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New Cheapest Way to Spend/Get Cash Overseas

Discussion in 'Money Matters' started by Howerd, May 18, 2015.

  1. Howerd
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    Howerd Well-Known Member Lifetime Member

    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.
  2. Dave_E
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    Dave_E Well-Known Member Trusted Member

    Sounds good Howerd.

    So how do they make their money?
  3. oss
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    oss Banned myself as best i can

    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 :)
  4. Howerd
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    Howerd Well-Known Member Lifetime Member

    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.
  5. Dave_E
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    Dave_E Well-Known Member Trusted Member

    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".
  6. Howerd
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    Howerd Well-Known Member Lifetime Member

  7. funafrican
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    funafrican New Member

    they have stopped issuing cards as they have been overloaded with applications. I applied but didn't get an answer back. :-(
  8. Howerd
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    Howerd Well-Known Member Lifetime Member

    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!
  9. Dave_E
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    Dave_E Well-Known Member Trusted Member

    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
  10. Jon Sider
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    Jon Sider New Member

    I use world remit.....they only charge you 1p over a 1,000 and very quick
    • Agree Agree x 1
  11. oss
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    oss Banned myself as best i can

    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.
    • Like Like x 1
    • Agree Agree x 1
  12. Jim
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    Jim Well-Known Member Trusted Member

    They are closed for maintenance this coming weekend!
  13. Aromulus
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    Aromulus The Don Staff Member

    World remit.......... We have been extremely good customers in the last 2 months......
    • Funny Funny x 1

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