Cash Passport

[Clay Clayton]

Hoping that someone has some experience with the Cash Passport and wouldn't mind sharing.

 

For those who aren't aware of it, the Cash Passport is a Mastercard or Visa branded debit card you preload with euros before leaving the US (and can reload via the internet). It purports to be able to be used without any additional fee (other than the local bank's) in a bazillion ATMs to withdraw money or can be used like a regular debit card at retailers/restaurants. It has a chip and pin. The only downside is that their current exchange rate appears to be about 10% more expensive than the rate WellsFargo will sell euros to me for. Cash Passport is run by those same folks that have the exchanges in all the airports. For those who want to know, I bank with a Credit Union and their ATM card won't work outside the US, so I either have to physically carry Euros or figure out some way to get euros once in Italy. So, while I hate to pay a higher exchange rate, I don't see a real option.

 

If you are familar with the Cash Passport, any advice you can offer would be greatly appreciated. Especially if you think the Visa or MC one is better to carry.

[slidergirl]

I have one of them with British Pounds on it. It works just a regular card at an ATM or at a store. Mine is the MasterCard version. I got it for a trip to Kenya that had layovers both directions in London. I wanted to give it a try. I liked it. I had my $200 worth of Pounds put on it - what I usually like to carry with me for arrival use. I might get one for Euros now. Load what I want on it - if I need more, I can reload anywhere.

[Loonbeam]

They work fine, as noted their rate is just a little crappy. I carried a small one with 100 euros for emergency use.

 

One option would be to get a Cap One direct banking account (must sign up on line). Decent rates and no ATM fees. The only thing it doesn't have is chip and pin, but I never hit one vendor in Europe who required it, just automated kiosks.

[slidergirl]

I just went to the site - looks like Travelex isn't selling in the US anymore and any cards we have with money left on them won't be good after April 13 :(

 

If you have one, you can get the money out, though, before 4/13.

[Clay Clayton]

Well crap. Seems strange that there is nothing on the Cash Passport, but only on Travelex's site. I have emailed Cash Passport to see what they advise? Thanks for posting that slider girl!

 

Logo beam, thanks for the direct banking suggestion. I already have a CapOne credit card to use with no foreign transaction fees, going to look into the banking. How does it work though in an ATM if it doesn't have a pin? Just checked out their website and it says the ATMs are on the ALLPOINT network...but they only show locations (mostly convenience stores) in the US?

[Hlitner]

So lets think about this. You want to get a card that will cost you about 10% of every withdrawal. Guess my question is why? When we need cash in Europe (or just about anywhere else) we simply use our Debit/ATM card. Our card is issued by a large credit union and charges zero fees. The actual international transaction is processed by Visa International (they handle a huge percentage of all foreign ATM transactions) who takes a 1% fee (which is simply deducted from the exchange rate) so we end up paying 1% of the wholesale rate of exchange at the time of the transaction. Why would we even consider paying 10%?

 

As to using credit cards, most major credit cards charge 2 1/2 - 3% for foreign exchange transactions. But some cards such as the popular CapitalOne Master Card (no annual fees) actually charge zero transaction fees...which is why many frequent travelers carry a CapitalOne credit card.

 

You also need to consider what happens when you return home and still have some Euros left on your preloaded card? You could have it converted back to dollars, but you will pay another huge transaction percentage. By the way, those pre-loaded cards (I prefer to call them the "per loaded Rip OFF cards") are also sold by your local AAA office.

 

Hank

[slidergirl]

Well crap. Seems strange that there is nothing on the Cash Passport, but only on Travelex's site. I have emailed Cash Passport to see what they advise? Thanks for posting that slider girl!

 

Logo beam, thanks for the direct banking suggestion. I already have a CapOne credit card to use with no foreign transaction fees, going to look into the banking. How does it work though in an ATM if it doesn't have a pin? Just checked out their website and it says the ATMs are on the ALLPOINT network...but they only show locations (mostly convenience stores) in the US?

I'm thinking there is a problem with the bank they used to issue the Passports.

I have my Credit Union ATM card (which doesn't have fees). I also have my Hyatt Visa card (which is chip & sig, but not chip & PIN).

You need a PIN to use the ATM. If you don't have one yet, ask for one from your CC provider.

The credit card you are talking about is a Capital One, right? I find it hard to believe it is USA only. What other partners does it show on the back of the card? Usually you'll see Cirrus, Plus, Star, Interlink, etc. If you don't see it, definitely call and find out..

[cruisemom42]

 

Logo beam, thanks for the direct banking suggestion. I already have a CapOne credit card to use with no foreign transaction fees, going to look into the banking. How does it work though in an ATM if it doesn't have a pin? Just checked out their website and it says the ATMs are on the ALLPOINT network...but they only show locations (mostly convenience stores) in the US?

 

I'm not sure I quite understand your question. The Cap One credit card and Cap One direct banking with ATM/debit card are two different things.

 

You can get a pin for credit cards, but you should NEVER use a credit card to obtain cash unless you are absolutely desperate. You'll be charged as a "cash advance" at a much higher interest rate and there is no grace period -- the interest accrues from the moment you withdraw.

 

With a Cap One direct banking account (which I have), you get a debit card with a pin where you can withdraw cash. There is no ATM fee and there is no "foreign transaction fee" either, no matter what bank/network you use. I use this account only for my travel, therefore, there is no chance of fraud compromising my regular checking account.

 

I've used the Cap One debit card to withdraw cash from ATMs in several locations in Europe with no problem. I haven't had it long enough to have a wide range of countries, but I know I've used it in Italy, France, and Greece.

 

Does that help at all?

[gators70]

I'm not sure I quite understand your question. The Cap One credit card and Cap One direct banking with ATM/debit card are two different things.

 

You can get a pin for credit cards, but you should NEVER use a credit card to obtain cash unless you are absolutely desperate. You'll be charged as a "cash advance" at a much higher interest rate and there is no grace period -- the interest accrues from the moment you withdraw.

 

With a Cap One direct banking account (which I have), you get a debit card with a pin where you can withdraw cash. There is no ATM fee and there is no "foreign transaction fee" either, no matter what bank/network you use. I use this account only for my travel, therefore, there is no chance of fraud compromising my regular checking account.

 

I've used the Cap One debit card to withdraw cash from ATMs in several locations in Europe with no problem. I haven't had it long enough to have a wide range of countries, but I know I've used it in Italy, France, and Greece.

 

Does that help at all?

 

 

As a lurker here I appreciate this post from Cruisemom42. After all of my research, this is exactly the way DW and I plan to use cards in Europe this summer. Nice to see that someone has a positive experience with our plan. We have had the Capital One Visa credit card for several years and recently signed up for the Capital One 360 checking which gave us the debit card/ATM card with a pin. We plan on loading a sufficient amount in the Capital One 360 checking account to cover anticipated ATM witdrawals. With limited funds in that account we can minimize exposure to theft.

[Clay Clayton]

Hiltner - Not to get defensive but no I don't WANT to pay 10% but since my Credit Union ATM card is not usable outside the USA I am looking for alternatives. I recognised this as a problem when I elected to close my checking account at Wells Fargo after they bought my homegrown Wachovia and ramped up the fees. But since we went from earning $17 a YEAR in interest to 30-40 a MONTH on our money market checking account I felt like the tradeoff of no longer getting free euros or having an international ATM for my once every two or three year visit across the pond was worth it.

 

Slidergirl/CruiseMom/gators70 - I have had the CapOne credit card for af few years all the reasons ya'll mentioned and have successfully used it in the past. I looked at the CapOne 360 website and their ATM says it is on the "allpoint" network which according to the allpoint site has 38,000 locations in the US, Canada, Mexico, and Australia...no mention of any european countries. I am going to call CapOne today and talk to someone to see how CruiseMom was able to use it in Europe.

[cruisemom42]

My Cap One direct online banking account is not called a "Cap One 360 account", I think that is a new and perhaps slightly different account.

 

According to the FAQs online for this kind of account, you can use it overseas:

 

"And with your 360 Checking Debit Card, you can access cash at ATMs worldwide or make purchases anywhere MasterCard® is accepted."

 

However, they have some "weasel wording" that makes me wonder if they will now charge a foreign transaction fee on withdrawals, e.g.,

 

"If you use your Card for a foreign transaction (any transaction made in a foreign currency or that MasterCard® classifies as a cross-border transaction), we won't charge you anything. However, MasterCard may apply a charge for converting the purchase to U.S. Dollars."

 

Since this is apparently a dual debit card/MasterCard, they MAY only be referring to situations where you use the card as a credit card. But I'd certainly try to get clarity on that.

 

http://helpcenter.capitalone360.com/bnk/Topic.aspx?category=C3BNKEOBAS

[Hlitner]

Folks (with a decent credit rating) have several choices if they do a lot of international travel. They can stick with their current financial institutions which may (or may not) charge ridiculous fees...or they can shop around for a really consumer friendly financial institution that charges little to no fees (our credit union even rebates ATM fees charged by other institutions where we use our card). If you are only taking infrequent trips those fees probably do not make much difference....but if you do a lot of travel you can sometimes save hundreds (or thousands) of dollars per year by switching to a better financial institution. Like many things in life its simply a matter of choices. Personally, we made a decision (years ago) to only support institutions that are consumer friendly.

 

We have had this discussion on several cruises and its amazing how many folks will complain about their credit card companies and/or banks but never bother to change to better institutions. Many large commercial banks really take advantage of this tendency and just keep assessing more and more (and higher and higher) fees. Its only when folks move their business (or threaten to move their business as has happened to a couple of major banks) that the banks change their practices.

 

For us its the same with cruise lines. When a cruise line lets their quality go downhill we simply go on another line. But we still meet many folks who will only cruise with a single cruise line....and prefer to constantly complain rather then try something better. Go figure. As a friend said, there are whiners and winners and he prefers to be a winner.

 

Hank

[Clay Clayton]

My Cap One direct online banking account is not called a "Cap One 360 account", I think that is a new and perhaps slightly different account.

 

According to the FAQs online for this kind of account, you can use it overseas:

 

"And with your 360 Checking Debit Card, you can access cash at ATMs worldwide or make purchases anywhere MasterCard® is accepted."

 

However, they have some "weasel wording" that makes me wonder if they will now charge a foreign transaction fee on withdrawals, e.g.,

 

"If you use your Card for a foreign transaction (any transaction made in a foreign currency or that MasterCard® classifies as a cross-border transaction), we won't charge you anything. However, MasterCard may apply a charge for converting the purchase to U.S. Dollars."

 

Since this is apparently a dual debit card/MasterCard, they MAY only be referring to situations where you use the card as a credit card. But I'd certainly try to get clarity on that.

 

http://helpcenter.capitalone360.com/bnk/Topic.aspx?category=C3BNKEOBAS

 

I WANT your card! ;)

I think you are right, Capone isn't gonna charge anything but Master Card is...likely something between 1 and 3 % I would bet....of course Cap One's website sez to see MasterCard and MasterCard sez you have to talk to your financial institution:eek::confused::mad:

[-Lew-]

 

I just went to the site - looks like Travelex isn't selling in the US anymore and any cards we have with money left on them won't be good after April 13 :(

 

If you have one, you can get the money out, though, before 4/13.

The date is actually April 30, 2013.

 

I have attached a copy of a letter I received concerning this issue.

 

Lew

Cash Passport.pdf

[slidergirl]

The date is actually April 30, 2013.

 

I have attached a copy of a letter I received concerning this issue.

 

Lew

 

Thanks Lew - I did not get that letter...

[luv2vacation]

Has anyone used the new American Express checking account called Blue Bird? I was considering getting an account with them for travel purposes. You can deposit money into your account at your local Wal Mart. I don't want to use the debit card from my main bank in foreign ATM's due to security reasons. The last thing I want to do on my vacation is deal with the theft of my banking accounts. If I had an account with just enough money for the trip in it I wouldn't be as worried about using it.

[Clay Clayton]

Luc2vacation-you had me excited until I looked at Bluebird's site and realized they only have ATM's in the US. But AMEX does have a prepaid debit card that might do the trick. You get one free ATM withdrawal a month, they cost two bucks each after that and it is good everywhere AMEX is good with no foreign transaction fee!

[luv2vacation]

Luc2vacation-you had me excited until I looked at Bluebird's site and realized they only have ATM's in the US. But AMEX does have a prepaid debit card that might do the trick. You get one free ATM withdrawal a month, they cost two bucks each after that and it is good everywhere AMEX is good with no foreign transaction fee!

 

I may have read something wrong but I thought you could use the Blue Bird card at any ATM machine that accepted the American Express card. This included international locations. I did a search and found several ATM locations in Italy that would take American Express. Also, I read that the only charge would be a $2 withdrawal fee. I will go back to the Blue Bird site and read it again. I don't have any experience with this card and was hoping someone else would be familiar with it.

[luv2vacation]

I took this from the FAQ on the Blue Bird website:

 

"Once you receive and activate your Bluebird Card and set up a PIN, you can use your Bluebird Card for ATM withdrawals anywhere around the world that accepts American Express® Cards,"

 

It also states that there are no Foreign exchange fees.

 

I will look into the prepaid debit card with American Express too. It sounds like a good deal.

[Clay Clayton]

My bad...it is the Bluebird starter card that is only good in the US...once you get your real card it is good internationally...wonder what the pros and cons are between the bluebird card and an AMEX debit card...other than the free withdrawals at the us ATMs they list, but the way I read it is you have to have direct deposit AND use one of their ATMs for there to be no fee....do you read it that way?

[luv2vacation]

My bad...it is the Bluebird starter card that is only good in the US...once you get your real card it is good internationally...wonder what the pros and cons are between the bluebird card and an AMEX debit card...other than the free withdrawals at the us ATMs they list, but the way I read it is you have to have direct deposit AND use one of their ATMs for there to be no fee....do you read it that way?

 

Yes, I do read it that way too. The fee is only $2 per withdrawal though and I would rather pay that than use direct deposit. I already use direct deposit for my main banking account and I don't want to change it.

 

The main difference I see is that you can put cash on the Blue Bird card for free at Wal Mart. Since it is a checking account you can also use it to pay bills if you want.

 

To add cash to the AMEX debit card for free you have to either use direct deposit or transfer money from your bank account. For me that defeats the purpose of keeping my main bank account totally separate from the card I want to use for travel purposes. The only other way to add money to the AMEX prepaid card it to buy a Greendot moneypak or a Vanilla reload card. They charge between $3.95 and $4.95 per reload.

 

I would really like to hear from someone that has used one of these cards successfully in Italy. I wonder how difficult it would be to find an AMEX ATM machine?

[-Lew-]

I know absolutely nothing about the AmEx Bluebird card other than what I've read on this thread, so I may be entering dangerous territory by posting my thoughts.

 

For those considering the Bluebird card for foreign travel only in order to keep finances separate, why not simply open a checking account with an attached debit card at a local or online bank? I use Capital One, but there are plenty of others.

 

In my experience, AmEx cards are not as readily accepted in Europe as VISA and MasterCard. Although I bring my AmEx card with me to Europe, I can't recall ever using it. I wonder how convenient ATMs accepting AmEx debit cards might be.

 

Just my 2¢...

 

Lew

[Hlitner]

We seldom use our AMEX card in Europe because AMEX charges a 2.7% fee on any foreign exchange transaction. We prefer to use a CapitalOne MC which charges zero transaction fees. Now you might say that 2.7% is no big deal but it does add up on longer trips. If we spend $5000 on a trip (we often spend more) we save $135 by not using our AMEX card. In Norway that is almost enough money to buy a pizza and carafe of wine :)

 

Hank

[cruisemom42]

Clay Clayton and luv2vacation: I'm curious why you'd choose the Amex option versus the Cap One option?

 

As I pointed out above, the Cap One 360 account does include ATMs in Europe.

 

:confused:

[slidergirl]

I just wanted to bring this up. You are talking about using that debit card for ATM, buying things, paying for tours and not for cruise or hotels, right? There is a major issue with trying to use a debit card for booking a hotel and a cruise. In fact, I think cruises won't accept a pre-paid debit card (I vaguely remember a thread about this on NCL forum). If you use it for a hotel, a hotel will immediately place a hard hold on the full amount of your bill INCLUDING possibly $100/night for possible incidentals (my old hotel did the $100/night). This is unlike a true credit card, which only asks for a pre-authorization. If you don't use the entire amount they took from the debit card, it can take anywhere from 7-30 days to get it back (it isn't up to the business, but your financial institution).

 

Just a small warning.