visa card (rather than MasterCard) so if you use it for spending overseas you won't get quite as good rates as one of the no-fee MasterCards as the Visa exchange rate is usually not quite as good as the MasterCard rate. And NEVER use the card for transactions in sterling, otherwise you will get hit with fees! It is unclear how Travelex will make its money; it's only a trial at present.
Have you used it yet Howerd? I would be interested in seeing some figures, side by side comparison with other methods of obtaining foreign currency. Curious how it compares with "a Citibank card used in an overseas Citibank ATM".
I have not received the card yet, though their mobile app claims it is 'on its way'. According to moneysavingexpert.com it is the very cheapest method for getting cash (providing you can avoid Philippine ATM charges) http://www.moneysavingexpert.com/ne...ding-abroad-the-free-supercard-launches-today
they have stopped issuing cards as they have been overloaded with applications. I applied but didn't get an answer back. :-(
I said in the original post that that this is a trial that had already ended. They quickly reached the numbers they wanted when it featured on Money Saving Expert's weekly newsletter. I am still waiting for my card though Travelex have alrrady sent me an email saying that I have failed to link the Supercard to one of my own cards. But I cannot link it, until it is received!
I noticed recently that Travelex is set t0 withdraw the Supercard as of 24th July 2017. Why are they ending the Supercard? Article: The Guardian Website: Travelex
WorldRemit are very good but they give you a different exchange rate when you send more than £1000 so the deal is not quite as good as it first appears. I use them every month and although they are not the cheapest they are very reliable.
I know it's slightly off tangent , but has anyone on here sent money to themselves via World Remit or another , to withdraw when on vacation there ? .
I do that every month with World-remit but I have a bank account to deposit. Suppose one could send it to a cash pick-up.
Thanks for reply Jim , just a thought to save carrying a lot of cash . I take my credit card and debit card but would rather not use unless emergency . The alternative is to just send to gf bank account and she can withdraw the cash for me .
My prefered method was to use Caxton Loadable Master Card since they would ring me in the Fils (on a local cell) load my card from a UK debit card good exchange rates and if you lost the card little exposure. Lossing a GF could be more expensive