Travel money that saves up to 8% and is more secure

 

 

Club Together readers have been telling us they’re fed up of the poor rates and hidden charges which come with foreign exchange.

After evaluating a range of currency providers on the market, our experts were most impressed by MyTravelCash and their pre-paid card – so we negotiated with them to agree an exclusive Club Together deal that could save you up to 8% on currency.  

Benefits

Great Value

• Save up to £20 for every £250 exchanged

• No charge for purchase transactions

 

Secure

• Chip and PIN protected

• Protect your main bank account

 

Convenient

• Accepted globally at 28.5m merchants and 1.5m ATMs

• No queuing for travellers cheques

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We sent Club Together reader Colin Fergusson to meet with Mike Curry of MyTravelCash to review the offer.

Need to know: Colin Fergusson
I have a holiday home in Spain, so travel as often as I can MyTravelCash card could save you up to 8% on foreign exchange MyTravelCash

Review

 

Colin: “What is the MyTravelCash prepaid card? Is it like a credit card?”

Mike: “It’s similar, in that it’s a widely accepted card you can use to buy things with while you’re abroad… but it’s different in that it’s not linked to your account, and it doesn’t have a credit facility. It’s simply a separate card which you can load with cash before you travel, but you can only spend what you’ve put on the card.”

 

Colin: “Can I only get the card online?”

Mike: “Yes, but by offering the card online we are able to cut our costs and pass you the savings. The website is very easy to use and you can apply in minutes.”

 

Colin: “I normally get my foreign exchange at the airport and it’s commission free. Why should I use a prepaid card?”

Mike: “High street and airport bureaux de change charge you up to an extra 8% foreign exchange fee, yet still call themselves ‘commission free’. The MyTravelCash card can save you up to £20 for every £250 you change and is a safe way to spend money that’s accepted all over the world.”

 

Colin: “Are your exchange rates better than the rest?”

Mike: “Exchange rates vary from day to day for all providers so we can’t commit to one particular exchange rate, but we can promise to be up to 8% cheaper than other agents – even ones who claim to be ‘commission free’. This works out as saving you £20 for every

£250 you load. Although rates change, we always try to stay in the top 5 foreign exchange providers on the market (out of hundreds) and our rates are always better than the airport!”

 

Colin: “Where can I use the MyTravelCash card?”

Mike: “You can use your card anywhere you can use MasterCard, including ATM machines, shops, hotels and restaurants. It’s free to use if you’re spending euros or dollars in shops, but if you’re withdrawing cash from an

ATM, there’s a small, flat fee each time.

If you want to withdraw or spend any other kind of currency there’s a charge of 2.5% on top of our exchange rates”.

 

Colin: “Why should I trust you with my money?”

Mike: “We are regulated by the FSA and your money sits with the Newcastle Building Society – one of the top 10 building societies in the UK”.

 

Colin: “Is it more expensive to pay for goods on the card rather than get the money out of an ATM when you’re abroad?”

Mike: “When you spend euros or dollars on goods in a shop we make no charge, but if you take euros or dollars out of an ATM you’ll pay a one-off, flat fee of either EUR 1.25 or US$ 1.5 per withdrawal – it’s much lower than the fee you’d pay with a debit or credit card. If you want to spend a different kind of currency -including sterling - either in a shop or by making an ATM withdrawal, there’s a 2.5% fee”.

 

Colin: “What should I do if my card is stolen?”

Mike: “We have a 24/7 lost and stolen card reporting facility available by telephone, text and online. Let us  know and we’ll block your card. Your prepaid card is not linked to your main credit/debit card or bank account so if you lose it or it’s stolen, your bank account stays protected.”

 

Recommend

 “I’ll definitely use my card again – I had no idea the rates at

the airport were such a rip off. I feel a lot safer not carrying

cash abroad too.”

 

Colin’s rating

Honesty 5/5 They struck me as being very straightforward.

Information 5/5 The website was very clear.

Recognition 5/5 I got a free card for myself and one for my wife.

Price guarantee 5/5 The exchange rates they offer are so much better than on the high street.

Service 4/5 The product worked well and the customer service team were very helpful.

 

Compare our Exchange Rates*

 

Provider	GBP Euro Rate	GBP Dollar Rate
MyTravelCash Card	1.1505	1.5989
Marks and Spencer (Online)	1.1225	1.5744
Thomas Cook (Shop)	1.1200	1.5820
Travelex (Airport, T1 LHR)	1.0926	1.5296
Travelex (Online)	1.1375	1.5825
Post Office (Shop)	1.1039	1.5338

* Correct at time of  publishing

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